Beleggings-
portefeuilles
In dit hoofdstuk gaan we dieper in op het tweede niveau van onze waardeketen: de portefeuilles voor de diverse beleggingscategorieën. In onze benadering combineren we top-down strategieën met actief bottom-up management van ESG-risico’s en -kansen.
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De fund-of-funds beleggingsportefeuilles van Anthos omvatten aandelen, vastrentende waarden, particulier vastgoed, absolute return-strategieën, private equity en multiasset impactbeleggingen. In dit hoofdstuk beschrijven we hoe we onze VB-scorekaart en het IMP-raamwerk (IMP = ‘Impact Management Project’) gebruiken om de ESG-integratie en impactintentie in onze beleggingsportefeuilles te meten. Voor iedere beleggingscategorie proberen we een praktijk-voorbeeld te geven van onderliggende fondsen voor specifieke categorieën en beschrijven we genuanceerd de uitdagingen waarvoor iedere beleggingscategorie zich gesteld ziet. (Zie Verantwoord beleggen in de hele waardeketen voor de belangrijkste definities en methodes.) Meer weten over onze VB- en impactmethodiek? Zie onze beleidsdocumenten en toelichtingsartikelen op de Anthos website.
Anthos’ fund-of-funds beleggingsportefeuilles
Aandelen
Vastrentende waarden
Vastgoed
Absolute return- strategieën
Private equity
Multi-asset impact
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Aandelen
How to read this graph
Overall in 2022, our exposure to A-rated funds decreased, to MD-rated funds increased, and to B-rated and C-rated funds remains unchanged as at the end of December 2022.
Diving deeper into the same movements per asset class, we can see that most asset classes increased their exposure to As and decreased their exposure to MDs. Many asset classes also added new Bs to their portfolios in 2022.
The slight decrease in As is due to rebalancing, new funds other than As, and divestments away from A funds. The lion’s share can be attributed to fixed income for tactical reasons (you can read more on this in the fixed income section later in this chapter).
The slight increase in Bs was driven by the new B funds onboarded in several asset classes. However, the slight decrease in Cs reflects the lack of increased allocation to sustainable strategies, which probably reflects the difficult environment for such funds in 2022.
The same challenging environment saw the increase in MDs, due to a reallocation of assets to funds with this profile in a year which challenged sustainable strategies. In addition, some funds were rescored from As to MDs in light of review conversations with the investment teams.
How to read this graph
Overall in 2022, Anthos remains invested primarily in leaders, then professionals. There are some novices in the portfolio, but the share of investments in novices remains in line with 2021, and the part in laggards is negligeable.
If we focus on the largest share of our assets, we can see that our overall exposure to leaders decreased and our overall exposure to professionals increased between 2021 and 2022. The decrease in leaders is mainly driven by movements in equities, which is our largest asset class and so influences moves more prominently than others, which all actually increased their share of assets in leaders.
Elsewhere, the impact portfolios saw a significant increase in leaders (8,6% in 2021 to almost 60% in 2022), in large part due to newly added listed equity strategies in the portfolio. Real estate also increased significantly its share of leaders mainly through scoring unscored funds and reassessing some of their funds as leaders. The same effect is observed for absolute returns.