ESG Integration in the investment process

Environmental, social, and governance (ESG) issues, in addition to financial metrics, are taken into account in our investment decision-making process.

At Truffle, ESG analysis is important in our focus on downside protection through highlighting both opportunities and risks. Mitigating risks due to exposure to suboptimal ESG outcomes plays a critical role in the pursuit of producing superior long-term sustainable returns.

ESG integration happens at 3 stages of our investment process:

Research and initial screening

The ESG risks most material at a company, sector and/or region level are highlighted

Valuation models

Appropriate adjustments are made to valuation models, which then feeds into our view of the company in our ranking table

Portfolio construction

Where there are increasing ESG risks above what we have incorporated into valuation models, we will manage our exposure through the portfolio construction process.

We make use of engagement as a feedback loop in each of those stages to ensure we are appropriately calibrating the ESG risks and opportunities. We engage with management on ESG related concerns for the respective businesses and make a point to follow up the next time we meet so that we can measure their progress and update our investment case accordingly. On an annual basis, we release a Stewardship Report that details our engagements.

We support the principles espoused by the Code for Responsible Investing in South Africa (CRISA).

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