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Fundplat > Schweiz > Interviews > «We are indeed able to track and record more than 210 instances of tangible improvements at the company level since 2006»
Fundplat > Deutschland > Interviews > «We are indeed able to track and record more than 210 instances of tangible improvements at the company level since 2006»
Fundplat > Österreich > Interviews > «We are indeed able to track and record more than 210 instances of tangible improvements at the company level since 2006»
Fundplat > Luxemburg > Interviews > «We are indeed able to track and record more than 210 instances of tangible improvements at the company level since 2006»

«We are indeed able to track and record more than 210 instances of tangible improvements at the company level since 2006»

Dominique Habegger
Dominique Habegger
Head of Cadmos Funds
de Pury Pictet Turrettini & Cie SA, Geneva ppt.ch

20.11.2020

Mr. Habegger, you are one of the pioneers of sustainability investing in Switzerland. When and how did you start?

I was always interested by environ­mental related topics and my dream as a student at the HSG in St. Gallen, was to launch a company related to renewable energies. The Brundtland report had just coined the term «sustai­nable deve­lopment» and in 1996 while still studying, I came across a company called «Sustai­nable Asset Mana­gement - SAM» which was looking for an intern. I applied, was selected as their first employee and this is how I started my career in Sustai­nable Finance.

The dry spell lasted very long. But for about two years now, there has been no stopping it: all the major fund addresses are jumping on the ESG band­wagon. Do you think that’s good?

This is funda­men­tally excellent news. A few of us have been fighting for the past twenty years for ESG to become main­stream and here we are now. When a topic becomes main­stream, it means we do not need to argue that it is an important topic any­more. The sustai­nabi­lity challenge is not however solved. The question move from the «why» to the «how». Main­streaming has allowed the debate to move to the next level: What are the most appro­priate ESG investment strategies for each asset class? What ESG investment strategies are best fit to gene­rate superior financial returns and tangible additional impacts simulta­neously?

Do you recognise differences in the strategies or do not all do more or less the same thing - simply with a different label on the product?

Exclusions, Best-in-class approach, ESG Integration, Active owner­ship, Thematic investing, Impact investing, are generally accepted ESG or sustai­nability strategies. They all share in common that non-financial or ESG factors are consi­dered for the final investment decision. In practice, it is noticeable that these strategies are applied with various level of breadth, depth and scrutiny. Enga­gement (Active Ownership) and Impact are probably the most abused terms today. Fortuna­tely, the higher level of ESG maturity in the market leads asset owners today to better notice the difference. In parti­cular, asset owners do not look only for the ESG strategies of asset manager but for tangible ex-post transparency reports. The latter reports need to showcase that the expected ESG strategy has effectively been applied and that the expected ESG perfor­mance has indeed been achieved.

What makes your company different, how can you differ?

As a funda­mentally long-term oriented portfolio manager, de Pury Pictet Turrettini has always considered any factors which can influence the long-term perfor­mance. Driven by a culture of inno­vation and humanist values, it co-founded «Blue Orchard Micro­finance» in 2001, the first «impact» labeled fund. In 2006, we transposed the news concepts of intentio­nality, additio­nality and impact measu­rement, which are under­lying the «impact» defi­nition, to listed equities. The «Buy & Care» strategy was put into practice in a first Fund, the «Cadmos European Enga­gement Fund». Four others Cadmos engagement Funds were launched since and they are all able to show­case an amazing financial and enga­gement track record. The syste­matic and expert driven enga­gement approach of the «Buy & Care» strategy, applied to a concentrated uni­verse of future oriented and quality companies, has proven effective in deli­vering tangible ESG impro­vements at the company level. We are indeed able to track and record more than 210 instances of tangible impro­vements at the company level since 2006.

Your Cadmos Funds have been very successful for many years. How do you manage this?

The principle virtue of the «Buy & Care» strategy is that it is driven by the portfolio managers themselves. It is built around them and helps them strengthen their investment convictions. Our portfolio managers own every single investment decision and do not feel constrained or deprived which is some­times the case with other ESG investment strategies. They are equally respon­sible for the financial perfor­mance and for the tangible ESG impacts. Moreover, they are not subject to sometimes dogmatic ESG rules in parti­cular when the latter will not lead to any alpha or to any tangible posi­tive impro­vements. We were lucky to have since the launch of the strategy very demanding impact and perfor­mance-oriented clients. We provide them since 2006 with a very high level of transpa­rency on all the Cadmos Funds. This transpa­rency control ensures remain faithful to the fundament of the «Buy & Care» strategy. Almost 15 years later, the financial perfor­mance of the Camos Funds are probably the most tangible proof that the strategy is making sense.

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About the person

Dominique Habegger holds a Master Degree in Finance from the Uni­ver­sity of St. Gallen (HSG) and has 24 years of dedi­cated sustai­nable finance exper­tise. He joined de Pury Pictet Turrettini in 2013 and created what became the «Buy & Care» investment strategy of the «Cadmos Enga­gement Funds» to pave the way for the next gene­ration of liquid impact investments. He is a thought leader in Sustai­nable Finance, Board Member of Swiss Sustai­nable Finance and vice-president of Sustai­nable Finance Geneva. Throughout his career that started in 1996 with SAM (RobecoSAM), he has always strived to demonstrate that it is possible to recon­cile profi­tabi­lity with respon­sibi­lity. Lombard Odier hired him in 1998 in order to meet the sustai­nable finance demand from a large insti­tu­tional client. With a team of seven, he ini­tiated a pioneer ESG risk rating frame­work which was first applied to the client’s portfolio. This technique was later used to inno­vati­vely integrate ESG risks to standard financial risk metrics and to win first ESG mandates in Europe. To fill the data gap, Dominique Habegger designed in 2003 together with Asset4’s founding team, the first web-based ESG data­base and modular rating system. Clients and investors like Goldman Sachs and Merrill Lynch onboarded. Asset4 was later sold to Thomson Reuters (Refinitiv) and before joining PPT, Dominique Habegger contri­buted in deve­loping Ethos’s insti­tutional business and in particular the Ethos Enga­gement Pool.

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