Investors’ expectations have shifted. Companies with the highest returns aren’t necessarily the most desirable ones these days. In light of global warming and social inequalities, investors want their money to have a positive impact - and that’s where the Natixis Mirova Global Sustainable Equity Fund comes in.
FUND FACTS What’s the strategy about?
Jens Peers, CEO & CIO of Mirova US looks back on his nearly two decades of experience in environmental investing.
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INVESTMENT PROCESS The best of both worlds
Standout characteristics What sets the fund apart?
Why mirova What does Mirova bring to the table?
Meet the team
FUND FACTS INVESTMENT PROCESS Standout characteristics Why mirova data FUND RISKS X
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Natixis Mirova Global Sustainable Equity fund
Terms & Conditions
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What is Impact Investing?
See more from Mirova and Natixis Investment Managers
Mirova breaks down the idea that’s redefining the investment industry.
Making a Difference: Interview with Fabrice Chemouny, Head of Asia Pacific (Natixis IM)
Investors and professionals are warming up to the potential of ESG. Our research offers insight into five critical questions about ESG investing.
2021 ESG Investor Insight Report
Fabrice Chemouny, Head of Asia Pacific, shares his views on what Natixis IM ESG approach can bring to APAC investors.
Alex Edmans, Professor of Finance at London Business School, on why sustainability isn’t something you measure, it’s something you assess.
Engaging Responsibly
With a long history in sustainable investing, Mirova remains focused on delivering strategies that reconcile value creation goals with positive social and environmental impact.
Investing Meets Sustainability: Mirova
Into the Heart of ESG
Jens Peers, CEO, CIO and Portfolio Manager at Mirova US, discusses the factors that influence the longer-term sustainability game.
Disclaimers The investment presents a risk of capital loss. The specific risks of investing in the Sub-Fund are linked to: Capital loss, Equity securities, Global Investing, Currency risk, ESG Driven Investments, Changes in laws and/or tax regimes, Portfolio concentration, Emerging markets, Capitalisation of Companies and Sustainability risk. For more information, please refer to the prospectus on the fund available at Natixis. You can obtain it on simple request or on the website im.natixis.com. The Global Risk Exposure of the Sub-Fund is managed through the use of the "Commitment Approach" method described under "Use of derivatives, Special Investment and Hedging Techniques" -"Global Risk Exposure". For a complete description of these risks, please refer to the Product Highlights Sheet and to the chapter entitled "Principal Risks" in the prospectus. This same chapter also describes the other risks linked to an investment into the Sub-Fund. This document is intended solely for professional clients as defined by MiFID. If it is not the case and you receive this document by mistake, please destroy it and inform Mirova immediately. Natixis Mirova Global Sustainable Equity Fund is a sub-fund of Natixis Investment Managers Investment Funds U.K. ICVC. Natixis Investment Managers International is the management company and has delegated financial management to Mirova US. Mirova US has been appointed as Delegated Investment Manager of the Sub-Fund pursuant to an investment management delegation agreement entered into with the Management Company, with certain employees of Mirova providing services to Mirova US according to an agreement in place with Mirova. Mirova became an asset management company in January 2014. Until March 28, 2019, Mirova was operated in the US through Ostrum Asset Management U.S., LLC an investment advisor based in the US. Since March 29, 2019, Mirova US LLC is a U.S.- based investment advisor that is a wholly owned affiliate of Mirova. This fund is the subject of a key investor information document (KIID) and of a prospectus. The KIID of the fund must be delivered prior to any subscription. The reference documents on the fund (KIID, prospectus and periodical document) are available at im.natixis.com. Otherwise, past performance is no guarantee or reliable indicator of current or future performance. Performance figures are calculated net management and running fees, included safekeeping fees and commissions. This document is a non-contractual document for information purposes only. This document does not constitute or form part of any offer, or solicitation, or recommendation to subscribe for, or buy, or concede any shares issued or to be issued by the funds managed by Mirova investment management company. The presented services do not take into account any investment objective, financial situation or specific need of a particular recipient. Mirova shall not be held liable for any financial loss or for any decision taken on the basis of the information contained in this document, and shall not provide any consulting service, notably in the area of investment services. The information contained in this document is based on present circumstances, intentions and guidelines, and may require subsequent modifications. Although Mirova has taken all reasonable precautions to verify that the information contained in this document comes from reliable sources, a significant amount of this information comes from publicly available sources and/or has been provided or prepared by third parties. Mirova bears no responsibility for the descriptions and summaries contained in this document. No reliance may be placed for any purpose whatsoever on the validity, accuracy, durability or completeness of the information or opinion contained in this document, or any other information provided in relation to the fund. Recipients should also note that this document contains forward-looking information, issued on the date of this presentation. Mirova makes no commitment to update or revise any forward-looking information, whether due to new information, future events or any other reason. All financial information, notably on prices, margins or profitability, shall be indicative and shall be subject to change at any time, in particular depending on market conditions. Mirova reserves the right to modify or remove this information at any time without notice. The information contained in this document is the property of Mirova. It may not be communicated to third parties without the prior written consent of Mirova. It may not be copied, in part or in whole, without the prior written consent of Mirova. The distribution, possession, or delivery of this document in some jurisdictions may be limited or prohibited by law. Persons receiving this document are asked to learn about the existence of such limitations or prohibitions and to comply with them. Additional notes Past performance is not a guarantee and not indicative of future results. The views and opinions expressed may change based on market and other conditions. Portfolio composition can evolve over the time. Prediction, projection or forecast is not necessarily indicative of the future or likely performance of the fund. This material is provided by Natixis Investment Managers UK Limited (the ‘Firm’) which is authorised and regulated by the UK Financial Conduct Authority (register no. 190258). Registered Office: Natixis Investment Managers UK Limited, One Carter Lane, London, EC4V 5ER. When permitted, the distribution of this material is intended to be made to persons as described below: In the United Kingdom: this material is intended to be communicated to and/or directed at investment professionals and professional investors only. In Ireland: this material is intended to be communicated to and/or directed at professional investors only. In Guernsey: this material is intended to be communicated to and/or directed at only financial services providers which hold a license from the Guernsey Financial Services Commission. In Jersey: this material is intended to be communicated to and/or directed at professional investors only. In the Isle of Man: this material is intended to be communicated to and/or directed at only financial services providers which hold a license from the Isle of Man Financial Services Authority or insurers authorised under section 8 of the Insurance Act 2008. To the extent that this material is issued by Natixis Investment Managers UK Limited, the fund, services or opinions referred to in this material are only available to the intended recipients and this material must not be relied nor acted upon by any other persons. This material is provided to the intended recipients for information purposes only. This material does not constitute an offer to the public. It is the responsibility of each investment service provider to ensure that the offering or sale of fund shares or third party investment services to its clients complies with the relevant national law. The above referenced entity is a business development unit of Natixis Investment Managers, the holding company of a diverse line-up of specialised investment management and distribution entities worldwide. The investment management and distribution subsidiaries of Natixis Investment Managers conduct any regulated activities only in and from the jurisdictions in which they are licensed or authorized. Their services and the products they manage are not available to all investors in all jurisdictions. Although Natixis Investment Managers believes the information provided in this material to be reliable, including that from third party sources, it does not guarantee the accuracy, adequacy, or completeness of such information. The provision of this material and/or reference to specific securities, sectors, or markets within this material does not constitute investment advice, or a recommendation or an offer to buy or to sell any security, or an offer of services. Investors should consider the investment objectives, risks and expenses of any investment carefully before investing. The analyses, opinions, and certain of the investment themes and processes referenced herein represent the views of the portfolio manager(s) as of the date indicated. These, as well as the portfolio holdings and characteristics shown, are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material. This material may not be distributed, published, or reproduced, in whole or in part. All amounts shown are expressed in USD unless otherwise indicated
Hua Cheng CFA, PhD Portfolio Manager Mirova US
Amber Fairbanks CFA Portfolio Manager Mirova US
Jen Peers CEO & CIO Mirova US
CFA® and Chartered Financial Analyst® are registered trademarks owned by the CFA Institute. Jens Peers and Hua Cheng are contracted by Mirova and seconded to Mirova US. Mirova US and Mirova agreed on a participating affiliate agreement.
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The Natixis Mirova Global Sustainable Equity Fund seeks to outperform the MSCI World Net Dividends Reinvested Index by combining sustainable and thematic investment styles. Jens Peers, Amber Fairbanks and Hua Cheng, who make up the investment committee, follow a high-conviction approach that focuses on four long-term transitions: demographics, technology, environment and governance.
Fund Facts
What’s the strategy about?
Demographics
2
The portfolio is benchmark agnostic and driven by investment opportunities. ‘Thematic investing has always been a better approach than just starting with your benchmark to generate returns,’ Peers believes. ‘To achieve both financial and ESG outperformance, you need a thematic element that helps you narrow down the initial investment universe and enables you to focus on the companies that matter.’ The fund aims to remain below the 2°C* target set out in the Paris Agreement, a legally binding international treaty on climate change, and prioritises companies that are actively contributing to the United Nations Sustainable Development Goals (SDGs)** a collection of 17 interlinked global goals designed to build a more sustainable future for all. Mirova’s extensive experience in sustainable investing comes in handy in that regard. The firm’s roots go back to 1984 when the first ESG strategies were created and managed by people who would later be a part of Mirova. The fund benefits from the experience of more than ten ESG specialists. ‘Investors are looking for investment teams with a long and strong track record. That’s what we have,’ Peers says. 'The Natixis Mirova Global Sustainable Equity Fund provides a solution to anyone who is looking to invest sustainably while also seeking to achieve higher returns than the broader market,’ he continues. ‘Doing well and doing good are no longer mutually exclusive.’
Aging population Urbanisation Growing middle class Quality of life
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Data proliferation and A.I. Automation Cloud computing & digitalisation
Technology
Low-carbon economy Efficient use of resources
Environment
Innovation & adaption Fairness Infrastructure
Governance
‘Doing well and doing good are no longer mutually exclusive’
Jens Peers CEO and CIO at Mirova US
1. As of 29 January 2021
Source: Mirova. The information provided reflects Mirova’s opinion / the situation as of the date of this document and is subject to change without notice.
*Corresponds to the action plan put in place to respect the Paris Agreement, that is to say the increase that should not be exceeded for the average temperature of the planet between 1850 and 2100. Internal limits non-binding at the date of this document and not mentioned in the regulatory documentation, subject to change by Mirova without prior notice. The carbon footprint of investments is calculated using a proprietary methodology that may involve bias. ** The Sustainable Development Goals were set by the United Nations in 2015.
FUND FACTS INVESTMENT PROCESS Standout characteristics Why mirova data X
Keep it simple
INVESTMENT PROCESS
With a combined industry experience of 54 years, the portfolio managers seek to generate high returns while also helping improve environmental and social conditions. Jens Peers, Amber Fairbanks and Hua Cheng follow a rigorous approach that focuses on fundamental active management and is based on the belief that equity markets systematically underestimate growth opportunities that are going to shape the future. ‘Our goal is to identify companies that are able to benefit from long-term transitions like demographics, technology, environment and governance,‘ Peers says. ‘We think those companies have a significant competitive advantage as they are able to deliver value over the long term.’ To be considered as a portfolio stock, companies need to have stable management teams, solid financials, access to finance and a healthy risk/reward balance. ‘We’re not interested in businesses that are taking irresponsible risks just because it might lead to higher returns,’ Peers points out. ‘We’re in for the long run, so we demand a lot from the companies we invest in.’ The fund’s strong focus on ESG principles is only logical in that regard. Businesses that hinder or strongly oppose the SDGs won’t make it into the portfolio, which prioritises companies that not only follow but are actively committed to implementing them.
‘Our goal consists of aligning the fund with the SDGs on all levels,’ Peers says.* ‘We want to bias the fund towards companies that have a solution for one or more of the Sustainable Development Goals. Some companies are still neutral in terms of impact, but we believe that a large portion of our portfolio today has a positive impact on people and the planet.**
The best of both worlds
investment process
Prioritised
Eligible
Not eligible
Strongly opposes achievement of the SDGs
Hinders achievement of the SDGs
In line with some of the SDGs, but impacts are low or hard to quantify
Contributes positively to achieving the SDGs
Contributes very favorably to achieving the SDGs
negative
risk
neutral
positive
committed
‘We want to bias the fund toward companies that have a solution for one or more of the Sustainable Development Goals’
* For more information on our methodologies, please refer to our Mirova website: www.mirova.com/en/research ** Source: Impact Report of Natixis Mirova Global Sustainable Equity Fund
High-conviction, multi-thematic approach
What sets the fund apart?
Standout characteristics
The fund follows a long-term, multi-thematic investment approach and aims to identify opportunities that are playing a key role in building a sustainable world. The portfolio holds between 40 to 60 stocks that are well positioned to take advantage of demographic, governance, technological and environmental transitions over the next decade.
The four transitions of a changing world
A long-term investment approach aligned with and informed by the United Nations Sustainable Development Goals (SDGs)
At Mirova, analysis of an asset, any asset, regardless of asset class allows us to establish an overall qualitative opinion, described using a five-point scale and makes it possible for us to determine whether the asset is consistent with achieving the SDGs.* This assessment is conducted in accordance with our main principles and includes the risk/opportunity approach, taking into account the quality of products and services as well as the way operations are conducted, the global approach of the entire life cycle, and the differentiation approach, adapting issue selection to the specificities of each asset.** This analysis is carried out by the sustainable research team, with more than 15 analysts.***
Proxy voting principles
‘We think every company has a role to play in society’
Focus on impact seeking for portfolio alignment with 2°C maximum* global warming scenario
3
As Peers puts it: ‘We want the fund to represent an economy that won’t warm up by more than two degrees.’ The fund’s temparature is measured based on a methodology developed in 2015 with Carbone 4.** In 2015, Mirova and Carbone 4 jointly developed a method which assesses carbon data in view of the specific challenges facing a low carbon economy: Carbon Impact Analytics (CIA). This method focuses on two main indicators: - «induced» emissions arising from the « lifecycle » of a company’s activities, taking into account both direct emissions and those of suppliers and products. - «avoided» emissions due to improvements in energy efficiency or «green » solutions.
Social
Mirova Pillars
Extent to which an asset contributes to the SDGs corresponding to each pillar
Climate stability
Limit greenhouse gas levels to stabilize global temperature rise under 2°C
Healthy Eco-systems
Maintain ecologically sound landscape and seas for nature and people
Resource security
Preserve stocks of natural resources through efficient and circular use
Basic Needs
Basic services (food, water, energy, transport, health, etc.) for all
Well Being
Enhances health education, justice and equality of opportunity for all
Decent Work
Secure socially inclusive jobs and working conditions for all
41%
33%
36%
21%
38%
15%
Principle 1
Long-term ownership
Developing long-term company ownership Developing employee share ownership
Electing directors with specific skills and expertise Enhancing a balanced representation of the various strategic company stakeholders within the board
Accountability & representativeness of governance bodies
Principle 2
Aligning stakeholders’ compensation with value creation Integrating ESG issues into compensation policies Establishing a balanced compensation policy
Fair compensation of the company’s stakeholders
Principle 3
Financial and non-financial reporting Checking and certifying ESG information Implementing responsible tax practices
Quality of information
Principle 4
Industry, Innovation and Infrustructure
Life below water
Responsible consumption and production
Climate Action
Life on land
No poverty
Good health and well-being
Decent work and economic growth
Zero hunger
Quality Education
Gender equality
Reduced inequalities
Clean water and sanitation
Affordable and clean energy
Sustainable cities and communities
Peace, Justice and strong institutions
*Corresponds to the action plan put in place to respect the Paris Agreement, that is to say the increase that should not be exceeded for the average temperature of the planet between 1850 and 2100. Internal limits non-binding at the date of this document, subject to change by Mirova without prior notice. The carbon impact of investments (excluding Social impact and Natural Capital funds), is calculated using a proprietary methodology that may involve bias. For more information about our methodologies, please refer to our Mirova website www.mirova.com/en/research/demonstrating-impact. ** More information on https://www.carbone4.com/en
Source: United Nations, 2017 - Energy & Climate Intelligence Unit, 2020 – Statista, 2020 - World Economic Forum, 2019. The information provided reflects Mirova’s opinion / the situation as of the date of this page and is subject to change without notice.
* Among ESG data providers or financial players, qualitative opinions can take a variety of forms. Letter grades (eg, CCC to AAA at MSCI, D- to A+ at ISS ESG), qualification of an opinion (Weak / Limited / Robust / Advanced at Vigeo Eiris, Negligible / Low / Medium / High / Severe at Sustainalytics). These qualitative opinions are generally accompanied by numerical scores, for example a score between 0 and 100. ** The analysis grids adopted sector by sector are communicated in publicly available sectoral sheets. https://www.mirova.com/en/research/understand#vision *** Source: Mirova as of 30 September 2021.
What does Mirova bring to the table?
Why Mirova
With £20.3bn in assets under management,* Mirova is a B-corp certified, mission-led company, entirely dedicated to sustainable investing space. The Natixis Investment Managers’ affiliate aims to contribute to a more sustainable and inclusive economy by providing investment solutions that combine financial outperformance with environmental and social impact. Natixis Mirova Global Sustainable Equity Fund is managed by Mirova US, a US-based investment advisor that is a wholly owned affiliate of Mirova. Mirova US and Mirova entered into an agreement whereby Mirova provides Mirova US investment and research expertise, which Mirova US then combines with its own expertise when providing advice to clients. Mirova US manages £4.9bn as of 30 June 2021.
Generate a positive impact with all investment strategies
Cultivate and develop social and environmental expertise
Constantly innovate products and approaches
4
Accompany stakeholders toward a sustainable economy and finance
5
Respect environmental and social standards
In line with Mirova CEO Philippe Zaouati’s belief - ‘The world of finance must meet the challenges of today’s society and accelerate transformation towards a more sustainable model’ - the company also strives to uphold the highest standards across its investment teams. ‘Everyone at Mirova is all about sustainable investing,’ Peers says. ‘There’s no ESG overlay. We have an in-house sustainable investment research team made up of more than ten analysts who ensure that the Sustainable Development Goals are at the core of all our strategies.’
In AUM
Areas of expertise
Employees
Climate change trajectory for all portfolios
The entire range of eligible funds has either received the French government-backed SRI label or is currently undergoing the accreditation process.
20.3
105
100%
O
C
SRI
‘The world of finance must meet the challenges of today’s society and accelerate transformation towards a more sustainable model’
Philippe Zaouati, CEO at Mirova
* As of 30 June 2021.
Mirova, a pioneer in sustainable finance
Created by the French Ministry of Finance in early 2016, with the support of Asset Management professionals, the public “Investissement Socialement Responsable” (ISR) Label aims at giving Socially Responsible Investment (SRI) management an extra visibility with savers. It will make easier for investors to identify financial products integrating Environmental, Social, and Governance (ESG) criteria into their investment process. www.lelabelisr.fr Febelfin developed a quality standard in February 2019 to ensure clarity and transparency regarding sustainable investments. The "Towards-Sustainability" label was developed by the association representing the banking sector in Belgium. Methodology available on www.towardssustainability.be/en/quality-standard
SRI Labels of Mirova’s Range
Label ISR Toward Sustainability
The latest figures
data
Comment: Since the launch of the strategy in October 2013 Jens Peers has returned 134.2% to investors, this is comfortably ahead of both the index and the average manager. The strategy has been in a particularly strong vein of form over the past two years, delivering 63% and 45.9% for the index and the 49.3% gain of the average manager. Since November 2014, the strategy has stayed ahead of the average manager in the equity global growth sector, that is no mean feat given how well growth equities have done over this period. The strength of those three-year numbers is in no small part down to how well Peers has performed during the Covid-19 pandemic. Mirova's focus on ESG stocks as the central tenant of the portfolio, has helped it to deliver some of the strongest returns in the peer group. The strategy has recently been increasing allocations to some more cyclical sectors that were heavily sold off during the pandemic. These include upping exposure to some financials names, including increasing their stake in Signature Bank of New York, a lender to small and medium-sized businesses, that has nearly tripled in value over the past six months.
SOURCE: Citywire Discovery/Morningstar, as at 31.03.2020. Performance is based on total return in USD calculated gross of tax, bid to bid, ignoring the effect of initial charges and with income reinvested at the ex-dividend date. Average manager is based upon the managers tracked globally in Citywire‘s Equity - Global Growth sector.
Comment: The manager has historically protected against downside, which can be seen when looking at the risk-adjusted returns over the medium to long term. Jens Peers has delivered top decile risk-adjusted returns over three, five and seven year timeframes; over seven years he is ranked 11/170 managers in the category on a risk-adjusted basis. His maximum drawdowns are similarly impressive, having weathered the worst of the Covid-19 sell-off and he again places in the top decile over all three timeframes.
* Risk Adjusted Rankings are based of the Citywire Manager Ratio, a derivative of the information ratio that considers the risk-adjusted returns of everything fund the manager has run in the sector over the time frame. SOURCE: Citywire Discovery as at 31.03.2021. Performance is based on total return in USD calculated gross of tax, bid to bid, ignoring the effect of initial charges and with income reinvested at the ex-dividend date. Average manager is based upon the managers tracked globally in Citywire‘s Equity - Global Growth sector.
Jens Peers' Rankings in Equity - Global Growth
Risk-Adjusted Rankings*
Total Return Rankings
Maximum Drawdown Rankings
Comment: The platform for the portfolio’s strong returns over the past three years is built on its robust risk management practices. During the stock market sell off in the first quarter of 2020 the strategy restricted the monthly maximum drawdown to 15.1% versus 20.9% for the MSCI World and 17.2% for the average manager in the peer group.
SOURCE: Citywire Discovery/Morningstar, as at 31.03.2021. Performance is based on total return in USD calculated gross of tax, bid to bid, ignoring the effect of initial charges and with income reinvested at the ex-dividend date. Average manager is based upon the managers tracked globally in Citywire‘s Equity - Global Emerging Markets sector.
Jens Peers 3 Year Maximum Drawdown
Jens Peers' Equity - Global Growth Track Record
Equity - Global Growth
Comment: Jen's strong risk-return characteristics are evident when compared against his peers. His position in the top right hand quadrant of the graphic, which compares 3 year maximum drawdowns (x axis) against his 7 year risk-adjusted returns, positions him favourably against market share leaders from Fundsmith and Morgan Stanley, bettering both when it comes to drawdowns.
SOURCE: Citywire Discovery, as at 31.03.2021. Total Return percentiles are calculated in USD gross of tax, bid to bid, ignoring the effect of initial charges and with income reinvested at the ex-dividend date. Peer group rankings are based on managers tracked by Citywire globally. Market share data based on total assets under management by managers tracked by Citywire.
7 Year Risk-Adjusted Percentile vs 3 Year Maximum Drawdown Percentile v Market Share at end of March 2021
Orsted A/S 4.9% Microsoft Corp. 4.7% Vestas Wind Systems 4.4% Ebay Inc. 4.2% Thermo Fisher Scientific Inc. 4.1%
Top 10 holdings
Symrise AG 3.4% Eaton Corp Plc 3.4% Danaher Corp. 3.5% Mastercard Inc. 3.9% Ecolab Inc 4.0%
Past performance does not guarantee future results. Investing involves risk, including the risk of capital loss. Before investing, consider the fund’s investment objectives, risks, charges, and expenses. You may obtain a prospectus or a summary prospectus on www.im.natixis.com. Fund Manager can change at any time. Past performance of the manager or submanager is not necessarily indicative of its future performance. The mentioned data should not be construed as advice or a recommendation to buy or sell shares.
Past performance does not guarantee future results. Investing involves risk, including the risk of capital loss. Before investing, consider the fund’s investment objectives, risks, charges, and expenses. You may obtain a prospectus or a summary prospectus on www.im.natixis.com. Fund Manager can change at any time. Past performance of the manager or submanager is not necessarily indicative of its future performance. The mentioned data should not be construed as advice or a recommendation to buy or sell shares. Reference to a ranking, a label and/or an award does not indicate the future performance of the Fund or of the investment manager.
