Nachhaltigkeitsbezogene Offenlegung

Zusammenfassung

Munich Re Investment Partners GmbH ("Investment Partners") agiert als Portfoliomanager für den "Munich Re Investment Partners EUA Strategy FCP-RAIF" (der "Fonds", LEI: 549300XHRNRHEMSXQX32). Der Fonds bewirbt ökologische Merkmale, strebt aber keine nachhaltigen Investitionen an. Das Anlageziel des Fonds besteht darin, institutionellen Anlegern eine Anlagemöglichkeit in Emissionszertifikaten zu bieten, die im Rahmen des Europäischen Emissionshandelssystems (der "EU ETS" und die im Rahmen dessen ausgegebenen Emissionsrechte, die "EUAs") ausgegeben werden. Hiermit strebt der Fonds an, einen positiven Beitrag zur Verringerung der Kohlenstoffemissionen im Rahmen des EU-Emissionshandelssystems in der Realwirtschaft der Europäischen Union zu leisten. Der Fonds hat keinen Referenzwert festgelegt, um die Erreichung der beworbenen ökologischen Merkmale durch den Fonds zu überwachen. Der Fonds überwacht im Rahmen einer periodischen und ad-hoc-Überprüfung die wichtigsten nachteiligen Auswirkungen von Investitionsentscheidungen auf Umweltfaktoren (sogenannte „Principal Adverse Impacts“, oder „PAIs"). Die Überwachung der PAIs erfolgt im Rahmen einer standardisierten Einbindung in den Investitionsprozess . Um zu messen, wie diese Merkmale erfüllt werden, legt der Fonds unter anderem die Anzahl der vom Fond gehaltenen EUAs und den Rückgang der durch das EU-Emissionshandelssystem abgedeckten Gesamtemissionen offen. Als zusätzliches Maß für die Wirksamkeit überwacht und veröffentlicht der Fonds die Zeitreihenentwicklung des PAIs Nr. 15 "Treibhausgasintensität" als Teil des periodischen PAI- Berichts. Zu diesem Zweck sammelt der Fonds relevante Daten aus einer Reihe qualifizierter Datenquellen, einschließlich führender Datenanbieter von Nachhaltigkeitsdaten. Die Sorgfaltspflichtprüfung der zugrundeliegenden Anlage wird durch entsprechende interne Richtlinien (Munich Re Investment Partners Responsible Investment Guideline und Munich Re Responsible Investment Guideline) geregelt. Die Sorgfaltspflichtprüfung basiert im Wesentlichen auf der Berücksichtigung von PAIs und Nachhaltigkeitsrisikoindikatoren des Fonds. Konkret werden systematische Verfahren zur Messung und Bewertung dieser Indikatoren angewandt und in den Investmentprozess des Fonds integriert. Der Fonds investiert ausschließlich in EUAs, bei denen es sich um staatlich emittierte Wertpapiere handelt, oder Derivate davon. Zum gegenwärtigen Zeitpunkt betreibt Munich Re Investment Partners kein Shareholder Engagement für den Fonds.

Kein nachhaltiges Investitionsziel

This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

Ökologische oder soziale Merkmale des Finanzprodukts

The Fund promotes its aim to contribute to climate mitigation through the reduction of CO2 emissions in the real economy achieved by pricing of emissions through the EU ETS as an environmental characteristic. The Fund product achieves this environmental characteristic by investing directly and exclusively in emissions allowances issued under the EU ETS. One EUA represents the right for EU ETS compliance entities to emit one tonne of Carbon Dioxide equivalents (CO2e). By holding EUAs physically, the Fund will, for the period it is holding such EUAs, prevent their use by compliance entities. EUAs are used by compliance entities to surrender their actual, verified CO2e emissions as part of annual emissions compliance. All other equal, a reduction of EUAs supply may increase more demand competition for EUAs, which may, in turn, also contribute to an increase in EUA prices. An increase in EUA prices may further incentivise entities in scope of the EU ETS to decarbonise and transition faster to a low carbon business, for example through switching to clean energy use or deploying less carbon-intensive production technologies.

Anlagestrategie

Aufteilung der Investitionen

The Fund targets at 100% of its assets being aligned with environmental characteristics, and intends to promote such, but will not make any sustainable investments. This excludes cash positions that are held for fund management purposes only. The Fund holds EUAs and therefore has physical exposure to such EUAs. For technical reasons the Fund may temporarily hold EUA-related derivatives.

Überwachung der ökologischen oder sozialen Merkmale

Methoden

The environmental characteristics promoted by the Fund are measured by using various indicators. Applicable PAI indicators are selected based on Annex I of the RTS to Regulation (EU) 2019/2088 in combination with Delegated Directive (EU) 2022/1288 and evaluated for the EU ETS member states as the underlying issuer of the EUAs. With respect to sustainability risk management, Investment Partners draws on the analyses performed by leading providers of sustainability research data. Sustainability risk ratings of the underlying issuer are used as input to analyse, assess and manage sustainability risk of the EUAs. Furthermore, the Fund reports the number of physical EUAs held in the Fund’s portfolio each year (“CO2 Equivalent").

Additionally, the Fund reports the trend of total tCO2 emissions covered by the EU ETS, i.e. the yearly CO2e reduction achievement of the EU ETS. Since the EU ETS was introduced in 2005, emissions have been reduced by around 45% until 2022 in the sectors covered by emissions trading scheme. As an additional measure of effectiveness, the Fund monitors and discloses the time series development of PAI No. 15 “GHG Intensity” as part of the regular PAI disclosure.

Datenquellen und -verarbeitung

Investment Partners leverages data sources from several external data service vendors (including but not limited to MSCI ESG, ISS ESG, etc.) for relevant ESG data. Additionally, it uses data published by the European Commission on the EU ETS and government-issued data on greenhouse gas emissions and gross domestic product figures to assess the effectiveness of the EU ETS and to assess effectiveness of the Fund in supporting it. For all data, Investment Partners conducts a data quality assurance assessment, which addresses data relevance, timeliness and consistency. To diversify data input, Investment Partners uses more than one data vendor. Investment Partners themselves do not process the sourced data any further nor at this stage does Investment Partners estimate any missing data points.

Beschränkungen hinsichtlich der Methoden und Daten

Investment Partners relies on external parties to calculate adequate and correct ESG data. Due to the still persisting issue that ESG data is not fully standardised, some ESG data might therefore be estimated and therefore lacking accuracy and relevance. More specifically, the data used for calculating CO2-related metrics within the Fund are subject to a up to two year data lag caused by the extensive calculations required to produce such highly-aggregated numbers. As Investment Partners relies on external data providers it might be the case that a false data value is being passed on which may be used for investment decision making. Despite this technical data limitation, the research data used is generally considered to be reliable. The external research data providers used by Investment Partners source many data from trusted public bodies that apply various data security measures. Investment Partners research has proximity to the raw data basis of many data used to make checks should they be needed. Lastly, Investment Partners uses several data service vendors to ensure consistency across data providers for ESG data values. In conclusion, Investment Partners does not perceive these limitations to affect the attainment of the environmental characteristic of the Fund.

Sorgfaltspflicht

The due diligence carried out on the underlying asset of the Fund is governed by respective internal policies. The due diligence is mainly based on the consideration of PAIs and sustainability risk indicators within the Fund. Specifically, systematic procedures for measuring and evaluating these indicators are applied and integrated within the investment process of the Fund.

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