At AlbaCore, we focus on the long-term. As one of Europe’s leading alternative credit specialists, we invest in private capital solutions, opportunistic and dislocated credit and structured products.
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Specialist in Asia Pacific, China, India and South East Asia and Global Emerging Market equities.
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Our philosophy is very simple. We are constantly searching for high quality businesses and when we acquire them, we will work relentlessly with them to create long-term sustainable value through innovation, ESG-led and proactive asset management.
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Leader in active quantitative equities across Australian equities, global equities, emerging markets and global small companies.
Backed by a unique blend of research, portfolio construction and risk management, focused on uncovering original insights and translating them into investment strategies that are active and systematic, aiming to generate alpha.
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Specialists in equity portfolios in Asia Pacific, emerging markets, global and sustainable investment strategies
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At First Sentier Investors, responsible investment principles underpin our investment approach. Our reports and policies detail our beliefs and how we translate these into action.
Reports
Responsible Investment Report
As long-term investors, we know that the decisions we make today impact communities today, tomorrow and years from now. Responsible Investment is at the core of how we operate as a business and allocate capital, and we are committed to transparency and accountability regarding our performance in this area.
Stewardship Report 2023
In our latest Stewardship Report, learn how we act as stewards of our clients' capital, with a focus on investment excellence that seeks to deliver strong investment performance in conjunction with positive, real-world outcomes.
Report archive, since 2007
2023 Responsible Investment Report
2022 Responsible Investment Report
2021 Responsible Investment Report
2021 Stewardship Report (EMEA)
2021 Stewardship Report (Asia)
2020 Responsible Investment Report (EMEA)
2020 Responsible Investment Report (Asia)
2020 Stewardship Report (EMEA)
2020 Stewardship Report (Asia)
2019 Responsible Investment and Stewardship Report (EMEA)
2019 Responsible Investment and Stewardship Report (Asia)
2018 Responsible Investment and Stewardship Report
2017 Responsible Investment and Stewardship Report
2016 Responsible Investment and Stewardship Report
2015 Responsible Investment and Stewardship Report
2013 Responsible Investment and Stewardship Report
2012 Responsible Investment and Stewardship Report
2011 Responsible Investment and Stewardship Report
2010 Responsible Investment and Stewardship Report
2009 Responsible Investment and Stewardship Report
2008 Responsible Investment and Stewardship Report
2007 Responsible Investment and Stewardship Report
These documents contain information which is no longer up to date. As such, it is maintained on the website solely for informational purposes to provide historical information. The document should not be relied upon, including for the purposes of an investment decision. We recommend you seek professional investment advice before making a decision to invest.
Global policy and principles
Our Global Responsible Investment and Stewardship Policy and Principles articulate our approach to responsible investment, what it means to us and how we implement it.
Our Policy document sets out the responsible investment and stewardship standards that all investment professionals are expected to adhere to in practice, including specific expectations in relation to environmental, social and governance (ESG) integration, corporate engagement, proxy voting and investment screens. This should be read in conjunction with the Principles document, which communicates the beliefs that underpin our approach to responsible investment. This includes our position in relation to our four focus areas: climate change, nature and biodiversity, human rights and modern slavery, and diversity; and our internal governance structure with respect to responsible investment, investment stewardship and ESG.
The Principles document was approved in September 2023, and the Policy document was approved in February 2024. Both documents were approved by the Global Responsible Investment Executive Committee following extensive consultation with investment team members and other stakeholders in the business.
Global Responsible Investment and Stewardship Policy
Please read in conjunction with the Principles
Global Responsible Investment and Stewardship Principles
Please read in conjunction with the Policy
Climate change
In developing our Climate Change Statement, we sought to align our disclosure with the Task Force for Climate Related Financial Disclosure's recommendations and the Investor Group on Climate Change's Guide for Investor Disclosure, Strategy, Governance, Risk Management and Metrics.
Climate Change Statement 2H2023
Learn how we will reach our goals in our latest Climate Change Statement (covering 1 Jul - 31 Dec 2023)
Climate Change Statement 2023
Read our previous statement
Climate Change Action Plan
2023 progress update
Human rights
We have focused our attention on the development of tools to monitor our investment strategies and supply chains.
Modern Slavery Statement
Learn of the progress made in bringing this issue into sharper focus for the companies we engage with, and within our own business and supply chains.
Governance
In a diverse global organisation, good governance is extremely important. Governance of responsible investment and stewardship engages over 50 people across our organisation, allowing staff to participate in, and be kept up to date on our responsible investment work.
Exclusions
Our approach to exclusions is outlined in section 2.10 of our Global Responsible Investment and Stewardship Policy. Our current list of excluded public companies are outlined below:
Controversial weapons
- Anhui GreatWall Military Industry Co, Ltd
- BAE Systems Plc
- Bharat Dynamics Ltd
- Daikin Industries
- General Dynamics Corp
- ICL Group Ltd
- L3Harris Technologies
- Larsen & Toubro Ltd
- LIG Nex1 Co, Ltd
- Northrop Grumman Corp
- Poongsan Corp
- Pretis dd
- Rheinmetall AG
- SNT DYNAMICS Co, Ltd
- Walchandnagar Industries Ltd
Tobacco
- 22nd Century Group, Inc
- Al-Eqbal Co. for Investment Plc
- Altria Group, Inc
- B.A.T. Capital Corp
- B.A.T. International Finance Plc
- B.A.T. Netherlands Finance BV
- BADECO ADRIA dd
- British American Tobacco Bangladesh Co
- British American Tobacco Holdings (The Netherlands) BV
- British American Tobacco Kenya Plc
- British American Tobacco Malaysia Bhd
- British American Tobacco plc
- British American Tobacco Uganda Ltd
- British American Tobacco Zambia Plc
- British American Tobacco Zimbabwe Ltd
- Bulgartabac Holding AD
- Ceylon Tobacco Co Plc
- China Tobacco International (HK) Co Ltd
- Coka Duvanska Industrija AD
- Duvanska Industrija AD Bujanovac
- Eastern Co (Egypt)
- Godfrey Phillips India Ltd
- Golden Tobacco Ltd
- Hoang Long Group
- Imperial Brands Finance Netherlands BV
- Imperial Brands Finance Plc
- Imperial Brands Plc
- ITC Ltd
- Japan Tobacco, Inc
- Jerusalem Cigarette Co Ltd
- JT International Financial Services BV
- Karelia Tobacco Co, Inc
- Khyber Tobacco Co Ltd
- KT&G Corp
- Lorillard LLC
- LT Group, Inc
- Ngan Son JSC
- Nikotiana BT Holding AD
- NTC Industries Ltd
- Old Holdco, Inc
- Pakistan Tobacco Co Ltd
- Philip Morris (Pakistan) Ltd
- Philip Morris CR as
- Philip Morris International, Inc
- Philip Morris Operations AD
- PT Bentoel International Investama Tbk
- PT Gudang Garam Tbk
- PT Hanjaya Mandala Sampoerna Tbk
- PT Indonesian Tobacco Tbk
- PT Wismilak Inti Makmur Tbk
- Pyxus International, Inc
- Reynolds American, Inc
- Scandinavian Tobacco Group A/S
- Shanghai Industrial Holdings Ltd
- Sila Holding AD
- Sinnar Bidi Udyog Ltd
- SITAB
- Slantse Stara Zagora Tabac AD
- Souza Cruz Ltda
- Standard Diversified, Inc
- STG Global Finance BV
- Swedish Match AB
- Tanzania Cigarette Co Ltd
- Turning Point Brands, Inc
- Tutunski Kombinat AD Prilep
- Union Investment Corp
- Union Tobacco & Cigarette Industries Co
- Universal Corp
- Vector Group Ltd
- VST Industries Ltd
- West Indian Tobacco Co Ltd
Industry collaboration
We support a number of industry and trade groups that are focused on developing and improving responsible investment. While these groups do not speak for us unless we specifically sign a statement they draft, we are aligned with their broader missions.
Each year, we review the various initiatives that we have been involved with. We do this to ensure their purpose aligns with our clients’ interests and that we have the capacity to make a meaningful contribution. The initiatives that we actively support and engage with are listed here:
Global
PRI (2007)
- Signatory
- Pilot sovereign engagement, member (2023)
- Spring (PRI stewardship initiative on nature) endorser (2023)
Finance for Biodiversity pledge (2021)
- Signatory
Task Force on Climate-Related Financial Disclosures (2021)
- Supporter
Tobacco Free Portfolios Pledge (2021)
- Signatory
Cambridge University Investment Leaders Group (2013)
- Founder member
- Nature Working Group member (November 2023)
Climate Action 100+ (2017)
- Supporting Investor
Task Force on Nature-related Financial Disclosure (TNFD) Forum (2022)
- Forum member
Big Tech and Human Rights Investor Collaboration (2023)
- Collaborating Investor
Nature Action 100 (2023)
- Investor Participant, member of engagement team with two companies
EMEA
UK Sustainable Investment Forum (2013)
- Member
EUROSIF* (2013)
- Public Policy Working Group
* Only national SIFs are members of EUROSIF. FSI participate in EUROSIF monthly Public Policy Group as a guest/non-member.
FAIRR (2023)
- Investment member
World Benchmarking Alliance (2023)
- Ally
Asia Pacific
Financial Services Council (2020)
- Member of the Fund Management Board Committee
- Member of the Investment Expert Group
- Member of the ESG Working Group
- Director of the FSC Board
Investor Group on Climate Change (2013)
- Member
Australian Sustainable Finance Initiative (2022)
- Member of Coordinating Working Group
- Member of Technical Working Group
Responsible Investment Association Australasia (2013)
- Board Member
- Member of the Human Rights Working Group
- Member of the Nature Working Group
30% Club Australia (2018)
- Investor Working Group member
40:40 Vision (2020)
- Steering Group member
- Investor Working Group member
Women in Sustainable Finance (2019)
- Committee member
Investors Against Slavery & Trafficking APAC (2019)
- Chair
Japan Sustainable Investment Forum (JSIF) (2021)
- Signatory
Japan Stewardship Initiative (JSI) (2021)
- Signatory
Hong Kong Green Finance Association (2023)
- Member
Policy advocacy
We have actively participated in a number of consultations and initiatives that we believe support the transition to a more sustainable financial system.
EMEA
Future Regulatory Regime for ESG ratings providers
In June 2023 First Sentier Investors provided a submission to His Majesty's Treasury consultation paper 'Future regulatory regime for Environmental, Social, and Governance (ESG) ratings providers', detailing our view on the topic.
Sustainability Disclosure Requirements (SDR) and investment labels
The Financial Conduct Authority requested feedback on their consultation paper 'Sustainability Disclosure Requirements (SDR) and investment labels' in October 2022. This consultation paper proposed new rules to help consumers navigate an increasingly complex investment product landscape, protect them from greenwashing and rebuild trust. First Sentier Investors provided a consultation response to this paper.
Eurosif, PRI, IIGCC, EFAMA, UNEP FI - Joint statement on ESRS
First Sentier Investors was signatory on a letter which called on the European Commission to uphold the integrity and ambition of the first set of the European Sustainability Reporting Standards (ESRS), as envisaged within EFRAG’s final technical advice to the Commission published in November 2022.
ESA's Call for Evidence on better understanding greenwashing
The European Supervisory Authorities (ESA) made a Call for Evidence in November 2022, seeking input from stakeholders on how to understand the key features, drivers and risks associated with greenwashing and to collect examples of potential greenwashing practices. First Sentier Investors responded to this Call for Evidence in January 2023.
FCA’s Guidance on the Anti-Greenwashing Rule
In January 2024, First Sentier Investors provided a response to FCA’s consultation on ‘Guidance on the Anti-Greenwashing Rule’ GC23/3.
Asia Pacific
Enhancement of Climate-related Disclosures under the Environmental, Social and Governance Framework
First Sentier Investors submitted a consultation response to the Hong Kong Stock Exchange’s consultation paper 'Enhancement to Climate-related disclosures under the Environmental, Social and Governance Framework'. This paper made the proposal to the Hong Kong Exchange to mandate all issuers to make climate-related disclosures in their ESG reports.
GHG Reduction Safeguard Mechanism Reform
In February 2023, First Sentier Investors provided feedback on the Department of Climate Change, Energy, Environment and Water’s consultation on the proposed reforms of the Safeguard Mechanisms. First Sentier Investors’ submission detailed its support for the proposed changes to the Safeguard Mechanism.
Climate-related financial disclosure Consultation paper
In December 2022, the Australian Government Treasury asked for initial views on key considerations for the design and implementation of standardised, internationally-aligned requirements for disclosure of climate-related financial risks and opportunities in Australia, for their consultation paper on Climate-related financial disclosure. First Sentier Investors made a submission in February 2023.
Australian Sustainable Finance Strategy Consultation
In December 2023, the Australian Government released its consultation paper on Australia's Sustainable Finance Strategy. First Sentier Investors provided a response to this paper, explaining our views on the topic.
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First Sentier Investors became a Certified B Corporation in November 2022 with a score = 107.2, noting that the passing score is 80. Please visit the B Corp Directory to view our report and for additional information regarding the assessment process.
Copyright © First Sentier Investors (Australia) Services Pty Ltd 2024, (part of First Sentier Investors, a global asset management business. First Sentier Investors is ultimately owned by Mitsubishi UFJ Financial Group, Inc MUFG.)
In the EU: This is a marketing communication. The fund(s) mentioned here may or may not be registered for marketing to investors in your location. If registered, marketing may cease or be terminated in accordance with the terms of the EU Cross Border Distribution Framework. Copies of the prospectus (in English and German) and key investor information documents in English, German, French, Danish, Spanish, Swedish, Italian, Dutch, Icelandic and Norwegian, along with a summary of investors' rights are available free of charge at firstsentierinvestors.com