Policies & reports

As an active owner, we engage with our investee companies to influence them to appropriately manage ESG risks as well as seize ESG opportunities. By exercising our voting rights, we affirm our engagement in line with our sustainable approach during shareholder meetings. We use our voting rights and target 100% voting across all our equity and bond holdings.

As a responsible investor, we consider part of our fiduciary duty is to actively manage ESG risks and opportunities when investing on behalf of our clients.
We integrate ESG analysis into our equities and fixed income investment process via our proprietary ESG research system START (System for Tracking and Analysis of a Responsible Trajectory), which incorporates human insight and differentiated ESG data sources.

As part of our commitment to ensure complete transparency of our investments to our clients, we welcome the European Sustainable and Responsible Investing Transparency Code, which aims to disclose the practices of our SRI (1) Funds and Thematic ESG Funds.
These are the second statements of commitment for the European and Emerging Market Funds, and the first statement for our Global Equity Funds.

(1) Socially Responsible Investment funds.

We believe our investments should be made in companies with sustainable business models and which are exhibiting long-term growth perspectives. As such, we have compiled an exclusion list with companies that do not meet Carmignac’s investment standards, due to their activity in areas such as controversial weapons, tobacco, adult entertainment and thermal coal producers (1), or because they contravene global standards on environmental protection, human rights, labour standards, and anti-corruption. (2) Furthermore, Carmignac has committed to a total exit of coal mining and coal-fired power generating companies by 2030 across OECD countries and the rest of world.

(1) Thermal coal producers with +10% revenues from thermal coal extraction are excluded from all our funds. (2) Companies contravening global norms on environmental protection, human rights, labour standards and anti-corruption, based on the ISS-Ethix Norm-Based Research.

We have made climate awareness a formal component of our investment process, joining the efforts undertaken as part of the Paris Agreement and applying article 173 on carbon reporting and ESG implementation across our Funds. (1) As of 31/12/2020, €21.8 billion was measured and monitored in terms of carbon emissions. (2) The carbon footprint of these investments was 53% lower than their reference indicators per million EUR invested.

(1) Article 173 of the French Energy Transition Law (Law n° 2015-992 of August 17, 2015 on energy transition for green growth). (2) Carmignac funds for which carbon emissions are measured and monitored.

As part of being a responsible investor, we believe it is important to understand the sustainability outcomes that we have caused, have contributed to, and are directly linked to. This Policy underpins our work looking at environmental and social good and harm.