Guillaume Lasserre: “We have just launched a thematic equity fund dedicated to biodiversity with an SRI label, Tocqueville Biodiversity ISR”
Next Finance: What are the new biodiversity rules for management companies?
Guillaume Lasserre: This new regulation on biodiversity stems from Article 29 of the 2019 French energy-climate law, which obliges management companies and institutional investors not only to report on the impacts of their investments on biodiversity, but also to set targets for them.
What are your goals in protecting species and natural areas?
In practice, LBPAM tries to activate several two arms. The first is based on investment, in particular exclusion policy (commitment to exclude companies with significant impacts on biodiversity), policy and shareholder engagement (dialogue with investee companies to encourage them to reduce their impacts on biodiversity) and the final footprint of our portfolio to be measured. The second lever is based on sponsorship. For example, we have also committed to the Nature 2050 association to pay a proportional contribution to the assets in our fund specializing in the environment. net flows that we invest in sectors with potentially negative environmental impacts. In particular, we use data from a list of relevant sectors compiled in partnership with CDC Biodiversity, a CDC subsidiary, to calculate the biodiversity footprint of our portfolios.
How do you rate your actions?
We measure our footprints using MSA (Average Species Abundance). This allows us to measure companies’ impact on biodiversity and whether or not that impact can be reduced.
We have also systematically integrated biodiversity within GREaT, a private investment rating system. The portfolios’ biodiversity footprint is calculated using the Global Biodiversity Score methodology developed by CDC Biodiversity.
Do you plan to do more in this area in the coming years?
Yes absolutely. We are actively working with data providers to increase the number of companies covered and the accuracy of measurements.
How to find information on a topic? Are they reliable?
Yes, they are reliable. As I said, in terms of data, we work with CDC Biodiversité, but also with the Carbon Disclosure Project, a non-profit whose role is to collect data from companies that collect data on our behalf.
Will your foundation inherit some of the funds that CNP intends to allocate to biodiversity? What are your celebrity goals?
As part of our biodiversity policy, with the support of CNP Assurances, we have just launched a thematic equity fund dedicated to biodiversity, labeled SRI and named Tocqueville Biodiversity ISR. This fund aims to invest in listed companies that offer solutions to reduce the biodiversity footprint of their activities. Ultimately, we aim for a huge amount of one billion euros.
Will your fund qualify as Article 8 or Article 9?
For now, Tocqueville Biodiversity SRI international equity thematic fund is classified under Article 9 according to European SFDR (Sustainable Financial Disclosure) regulations.
Do you have a benchmark? Annual return goal?
Tocqueville Biodiversity SRI’s investment universe is global, covering all geographic areas and all market capitalizations. However, it is a captive fund that targets companies that contribute to improving the protection of ecosystems. Given this limitation, we decided not to benchmark it.
In terms of productivity, we aim for performance comparable to the MSCI World, ensuring that the protection of life and biodiversity creates value over a medium/long-term investment horizon.