The investible universe of the fund is updated on a quarterly basis. Each quarterly update of the investible universe requires the formal approval of the Sustainability Committee, which directly reports on this matter to the Board of Directors. Once an investible universe is approved, an ex-ante blocking procedure is implemented in front office systems, to ensure compliance with sustainability-related investment-level limits.
As to portfolio-level ESG-related limits, before deciding to invest in a security with the fund’s portfolio, a security-level sustainability performance contribution analysis is conducted. The assessment determines to what extent a given investment contributes to portfolio-level sustainability performance and whether such contribution is consistent with portfolio-level sustainability limits.