Clartan Associés has decided to take non-financial criteria into account in its investment and management process, drawing on research from Ethos Services SA.

Clartan Associés believes that companies are well-advised to take account of the ESG performance issues they face as they look to control their futures; this policy details the methodology followed by Clartan Associés to integrate these non-financial dimensions in the construction of its investment universe. It is based on 3 pillars:



Any company generating more than 5% of revenue in the following sectors is eliminated from analysis or investment universe:
•    Tobacco production
•    Gambling
•    Pornography
•    Non-conventional arms
•    Non-therapeutic cannabis
In addition, any company involved in the highest level of controversy will systematically be examined and excluded if necessary (any continued inclusion must be duly justified).



Goal: 50% of assets to be invested in the shares and bonds of companies rated by Ethos Services SA in the highest rating categories.
This policy applies only to assets invested in shares in listed companies and corporate bonds.

Shareholder engagement

Clartan Associés has also undertaken to engage in a dialogue with companies on ESG issues, during one-to-one meetings with management teams on the extent to which ESG concerns are taken into consideration.
In votes at General Meetings, Clartan Associés aims to use the votes attached to at least 50% of its equity holdings in each of the 4 SICAV compartments covered by this policy.
The active investor and dialogue policy applies only to assets invested in shares in listed companies.


Scope of application

Clartan Associés’ ESG policy applies to the Clartan Patrimoine, Clartan Evolution, Clartan Valeurs and Clartan Europe compartments.
The Clartan Ethos ESG Europe Small & Mid Cap compartment, meanwhile, applies Ethos’ eight responsible investment principles (here).


ESG: Environment, Social and Governance

ESG LEADER / IMPACT: best practice in terms of social and environmental responsibility (SER) / A significant share of the solutions and services offered have a generally positive impact in responding to global challenges.

ESG STRONG PERFORMER / IMPACT: recognises sustainability issues and is implementing cutting-edge SER policies / Innovative solutions and services with a generally positive impact in responding to global challenges.

CHALLENGER: positive steps to adapt in recognition of sustainability issues. These companies are often candidates for promotion to the categories above.

FOLLOWER: significant controversies and/or seemingly failing to manage environmental and social issues satisfactorily and/or with governance that presents a significant risk for shareholders.

LAGGARD: active in sectors excluded by Ethos, involved in major controversies or failing to meet minimum standards in SER and governance matters.