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Rankings

Mandate sponsored by ERAFP & other institutional investors gathered by Sanso IS Cedrus AM

ERAFP

 

(*) Industry adjusted scores


Low Carbon and ESG data are calculated with MSCI ESG data.

Advanced data computed since inception.  View all managers

Computing advanced ratios...Computing advanced ratios...

DISCLAIMER: amLeague is the sole owner of these indicators. amLeague does not disclose any portfolio data to AlphaValue. amLeague uses the line per line Value and Growth rankings provided by AlphaValue, which is solely owned by them. These indicators may not be representative of the whole portfolio.

Find out more on www.alphavalue.eu

AlphaValue

DISCLAIMER: amLeague is the sole owner of these indicators. amLeague does not disclose any portfolio data to Equity GPS. amLeague uses the line per line scores and expected returns provided by Equity GPS, which is solely owned by them. These indicators may not be representative of the whole portfolio.

Find out more on Equity GPS Presentation or www.equitygps.com

Equity GPS

 

(1) Weighted average EQUITY GPS rating of the stocks currently held by the fund


(2) Annualized EQUITY GPS’s 3 months Expected Return. Calculated on the basis of historical performances observed for the stocks currently held by the fund after their EQUITY GPS Rating was observed at the same level as currently.

DISCLAIMER: VIRTU is the sole owner of these indicators. amLeague does not disclose any portfolio data to VIRTU. amLeague uses the line per line "liquidation costs" data provided by VIRTU, which are solely owned by them. These indicators may not be representative of the whole portfolio.

Find out more on www.virtu.com

VIRTU

DISCLAIMER: amLeague is the sole owner of these indicators. amLeague does not disclose any portfolio data to AlphaValue. amLeague uses the line per line ESG scores provided by AlphaValue, which is solely owned by them. These indicators may not be representative of the whole portfolio.

Scoring methodology

AlphaValue Sustainability

What goes into Sustainability & ESG Scores

Alphavalue's approach relies on 4 independent pillars which are all based on proprietary data and methodology.
 

Sustainability

This score aims at providing a sense of sustainability on a scale from 1 to 10. This score covers all issuers and is based on repeatable, checkable, reasonably stable data so that it can be used across the universe. The aim is comparability, easiness of updating and transparency at the expense of depth.

Sustainability is built using data sets already deployed in defining the Environmental, Social and Governance separate scores. Data is solely AlphaValue’s. It is an arbitrary view that some of these data sets can be recombined to provide ex ante sustainability signals. They include boards’ independence, board’s geographic diversity, split leadership, CO2 emission dynamics, water consumption dynamics, wage dispersion trends, job satisfaction and internal communication. Governance items get the biggest weight.

 

Governance

AlphaValue's governance metrics are designed to cater for minority investors in secondary markets. It may not reflect the best interests of debt holders for instance.

Founding principles are that all stocks are scored on the same basis using the same set of questions.

Central to AlphaValue's assessment of governance matters is that processing must allow for what professional investors ought to know, i.e. the corporate profile. Typically, a partnership in shares does not give its shareholders a usable voting right for instance. Smaller companies are intrinsically more risky governance propositions mainly because there is a dominant shareholder whose best interests may not always be aligned with those of minorities.

 

Social

Social data sets are highly qualitative and hard to challenge.

Answers to ticking boxes such as “are all employees trained for tomorrow’s objectives “ tend to be universally positive. While those questions are raised and account for one third weighting, 2/3rd of the AlphaValue Social metrics rely on numerical data sets hinging on staffing, wages and management compensations. The dynamic of sharing wealth to the benefit of staff is the prime logic behind Social scoring. It is in this respect at odd with the best interests of non-staff stakeholders.

 

Environment

AlphaValue’s philosophy in Environmental matters is that only progress in containing emissions counts. Somebody has to own cement or steel manufacturing so that it is pointless to exclude sectors/firms because of the very nature of what they do. Conversely those are industries were efforts matter most.

All firms are on an equal footing, in the sense that their progress is assessed relative to their peers when it comes to reducing their environmental footprint. The grading system, applying for all the companies in our AV universe, is based on four factors:

  1. - Energy consumption
  2. - GHG emission
  3. - Water consumption
  4. - Waste generation

To make it a fair play, we use the good old unitary method to bring them to the same scale (emission or consumption per € of capital employed). Looking at capital employed rather than say sales or staff does away with business model differences and is a stable reference across the coverage board. That will include Financials as capital employed is computed from the liabilities side of the balance sheet. Stocks with negative capital employed have their environmental metrics defaulted to sector average.

 

Impact on Target Price

The sustainability score impacts the long-term growth as used in any DCF or intrinsic/embedded valuation metrics. The choice of impacting the long-term growth in the DCF is consistent with the fact that sustainability matters are long-term issues.

Obviously, a higher sustainability score will positively impact the DCF (35% weighting of the valuation for Non-Financials)/Intrinsic (20% for Banks)/Embedded value (40% for Insurers).