Annual sustainability and impact reports

2023

We’re delighted to publish our fourth annual sustainability and impact reports for our flagship sustainable funds – the Sustainable Multi-Asset Fund for charities, and the Sustainable Balanced and Sustainable Growth Funds for private individuals. Each report describes the active fund management approach during 2023 and evaluates the positive impact each fund has made through capital allocation and our active engagement.

The power of collective action

With increasing demand for sustainable investment, this community and our collaborative approach have helped to maximise our collective impact over the last year. Across Cazenove Capital’s three sustainable flagship funds, we’ve estimated the aggregated impact achieved:

185,482

estimated people reached¹

348,306

estimated tonnes of carbon avoided¹

¼

of the funds materially contribute to the UN’s Sustainable Development Goals²

2/3rds

of the sustainable holdings have been actively engaged with over 2023³

45%

of the fund’s investment team are female⁴

35%

of the funds' investment teams are from diverse social backgrounds⁴

For charity clients

Sustainable Multi-Asset Fund Impact Report

For private clients

Sustainable Growth Fund Impact Report

For private clients

Sustainable Balanced Fund Impact Report

Some of the changes we’ve made to the reports this year

This is the first time we’re publishing a Sustainability and Impact report for our Sustainable Balanced Fund, and delivering reports for all three of our sustainable flagship funds.

Readers may also be pleased that we have streamlined this years’ reports, while maintaining the information that we know is most valuable to our investors. Importantly, we continue to demonstrate the integrity of our impact investment process, which has been independently verified by Bluemark, an industry expert in impact investing and reporting.

Finally, for the first time we are publicly reporting the gender, racial and social diversity of the investment team that manage the funds. This is important because who allocates capital matters, affecting who and what gets financed. Research has also shown that diverse teams can provide better financial returns and we hope to make strides on our ethnic diversity.

“We thank our clients for their increasing focus on the importance of allocating capital towards positive change, inspiring a better future for people and the planet. We hope you enjoy this new format and look forward to your feedback on the report.”

Lyn Tomlinson

Head of Impact and Philanthropy

“Our goal is to bring together investors and managers in a collaborative approach to drive climate and social action, and deliver profit with purpose. With a shared vision, radical transparency and active client participation, we believe we can contribute to positive change.”

Emilie Shaw

Portfolio Director and Sustainable Investment Specialist

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Important information

¹ Impact metric data provided, in part by Net Purpose. Data shown reflects the notional aligned impact calculated for the positions held in the fund as at the 31 December 2023, based on the value of assets as at the 31 December 2023. The positive impact is generated by the companies that we invest in and the users of their products and services, like the organisations that have helped improve access to healthcare, finance and education and the people who choose to switch to renewable energy. Investors in the fund are aligned with these impacts by investing in a company’s activities generally but do not finance any activity, product or service that a company may undertake or make available. We use the most up to date underlying impact data available as reported by the companies and fund managers in which we invest to estimate these impact metrics and apportion it according to our holding size. To illustrate the aggregated impact, we translate the impact into more meaningful comparisons using the following conversion ratios: the average UK home uses 2,700KWh of electricity in a year (Source: Ofgem). Where data is not available, we have not included it, with the expectation that our results are conservative. Impact metrics provided, in part by Net Purpose.

² Based on Cazenove Capital's assessment using the Impact Management Projects (IMP) ABC framework.

³ Engagement across the holdings based on weight in the Funds as at 31 December 2023. Engagement figures may be subject to revision given ongoing quality assurance processes and delayed logging of engagements.

⁴ Socio-economic background refers to the occupation of the employee’s parent, where that parent was the household’s primary earner. Cazenove Capital's sustainability investment team comprises of 20 individuals.

The value of an investment and the income from it may go down as well as up and investors may not get back the amount originally invested.

The value of your investments and the income received from them can fall as well as rise. You may not get back the amount you invested.