Statement on principal
adverse impacts ofinvestment decisions onsustainability factors
Morgan Stanley Investment Management (MSIM)
Fund Management (Ireland) Limited

June 2024

Contents
1

21

3

22

Summary

Description of the principal adverse impacts onsustainability factors

17

Description of policies to identify and prioritise
principal adverse impacts on sustainability factors

References to international standards

Historical comparison

24

Translations of SummaryCS Čeština

IT

Italiano

DA Dansk

LT

Lietuvių kalba

DE Deutsch

LV

Latviešu valodaEL

19Engagement policiesΕλληνικά

NL Nederlands

ES Español

NO Norsk

ET Eesti keel

PT Português

FI

Suomi

RO RomânăFR Français

SK Slovenčina

IS

SV SvenskaÍslenska

SECTION 1

Summary

MSIM Fund Management (Ireland) Limited (“MSIM FMIL”)(LEI:549300QDS5K6OGU25W78) considers principal adverse impacts(“PAIs”) of its investment decisions on sustainability factors. The present
statement is the consolidated statement on principal adverse impacts onsustainability factors of MSIM FMIL.

MSIM follows a decentralised approach towards investment management, consisting of
independent public and private markets investment teams and asset class platforms. Eachinvestment team comprises of experienced professionals and dedicated resources focusedon specific investment disciplines with differing approaches on sustainability, and how they
consider principal adverse impacts of investment decisions on sustainability factors where
this is relevant for their strategies.

This statement on principal adverse impacts on sustainability factors covers thereference period from 1 January 2023 to 31 December 2023 (the “Reference Period”).

MSIM’s decentralised approach allows investment teams to tailor their approach tosustainability in multiple ways including, but not limited to, the objectives of the product,
asset class and investment time horizon, as well as the specific research and portfolio
construction, philosophy and process used by that team. Investment teams deploy theirskill and judgment in assessing the materiality of ESG-related risks and opportunities asappropriate for each investment strategy.

Morgan Stanley Investment Management (“MSIM”) is the investment management
division of Morgan Stanley (the “Firm”) delivering investment solutions across public
and private markets worldwide. MSIM FMIL is an indirect wholly owned subsidiary of
Morgan Stanley, that sits within the investment management division.
In Europe, MSIM FMIL acts as an investment manager, management company andalternative investment fund manager for a range of MSIM-sponsored funds and third-party
separately managed accounts. This statement relates exclusively to the financial products
managed by MSIM FMIL (the “MSIM FMIL Financial Products”) and no other MSIM
products. MSIM FMIL may delegate investment management to other legal entities, andmay leverage or be part of MSIM’s broader processes and/or initiatives.1

This statement provides an overview of how PAIs are considered for MSIM FMIL
Financial Products, where relevant. Due to MSIM’s decentralised approach, theimplementation of any actions taken with respect to PAIs occurs at the product level aspart of the investment decision-making process by each individual investment team. The
information in this statement should not be seen as applying equally to all MSIM FMIL
Financial Products — ​further information on how specific products consider PAIs canThroughout this document, references to “MSIM”, “we”, “us”, “our” are references to Morgan Stanley Investment Management as a division of Morgan Stanley. References to “MSIM FMIL” are references to the specific legal
entity of MSIM Fund Management (Ireland) Limited.
1

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.

be found in the relevant offering documents, investment management agreements and,
where relevant, website disclosures.

Regulation. The calculation of PAI indicator values in this statement is based on available
data and expertise from third-party data providers. For certain investments, such as mutual
funds and certain derivatives, we are not currently able to gather an adequate level of dataon the underlying constituents of these investments, and they have been excluded from thecalculation of the PAI indicator values; however in aggregate these investments constitute avery low percentage of MSIM FMIL’s overall investments, and their exclusion is not expected
to result in a material difference to the PAI indicator values reported.

In Section 2 of this statement, we disclose the mandatory indicators specified in Table 1of Annex I of Commission Delegated Regulation (EU) 2022/1288 (the “SFDR DelegatedRegulation”) for the Reference Period covering investments in investee companies,
sovereigns and supranationals, and real estate assets. We also disclose certain additional
indicators from Tables 2 and 3 of Annex I of the SFDR Delegated Regulation which
are reported on a qualitative basis. Investment teams managing MSIM FMIL Financial
Products which had committed to consider PAIs used a variety of approaches to identify
and assess the mandatory PAIs, which included:








The calculation of PAI indicators is based on available data from third-party data providers,
although significant data gaps exist for certain metrics and sectors. Where issuer reported
data was not available, our data provider utilised proxy methodologies to estimate thedata. Such data might still be subject to methodological limitations and coverage gaps, andestimates may change as the data provider evolves its methodology.

Exclusions: based on data obtained from third-party data vendors, certain MSIM FMIL
Financial Products set revenue thresholds and/or sector-based screens that aimed toreduce or remove exposure to issuers involved in specific business activities or those thatbelong to a specific sector, which may align with certain PAIs;
Product-specific commitments: some MSIM FMIL Financial Products defined specificcommitments which relate to PAIs, such as corporate holdings halving their carbon
intensity by year-end 2030
Engagement: engagement with investee companies or other entities was led byinvestment teams, and certain investment teams used this opportunity to engage on topics
related to PAIs where relevant, in line with product-specific investment policies; andSFDR “do no significant harm” test: during the Reference Period, MSIM FMIL Financial
Products which made sustainable investments (as defined by Regulation (EU) 2019/2088
of the European Parliament and of the Council of 27 November 2019 on sustainabilityrelated disclosures in the financial services sector (“SFDR”)) assessed the mandatory PAI
indicators as set out in Table 1, Annex I of the SFDR Delegated Regulation to determine
whether these investments caused any significant harm to an environmental or social
objective, in line with investment teams’ own criteria for defining sustainable investments.

The impact reported for PAI indicators applicable to investments in investee companies,
sovereigns and supranationals and real estate assets is calculated, where applicable, on
the basis of all investments as set out in the applicable formulae in the SFDR Delegated

Most PAI indicator values at aggregate level changed to some degree during the Reference
Period versus the prior reference period, due to the following changes across MSIM FMIL
Financial Products: (1) changes to products scope 9e.g. product launches and closures), (2)changes to securities held (e.g. through buying and selling securities), (2) changes in themarket values of the securities held, and (4) changes to the individual PAI indicator values ofthe securities held. Additional drivers for certain changes in the PAI indicator values were (3)changes in PAI data coverage, and (6) changes to PAI indicator calculation or data collection
methodologies. The PAI indicator values presented for the prior reference period have notbeen restated to reflect these changes.
The additional PAIs included in this statement have been selected where actions consistent
with the approaches described above were taken for these PAIs, for certain MSIM FMIL
Financial Products during the Reference Period.
Investment teams will continue to consider the PAIs (in the ways set out above) for the
MSIM FMIL Financial Products they manage, in line with product-specific commitments andinvestment policies, and the investment teams’ own investment approaches. There are notargets set across all MSIM FMIL Financial Products, due to MSIM’s decentralised approach;however, MSIM FMIL Financial Products may set their own targets which can be found in
relevant product disclosures.

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
2

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS|JUNE 2024

SECTION 2

Descriptionof the principal
adverse impacts
on sustainability
factors
The value of each PAI indicator is presented at the aggregate level acrossthe MSIM FMIL Financial Products; however, consideration of PAIs is
implemented at the product level in accordance with the product’s specificinvestment policy, and each individual investment team follows their own
approaches for the strategies they manage, in line with MSIM’s decentralised
approach, as outlined above. The content of this document should not beseen as applying to all MSIM FMIL Financial Products equally, and productspecific documentation should be referred to for information on how each
MSIM FMIL Financial Product considers PAIs.
General Explanatory Notes
The impact reported for PAI indicators applicable to investments in investee companies,
sovereigns and supranationals and real estate assets is calculated, where applicable, on thebasis of all investments as set out in the applicable formulae in the Commission DelegatedRegulation (EU) 2022/1288. Certain securities such as cash, FX forwards, liquidity andhedging instruments are included in the definition of “all investments” but determined by
MSIM FMIL as not having any PAI impacts. In some instances, it was not possible to collectdata where products and/or holdings were not held on MSIM strategic systems. This includes
investments such as mutual funds, ETFs, securitised products and certain derivatives,

which are excluded from the calculation of PAI metrics, as we are currently not able togather an adequate level of data on the underlying constituents of these investments. Suchexcluded investments, in aggregate, constitute a very low percentage of MSIM FMIL’s overall
investments such that their exclusion does not in our view result in a material difference tothe PAI indicator values reported.
The calculation of PAI indicators is based on available data from third-party data providers,
although significant data gaps exist for certain metrics and sectors. Where issuer-reported
data was not available, our data provider utilised proxy methodologies to estimate thedata. Such data may be subject to methodological limitations, data lags, coverage gaps,
and mapping challenges or other issues impacting the quality of the data. There are also
instances where neither issuer-reported data nor estimated data is available through ourthird-party data provider. Overall, we receive a combination of reported and estimated datafrom third-party data providers for a broad universe of listed companies that covers morethan 80% of MSIM FMIL AUM in listed equities and corporate fixed income securities for amajority of indicators for MSIM FMIL’s Financial Products.
MSIM seeks to ensure that ESG data — ​including PAI data — ​adheres to the Firm’s data
governance and quality standards by evaluating the appropriateness and delivery of thirdparty data feeds. Additionally, investment teams may review data on a qualitative basis,in line with the information gathered during company engagements. Follow-up with data
vendors might also be arranged to discuss data discrepancies where appropriate.

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
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STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS

3

Data Limitations

For the purpose of this report, a single data third-party ESG data source has been used,which may differ from the data source(s) used by the investment teams for each of their
MSIM FMIL Financial Products (including with respect to the consideration of PAIs). For
funds and mandates investing in private markets, data is sourced directly from portfolio
companies or assets, where they provide relevant reporting.

This document includes use of data sourced from third-party data providers. Such data may
be subject to methodological limitations and may be subject to data lags, data coverage
gaps or other issues impacting the quality of the data. ESG-related information, including
where obtained from third-party data providers, is often based on qualitative or subjective
assessments, and any one data source may not in itself present a complete picture relating

Indicators applicable to investments in investee companies
Climate and other environment-related indicators

Greenhouse Gas Emissions
ADVERSE SUSTAINABILITY INDICATORMETRIC

1 GHG emissions

Scope 1 GHG emissions (tonnes CO2 equivalent)†

1,681,105

1,773,769

Scope 2 GHG emissions (tonnes CO2 equivalent)†

340,291

387,660

Scope 3 GHG emissions (tonnes CO2 equivalent)†

19,239,586

14,116,520

Scope 1+2+3 GHG emissions (tonnes CO2 equivalent)†

21,290,982

16,277,949

2 Carbon footprint

Carbon footprint (Scope 1+2+3 tonnes CO 2 equivalent/€M invested)

†

272

229

3 GHG intensity of investee companies

GHG intensity of investee companies ((Scope 1+2+3 tonnes CO 2 equivalent)/€M revenue)

†

854

720

4 Exposure to companies active in thefossil fuel sector
5 Share of non-renewable energy
consumption
and production

Share of investments in companies active in the fossil fuel sector (% of all investments)

†

2%

2%

Share of non-renewable energy consumption of investee companies from non-renewableenergy sources compared to renewable energy sources (% of total energy sources)

†

49%

57%

Share of non-renewable energy production of investee companies from non-renewableenergy sources compared to renewable energy sources (% of total energy sources)

†

1%

1%

Agriculture, forestry, and fishing

†

0.15

N/A

Construction

†

1.59

0.14

Electricity, gas, steam and air conditioning supply

†

5.65

1.62

Manufacturing

†

0.35

0.20

Mining and quarrying

†

2.15

0.94

Real estate activities

†

0.39

0.02

Transportation and storage

†

0.12

0.04

Water supply, sewerage, waste management and remediation activities

†

0.79

0.27

Wholesale and retail trade, repair of motor vehicles and motorcycles

†

0.12

0.07

6 Energy consumption intensity
per high impact climate sector

IMPACT 2023

IMPACT 2022

ENERGY CONSUMPTION (GWH/€M REVENUE)

EXPLANATIONACTIONS TAKEN

Please see
the “General
Explanatory
Notes” above,and the
Explanation
section below

Please see
below

The value of each PAI indicator is presented at the aggregate level across the MSIM FMIL Financial Products for which there is available data; however, consideration of PAIs is implemented at the product level in accordancewith the product’s specific investment policy, and each individual investment team follows their own approaches for the strategies they manage, in line with MSIM’s decentralised approach outlined above. The content of thisdocument should not be seen as applying to all MSIM FMIL Financial Products equally, and product-specific documentation should be referred to for information on how each MSIM FMIL Financial Product considers PAIs.
The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
4

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS|JUNE 2024

to the ESG metric that it represents. MSIM takes reasonable steps to mitigate the riskof these limitations. However, it does not make any representation or warranty as to thecompleteness or accuracy of such data. Any such data may also be subject to change by
the third-party provider without notice. As such, MSIM may choose to take such action (orinaction) based on any change in data provided by a third-party data provider as it deems
appropriate in the circumstances.

Explanation
The increases in 2023 versus 2022 values for PAI indicators 1 (GHG Emissions), 2(Carbon footprint) and 3 (GHG intensity of investee companies) were primarily due toan increase in Scope 3 GHG emissions, driven by an increase in AUM and an increase indata coverage from our third-party vendor.
For PAI indicator 2 (Carbon footprint) we only consider the market value of securities
for which we have underlying GHG Emissions data when calculating ‘current value ofall investments (€M)’.
For PAI indicator 4 (Exposure to companies active in the fossil fuel sector) we calculate
the PAI impact as a percentage of all investments (including listed equity, corporate
fixed income securities, sovereign bonds, real estate assets, and securities such as cash,
FX forwards, liquidity and hedging instruments).
For PAI indicators 3 (GHG intensity of investee companies), 5 (Share of non-renewableenergy consumption and production), and 6 (Energy consumption intensity per highimpact climate sector), we calculate the PAI impact as a market value weighted averageof all securities for which we have underlying PAI data.
The increase in the 2023 versus 2022 value for PAI indicator 6 (Energy consumption
intensity per high impact climate sector) is primarily due to an increase in data coverage
from our third-party vendor.
† The 2023 metrics have been subject to independent limited assurance by KPMG
LLP in accordance with ISAE(UK) 3000 / ISAE 3410. The limited assurance report isavailable upon request, and it is recommended it is read in full.

Actions Taken, and Actions Planned and Targets Set for the Next
Reference Period
ACTIONS TAKEN

Exclusions
Several MSIM FMIL Financial Products applied exclusions related to PAI indicator 4(Exposure to companies active in the fossil fuel sector) by following either a sectorbased approach (e.g. excluding all companies in the fossil fuels sector), and/or a revenue
threshold approach (e.g. excluding companies that derived a certain % of revenue frombusiness activities such as coal mining, extraction and power generation). These MSIM
FMIL Financial Products’ investment universes were screened to seek to avoid making
new investments in securities that are excluded in line with each product’s specificexclusion policy. Existing holdings were monitored on an ongoing basis, and where they
were found to no longer pass the exclusionary criteria, remediation steps were taken (asappropriate), such as engaging with these issuers or selling the securities.
Product-specific commitments
MSIM FMIL Financial Products classified as Article 8 or Article 9 under SFDR definedsustainability indicators which measured how these products set out to meet theirindividual environmental and social characteristics (Article 8) or sustainable investment
objectives (Article 9). Sustainability characteristics/objectives or indicators that alignedwith the GHG Emission PAIs included but may not have been limited to:








Commitments to halve the MSIM FMIL’s Financial Products’ corporate holdings’
carbon intensity by year-end 2030;
Commitments to invest in leaders and improvers on climate as defined by proprietary
quantitative and qualitative research and data;
Commitments to maintaining a portfolio-level carbon emissions profile (measured
through carbon footprint or weighted average carbon intensity) lower than the MSIM
FMIL Financial Products’ applicable benchmark;Using metrics such as the Low Carbon Transition score, an MSCI (a third-party data
provider) metric, to overweight securities that had lower GHG emissions so that theoverall portfolio has a lower carbon intensity than the relevant benchmark;The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
JUNE 2024|

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS

5





A goal to invest in entities that aim to avoid or remove 1 gigaton of GHG emissions
from the atmosphere through 2050;
Implementation of methodologies such as proprietary ESG scorecards and as part ofaction plans, which covered the GHG PAIs as inputs.

Product-specific documentation should be referred to for details on which MSIM FMIL
Financial Products made the above commitments or used related sustainability indicators.
Adherence to these commitments was monitored on an ongoing basis for each individual
product where applicable and reported in the products’ SFDR periodic disclosures.
Engagement
Certain investment teams engaged with investee companies on a variety of issues suchas decarbonisation plans and transition plans, improving scope 1, 2 and 3 GHG emission
disclosures, optimisation of energy consumption, renewable energy usage, reduction offossil fuel consumption and financing, in line with product-specific investment policies,
and the investment teams’ own investment approaches.
Do no significant harm
During the Reference Period, holdings classified as sustainable investments under SFDR
were required to meet PAI-specific thresholds, to determine whether the investment
caused significant harm, in line with investment teams’ own criteria for defining

sustainable investments. This was monitored on an ongoing basis post-investment,
and where an issuer was determined to no longer meet the “do no significant harm”
criteria, it was no longer classified as a sustainable investment. In some instances, theinvestment teams may have investigated the underlying causes of the “do no significant
harm” changes, including engaging with the investee companies or issuers directly. Thisapproach may have also applied to issuers that were identified as likely to no longer
meet the relevant PAI threshold for significant harm.
ACTIONS PLANNED AND TARGETS SET FOR THE NEXT REFERENCE PERIOD

Investment teams will continue to consider PAIs in the manner set out above for the
MSIM FMIL Financial Products they manage, in line with product-specific commitments
and investment policies, and the investment teams’ own investment approaches. There
are no sustainability-related targets set across all MSIM FMIL Financial Products, due to
MSIM’s decentralised approach; however, MSIM FMIL Financial Products may set theirown targets which can be found in relevant product disclosures.
For instance, the MSIM FMIL Financial Products that set decarbonisation targets willcontinue to monitor their portfolios closely to seek to ensure that year-by-year progress
is made on reducing carbon intensity. Similarly, some investment teams plan to continue
their engagement on decarbonisation, improved energy efficiency and increased shareof renewable energy consumption among investee companies.

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
6

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS|JUNE 2024

Biodiversity, Water & Waste
ADVERSE SUSTAINABILITY INDICATORMETRICIMPACT 2023

IMPACT 2022

7 Activities negatively affecting
biodiversity-sensitive areas

Share of investments in investee companies with sites/operations located in or near tobiodiversity-sensitive areas where activities of those investee companies negatively affectthose areas (% of all investments)

†

0.03%

0.05%

8 Emissions to water

Tonnes of emissions to water generated by investee companies per million EUR invested,
expressed as a weighted average

†

0.05

0.06

9 Hazardous waste andradioactive waste ratio

Tonnes of hazardous waste and radioactive waste generated by investee companies
per million EUR invested, expressed as a weighted average

†

0.53

33

EXPLANATIONACTIONS TAKEN

Please see
the “General
Explanatory
Notes” above
and the
Explanation
section below

Please see
below

The value of each PAI indicator is presented at the aggregate level across the MSIM FMIL Financial Products for which there is available data; however, consideration of PAIs is implemented at the product level in accordancewith the product’s specific investment policy, and each individual investment team follows their own approaches for the strategies they manage, in line with MSIM’s decentralised approach outlined above. The content of thisdocument should not be seen as applying to all MSIM FMIL Financial Products equally, and product-specific documentation should be referred to for information on how each MSIM FMIL Financial Product considers PAIs.

Explanation

Actions Taken, and Actions Planned and Targets Set for the Next
Reference Period

For PAI indicator 7 (Activities negatively affecting biodiversity-sensitive areas) we
calculate the PAI impact as a percentage of all investments (including listed equity,
corporate fixed income securities, sovereign bonds, real estate assets, and securities
such as cash, FX forwards, liquidity and hedging instruments).

ACTIONS TAKEN

Exclusions

For PAI indicators 8 (Emissions to water) and 9 (Hazardous waste and radioactive waste
ratio) we calculate the PAI impact as a market value weighted average of all securities
for which we have underlying PAI data.
In line with the third-party data vendor methodology, data for PAI indicators 8(Emissions to water) only encompass data on corporate issuers from the most relevant
industries, as defined by the third-party data provider, and in line with the regulatory
guidance. Data for PAI indicator 9 (Hazardous waste and radioactive waste ratio) relies
on company-reported figures for hazardous waste.
The decrease in the 2023 versus 2022 value for PAI indicator 9 (Hazardous waste andradioactive waste ratio) was due to a methodology change in how this data is collectedby our third-party data vendor.
† The 2023 metrics have been subject to independent limited assurance by KPMG
LLP in accordance with ISAE (UK) 3000 / ISAE 3410. The limited assurance report isavailable upon request, and it is recommended it is read in full.

Certain MSIM FMIL Financial Products implemented exclusionary policies whereby
investee companies involved in ESG-related controversies linked to biodiversity, water
and waste were excluded from the investment universe or subject to divestment if
these companies, in the investment team’s view, were not taking credible remedialactions to mitigate the identified controversies. These MSIM Financial Products’
investment universes were screened to seek to avoid making new investments insecurities that are excluded in line with each product’s specific exclusion policy. Existingholdings were monitored on an ongoing basis, and where they were found to no longer
pass the exclusionary criteria, remediation steps were taken (as appropriate), such as
engaging with these issuers or selling the securities.
Product-specific commitments
Certain MSIM FMIL Financial Products classified as Article 8 under SFDR-definedsustainability indicators which measured how these products set out to meet theirindividual environmental and social characteristics. Sustainability characteristics orindicators that aligned with the Biodiversity, Water and Waste PAIs included products
or investment processes that incorporated thematic alignment to the related themes of
Sustainable Production and Circular Economy as part of their investment strategy.

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
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STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS

7

Do no significant harm

Additionally, a subset of MSIM FMIL Financial Products implemented proprietary
ESG scorecards which consider certain PAIs as inputs or as part of action plans which
consider the biodiversity, water and waste PAIs to assess investee companies from an
ESG perspective.

During the Reference Period, holdings classified as sustainable investments under SFDR
were required to meet PAI-specific thresholds, to determine whether the investment
caused significant harm, in line with investment teams’ own criteria for defining
sustainable investments. This was monitored on an ongoing basis post-investment,
and where an issuer was determined to no longer meet the “do no significant harm”
criteria, it was no longer classified as a sustainable investment. In some instances, theinvestment teams may have investigated the underlying causes of the “do no significant
harm” changes, including engaging with the investee companies or issuers directly. Thisapproach may have also applied to issuers that were identified as likely to no longer
meet the relevant PAI threshold for significant harm.

Product-specific documentation should be referred to for details on which products
made the above commitments or used related sustainability indicators. Adherence tothese commitments was monitored on an ongoing basis for each individual productwhere applicable and reported in the products’ SFDR periodic disclosures.
Engagement
Certain investment teams engaged with investee companies on the following topics,
in line with product-specific investment policies, and the investment teams’ own
investment approaches:

ACTIONS PLANNED AND TARGETS SET FOR THE NEXT REFERENCE PERIOD

Biodiversity: Certain investment teams engaged with companies in the consumer
staples, consumer discretionary, and food and beverage sectors, given the sectors’ linkto deforestation, risks of biodiversity loss, supply chain and land conflict management.
Biodiversity will continue to be a thematic focus for certain investment teams’
engagement programmes in 2024 and 2025, to encourage companies to set time-boundbiodiversity targets and to promote company disclosure aligned with the Taskforce on
Nature-related Financial Disclosures.
Water & Waste: Company engagements made by relevant investment teams tied towater use and hazardous waste covered a range of topics such as water management
and scarcity, water reduction targets and percentage of waste recycled.

Investment teams will continue to consider PAIs in the manner set out above for the
MSIM FMIL Financial Products they manage, in line with product-specific commitments
and investment policies, and the investment teams’ own investment approaches. There
are no sustainability-related targets set across all MSIM FMIL Financial Products, due to
MSIM’s decentralised approach; however, MSIM FMIL Financial Products may set theirown targets which can be found in relevant product disclosures.
Regarding PAI indicator 8 (Emissions to water), when engaging with issuers, someinvestment teams intend to monitor existing water reduction targets and encouragetarget setting for those in water-intensive sectors in 2024 and monitor the percentage
of water recycled.

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
8

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS|JUNE 2024

Indicators for social and employee, respect for human rights, anti-corruption and anti-bribery matters

Social and Employee Matters
ADVERSE SUSTAINABILITY INDICATORMETRIC

10 Violations of UN Global Compact principles
and Organisation for Economic Cooperation
and Development (OECD) Guidelines forMultinational Enterprises

Share of investments in investee companies that have been involved in violationsof the UNGC principles or OECD Guidelines for Multinational Enterprises(% of all investments)†

IMPACT 2023

0.81%

IMPACT 2022

0.69%

11 Lack of processes and compliancemechanisms to monitor compliance withUN Global Compact principles and OECD
Guidelines for Multinational Enterprises

Share of investments in investee companies without policies to monitor compliancewith the UNGC principles or OECD Guidelines for Multinational Enterprises orgrievance/ complaints-handling-mechanisms to address violations of the UNGC
principles or OECD Guidelines for Multinational Enterprises (% of all investments)

†

20%

15%

12 Unadjusted gender pay gap

Average unadjusted gender pay gap of investee companies

†

17%

13%

13 Board gender diversity

Average ratio of female to male board members in investee companies, expressed
as a percentage of all board members

†

36%

34%

14 Exposure to controversial weapons(anti-personnel mines, cluster munitions,chemical weapons and biological weapons)

Share of investments in investee companies involved in the manufacture or sellingof controversial weapons (% of all investments)

†

0%

0%

EXPLANATIONACTIONS TAKEN

Please see
the “General
Explanatory
Notes” above,and the
Explanation
section below

Please see
below

The value of each PAI indicator is presented at the aggregate level across the MSIM FMIL Financial Products for which there is available data; however, consideration of PAIs is implemented at the product level in accordancewith the product’s specific investment policy, and each individual investment team follows their own approaches for the strategies they manage, in line with MSIM’s decentralised approach outlined above. The content of thisdocument should not be seen as applying to all MSIM FMIL Financial Products equally, and product-specific documentation should be referred to for information on how each MSIM FMIL Financial Product considers PAIs.

Explanation
For PAI indicators 10 (Violations of United Nations Global Compact (“UNGC”)
principles and OECD Guidelines), 11 (Lack of processes and compliance mechanisms tomonitor compliance with UNGC principles and OECD Guidelines), and 14 (Exposure tocontroversial weapons), we calculate the PAI impact as a percentage of all investments(including listed equity, corporate fixed income securities, sovereign bonds, real estate
assets, and securities such as cash, FX forwards, liquidity and hedging instruments).
The increase in the 2023 versus 2022 value for PAI 11 (Lack of processes andcompliance mechanisms to monitor compliance with UNGC principles and OECD
Guidelines) was due to an update to the requirements for the OECD Guidelines in June
2023, introducing an additional requirement for issuers to expressly commit to theprohibition of child or forced labour.
For PAI indicators 12 (Unadjusted gender pay gap) and 13 (Board gender diversity) we
calculate the PAI impact as a market value weighted average of all securities for which
we have underlying PAI data.

PAI indicator 13 (Board gender diversity) is reported as the average of female board
members as a percentage of all board members.
† The 2023 metrics have been subject to independent limited assurance by KPMG
LLP in accordance with ISAE (UK) 3000 / ISAE 3410. The limited assurance report isavailable upon request, and it is recommended it is read in full.

Actions Taken, and Actions Planned and Targets Set for the Next
Reference Period
ACTIONS TAKEN

Exclusions
Certain MSIM FMIL Financial Products implemented exclusionary policies for issuers
which have been identified as violators of UNGC principles and OECD guidelines (PAI
indicator 10 (Violations of UNGC principles and OECD guidelines)), involved in thecontroversial weapons industry (PAI indicator 14 (Exposure to controversial weapons))or associated with ESG-related controversies related to social and employee matters

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
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9

(except where, in the investment team’s view, these companies were taking credible
remedial actions to mitigate the identified controversies). These certain MSIM Financial
Products’ investment universes were screened to seek to avoid making new investments
in securities that are excluded in line with each product’s specific exclusion policy.
Existing holdings are monitored on an ongoing basis, and where they were found to nolonger pass the exclusionary criteria, remediation steps were taken (as appropriate),such as engaging with these issuers or selling the securities.



engagement with a company which resulted in a commitment to additional reportingin March 2024, increasing transparency as well as understanding of the company’s
exposure to potential reputation risks; andencouragement of portfolio companies to improve diversity, equity and inclusion
policies and practices at the company-level.

Do no significant harm
During the Reference Period, holdings classified as sustainable investments under SFDR
were required to meet PAI-specific thresholds, to determine whether the investment
caused significant harm, in line with investment teams’ own criteria for defining
sustainable investments. This was monitored on an ongoing basis post-investment,
and where an issuer was determined to no longer meet the “do no significant harm”
criteria, it was no longer classified as a sustainable investment. In some instances, theinvestment teams may have investigated the underlying causes of the “do no significant
harm” changes, including engaging with the investee companies or issuers directly. Thisapproach may have also applied to issuers that were identified as likely to no longer
meet the relevant PAI threshold for significant harm.

Product-specific commitments
As part of their sustainable investment framework, certain MSIM FMIL Article 9 funds
under SFDR committed to maintaining a higher level of board gender diversity at theportfolio level compared to the board gender diversity of the portfolio’s relevantbenchmark, taking into consideration PAI indicator 13 (Board gender diversity).
Product-specific documentation should be referred to for details on which products
made the above commitments. Adherence to these commitments was monitored on
an ongoing basis for each individual product where applicable and reported in the
products’ SFDR periodic disclosures.
Additionally, a subset of MSIM FMIL Financial Products implemented proprietary ESG
scorecard or as part of action plans which consider social and employee matters PAIs as
inputs to assess investee companies from an ESG perspective.
Engagement
Certain investment teams engaged with investee companies on a variety of issues suchas human capital management practices, diversity disclosures, gender pay gap reporting,board gender diversity, labour rights risks and board term limits, in line with productspecific investment policies, and the investment teams’ own investment approaches.
This activity included but was not limited to:engagement with companies specifically to encourage improvements in the companies’
transparency on remediation and prevention strategies following a violation of the UNGC
principles on environmental damage to surrounding communities;

ACTIONS PLANNED AND TARGETS SET FOR THE NEXT REFERENCE PERIOD

Investment teams will continue to consider PAIs in the manner set out above for the
MSIM FMIL Financial Products they manage, in line with product-specific commitments
and investment policies, and the investment teams’ own investment approaches. There
are no sustainability-related targets set across all MSIM FMIL Financial Products, due to
MSIM’s decentralised approach; however, MSIM FMIL Financial Products may set theirown targets which can be found in relevant product disclosures.
Certain investment teams will continue to engage with companies that appear on thewatch list for UNGC violations and issuers most exposed to labour rights risks in 2024,
and, where applicable, results of any ongoing investigations will be reviewed. Similarly,
follow-up engagement is planned by certain investment teams for companies whichcurrently do not have gender diversity at the board level, especially in industries where thecustomer base or workforce demographic is underrepresented on the company’s board.

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
10

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Indicators applicable to investments in sovereigns and supranationals
Environmental
ADVERSE SUSTAINABILITY INDICATORMETRIC

15 GHG intensity

GHG intensity of investee countries(tonnes CO2 equivalent/€M GDP)

IMPACT 2023†

388

IMPACT 2022

EXPLANATIONACTIONS TAKEN

323

Please see the “General Explanatory Notes”
above, and the Explanation section below

Please see below

The value of each PAI indicator is presented at the aggregate level across the MSIM FMIL Financial Products for which there is available data; however, consideration of PAIs is implemented at the product level in accordancewith the product’s specific investment policy, and each individual investment team follows their own approaches for the strategies they manage, in line with MSIM’s decentralised approach outlined above. The content of thisdocument should not be seen as applying to all MSIM FMIL Financial Products equally, and product-specific documentation should be referred to for information on how each MSIM FMIL Financial Product considers PAIs.

Explanation
For PAI indicator 15 (GHG intensity) we calculate the PAI impact as a market value weighted
average of all securities for which we have underlying PAI data.
The increase in the 2023 versus 2022 value for PAI indicator 15 (GHG intensity) was due toa methodology change from our third-party data vendor, to align with a proposed updateto the SFDR Delegated Regulation, to include scope 1, 2 and 3 sovereign emissions in thecalculation for this indicator.
† The 2023 metric has been subject to independent limited assurance by KPMG LLP in
accordance with ISAE (UK) 3000 / ISAE 3410. The limited assurance report is available uponrequest, and it is recommended it is read in full.

Actions Taken, Actions Planned and Targets Set for the Next Reference Period
ACTIONS TAKEN

Product-specific commitments
Certain MSIM FMIL Financial Products considered PAI indicator 15 (GHG intensity ofinvestee countries) as part of their broader assessment of ESG government ratings or asa factor within their proprietary government ESG scores, in order to meet their binding
environmental and social characteristics as Article 8 products under SFDR.

Certain investment teams engaged with sovereign and supranational issuers during theReference Period to discuss their progress towards nationally determined contributions(NDCs), which were devised to reduce country-level emissions in line with the Paris

Do no significant harm
During the Reference Period, holdings classified as sustainable investments under SFDR
were required to meet PAI-specific thresholds, to determine whether the investment
caused significant harm, in line with investment teams’ own criteria for defining sustainable
investments. This was monitored on an ongoing basis post-investment, and where an issuer
was determined to no longer meet the “do no significant harm” criteria, it was no longer
classified as a sustainable investment. In some instances, the investment teams may haveinvestigated the underlying causes of the “do no significant harm” changes, including engaging
with the investee companies or issuers directly. This approach may have also applied toissuers that were identified as likely to no longer meet the relevant PAI threshold forsignificant harm.
ACTIONS PLANNED AND TARGETS SET FOR THE NEXT REFERENCE PERIOD

Product-specific documentation should be referred to for details on which products made theabove commitments. Adherence to these commitments was monitored on an ongoing basis foreach individual product where applicable and reported in the products’ SFDR periodic disclosures.
Engagement

Agreement and also with the aim of providing constructive recommendations to the engaged
governments on how to close the gap between their current action and their stated ambition
to align with the Paris Agreement emissions reduction trajectory.

Investment teams will continue to consider PAIs in the ways set out above for the MSIM
FMIL Financial Products they manage, in line with product-specific commitments andinvestment policies, and the investment teams’ own investment approaches. There are nosustainability-related targets set across all MSIM FMIL Financial Products, due to MSIM’s
decentralised approach; however, MSIM FMIL Financial Products may set their own targets
which can be found in relevant product disclosures.
While the type and extent of engagement with sovereign and supranational issuersvaries from team to team, a certain investment team aims to continue contributing to thedeployment of new frameworks for assessing the climate-related risks and opportunities
associated with sovereign issuers in 2024. Through MSIM’s membership in the International

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
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11

SocialADVERSESUSTAINABILITY INDICATOR

16 Investee countries
subject tosocial violations

METRICIMPACT 2023

IMPACT 2022

EXPLANATIONACTIONS TAKEN

Please see the“General Explanatory
Notes” above, andthe Explanation
section below

Please see below

Absolute number of investee countries subject to social violations, as referred to in international
treaties and conventions, United Nations principles and, where applicable, national law

†

31

33

Relative number of investee countries subject to social violations, as referred to in international
treaties and conventions, United Nations principles and, where applicable, national law

†

0.59%

0.36%

The value of each PAI indicator is presented at the aggregate level across the MSIM FMIL Financial Products for which there is available data; however, consideration of PAIs is implemented at the product level in accordancewith the product’s specific investment policy, and each individual investment team follows their own approaches for the strategies they manage, in line with MSIM’s decentralised approach outlined above. The content of thisdocument should not be seen as applying to all MSIM FMIL Financial Products equally, and product-specific documentation should be referred to for information on how each MSIM FMIL Financial Product considers PAIs.

Actions Taken, and Actions Planned and Targets Set for the Next
Reference Period

Capital Markets Association (ICMA) Green, Social and Sustainability-Linked Bond Principles
initiative, the Fixed Income team will also continue advising on ICMA’s guidance on
Sustainability-Linked Bond issuance.

ACTIONS TAKEN

Exclusions

Explanation
PAI indicator 16 (Investee countries subject to social violations) is defined in line with thethird-party data vendor’s ESG Country Rating methodology, where countries are rated“poor” on at least one of the following measures: average freedom of expression score andaverage human rights performance.
For PAI indicator 16 (Investee countries subject to social violations) we calculate the relative
number of investee countries subject to social violations as a market value percentage of all
investments (including listed equity, corporate fixed income securities, sovereign bonds, realestate assets, and securities such as cash, FX forwards, liquidity and hedging instruments).

Certain MSIM FMIL Financial Products excluded investments in securities where therelevant issuing country was ranked low based on the proprietary social violations
custom indicator, and which did not, in the investment team’s view, demonstrate sufficient
remediation efforts or measurable improvements during the Reference Period. These
MSIM Financial Products’ investment universes were screened to avoid making newinvestments in securities that are excluded in line with each product’s specific exclusion
policy. Existing holdings were monitored on an ongoing basis, and where they were foundto no longer pass the exclusionary criteria, remediation steps were taken (as appropriate),such as engaging with these issuers or selling the securities.
Product-specific commitments† The 2023 metrics have been subject to independent limited assurance by KPMG LLP in
accordance with ISAE (UK) 3000 / ISAE 3410. The limited assurance report is available
upon request, and it is recommended it is read in full.

Certain MSIM FMIL Financial Products considered PAI indicator 16 (Investee countries
subject to social violations) as part of their broader assessment of ESG government

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
12

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS|JUNE 2024

ratings or as a factor within their proprietary government ESG scores, in order to meettheir binding environmental and social characteristics as Article 8 products under SFDR.
Product-specific documentation should be referred to for details on which products
made the above commitments. Adherence to these commitments was monitored on
an ongoing basis for each individual product where applicable and reported in the
products’ SFDR periodic disclosures.
Engagement
One of our investment teams engaged with the government representatives of acountry that ranked low in 2023 (based on social violations), focusing on managementof the country’s social spending and subsidy policies, and how the more vulnerable partof the population would be protected from energy tariff hikes.
Do no significant harm
During the Reference Period, holdings classified as sustainable investments under SFDR
were required to meet PAI-specific thresholds, to determine whether the investment
caused significant harm, in line with investment teams’ own criteria for defining

sustainable investments. This was monitored on an ongoing basis post-investment,
and where an issuer was determined to no longer meet the “do no significant harm”
criteria, it was no longer classified as a sustainable investment. In some instances, theinvestment teams may have investigated the underlying causes of the “do no significant
harm” changes, including engaging with the investee companies or issuers directly. Thisapproach may have also applied to issuers that were identified as likely to no longer
meet the relevant PAI threshold for significant harm.
ACTIONS PLANNED AND TARGETS SET FOR THE NEXT REFERENCE PERIOD

Investment teams will continue to consider PAIs in the ways set out above for the
MSIM FMIL Financial Products they manage, in line with product-specific commitments
and investment policies, and the investment teams’ own investment approaches.
There are no targets set across all MSIM FMIL Financial Products, due to MSIM’s
decentralised approach; however, MSIM FMIL Financial Products may set their own
targets which can be found in relevant product disclosures. Certain investment teams
will monitor investee countries that have ties to social violations and may selectively
engage with some of them to facilitate the development of relevant policies.

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
JUNE 2024|

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Indicators applicable to investments in real estate assets
Fossil Fuels & Energy Efficiency
ADVERSE SUSTAINABILITY INDICATORMETRICIMPACT 2023

IMPACT 2022

EXPLANATIONACTIONS TAKEN

17 Exposure to fossil fuels through real estate assets

Share of investments in real estate assets involved in the extraction,
storage, transport or manufacture of fossil fuels

0.03%

0.02%

Share of investments in energy-inefficient real estate assets

27%

26%

Please see the “General
Explanatory Notes” above
and the Explanation
section below

Please see
below

18 Exposure to energy-inefficient real estate assets

The value of each PAI indicator is presented at the aggregate level across the MSIM FMIL Financial Products for which there is available data; however, consideration of PAIs is implemented at the product level in accordancewith the product’s specific investment policy, and each individual investment team follows their own approaches for the strategies they manage, in line with MSIM’s decentralised approach outlined above. The content of thisdocument should not be seen as applying to all MSIM FMIL Financial Products equally, and product-specific documentation should be referred to for information on how each MSIM FMIL Financial Product considers PAIs.

Explanation
For PAI indicator 17 (Exposure to fossil fuels through real estate assets) we calculate
the PAI impact as a percentage of all investments (including listed equity, corporate
fixed income securities, sovereign bonds, real estate assets, and securities such as cash,
FX forwards, liquidity and hedging instruments).
For PAI indicator 18 (Exposure to energy-inefficient real estate assets) we calculate
the PAI impact as a percentage of real estate assets required to abide by EPC andNZEB rules.

insulation and protective equipment to prevent leakage, in accordance with the asset
jurisdiction’s regulations.
With respect to PAI indicator 18 (Exposure to energy-inefficient real estate assets), certain
investment teams collected and maintained a record of Energy Performance Certificate(“EPC”) ratings for the real estate assets held within certain portfolios, during the ESG due
diligence process for new investments, where feasible. Where, in certain portfolios, a valid
EPC was not found, the investment team initiated the process to obtain an EPC rating.
ACTIONS PLANNED AND TARGETS SET FOR THE NEXT REFERENCE PERIOD

While MSIM FMIL Financial Products do not invest in real estate assets that are
directly involved in the extraction, storage, transport and manufacture of fossil fuels,
certain investment strategies may gain exposure to fossil fuels from ancillary activities
carried out on the respective land plots owned by the relevant portfolios. During
the Reference Period, these activities represented a minor part of the activity of such
assets, and only one real estate asset within a single fund’s portfolio was exposed tofossil fuels through the on-site storage and distribution of fossil fuels.

Actions Taken, and Actions Planned and Targets Set for the Next
Reference Period
ACTIONS TAKEN

With respect to PAI indicator 17 (Exposure to fossil fuels through real estate assets),the single real estate asset with exposure to fossil fuels was fitted with appropriate

Investment teams will continue to consider PAIs in the ways set out above for the
MSIM FMIL Financial Products they manage, in line with product-specific commitments
and investment policies, and the investment teams’ own investment approaches.
There are no targets set across all MSIM FMIL Financial Products, due to MSIM’s
decentralised approach; however, MSIM FMIL Financial Products may set their own
targets which can be found in relevant product disclosures.
Certain investment teams will continue to collect and maintain a database of EPCs
for real estate assets within the portfolio. These investment teams will also continue
to work with relevant stakeholders to monitor national EPC requirements for existing
real estate assets, and Nearly Zero Energy Buildings (NZEB) requirements (https://energy.ec.europa.eu/topics/energy-efficiency/energy-efficient-buildings/nearly-zeroenergy-buildings_en) for new real estate assets across European markets to ensure newnational requirements are met.

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
14

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Other indicators for principal adverse impacts on sustainability factors
Additional climate and other environment-related indicators — ​indicators applicable to investments in investee companies

Climate and Other Environment-Related Indicators
ADVERSE SUSTAINABILITY INDICATORMETRIC

4 Investments in companies without carbon emission
reduction initiatives

Share of investments in investee companies without carbon emission reduction
initiatives aimed at aligning with the Paris Agreement

Explanation
This indicator is being reported on a qualitative basis, as it is a non-binding consideration
for specific MSIM FMIL Financial Products that have a commitment to halve theircorporate holdings’ carbon intensity by year-end 2030, and which consider the themes
promoted by this indicator as part of their methodologies, and it is a consideration forengagement activities carried out by certain investment teams.

EXPLANATIONACTIONS TAKEN

Please see the “General Explanatory Notes”
above and the Explanation section below

Please see
below

Actions Taken, And Actions Planned And Targets Set For The Next
Reference Period
For MSIM FMIL Financial Products with commitments to halve the carbon intensityof their corporate holdings by year-end 2030, certain investment teams assessedcompanies’ carbon reduction initiatives as part of their analysis prior to making
investments, and monitored companies’ progress towards achieving their targets.
Certain investment teams also engaged with companies to encourage them to produce
long- and short-term carbon reduction targets that are integrated into business
operations, in line with product-specific commitments and investment policies, and theinvestment teams’ own investment approaches, and will continue to do so in the nextreference period, where relevant.

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
JUNE 2024|

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15

Additional indicators for social and employee, respect for human rights, anti-corruption and anti-bribery matters
Indicators applicable to investments in investee companies

Human Rights
ADVERSE SUSTAINABILITY INDICATORMETRIC

9 Lack of a human rights policy

Share of investments in entities without a human rights policy

Explanation
This indicator is being reported on qualitatively, as it is a consideration for engagement
activities carried out by certain investment teams, and relates to engagement topics
where MSIM has been appointed as co-lead investor or collaborator as part of the UN
Principles for Responsible Investment (PRI) Advance stewardship initiative on humanrights and social issues.

Actions Taken, And Actions Planned And Targets Set For The Next
Reference Period
ACTIONS TAKEN

Engagement priority areas tied to MSIM’s involvement in the PRI Advance initiative are
split into short-term (next six months), medium-term (one year) and long-term (beyond

Please see the “General Explanatory Notes” above
and the Explanation section below

Please see below

Engagement priority areas tied to MSIM’s involvement in the PRI Advance initiative are
split into short-term (next six months), medium-term (one year) and long-term (beyond
one year) objectives. The short-term and medium-term objectives covering 2023-2024
focus on the following topics:



ACTIONS PLANNED AND TARGETS SET FOR THE NEXT REFERENCE PERIODACTIONS TAKEN

one year) objectives. The short-term and medium-term objectives covering 2024-2025
focus on the following topics:Certain investment teams engaged with investee companies on issues related to humanrights, in line with product -specific investment policies, and the investment teams’
own investment approaches. This included MSIM’s participation as a co-lead investor orcollaborator on a small number of investee companies in 2023 as part of the UN PRI
Advance stewardship initiative on human rights and social issues. The UN PRI Advanceinitiative (further information available on: https://www.unpri.org/investment-tools/
stewardship/advance) was launched in December 2022. The applicable investment teams’
involvement in the UN PRI Advance initiative is only relevant for MSIM FMIL Financial
Products which they manage and that hold investments in companies in scope, in linewith the products’ investment policies.

EXPLANATION

Board awareness of human rights
Evaluation of company-specific human rights performance andprogramme effectivenessEmployee safety

Grievance procedures

As an example, one of our investment teams intends to conduct a thematic engagement
series during 2024, focused on human rights, targeting a number of companies in thefood & beverage and retail sectors.
As appropriate for the specific products and/or investee companies, the engagement
approaches may align with PRI Advance’s suggested prioritisation of topics basedon scale, scope and any irremediable character of issues at hand . The applicable
investment teams’ involvement in the UN PRI Advance initiative is only relevant for
MSIM FMIL Financial Products which they manage and that hold investments incompanies in scope, in line with the products’ investment policies.

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
16

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS|JUNE 2024

SECTION 3

Descriptionof policies to identify
and prioritise principal
adverse impacts onsustainability factors

The MSIM Sustainable Investing Policy outlines how MSIM, 2 throughits independent investment teams’ ESG integration, and stewardship,
engagement and voting activities, amongst other themes, support MSIM
to fulfil its fiduciary duty and respond to investor preferences andneeds. The policy was updated to incorporate sustainability risk andthe consideration of PAI indicators, and was approved by the board of
directors of MSIM FMIL on 11 February 2021. The MSIM ESG Committee
is responsible for the Sustainable Investing Policy, which it reviews
periodically to ensure that it accurately reflects the philosophy andprocesses that govern MSIM’s sustainability approach.
MSIM has a decentralised approach towards investment management, consisting of
independent public and private markets investment teams and asset class platforms.
This decentralised investment approach allows investment teams to tailor theirapproach to sustainability using multiple factors including, but not limited to, theobjectives of the product, asset class and investment time horizon, as well as the
specific research and portfolio construction, philosophy and process used by each team.

MSIM’s investment teams follow their own investment approaches and methodologies
to determine if, and how, to consider or prioritise PAIs, as appropriate for each product,in line with its specific investment policy. Where PAIs are considered, each investment
team is responsible for:Implementing methodologies for the approaches outlined below. This in turnsupports the identification, prioritisation and selection of PAI indicators across thestrategies they manage, taking into account the severity of each PAI indicator, in
accordance with product-specific investment policies;
Discretion over any investment decisions related to PAI indicators with reference tofactors, including but not limited to, the objectives of the product, the asset class,sector and region of the underlying holdings;
Interpreting the data sources used for identifying and assessing PAIs, whilst
recognising that data may be subject to limitations. A variety of data sources areused, including data sourced from third-party data providers, and directly reported
company data.

Certain subsidiaries of Morgan Stanley in its Investment Management business, including but not limited to Calvert Research and Management and Parametric Portfolio Associates LLC, may differ in their approach tosustainable investing and maintain separate sustainability policies. Accordingly, the discussion of sustainable investing described in the MSIM Sustainable Investing Policy may not be applicable to each Morgan Stanleyaffiliate or investment team.
2

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
JUNE 2024|

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17

We use reasonable efforts to obtain the required data to monitor these potential
impacts and to understand any remediation efforts undertaken by companies.
Investment teams maintain discretion over the extent to which the outcomes of thisdue diligence affect ongoing engagement and asset stewardship.

these investments cause any significant harm to an environmental or social objective,in line with investment teams’ own criteria for defining sustainable investments.
For the purposes of this report, PAIs are identified and assessed using themethodologies set out in the formulae in the SFDR Delegated Regulation, whereavailable. Where no formulae are defined, PAIs are assessed using methodologies
provided by third-party data providers, which may include estimated data. Thesemethodologies may include some margin of error, for example where data is notavailable, or where data is estimated. In practice, investment teams follow their own
investment approaches and methodologies to determine if and how to take into
account or prioritise principal adverse impacts, as appropriate for each MSIM FMIL
Financial Product, in line with its specific investment policy.

Across MSIM FMIL Financial Products that do take PAI into account, the MSIM
Sustainability, Portfolio Surveillance and Global Risk Analysis (GRA) teams monitor andInvestment teams managing MSIM FMIL Financial Products use a variety of approaches
to identify and assess PAIs, which may include, but are not limited to:








Exclusions: based on data obtained from third-party data vendors, certain
investment teams might set revenue thresholds or sector-based screens that aim to
reduce or remove exposure to issuers involved in specific business activities or thosethat belong to a specific sector;

The additional environmental and social indicators from Tables 2 and 3 of Annex I of
the SFDR Delegated Regulation have been selected where actions consistent with theapproaches described above were taken by relevant investment teams for certain MSIM
FMIL Financial Products, and these additional PAIs are considered in the following ways:

Product-specific commitments: some MSIM FMIL Financial Products may define
specific commitments which relate to PAIs, such as achieving Net Zero carbon
emissions by 2050;



Engagement: engagement with investee companies or other entities is led byinvestment teams and certain investment teams may use this opportunity to engage
on topics related to PAIs, where they believe improvement may be possible; and

SFDR “do no significant harm” test: MSIM FMIL Financial Products which makesustainable investments (as defined by SFDR) will assess the mandatory PAI indicators
as set out in Table 1, Annex I of the SFDR Delegated Regulation to determine whether

PAI indicator 4 (Investments in companies without carbon reduction initiatives): This
indicator is a consideration for specific products that have Net Zero commitmentsthat aim to achieve the objectives of the Paris Agreement
PAI indicator 9 (Lack of a human rights policy): MSIM is a co-lead investor and acollaborator for certain investee companies, as part of the UN PRI Advancestewardship initiative on human rights and social issues

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
18

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS|JUNE 2024

SECTION 4

Engagement
Policies

MSIM’s Engagement & Stewardship Principles for public markets is a global
document which outlines the engagement process and methods of its
investment teams which aim to ensure shareholder engagement works
most effectively, and in the best interest of clients, to improve the long-term
returns from the companies in which MSIM’s investment teams invest. It
also describes the general engagement monitoring and escalation processes,
together with a summary of how collective engagement may be supported
where appropriate, and the transparency and reporting on engagement.
Engagement Process and Methods
Investment teams directly engage with investee companies, leveraging expertisefrom the Global Stewardship Team as needed and operating in alignment with
MSIM’s Engagement and Stewardship Principles and Sustainable Investment Policy
outlined above. Investment professionals may, where relevant, engage with companies
throughout the investment process on a broad range of issues including the company’s
strategy, financial and non-financial performance (such as corporate ESG disclosures),risk management, corporate governance, sustainability initiatives and capital structure.

For more information on investment teams’ approaches please see documentation forthe specific MSIM FMIL Financial Product.

Engagement Monitoring and Escalation
The extent and frequency of monitoring varies across investment teams and depends
on a number of factors including the investment strategy and the size of interest
held. Our regular engagements with company management provide an opportunity tomonitor and track the performance of investments.
Investment teams are ultimately responsible for integrating relevant data gained
through engagement into the investment decision-making process and for prioritisingfurther engagement or escalation, as appropriate. To that end, investment teams
determine the need for escalation and types of escalation methods used based oninvestment activity, prior engagement activities and overall outlook.

Collective Engagement
MSIM is supportive of collaborative engagement where such engagement could
potentially be necessary or useful to materially enhance portfolio value. Factors thatwill be considered before participating in collaborative actions include, but are not

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
JUNE 2024|

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS

19

limited to, potential conflicts of interest, materiality of the issue, and the likelihood ofdelivering tangible outcomes.
Additionally, investment teams may maintain their own supplementary engagement
policies, in line with their team’s investment philosophy.

Further Information


Engagement and Stewardship Principles: https://www.morganstanley.com/im/
publication/resources/engagement-and-stewardship-principles-us.pdf

The Engagement and Stewardship Principles do not consider specific PAIs, but dooverlap with the environmental or social themes covered by certain PAIs (e.g. climatechange), and are not adapted based on changes to PAIs.

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
20

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS|JUNE 2024

SECTION 5

References tointernational
standards

Morgan Stanley is committed to being a responsible corporate citizen
and fulfiling the important role that business can play in advancing
global sustainability themes. We conduct our operations in a mannerthat seeks to adhere to sound corporate governance practices, as
outlined in our internal statements and policies, which apply to MSIM
FMIL as appropriate.

Relevant Morgan Stanley internal statements and policies include:

In addition, MSIM is a signatory to the UN PRI.



Examples of international standards that certain investment teams may consider atinvestment level, in line with the applicable MSIM FMIL Financial Product’s investment
policy, include the UNGC principles, and the OECD Guidelines for Multinational Enterprises.









Human Rights Statement: https://www.morganstanley.com/about-us-governance/pdf/
human_rights_statement.pdf
Modern Slavery Statement: https://www.morganstanley.com/content/dam/
msdotcom/en/about-us-governance/pdf/Modern_Slavery_2023_Statement.pdf
Supplier Code of Conduct: https://www.morganstanley.com/about-us-governance/
pdf/supplier-code-of-conduct.pdf
The Morgan Stanley Code of Conduct: https://www.morganstanley.com/about-usgovernance/pdf/Code_of_Ethics_and_Business_Conduct.pdf
Environmental and Social Policy Statement: https://www.morganstanley.com/content/dam/
msdotcom/en/about-us-governance/pdf/Environmental_and_Social_Policy_Statement.pdf

Morgan Stanley does not use PAI indicators as a method to measure its alignment withinternational codes and standards.

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
JUNE 2024|

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS

21

SECTION 6

Historical comparison

Climate and Other Environment-Related Indicators
Greenhousegas emissions

ADVERSE SUSTAINABILITY INDICATORMETRIC

1 GHG emissions

Scope 1 GHG emissions (tonnes CO2 equivalent)†

1,681,105

1,773,769

Scope 2 GHG emissions (tonnes CO2 equivalent)†

340,291

387,660

Scope 3 GHG emissions (tonnes CO2 equivalent)†

19,239,586

14,116,520

Scope 1+2+3 GHG emissions (tonnes CO2 equivalent)†

21,260,982

16,277,949

2 Carbon footprint

Carbon footprint (Scope 1+2+3 tonnes CO 2 equivalent/€M invested)†

271.93229

3 GHG intensity of investee companies

GHG intensity of investee companies ((Scope 1+2+3 tonnes CO 2 equivalent)/€M revenue)

†

854

720

4 Exposure to companies active in the fossil fuel sector

Share of investments in companies active in the fossil fuel sector (% of all investments)

†

2.16%

2.16%

5 Share of non-renewable energy consumption
and production

Share of non-renewable energy consumption of investee companies from non-renewableenergy sources compared to renewable energy sources (% of total energy sources)†

49.47%

57.36%

Share of non-renewable energy production of investee companies from non-renewableenergy sources compared to renewable energy sources (% of total energy sources)

†

0.98%

1.09%

ENERGY CONSUMPTION (GWH/€M REVENUE)†

Agriculture, forestry, and fishing

†

0.15

N/A

Construction

†

1.59

0.14

Electricity, gas, steam and air conditioning supply

†

5.65

1.62

Manufacturing

†

0.35

0.20

Mining and quarrying

†

2.15

0.94

Real estate activities

†

0.39

0.02

Transportation and storage

†

0.12

0.04

Water supply, sewerage, waste management and remediation activities

†

0.79

0.27

Wholesale and retail trade, repair of motor vehicles and motorcycles
Share of investments in investee companies with sites/operations located in or near tobiodiversity-sensitive areas where activities of those investee companies negatively affectthose areas (% of all investments)
Tonnes of emissions to water generated by investee companies per million EUR invested,
expressed as a weighted average

†
†

0.12
0.03%

0.07
0.05%

†

0.05

0.06

Tonnes of hazardous waste and radioactive waste generated by investee companies per
million EUR invested, expressed as a weighted average

†

0.53

32.50

6 Energy consumption intensity perhigh impact climate sector

Biodiversity

7 Activities negatively affecting
biodiversity-sensitive areas

Water

8 Emissions to water

Waste

9 Hazardous waste and radioactive waste ratio

IMPACT 2023

IMPACT 2022

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
22

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS|JUNE 2024

Indicators for Social and Employee, Respect for Human Rights, Anti-Corruption and Anti-Bribery Matters
Social andemployeematters

ADVERSE SUSTAINABILITY INDICATORMETRICIMPACT 2023

IMPACT 2022

10 Violations of UN Global Compact principles and Organisation
for Economic Cooperation and Development (OECD) Guidelines
for Multinational Enterprises

Share of investments in investee companies that have been involved in violationsof the UNGC principles or OECD Guidelines for Multinational Enterprises(% of all investments)

†

0.81%

0.69%

11 Lack of processes and compliance mechanisms to monitor
compliance with UN Global Compact principles and OECD
Guidelines for Multinational Enterprises

Share of investments in investee companies without policies to monitor compliancewith the UNGC principles or OECD Guidelines for Multinational Enterprises orgrievance/ complaints handling mechanisms to address violations of the UNGC
principles or OECD Guidelines for Multinational Enterprises (% of all investments)†

19.76%

14.83%

12 Unadjusted gender pay gap

Average unadjusted gender pay gap of investee companies†

16.90%

12.83%

13 Board gender diversity

Average ratio of female to male board members in investee companies, expressed
as a percentage of all board members†

35.54%

33.96%

14 Exposure to controversial weapons(anti-personnel mines, cluster munitions, chemical weapons
and biological weapons)

Share of investments in investee companies involved in the manufacture or sellingof controversial weapons (% of all investments)

†

0.00%

0.00%

Indicators Applicable to Investments in Sovereigns and Supranationals
ADVERSE SUSTAINABILITY INDICATORMETRIC

Environmental

IMPACT 2023

IMPACT 2022

15 GHG intensity

GHG intensity of investee countries(tonnes CO2 equivalent/€M GDP)

†

388

323

Social16 Investee countries subject to social violations

Absolute number of investee countries subject to social violations,as referred to in international treaties and conventions, United Nations
principles and, where applicable, national law

†

31

33

Relative number of investee countries subject to social violations,as referred to in international treaties and conventions, United Nations
principles and, where applicable, national law

†

0.59%

0.36%

IMPACT 2023

IMPACT 2022

Indicators Applicable to Investments in Real Estate Assets
ADVERSE SUSTAINABILITY INDICATORMETRIC

Fossil fuels

17 Exposure to fossil fuels through real estate assets

Share of investments in real estate assets involved in the extraction,
storage, transport or manufacture of fossil fuels

0.03%

0.02%

Energy efficiency

18 Exposure to energy-inefficient real estate assets

Share of investments in energy-inefficient real estate assets

27.00%

26.00%† The 2023 metrics have been subject to independent limited assurance by KPMG LLP in accordance with ISAE (UK) 3000 / ISAE 3410. The limited assurance report is available upon request, and it is recommended it isread in full.

The information provided in this document should not be seen as applying to all MSIM FMIL Financial Products. Please refer to product-specific documentation for details on how each MSIM FMIL Financial Product considers
PAIs. Data may be subject to methodological limitations, data lags, data coverage gaps or other issues impacting the quality of the data.
JUNE 2024|

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS

23

SECTION 7

Translations of SummaryCS
ShrnutíDecentralizovaný přístup MSIM umožňuje investičním týmům upravit přístup k udržitelnosti mnohazpůsoby, včetně cílů produktu, třídy aktiv a investičního časového horizontu, stejně jako specifickéhovýzkumu a sestavení portfolia, filozofie a procesu používaného týmem. Při posuzování závažnosti
rizik a příležitostí souvisejících s ESG využívají investiční týmy svých dovedností a úsudků v souladus požadavky jednotlivých investičních strategií.

MSIM Fund Management (Ireland) Limited („MSIM FMIL“) (LEI: 549300QDS5K6OGU25W78)
zvažuje zásadní nepříznivé dopady („PAI“) investičních rozhodnutí na faktory udržitelnosti. Tentovýkaz je konsolidovaným výkazem týkajícím se zásadních nepříznivých dopadů na faktoryudržitelnosti MSIM FMIL.

Tento výkaz poskytuje přehled o tom, jak jsou zásadní nepříznivé dopady (PAI) zvažovány ufinančních produktů MSIM FMIL v případech, kdy je to relevantní. Vzhledem k decentralizovanémupřístupu MSIM dochází k implementaci veškerých akcí zohledňujících PAI na úrovni produktu, a to v
rámci investičního rozhodovacího procesu jednotlivých investičních týmů. Informace v tomto výkazy
by neměly být považovány jako platné pro všechny finanční produkty MSIM FMIL – další informace otom, jak konkrétní produkty berou v úvahu PAI, naleznete v příslušných dokumentech s nabídkami,
smlouvách o správě investic a případně na zveřejněných webových stránkách.

Tento výkaz zásadních nepříznivých dopadů na faktory udržitelnosti se vztahuje na referenční
období od 1. ledna 2023 do 31. prosince 2022 2023 (dále jen „referenční období“).
Morgan Stanley Investment Management („MSIM“) je divizí správy investic společnosti Morgan
Stanley (dále jen „firma“), která poskytuje investiční řešení na veřejných a soukromých trzích po
celém světě. MSIM FMIL je nepřímá stoprocentně vlastněná dceřiná společnost Morgan Stanley,která je součástí divize správy investic.
V Evropě působí MSIM FMIL jako investiční manažer, správcovská společnost a manažer
alternativních investičních fondů pro řadu fondů sponzorovaných MSIM a samostatně spravovaných
účtů třetích stran. Tento výkaz se týká výhradně finančních produktů ve správě MSIM FMIL (dále jen„finanční produkty MSIM FMIL“) a žádných jiných produktů MSIM. MSIM FMIL může postupovat
správu investic na další právnické osoby a může využívat širší procesy a/nebo iniciativy MSIM nebo
být jejich součástí.1

V oddílu 2 tohoto výkazu uvádíme povinné ukazatele uvedené v tabulce 1 přílohy I v nařízení Komisev přenesené pravomoci (EU) 2022/1288 („Nařízení SFDR v přenesené pravomoci“) pro referenční
období zahrnující investice do společností, které jsou příjemci investic, instrumentů státních institucía nadnárodních organizací a do nemovitostních aktiv. Navíc uvádíme další ukazatele z tabulky 2 a 3přílohy I nařízení SFDR v přenesené pravomoci, které se vykazují na základě kvality.

MSIM využívá decentralizovaný přístup k řízení investic, který se skládá z nezávislých investičních
týmů veřejného a soukromého trhu a platforem tříd aktiv. Každý investiční tým tvoří zkušení
profesionálové a specializované zdroje zaměřené na konkrétní investiční disciplíny s různými přístupy
k udržitelnosti a způsoby zvažování hlavních nepříznivých dopadů investičních rozhodnutí na faktoryudržitelnosti tam, kde je to pro jejich strategie relevantní.

Investiční týmy spravující finanční produkty MSIM FMIL, které se zavázaly brát v úvahu PAI, využívají
různé přístupy k identifikaci a hodnocení povinných PAI, jako například:Výjimky: Na základě údajů získaných od poskytovatelů dat z řad třetích stran nastavují určité
finanční produkty MSIM FMIL limity příjmů a/nebo sektorové kontroly, jejichž cílem je eliminovat
nebo odstranit expozici vůči emitentům zapojeným do některých obchodních činností nebopatřícím do určitého sektoru, což může odpovídat určitým PAI.

Zkratka „MSIM“ a zájmena „my“, „nás“ a „naše“ představují odkazy na divizi Morgan Stanley Investment Management společnosti Morgan Stanley. Zkratka „MSIM FMIL“ představuje odkaz na konkrétní právnickou osobu
MSIM Fund Management (Ireland) Limited.
1

Informace uvedené v tomto dokumentu by neměly být považovány za platné pro všechny finanční produkty MSIM FMIL. Další informace o tom, jak jednotlivé finanční produkty MSIM FMIL berou v úvahu ukazatele PAI,
naleznete v dokumentaci konkrétního produktu. Údaje mohou podléhat metodickým omezením, zpožděním, nedostatkům v pokrytí nebo jiným problémům ovlivňujícím jejich kvalitu.
24

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS|JUNE 2024

CS

Závazky pro konkrétní produkt: Některé finanční produkty MSIM FMIL definovaly konkrétnízávazky týkající se PAI, jako je snížení emisí uhlíku podnikových holdingů do roku 2030 na
polovinu.

vykazované emitentem nejsou k dispozici, použil náš poskytovatel dat k odhadu údajů zástupné
metodiky. Tyto údaje dále mohou podléhat metodickým omezením a nedostatkům v pokrytí. Odhady
se mohou měnit s tím, jak poskytovatel dat vyvíjí svou metodiku.

Angažovanost: Investiční týmy se angažovaly v subjektech investic nebo jiných subjektecha některé z nich využily této příležitosti k jednání ohledně témat souvisejících s PAI, kde je torelevantní, a to v souladu s investičními zásadami pro konkrétní produkty.



Test SFDR (metodika „bez zásadního nepříznivého dopadu“): Finanční produkty MSIM FMILvyužívající udržitelné investice (dle definice v nařízení (EU) 2019/2088 Evropského Parlamentu
a Rady z 27. listopadu 2019 o zveřejňování informací souvisejících s udržitelností v sektoru
finančních služeb („SFDR“) v průběhu referenčního období posoudily povinné ukazatele PAI
stanovené tabulkou 1 v příloze I nařízení SFDR v přenesené pravomoci s cílem zjistit, zda tyto
investice nemají zásadní nepříznivý dopad na environmentální nebo sociální cíle, a to v souladu svlastními kritérii investičních týmů pro definici udržitelných investic.

Většina hodnot ukazatele PAI na souhrnné úrovni se do určité míry během referenčního období vesrovnání s předchozím referenčním obdobím změnila kvůli následujícím změnám ve finančních
produktech MSIM FMIL: (1) změny v rozsahu produktu (např. uvedení produktu na trh a stažení
produktu), (2) změny držených cenných papírů (např. prostřednictvím nákupu a prodeje cenných
papírů), (3) změny tržní hodnoty držených cenných papírů a (4) změny jednotlivých hodnot ukazatele
PAI držených cenných papírů. Dalšími motivacemi určitých změn hodnot ukazatelů PAI byly (5)změny v pokrytí dat PAI a (6) změny výpočtu ukazatele PAI a metodologií shromažďování dat.
Hodnoty ukazatele PAI předložené pro předchozí referenční období nebyly zopakovány, aby tytozměny odrážely.

Dopad vykazovaný u ukazatelů PAI vztahujících se na investice do subjektů z řad společností,
instrumentů státních institucí a nadnárodních organizací a do nemovitostních aktiv se případně
vypočítává na základě všech investic, jak je uvedeno v příslušných vzorcích v nařízení SFDR vpřenesené pravomoci. Výpočet hodnot ukazatelů PAI v tomto výkazu je založen na dostupných
údajích a odborných znalostech od poskytovatelů dat z řad třetích stran. U některých investic, jako
jsou podílové fondy a některé deriváty, nejsme v současné době schopni shromáždit dostatečnémnožství údajů o podkladových složkách těchto investic, a proto byly z výpočtu hodnot ukazatelů PAI
vyloučeny; celkově však tyto investice představují velmi nízké procento celkových investic
společnosti MSIM FMIL a neočekává se, že by jejich vyloučení vedlo k významnému rozdílu vevykazovaných hodnotách ukazatele PAI.
Výpočet ukazatelů PAI je založen na dostupných údajích od poskytovatelů dat z řad třetích stran,
ačkoli u některých ukazatelů a odvětví existují značné nedostatky v údajích. V případě, že údaje

Další PAI zahrnuté do tohoto výkazu byly vybrány v případě, že v průběhu referenčního období byly uněkterých finančních produktů MSIM FMIL podniknuty kroky, které jsou v souladu s výše popsanými
přístupy k dotčeným PAI.
Investiční týmy budou nadále zvažovat PAI (jak je uvedeno výše) u spravovaných finančních
produktů MSIM FMIL v souladu se závazky a investičními zásadami pro jednotlivé produkty a svými
vlastními investičními přístupy. Vzhledem k decentralizovanému přístupu MSIM FMIL nejsou
stanoveny žádné cíle pro všechny finanční produkty MSIM FMIL, nicméně tyto si mohou stanovit
vlastní cíle, které naleznete v příslušných informacích o produktu.
Investiční týmy budou nadále zvažovat PAI (výše uvedenými způsoby) u spravovaných finančních
produktů MSIM FMIL v souladu se závazky a investičními zásadami pro jednotlivé produkty a svými
vlastními investičními přístupy. Vzhledem k decentralizovanému přístupu MSIM FMIL nejsou
stanoveny žádné cíle pro všechny finanční produkty MSIM FMIL, nicméně tyto si mohou stanovit
vlastní cíle, které naleznete v příslušných informacích o produktu.

Informace uvedené v tomto dokumentu by neměly být považovány za platné pro všechny finanční produkty MSIM FMIL. Další informace o tom, jak jednotlivé finanční produkty MSIM FMIL berou v úvahu ukazatele PAI,
naleznete v dokumentaci konkrétního produktu. Údaje mohou podléhat metodickým omezením, zpožděním, nedostatkům v pokrytí nebo jiným problémům ovlivňujícím jejich kvalitu.
JUNE 2024|

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS

25

DA
Resumé

dømmekraft til at vurdere væsentligheden af ESG-relaterede risici og muligheder efter behov for hver
investeringsstrategi.

MSIM Fund Management (Ireland) Limited (“MSIM FMIL”) (LEI: 549300QDS5K6OGU25W78)
medtager de væsentligste negative virkninger (“PAI’er”) på bæredygtighedsfaktorer i sine
investeringsbeslutninger. Nærværende erklæring er den konsoliderede erklæring af væsentligste
negative indvirkninger på bæredygtighedsfaktorer af MSIM FMIL.

Denne erklæring giver et overblik over, hvordan PAI’er tages i betragtning for finansielle MSIM
FMIL-produkter, hvor det er relevant. På grund af MSIM’s decentraliserede tilgang sker
implementeringen af alle handlinger, der tages med hensyn til PAI’er, på produktniveau som en del af
investeringsbeslutningsprocessen af hvert enkelt investeringsteam. Oplysningerne i denne erklæring
skal ikke ses som gældende for alle finansielle MSIM FMIL-produkter – yderligere information om,
hvordan specifikke produkter tager PAI’er i betragtning, kan findes i de relevante tilbudsdokumenter,
investeringsforvaltningsaftaler og, hvor det er relevant, erklæringer på websteder.

Denne erklæring om de væsentligste negative indvirkninger på bæredygtighedsfaktorer dækker
referenceperioden fra den 1. januar 2023 til den 31. december 2023 (“Referenceperioden”).
Morgan Stanley Investment Management (“MSIM”) er investeringsforvaltningsafdelingen i Morgan
Stanley (“Firmaet”) og leverer investeringsløsninger på tværs af offentlige og private markeder overhele verden. MSIM FMIL er et indirekte fuldt ejet datterselskab under Morgan Stanley iinvesteringsforvaltningsafdelingen.

I afsnit 2 i denne erklæring fremlægger vi de obligatoriske indikatorer, der er specificeret i Tabel 1 ibilag I i Kommissionens delegerede forordning (EU) 2022/1288 (”den SFDR-delegerede
forordning”), for den referenceperiode, der dækker investeringer i investeringsmodtagende
selskaber, suveræne stater og overstatslige organer samt fast ejendom. Vi fremlægger også visse
yderligere indikatorer fra Tabel 2 og 3 i bilag I i den SFDR-delegerede forordning, som rapporteres
på et kvalitativt grundlag.

I Europa fungerer MSIM FMIL som investeringsforvalter, administrationsselskab og forvalter af
alternative investeringsfonde for en række MSIM-sponsorerede fonde og separat administreredetredjepartskonti. Denne erklæring vedrører udelukkende de finansielle produkter, der forvaltes af
MSIM FMIL (de “finansielle MSIM FMIL-produkter”) og ingen andre MSIM-produkter. MSIM FMIL
kan uddelegere investeringsforvaltningen til andre juridiske enheder og kan udnytte eller være en delaf MSIMs bredere processer og/eller initiativer. 2
MSIM følger en decentraliseret tilgang til investeringsforvaltning bestående af uafhængige offentlige
og private markedsinvesteringsteams og aktivklasseplatforme. Hvert investeringsteam består af
erfarne fagfolk og dedikerede ressourcer, der fokuserer på specifikke investeringsdiscipliner med
forskellige tilgange til bæredygtighed og til, hvordan de overvejer de væsentligste negative
indvirkninger af investeringsbeslutninger på bæredygtighedsfaktorer, hvor dette er relevant forderes strategier.
MSIM’s decentraliserede tilgang gør det muligt for investeringsteams at skræddersy deres tilgang tilbæredygtighed på flere måder, herunder, men ikke begrænset til, målene for produktet, aktivklassen
og investeringstidshorisonten, såvel som den specifikke research og porteføljekonstruktion, -filosofi
og -proces, der anvendes af det pågældende team. Investeringsteams anvender deres faglighed og

Investeringsteams, der forvaltede finansielle MSIM FMIL-produkter, som havde forpligtet sig til attage PAI’er med i betragtning, brugte en række forskellige tilgange til at identificere og vurdere deobligatoriske PAI’er, som omfattede:

Udelukkelser: Baseret på data indhentet fra tredjeparts dataleverandører satte visse finansielle
MSIM FMIL-produkter afkastgrænser og/eller sektorbaserede screeninger, der havde tilformål at reducere eller fjerne eksponering over for udstedere, der var involveret i specifikke
forretningsaktiviteter eller dem, der tilhører en specifik sektor, som eventuelt tilpasser sig visse
PAI’er;

Produktspecifikke forpligtelser: Nogle finansielle MSIM FMIL-produkter definerede specifikke
forpligtelser, der vedrører PAI’er, såsom at firmaets aktiver halverer deres kulstofintensitet med
udgangen af 2030;

Henvisninger til “MSIM”, “vi”, “os”, “vores” til Morgan Stanley Investment Management som en afdeling i Morgan Stanley. Referencer til “MSIM FMIL” henviser til den specifikke juridiske enhed tilhørende MSIM FundManagement (Ireland) Limited.
2

Oplysningerne i dette dokument bør ikke ses som gældende for alle finansielle MSIM FMIL-produkter. Se den produktspecifikke dokumentation, der indeholder detaljer om, hvordan hvert finansielt MSIM FMIL-produkt tager
PAI’er i betragtning. Data kan være underlagt metodiske begrænsninger, dataforsinkelser, huller i datadækning eller andre problemer, der påvirker datakvaliteten
26

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS|JUNE 2024

DAEngagement: Engagementet med virksomheder, der er investeret i, eller andre enheder blev ledet
af investeringsteams, og visse investeringsteams benyttede lejligheden til at engagere sig i PAIrelaterede emner i overensstemmelse med produktspecifikke investeringspolitikker; og

SFDR “gør ingen væsentlig skade”-test: I løbet af referenceperioden vurderede finansielle
MSIM FMIL-produkter, der foretog bæredygtige investeringer (som defineret af Europaparlaments
2019/2088 og af Europarådet d. 27. november 2019 vedrørende bæredygtighedsrelateredefremlæggelser inden for den finansielle sektor (“SFDR”)), de obligatoriske PAI-indikatorer
som angivet i tabel 1, bilag I til den SFDR-delegerede forordning for at afgøre, om disseinvesteringer forårsagede nogen væsentlig skade på en miljø- eller samfundsmæssig
målsætning, i overensstemmelse med investeringsteamets egne definitionskriterier forbæredygtige investeringer.

Den indberettede effekt for PAI-indikatorer, der gælder for investeringer i virksomheder, statslige og
overnationale selskaber og ejendomsaktiver, beregnes, hvor det er relevant, på grundlag af alleinvesteringer som angivet i de gældende formler i den SFDR-delegerede forordning. Beregningen af
PAI-indikatorværdier i denne erklæring er baseret på tilgængelige data og ekspertise fra
tredjepartsdataudbydere. For visse investeringer, såsom investeringsforeninger og visse derivater, er
vi i øjeblikket ikke i stand til at indsamle et tilstrækkeligt dataniveau om disse investeringers
underliggende bestanddele, og de er blevet udelukket fra beregningen af PAI-indikatorværdierne.
Dog udgør disse investeringer tilsammen en meget lav procentdel af MSIM FMIL’s samlede
investeringer, og deres udelukkelse forventes ikke at resultere i en væsentlig forskel i forhold til derapporterede PAI-indikatorværdier.

Beregningen af PAI-indikatorer er baseret på tilgængelige data fra tredjepartsdataudbydere, selvom
der er betydelige huller i dataene for visse målinger og sektorer. Hvor data indberettet af udstedere
ikke var tilgængelige, har vores dataudbyder anvendt proxy-metoder til at estimere dataene. Sådanne
data kan stadig være underlagt metodologiske begrænsninger og dækningshuller, og estimaternekan ændre sig, efterhånden som dataleverandøren udvikler sin metodologi.
De yderligere PAI’er, der er inkluderet i denne erklæring, er blevet udvalgt, hvor handlinger ioverensstemmelse med tilgangene beskrevet ovenfor blev truffet for disse PAI’er, for visse finansielle
MSIM FMIL-produkter i referenceperioden.
Investeringsteams vil fortsat medtage PAI’erne (på de måder, der er beskrevet ovenfor) for de
finansielle MSIM FMIL-produkter, de administrerer, i overensstemmelse med produktspecifikke
forpligtelser og investeringspolitikker og investeringsteamets egne investeringstilgange. Der er ikke
opstillet nogle målsætninger på tværs af alle finansielle MSIM FMIL-produkter grundet MSIM’s
decentraliserede tilgang, men de finansielle MSIM FMIL-produkter kan fastsætte deres egnemålsætninger, som kan findes i relevante produktoplysninger.
Investeringsteams vil fortsat medtage PAI’erne (på de måder, der er beskrevet ovenfor) for de
finansielle MSIM FMIL-produkter, de administrerer, i overensstemmelse med produktspecifikke
forpligtelser og investeringspolitikker og investeringsteamets egne investeringstilgange. Der er ikke
opstillet nogle målsætninger på tværs af alle finansielle MSIM FMIL-produkter grundet MSIM’s
decentraliserede tilgang, men de finansielle MSIM FMIL-produkter kan fastsætte deres egnemålsætninger, som kan findes i relevante produktoplysninger.

Oplysningerne i dette dokument bør ikke ses som gældende for alle finansielle MSIM FMIL-produkter. Se den produktspecifikke dokumentation, der indeholder detaljer om, hvordan hvert finansielt MSIM FMIL-produkt tager
PAI’er i betragtning. Data kan være underlagt metodiske begrænsninger, dataforsinkelser, huller i datadækning eller andre problemer, der påvirker datakvaliteten
JUNE 2024|

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS

27

DE
Zusammenfassung
MSIM Fund Management (Ireland) Limited („MSIM FMIL“) (LEI: 549300QDS5K6OGU25W78)
berücksichtigt wesentliche nachteilige Auswirkungen („PAIs“) bei seinen Anlageentscheidungen zu
Nachhaltigkeitsfaktoren. Bei der vorliegenden Stellungnahme handelt es sich um die konsolidierte
Stellungnahme zu wesentlichen nachteiligen Auswirkungen auf Nachhaltigkeitsfaktoren vonMSIM FMIL.

Der dezentrale Ansatz von MSIM ermöglicht es den Anlageteams, ihren Nachhaltigkeitsansatz
auf vielfältige Weise anzupassen, darunter unter anderem die Ziele des Produkts, die Anlageklasse
und der Anlagehorizont sowie spezifisches Research, Portfoliozusammensetzung, Philosophie
und das vom Team eingesetzte Verfahren. Anlageteams setzen ihr Fachwissen und ihr
Urteilsvermögen ein, um die Wesentlichkeit von ESG-bezogenen Risiken und Chancen für jedeAnlagestrategie einzuschätzen.

Diese Stellungnahme zu den wesentlichen nachteiligen Auswirkungen auf Nachhaltigkeitsfaktoren
deckt den Referenzzeitraum vom 1. Januar 2023 bis zum 31. Dezember 2023 ab (der„Referenzzeitraum“).
Morgan Stanley Investment Management („MSIM“) ist die Vermögensverwaltungssparte von Morgan
Stanley (das „Unternehmen“), das Anlagelösungen für öffentliche und private Märkte auf der ganzen
Welt bietet. MSIM FMIL ist eine indirekte hundertprozentige Tochtergesellschaft von Morgan Stanley,
die innerhalb der Vermögensverwaltungssparte angesiedelt ist.
In Europa fungiert MSIM FMIL als Anlageverwalter, Verwaltungsgesellschaft und Verwalter
alternativer Anlagefonds für eine Produktpalette von MSIM gesponserten Fonds und separat
verwalteten Konten Dritter. Diese Erklärung bezieht sich ausschließlich auf die von MSIM FMIL
verwalteten Finanzprodukte (die „Finanzprodukte von MSIM FMIL“) und nicht auf andere Produktevon MSIM. MSIM FMIL kann die Anlageverwaltung an andere juristische Personen delegieren unddie umfassenderen Prozesse und/oder Initiativen von MSIM nutzen oder Teil davon sein.3
MSIM verfolgt einen dezentralen Ansatz für die Anlageverwaltung, die aus unabhängigen
Anlageteams für öffentliche und private Märkte sowie Plattformen für Anlageklassen besteht. Jedes
Anlageteam besteht aus erfahrenen Fachleuten und dedizierten Ressourcen, die sich auf spezifische
Anlagedisziplinen mit unterschiedlichen Nachhaltigkeitsansätzen und die wesentlichen nachteiligen
Auswirkungen von Anlageentscheidungen auf Nachhaltigkeitsfaktoren konzentrieren, sofern dies fürihre Strategien relevant ist.

Diese Erklärung bietet einen Überblick darüber, wie PAIs gegebenenfalls für Finanzprodukte vonMSIM FMIL berücksichtigt werden. Aufgrund des dezentralen Ansatzes von MSIM erfolgt die
Umsetzung aller in Bezug auf PAIs ergriffenen Maßnahmen auf Produktebene als Teil desAnlageentscheidungsprozesses durch jedes einzelne Anlageteam. Die Informationen in dieser
Erklärung gelten nicht gleichermaßen für alle Finanzprodukte von MSIM FMIL. Weitere Informationen
darüber, wie bestimmte Produkte PAIs berücksichtigen, finden Sie in den entsprechenden
Angebotsunterlagen, Anlageverwaltungsverträgen und gegebenenfalls in den Offenlegungen auf
der Website.
In Abschnitt 2 dieser Erklärung legen wir die obligatorischen Indikatoren offen, die in Tabelle 1,
Anhang I der Delegierten Verordnung (EU) 2022/1288 der Kommission (die „Delegierte Verordnung
zur SFDR“) für den Referenzzeitraum für Investitionen in Unternehmen, in die investiert wird, Staaten
und supranationale Organisationen sowie Immobilienanlagen aufgeführt sind. Wir legen auch
bestimmte zusätzliche Indikatoren aus Tabellen 2 und 3, Anhang I der Delegierten Verordnung zur
SFDR offen, die auf qualitativer Basis berichtet werden.
Anlageteams, die Finanzprodukte von MSIM FMIL verwalten, die zur Berücksichtigung von PAIs
verpflichtet waren, wandten verschiedene Ansätze zur Identifizierung und Bewertung derobligatorischen PAIs an, darunter:

Verweise wie „MSIM“, „wir“, „uns“ und „unser/e/n“ beziehen sich auf Morgan Stanley Investment Management als einen Geschäftsbereich von Morgan Stanley. Verweise auf „MSIM FMIL“ beziehen sich auf die spezifischejuristische Person von MSIM Fund Management (Ireland) Limited.
3

Die in diesem Dokument bereitgestellten Informationen sollten nicht als für alle Finanzprodukte von MSIM FMIL geltend angesehen werden. Einzelheiten dazu, wie jedes Finanzprodukt von MSIM FMIL PAIs berücksichtigt,
finden Sie in der produktspezifischen Dokumentation. Die Daten können methodischen Einschränkungen, Datenverzögerungen, Lücken in der Datenabdeckung oder anderen Problemen unterliegen, die sich auf die Qualität
der Daten auswirken.
28

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS|JUNE 2024

DE

Ausschlüsse: Auf der Grundlage von Daten, die von Drittanbietern von Daten stammen, legenbestimmte Finanzprodukte von MSIM FMIL Umsatzschwellenwerte und/oder sektorbasierte
Ausschlüsse fest, die darauf abzielen, das Risiko gegenüber Emittenten, die an bestimmten
Geschäftsaktivitäten beteiligt sind oder einem bestimmten Sektor angehören, zu verringern oderzu beseitigen, was mit bestimmten PAI übereinstimmen kann,Produktspezifische Zusagen: Einige Finanzprodukte von MSIM FMIL definierten spezifische
Verpflichtungen, die sich auf PAIs beziehen, wie z. B. die Zusage von Unternehmen, in die
investiert wird, ihre Kohlenstoffintensität bis zum Jahresende 2030 zu halbieren,Einflussnahme: Die Zusammenarbeit mit Beteiligungsunternehmen oder anderen Unternehmen
wurde von Anlageteams geleitet, und bestimmte Anlageteams nutzten diese Gelegenheit, um
sich gegebenenfalls im Einklang mit produktspezifischen Anlagerichtlinien mit Themen im
Zusammenhang mit PAIs zu befassen, und

SFDR-Test zur Vermeidung einer erheblichen Beeinträchtigung („do no significant harm“):Während des Referenzzeitraums haben Finanzprodukte von MSIM FMIL, die nachhaltige
Anlagen (gemäß Verordnung (EU) 2019/2088 des Europäischen Parlaments und des Rates vom
27. November 2019 über nachhaltigkeitsbezogene Angaben im Finanzdienstleistungssektor(„SFDR“) getätigt haben, die obligatorischen PAI-Indikatoren gemäß Tabelle 1, Anhang I derDelegierten Verordnung zur SFDR im Einklang mit den eigenen Kriterien der Anlageteams zur
Definition nachhaltiger Anlagen geprüft, um festzustellen, ob diese Anlagen eine erhebliche
Beeinträchtigung eines ökologischen oder sozialen Ziels zu Folge hatten.

Die gemeldeten Auswirkungen für PAI-Indikatoren, die für Anlagen in Beteiligungsunternehmen,
Staaten und supranationale Organisationen sowie Immobilienanlagen gelten, werden gegebenenfalls
auf der Grundlage aller Anlagen gemäß den geltenden Formeln in der Delegierten Verordnung zur
SFDR berechnet. Die Berechnung der PAI-Indikatorwerte in dieser Stellungnahme basiert auf
verfügbaren Daten und Fachwissen von externen Datenanbietern. Für bestimmte Anlagen, wie zum
Beispiel Investmentfonds und bestimmte Derivate, sind wir derzeit nicht in der Lage, ausreichende
Daten über die zugrunde liegenden Bestandteile dieser Anlagen zu sammeln, und sie wurden vonder Berechnung der PAI-Indikatorwerte ausgeschlossen. Insgesamt stellen diese Anlagen jedoch nur
einen sehr geringen Prozentsatz der Gesamtanlagen von MSIM FMIL dar, und es ist nicht zu

erwarten, dass ihr Ausschluss zu einer wesentlichen Abweichung von den gemeldeten PAIIndikatorwerten führt.
Die Berechnung der PAI-Indikatoren basiert auf verfügbaren Daten von Drittanbietern, obwohl für
bestimmte Kennzahlen und Sektoren erhebliche Datenlücken bestehen. Wo vom Emittenten
gemeldete Daten nicht verfügbar waren, nutzte unser Datenanbieter Proxy-Methoden, um die Datenzu schätzen. Solche Daten unterliegen möglicherweise immer noch methodischen Einschränkungenund Abdeckungslücken, und Schätzungen können sich ändern, wenn der Datenanbieter seine
Methodik weiterentwickelt.
Die meisten PAI-Indikatorwerte auf aggregierter Ebene haben sich während des Referenzzeitraumgegenüber dem vorangegangenen Referenzzeitraum in gewissem Maße verändert, was auf die
folgenden Änderungen von Finanzprodukten von MSIM FMIL zurückzuführen ist: (1) Änderungendes Produktumfangs (z. B. Produkteinführungen und -schließungen), (2) Änderungen bei den
gehaltenen Wertpapieren (z. B. durch Kauf und Verkauf von Wertpapieren), (3) Änderungen derMarktwerte der gehaltenen Wertpapiere und (4) Änderungen der einzelnen Werte von PAIIndikatoren der gehaltenen Wertpapiere. Weitere Faktoren für bestimmte Änderungen der PAIIndikatorwerte waren (5) Änderungen im Erfassungsbereich der PAI-Daten und (6) Änderungen der
Methoden zur Berechnung der PAI-Indikatoren oder Datenerhebungsmethoden. Die PAIIndikatorwerte, die für den vorherigen Referenzzeitraum angegeben wurden, wurden nicht
angepasst, um diese Änderungen widerzuspiegeln.
Die in dieser Erklärung enthaltenen zusätzlichen PAIs wurden ausgewählt, wenn für diese PAIs undfür bestimmte Finanzprodukte von MSIM FMIL während des Referenzzeitraums Maßnahmen
ergriffen wurden, die mit den oben beschriebenen Ansätzen übereinstimmen.
Anlageteams werden die PAIs (wie oben beschrieben) für die von ihnen verwalteten Finanzproduktevon MSIM FMIL im Einklang mit produktspezifischen Verpflichtungen und Anlagerichtlinien sowie
den eigenen Anlageansätzen der Anlageteams weiterhin berücksichtigen. Aufgrund des dezentralen
Ansatzes von MSIM sind nicht für alle Finanzprodukte von MSIM FMIL Ziele festgelegt;
Finanzprodukte von MSIM FMIL können jedoch ihre eigenen Ziele festlegen, die in den relevanten
Produktangaben zu finden sind.

Die in diesem Dokument bereitgestellten Informationen sollten nicht als für alle Finanzprodukte von MSIM FMIL geltend angesehen werden. Einzelheiten dazu, wie jedes Finanzprodukt von MSIM FMIL PAIs berücksichtigt,
finden Sie in der produktspezifischen Dokumentation. Die Daten können methodischen Einschränkungen, Datenverzögerungen, Lücken in der Datenabdeckung oder anderen Problemen unterliegen, die sich auf die Qualität
der Daten auswirken.
JUNE 2024|

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS

29

ELΠερίληψη
Η MSIM Fund Management (Ireland) Limited («MSIM FMIL») (LEI: 549300QDS5K6OGU25W78)
λαμβάνει υπόψη τις κύριες δυσμενείς επιπτώσεις («ΚΔΕ») των επενδυτικών της αποφάσεων στους
παράγοντες αειφορίας. Η παρούσα δήλωση είναι η ενοποιημένη δήλωση σχετικά με τις κύριες
δυσμενείς επιπτώσεις στους παράγοντες αειφορίας της MSIM FMIL.
Η παρούσα δήλωση σχετικά με τις κύριες δυσμενείς επιπτώσεις στους παράγοντες αειφορίας
καλύπτει την περίοδο αναφοράς από 1 Ιανουαρίου 2023 έως 31 Δεκεμβρίου 2023 (η «Περίοδος
αναφοράς»).
Η Morgan Stanley Investment Management («MSIM») αποτελεί το τμήμα διαχείρισης επενδύσεων
της Morgan Stanley (η «Εταιρεία») και παρέχει επενδυτικές λύσεις σε δημόσιες και ιδιωτικές
αγορές σε όλο τον κόσμο. Η MSIM FMIL είναι μια έμμεση πλήρως ελεγχόμενη θυγατρική εταιρεία
της Morgan Stanley, η οποία ανήκει στο τμήμα διαχείρισης επενδύσεων.
Στην Ευρώπη, η MSIM FMIL ενεργεί ως διαχειρίστρια επενδύσεων, εταιρεία διαχείρισης καιδιαχειρίστρια εναλλακτικών επενδυτικών κεφαλαίων για μια σειρά αμοιβαίων κεφαλαίων πουχρηματοδοτούνται από την MSIM και λογαριασμούς τρίτων που τελούν υπό χωριστή διαχείριση. Ηπαρούσα δήλωση αφορά αποκλειστικά τα χρηματοοικονομικά προϊόντα που διαχειρίζεται η MSIM
FMIL (τα «χρηματοοικονομικά προϊόντα της MSIM FMIL») και κανένα άλλο προϊόν της MSIM. Η
MSIM FMIL μπορεί να αναθέτει τις αρμοδιότητες διαχείρισης επενδύσεων σε άλλες νομικές
οντότητες και μπορεί να αξιοποιήσει ή να συμμετάσχει στις ευρύτερες διαδικασίες ή/καιπρωτοβουλίες της MSIM.4
Η MSIM ακολουθεί μια αποκεντρωμένη προσέγγιση όσον αφορά τη διαχείριση επενδύσεων, πουαποτελείται από ανεξάρτητες επενδυτικές ομάδες δημόσιων και ιδιωτικών αγορών και πλατφόρμες
κατηγοριών περιουσιακών στοιχείων. Κάθε επενδυτική ομάδα αποτελείται από έμπειρους
επαγγελματίες και εξειδικευμένου πόρους που επικεντρώνονται σε συγκεκριμένους επενδυτικούς
κλάδους με διαφορετικές προσεγγίσεις όσον αφορά τη βιωσιμότητα και τον τρόπο με τον οποίο
λαμβάνουν υπόψη τις κύριες δυσμενείς επιπτώσεις των επενδυτικών αποφάσεων στους
παράγοντες αειφορίας, όταν αυτό είναι σημαντικό για τις στρατηγικές τους.

Η αποκεντρωμένη προσέγγιση της MSIM επιτρέπει στις επενδυτικές ομάδες να προσαρμόζουν τηνπροσέγγισή τους στη βιωσιμότητα με πολλαπλούς τρόπους, συμπεριλαμβανομένων, μεταξύ
άλλων, των στόχων του προϊόντος, της κατηγορίας περιουσιακών στοιχείων και του επενδυτικού
χρονικού ορίζοντα, καθώς και της ειδικής έρευνας και δημιουργίας χαρτοφυλακίου και τηςφιλοσοφίας και της διαδικασίας που χρησιμοποιεί η εν λόγω ομάδα. Οι επενδυτικές ομάδες
χρησιμοποιούν τις ικανότητες και την κρίση τους για την αξιολόγηση της σημαντικότητας τωνκινδύνων και των ευκαιριών που σχετίζονται με τους παράγοντες ΠΚΔ, όπως ενδείκνυται για κάθεεπενδυτική στρατηγική.
Η παρούσα δήλωση παρέχει μια επισκόπηση του τρόπου με τον οποίο λαμβάνονται υπόψη, κατάπερίπτωση, οι κύριες δυσμενείς επιπτώσεις για τα χρηματοοικονομικά προϊόντα της MSIM FMIL.
Λόγω της αποκεντρωμένης προσέγγισης της MSIM, η εφαρμογή οποιωνδήποτε μέτρων σε σχέση
με τις κύριες δυσμενείς επιπτώσεις πραγματοποιείται σε επίπεδο προϊόντος στο πλαίσιο τηςδιαδικασίας λήψης επενδυτικών αποφάσεων από κάθε επιμέρους επενδυτική ομάδα. Οιπληροφορίες που περιέχονται στην παρούσα δήλωση δεν πρέπει να θεωρηθεί ότι ισχύουν εξίσου
για όλα τα χρηματοοικονομικά προϊόντα της MSIM FMIL. Περαιτέρω πληροφορίες σχετικά με τοντρόπο με τον οποίο συγκεκριμένα προϊόντα λαμβάνουν υπόψη τις κύριες δυσμενείς επιπτώσεις
μπορείτε να βρείτε στα σχετικά έγγραφα προσφοράς, στις συμφωνίες διαχείρισης επενδύσεων και,κατά περίπτωση, στις γνωστοποιήσεις ιστότοπου.
Στην Ενότητα 2 της παρούσας δήλωση, γνωστοποιούμε τους υποχρεωτικούς δείκτες στον Πίνακα 1του Παραρτήματος Ι του κατ’ εξουσιοδότηση κανονισμού (ΕΕ) 2022/1288 της Επιτροπής (ο «κατ΄εξουσιοδότηση κανονισμός SFDR») για την περίοδο αναφοράς που καλύπτει τις επενδύσεις στις
εταιρείες που γίνονται οι επενδύσεις, σε κρατικά και υπερεθνικά κράτη, καθώς και σε περιουσιακά
στοιχεία ακινήτων. Γνωστοποιούμε επίσης ορισμένους πρόσθετους δείκτες από τους Πίνακες 2 και
3 του Παραρτήματος Ι του κατ΄ εξουσιοδότηση κανονισμού SFDR οι οποίοι αναφέρονται σεποιοτική βάση.
Οι επενδυτικές ομάδες που διαχειρίζονταν τα χρηματοοικονομικά προϊόντα της MSIM FMIL καιείχαν δεσμευτεί να λάβουν υπόψη τις κύριες δυσμενείς επιπτώσεις χρησιμοποίησαν διάφορεςΣτο παρόν έγγραφο, οι αναφορές σε «MSIM», «εμείς», «εμάς», «μας» αποτελούν αναφορές στη Morgan Stanley Investment Management ως τμήμα της Morgan Stanley. Οι αναφορές στην «MSIM FMIL» αποτελούν
αναφορές στη συγκεκριμένη νομική οντότητα της MSIM Fund Management (Ireland) Limited.
4Οι πληροφορίες που παρέχονται σε αυτό το έγγραφο δεν πρέπει να θεωρείται ότι ισχύουν για όλα τα χρηματοοικονομικά προϊόντα της MSIM FMIL. Ανατρέξτε στην τεκμηρίωση εκάστου προϊόντος για λεπτομέρειες
σχετικά με τον τρόπο με τον οποίο κάθε χρηματοοικονομικό προϊόν της MSIM FMIL λαμβάνει υπόψη τις κύριες δυσμενείς επιπτώσεις. Τα δεδομένα ενδέχεται να υπόκεινται σε μεθοδολογικούς περιορισμούς,καθυστερήσεις δεδομένων, κενά στην κάλυψη των δεδομένων ή άλλα ζητήματα που επηρεάζουν την ποιότητα των δεδομένων.
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ELπροσεγγίσεις για τον εντοπισμό και την αξιολόγηση των υποχρεωτικών κύριων δυσμενών
επιπτώσεων, οι οποίες περιλάμβαναν:Αποκλεισμούς: με βάση τα δεδομένα που λαμβάνονται από τρίτους παρόχους δεδομένων,ορισμένα χρηματοοικονομικά προϊόντα της MSIM FMIL όριζαν κατώτατα όρια εσόδων ή/καιτομεακά φίλτρα που αποσκοπούσαν στη μείωση ή την κατάργηση της έκθεσης σε εκδότες πουεμπλέκονται σε συγκεκριμένες επιχειρηματικές δραστηριότητες ή σε εκδότες που ανήκουν σεσυγκεκριμένο τομέα, οι οποίοι μπορεί να ευθυγραμμίζονται με ορισμένες κύριες δυσμενείς
επιπτώσεις.

Δεσμεύσεις για συγκεκριμένα προϊόντα: ορισμένα χρηματοοικονομικά προϊόντα της MSIM
FMIL καθόρισαν συγκεκριμένες δεσμεύσεις που αφορούν τις κύριες δυσμενείς επιπτώσεις,όπως τη μείωση κατά το ήμισυ της έντασης των εκπομπών διοξειδίου του άνθρακα μέχρι τοτέλος του 2030 από εταιρικές συμμετοχές.

Ενεργή συμμετοχή: η ενεργή συμμετοχή σε εταιρείες στις οποίες πραγματοποιούνταν οιεπενδύσεις ή σε άλλες οντότητες γινόταν υπό την καθοδήγηση επενδυτικών ομάδων καιορισμένες επενδυτικές ομάδες χρησιμοποιούσαν αυτήν την ευκαιρία για να ασχοληθούν μεθέματα σχετικά με τις κύριες δυσμενείς επιπτώσεις, κατά περίπτωση, σύμφωνα με τιςεπενδυτικές πολιτικές για συγκεκριμένα προϊόντα.

Κριτήριο «μη πρόκλησης σημαντικής βλάβης» σύμφωνα με τον SFDR: κατά τη διάρκεια τηςπεριόδου αναφοράς, τα χρηματοοικονομικά προϊόντα της MSIM FMIL που πραγματοποίησαν
αειφόρες επενδύσεις (όπως ορίζονται από τον κανονισμό (ΕΕ) 2019/2088 του Ευρωπαϊκού
Κοινοβουλίου και του Συμβουλίου της 27ης Νοεμβρίου 2019 περί γνωστοποιήσεων αειφορίας
στον τομέα των χρηματοπιστωτικών υπηρεσιών («SFDR») αξιολόγησαν τους υποχρεωτικούς
δείκτες κύριων δυσμενών επιπτώσεων, όπως ορίζονται στον Πίνακα 1, Παράρτημα Ι του κατ’εξουσιοδότηση κανονισμού SFDR, για να καθορίσουν εάν οι επενδύσεις αυτές προκάλεσαν
σημαντική βλάβη σε περιβαλλοντικό ή κοινωνικό στόχο, σύμφωνα με τα ίδια τα κριτήρια τωνεπενδυτικών ομάδων για τον ορισμό των αειφόρων επενδύσεων.

Ο αντίκτυπος που αναφέρθηκε για τους δείκτες κύριων δυσμενών επιπτώσεων που ισχύουν γιαεπενδύσεις στις υπό επένδυση εταιρείες, σε κρατικές και υπερεθνικές εταιρείες και σε περιουσιακά

στοιχεία ακινήτων υπολογίζεται, κατά περίπτωση, με βάση όλες τις επενδύσεις, όπως ορίζονται
στους ισχύοντες τύπους στον κατ’ εξουσιοδότηση κανονισμό SFDR. Ο υπολογισμός των τιμών τουδείκτη κύριων δυσμενών επιπτώσεων στην παρούσα δήλωση βασίζεται στα διαθέσιμα δεδομένα
και στην εξειδικευμένη γνώση τρίτων παρόχων δεδομένων. Για ορισμένες επενδύσεις, όπως τααμοιβαία κεφάλαια και ορισμένα παράγωγα, δεν είμαστε επί του παρόντος σε θέση νασυγκεντρώσουμε επαρκή δεδομένα σχετικά με τα υποκείμενα στοιχεία αυτών των επενδύσεων καιέχουν εξαιρεθεί από τον υπολογισμό των τιμών του δείκτη κύριων δυσμενών επιπτώσεων. Ωστόσο,συνολικά οι επενδύσεις αυτές αποτελούν ένα πολύ χαμηλό ποσοστό των συνολικών επενδύσεων
της MSIM FMIL και η εξαίρεσή τους δεν αναμένεται να επιφέρει σημαντική διαφορά στις
αναφερόμενες τιμές του δείκτη των κύριων δυσμενών επιπτώσεων.
Ο υπολογισμός των δεικτών κύριων δυσμενών επιπτώσεων βασίζεται σε διαθέσιμα στοιχεία απότρίτους παρόχους δεδομένων, αν και υπάρχουν σημαντικές ελλείψεις δεδομένων για ορισμένες
μετρήσεις και τομείς. Στις περιπτώσεις όπου δεν υπήρχαν διαθέσιμα στοιχεία από τους εκδότες, οπάροχος των δεδομένων μας χρησιμοποίησε μεθοδολογίες υποκατάστασης για την εκτίμηση τωνστοιχείων. Τα δεδομένα αυτά ενδέχεται να υπόκεινται ακόμη σε μεθοδολογικούς περιορισμούς καικενά κάλυψης και οι εκτιμήσεις ενδέχεται να αλλάξουν καθώς ο πάροχος των δεδομένων
αναπτύσσει τη μεθοδολογία του.
Οι περισσότερες τιμές των δεικτών κύριων δυσμενών επιπτώσεων σε συνολικό επίπεδο
μεταβλήθηκαν σε κάποιο βαθμό κατά τη διάρκεια της περιόδου αναφοράς σε σχέση με τηνπροηγούμενη περίοδο αναφοράς, λόγω των ακόλουθων αλλαγών σε όλα τα χρηματοοικονομικά
προϊόντα της MSIM FMIL: (1) αλλαγές στο πεδίο εφαρμογής των προϊόντων (π.χ. ενάρξεις καικλεισίματα προϊόντων), (2) αλλαγές στα διακρατούμενα αξιόγραφα (π.χ. μέσω αγοράς και πώλησης
αξιόγραφων), (3) αλλαγές στις αγοραίες αξίες των διακρατούμενων αξιόγραφων και (4) αλλαγές
στις επιμέρους τιμές των δεικτών κύριων δυσμενών επιπτώσεων των διακρατούμενωναξιόγραφων. Πρόσθετες κινητήριες δυνάμεις για ορισμένες μεταβολές στις τιμές των δεικτών
κύριων δυσμενών επιπτώσεων ήταν (5) αλλαγές σε κάλυψη δεδομένων των κύριων δυσμενών
επιπτώσεων και (6) αλλαγές στις δεοντολογίες υπολογισμού ή συλλογής δεδομένων του δείκτη
κύριων δυσμενών επιπτώσεων. Οι τιμές των δεικτών κύριων δυσμενών επιπτώσεων πουπαρουσιάζονται για την προηγούμενη περίοδο αναφοράς δεν έχουν αναπροσαρμοστεί για νααντανακλούν αυτές τις αλλαγές.

Οι πληροφορίες που παρέχονται σε αυτό το έγγραφο δεν πρέπει να θεωρείται ότι ισχύουν για όλα τα χρηματοοικονομικά προϊόντα της MSIM FMIL. Ανατρέξτε στην τεκμηρίωση εκάστου προϊόντος για λεπτομέρειες
σχετικά με τον τρόπο με τον οποίο κάθε χρηματοοικονομικό προϊόν της MSIM FMIL λαμβάνει υπόψη τις κύριες δυσμενείς επιπτώσεις. Τα δεδομένα ενδέχεται να υπόκεινται σε μεθοδολογικούς περιορισμούς,καθυστερήσεις δεδομένων, κενά στην κάλυψη των δεδομένων ή άλλα ζητήματα που επηρεάζουν την ποιότητα των δεδομένων.
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ES
Resumenconfección de las carteras, la filosofía y el proceso empleados por el equipo en cuestión. Los
equipos de inversión despliegan sus habilidades y su juicio a la hora de evaluar la materialidad delos riesgos y las oportunidades ESG según corresponde para cada estrategia de inversión.

MSIM Fund Management (Ireland) Limited (“MSIM FMIL”) (IPJ: 549300QDS5K6OGU25W78)
considera las principales incidencias adversas (“PIA”) de sus decisiones de inversión sobre losfactores de sostenibilidad. La presente declaración es la declaración consolidada sobre lasprincipales incidencias adversas sobre los factores de sostenibilidad de MSIM FMIL.
La presente declaración relativa a las principales incidencias adversas sobre los factores desostenibilidad abarca el periodo de referencia del 1 de enero de 2023 al 31 de diciembre de 2023 (el“periodo de referencia”).
Morgan Stanley Investment Management (“MSIM”) es la división de gestión de inversiones deMorgan Stanley (la “sociedad”) y proporciona soluciones de inversión en los diversos mercados
públicos y privados de todo el mundo. MSIM FMIL es una sociedad dependiente indirecta totalmenteparticipada de Morgan Stanley, perteneciente a la división de gestión de inversiones.
En Europa, MSIM FMIL interviene en calidad de gestora de inversión, sociedad gestora y gestora defondos de inversión alternativos de diversidad de fondos respaldados por MSIM y cuentas
gestionadas aparte de terceros. Esta declaración se refiere exclusivamente a los productos
financieros gestionados por MSIM FMIL (los “productos financieros de MSIM FMIL”) y no a otros
productos de MSIM. MSIM FMIL podrá delegar la gestión de inversiones en otras personas jurídicas
y podrá aprovechar el conjunto de procesos o iniciativas de MSIM o formar parte de ellos.5
MSIM sigue un enfoque descentralizado hacia la gestión de inversiones consistente en plataformas
de clases de activos y equipos de inversión en mercados públicos y privados independientes. Cada
equipo de inversión está formado por profesionales experimentados y recursos específicos
centrados en disciplinas de inversión específicas con diferentes enfoques hacia la sostenibilidad, ycómo consideran las principales incidencias adversas de las decisiones de inversión sobre losfactores de sostenibilidad cuando resulta relevante para sus estrategias.
El enfoque descentralizado de MSIM permite a los equipos de inversión adoptar su enfoque hacia lasostenibilidad de múltiples formas, atendiendo, entre otras cuestiones, a los objetivos del producto,
la clase de activos y el horizonte temporal de la inversión, así como a análisis específicos y la

Esta declaración ofrece una descripción general de cómo las PIA se consideran para los productos
financieros de MSIM FMIL, cuando procede. Con motivo del enfoque descentralizado de MSIM, laimplementación de medidas adoptadas con respecto a las PIA se produce a escala de producto enel marco del proceso de toma de decisiones de inversión de cada equipo de inversión. No se debe
considerar que la información incluida en esta declaración resulta de aplicación por igual a todos los
productos financieros de MSIM FMIL; puede obtener más información sobre cómo cada producto
específico considera las PIA en los documentos de oferta correspondientes, en los contratos degestión de inversión y, en su caso, las divulgaciones que se proporcionan en el sitio web.
En el apartado 2 de esta declaración, divulgamos los indicadores obligatorios que se especifican enla Tabla 1 del Anexo I del Reglamento Delegado (UE) 2022/1288 de la Comisión (el “Reglamento
Delegado del SFDR”) relativos al periodo de referencia y referidos a inversiones en empresas en lasque se invierte, soberanos y entidades supranacionales, y activos inmobiliarios. También divulgamos
ciertos indicadores adicionales de las Tablas 2 y 3 del Anexo I del Reglamento Delegado del SFDR
que se comunican con base cualitativa.
Los equipos de inversión que gestionan los productos financieros de MSIM FMIL que se habían
comprometido a considerar las PIA han aplicado variedad de enfoques hacia la identificación y laevaluación de las PIA obligatorias, incluidas las siguientes:


Exclusiones: con base en datos obtenidos de proveedores de datos externos, determinados
productos financieros de MSIM FMIL establecen umbrales de ingresos o controles por sectoresorientados a reducir o suprimir la exposición a emisores implicados en determinadas actividades
económicas o aquellos que pertenecen a un sector específico, que podrían ajustarse a ciertas PIA;

Compromisos relativos a productos específicos: algunos productos financieros de MSIM
FMIL definían compromisos específicos relativos a PIA, como posiciones en empresas que
reducirán a la mitad su intensidad de carbono para finales del año 2030;

Las referencias a “MSIM” y “nosotros” y sus formas remiten a Morgan Stanley Investment Management como división de Morgan Stanley. Las referencias a “MSIM FMIL” remiten a la persona jurídica MSIM Fund Management(Ireland) Limited en concreto.
5

No se debe considerar que la información que se facilita en este documento resulta de aplicación a todos los productos financieros de MSIM FMIL. Consulte la documentación específica de cada producto para obtener
información detallada sobre cómo cada producto financiero de MSIM FMIL considera las PIA. Los datos pueden estar supeditados a limitaciones metodológicas, desfases en los datos, brechas en la cobertura de los datos u
otros problemas con incidencia en la calidad de los datos.
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STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS|JUNE 2024

ESImplicación: la implicación con las empresas en las que se invierte u otras entidades corrió acargo de los equipos de inversión, y ciertos equipos de inversión utilizaron esta oportunidad para
implicarse sobre cuestiones relativas a PIA, en su caso, en línea con las políticas de inversión
específicas de los productos; y

En los casos en que no se disponía de datos comunicados por los emisores, nuestro proveedor dedatos empleó metodologías de aproximación para estimar los datos. Tales datos aun así pueden
estar supeditados a limitaciones metodológicas y brechas de cobertura y las estimaciones pueden
variar según el proveedor de los datos desarrolle su metodología.



Prueba del principio de “no causar un perjuicio significativo” según el SFDR: durante
el periodo de referencia, los productos financieros de MSIM FMIL que realizaron inversiones
sostenibles (según la definición que se le atribuye a este término en el Reglamento (UE)2019/2088 del Parlamento Europeo y del Consejo de 27 de noviembre de 2019 sobre ladivulgación de información relativa a la sostenibilidad en el sector de los servicios financieros,“SFDR”) valoraron los indicadores de PIA obligatorias según se recogen en la Tabla 1, Anexo
I del Reglamento Delegado del SFDR para determinar si estas inversiones ocasionaban algún
perjuicio significativo a un objetivo medioambiental o social, en línea con los criterios propios delos equipos de inversión para definir inversiones sostenibles.

Los valores de la mayoría de los indicadores de PIA en general variaron en cierta medida durante elperiodo de referencia con respecto al periodo de referencia anterior debido a los siguientes cambios
en los productos financieros de MSIM FMIL: (1) cambios en el alcance de los productos (porejemplo, lanzamientos y liquidaciones de productos), (2) cambios en los valores mantenidos (porejemplo, mediante la compraventa de valores), (3) cambios en los valores de mercado de los títulos
mantenidos y (4) cambios en los valores de indicadores de PIA individuales de los valores
mantenidos. También contribuyeron a determinados cambios en los valores de los indicadores dePIA (5) cambios en la cobertura de datos de las PIA y (6) cambios en las metodologías de cálculo orecogida de datos de los indicadores de PIA. Los valores de los indicadores de PIA que se presentan
en relación con el periodo de referencia anterior no se han reformulado para reflejar estos cambios.

El impacto comunicado en relación con los indicadores de PIA aplicables a inversiones en empresas
en las que se invierte, entidades soberanas y supranacionales y activos inmobiliarios se calcula,según procede, con base en todas las inversiones que se recogen en las fórmulas aplicablesprevistas en el Reglamento Delegado del SFDR. El cálculo del valor de los indicadores de PIA deesta declaración se basa en datos disponibles y en la capacidad de proveedores de datos externos.
En el caso de determinadas inversiones, como fondos de inversión y ciertos derivados, en este
momento no estamos en disposición de recopilar un nivel adecuado de datos sobre los componentes
subyacentes de estas inversiones, y se han excluido del cálculo de los valores indicativos de las PIA;
sin embargo, en términos agregados, estas inversiones constituyen un porcentaje muy bajo delconjunto de las inversiones de MSIM FMIL y no se prevé que su exclusión vaya a resultar en una
diferencia sustancial en los valores de los indicadores de PIA comunicados.
El cálculo de los indicadores de PIA se basa en datos disponibles de proveedores de datos externos,
aunque existen brechas de datos significativas en los casos de determinados parámetros y sectores.

Las PIA adicionales incluidas en esta declaración fueron seleccionadas en los casos en que setomaron medidas coherentes con los enfoques que se describen anteriormente en relación con
estas PIA, con respecto a determinados productos financieros de MSIM FMIL durante el periodo
de referencia.
Los equipos de inversión seguirán considerando las PIA (según se indica con anterioridad) con
respecto a los productos financieros de MSIM FMIL que gestionan, en línea con las políticas deinversión y los compromisos relativos a productos específicos, así como los enfoques de inversión
propios de los equipos de inversión. No hay objetivos fijados para todos los productos financieros de
MSIM FMIL debido al enfoque descentralizado de MSIM; sin embargo, los productos financieros de
MSIM FMIL pueden fijar sus propios objetivos, que se pueden consultar en las divulgaciones de los
productos de que se trate.

No se debe considerar que la información que se facilita en este documento resulta de aplicación a todos los productos financieros de MSIM FMIL. Consulte la documentación específica de cada producto para obtener
información detallada sobre cómo cada producto financiero de MSIM FMIL considera las PIA. Los datos pueden estar supeditados a limitaciones metodológicas, desfases en los datos, brechas en la cobertura de los datos u
otros problemas con incidencia en la calidad de los datos.
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ET
Kokkuvõte
MSIM Fund Management (Ireland) Limited („MSIM FMIL”) (LEI: 549300QDS5K6OGU25W78)
arvestab oma investeerimisotsuste peamiseid negatiivseid mõjusid („PAI-d”) jätkusuutlikkuseteguritele. See avaldus on konsolideeritud avaldus peamiste kahjulike mõjude kohta MSIM FMIL-i
jätkusuutlikkuse teguritele.

MSIM-i detsentraliseeritud lähenemine võimaldab investeerimismeeskondadel kohandada oma
lähenemisviisi jätkusuutlikkusele mitmel viisil, sealhulgas, kuid mitte ainult, toote eesmärgid,
varaklass ja investeerimisaja horisont, samuti konkreetsed uuringud ja portfelli ülesehitus, filosoofia
ja protsess, mida meeskond kasutab. Investeerimismeeskonnad kasutavad oma oskuseid ja
otsustusvõimet ESG-ga seotud riskide ja võimaluste olulisuse hindamisel vastavalt igale
investeerimisstrateegiale.

See avaldus jätkusuutlikkuse tegurite peamiste kahjulike mõjude kohta hõlmab võrdlusperioodi 1.
jaanuarist 2023 kuni 31. detsembrini 2023 („võrdlusperiood”).
Morgan Stanley Investment Management („MSIM”) on Morgan Stanley („ettevõte”) investeeringutehaldamise allüksus, mis pakub investeerimislahendusi avalikel ja eraturgudel üle maailma. MSIM
FMIL on Morgan Stanley kaudne täielikult omanduses olev tütarettevõte, mis on osa investeeringutehaldamise allüksusest.
Euroopas tegutseb MSIM FMIL investeeringute haldurina, fondivalitsejana ning alternatiivsete
investeerimisfondide haldurina mitmesuguste MSIM-i sponsoreeritud fondide ja kolmandate
osapoolte eraldi hallatavate kontode jaoks. See avaldus on seotud ainult finantstoodetega, mida
haldab MSIM FMIL („MSIM FMIL-i finantstooted”), ja mitte ühegi muu MSIM-i tootega. MSIM FMILvõib delegeerda investeeringute haldamise teistele juriidilistele isikutele ning võib saada kasu
MSIM-i laiematest protsessidest ja/või algatustest või olla nende osa.6
MSIM järgib investeeringute haldamisel detsentraliseeritud lähenemisviisi, mis koosnebsõltumatutest avaliku ja eraturgude investeerimismeeskondadest ja varaklassi platvormidest.
Iga investeerimismeeskond koosneb kogenud professionaalidest, kelle kasutada on asjakohased
ressursid, mis on keskendunud konkreetsetele investeerimisdistsipliinidele erinevatelähenemisviisidega jätkusuutlikkusele ja sellele, kuidas need arvestavad investeerimisotsustepeamiseid negatiivseid mõjusid jätkusuutlikkuse teguritele, kui see on nende strateegiate
jaoks asjakohane.

6

See avaldus annab ülevaate sellest, kuidas arvestatakse PAI-sid MSIM FMIL-i finantstoodete puhul,
kui see on asjakohane. MSIM-i detsentraliseeritud lähenemisviisi tõttu rakendatakse PAI-degaseotud toiminguid toote tasandil osana iga üksiku investeerimismeeskonna investeerimisotsustetegemise protsessist. Selles avalduses sisalduvat teavet ei tohiks käsitleda võrdselt kõigi MSIM
FMIL-i finantstoodete kohta käivana – lisateavet selle kohta, kuidas konkreetsed tooted PAI-sid
arvestavad, leiate asjakohastest pakkumisdokumentidest, investeeringute halduslepingutest ja
asjakohastel juhtudel veebisaidi lahtiütlustest.
Selle avalduse jaotises 2 avaldame komisjoni delegeeritud määruse (EL) 2022/1288(„SFDR-I
delegeeritud määrus”) I lisa tabelis 1 sätestatud kohustuslikud indikaatorid võrdlusperioodi kohta,
mis hõlmab investeeringuid investeerimisobjektidest ettevõtetesse, riiklikesse ja riigiülestesseäriühingutesse ning kinnisvaravaradesse. Samuti avaldame SFDR-i delegeeritud määruse I lisa
tabelites 2 ja 3 teatavad lisanäitajad, mis on esitatud kvalitatiivsel alusel.
Investeerimismeeskonnad, kes haldavad MSIM FMIL-i finantstooteid ja kes olid võtnud endale
kohustuse kaaluda PAI-sid, kasutasid kohustuslike PAI-de tuvastamiseks ja hindamiseksmitmesuguseid lähenemisviise, sealhulgas järgmiseid.
Välistused: kolmandatest osapooltest andmepakkujatelt saadud andmete põhjal määravad
teatud MSIM FMIL-i finantstooted tulukünnised ja/või sektoripõhised sõelad, mille eesmärk

Viited „MSIM”, „meie”, „me” tähendavad ettevõtet Morgan Stanley Investment Management kui Morgan Stanley allüksust. „MSIM FMIL” tähendab konkreetset juriidilist isikut MSIM Fund Management (Ireland) Limited.

Selles dokumendis esitatud teavet ei tohiks käsitleda kõigi MSIM FMIL-i finantstoodete kohta käivana. Üksikasju selle kohta, kuidas iga MSIM FMIL-i finantstoode arvestab PAI-dega, vaadake tootespetsiifilisest dokumentatsioonist.
Andmete suhtes võivad kehtida metodoloogilised piirangud, andmeviivitused, andmete katvuslüngad või muud andmete kvaliteeti mõjutavad probleemid.
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ET
on vähendada kokkupuudet konkreetse äritegevusega seotud või konkreetsesse sektorisse
kuuluvate emitentidega või selle kokkupuute eemaldamine, ja mis võivad kattuda teatud PAI-degaTootepõhised kohustused: mõned MSIM FMIL-i finantstooted määratlesid PAI-dega seotud
konkreetsed kohustused, näiteks ettevõtete osalused vähendavad oma süsinikusisaldust poolevõtta 2030. aasta lõpuks.

Kaasamine: investeerimisobjektidest ettevõtete või muude üksuste kaasamist juhtisid
investeerimismeeskonnad ja teatud investeerimismeeskonnad kasutasid seda võimalust
PAI-dega seotud teemadel, kui see oli asjakohane, kooskõlas tootespetsiifiliste
investeerimispoliitikatega.



SFDR-i test „ära tee olulist kahju”: jätkusuutlikke investeeringuid teinud MSIM FMIL-i
finantstooted (nagu on määratletud Euroopa Parlamendi ja nõukogu 27. novembri 2019.
aasta määruses (EL) 2019/2088 jätkusuutlikkusega seotud teabe avalikustamise kohta
finantsteenuste sektoris („SFDR”)) hindasid viiteperioodi jooksul kohustuslikke PAI näitajaid,nagu on sätestatud SFDR-i delegeeritud määruse I lisa tabelis 1, et teha kindlaks, kas needinvesteeringud põhjustasid olulist kahju keskkonna- või sotsiaalsele eesmärgile, kooskõlas
investeerimismeeskondade kriteeriumidega jätkusuutlike investeeringute määratlemiseks.

PAI indikaatorite arvutamine põhineb saadaolevatel andmetel kolmandatest osapooltest
andmepakkujatelt, kuigi teatud mõõdikute ja sektorite puhul esineb märkimisväärseid andmelünki.
Kui emitendi esitatud andmed ei olnud kättesaadavad, kasutas meie andmepakkuja andmete
hindamiseks puhverserveri metoodikat. Selliste andmete puhul võivad siiski kehtida
metodoloogilised piirangud ja katvuslüngad ning hinnangud võivad muutuda, kui andmepakkuja oma
metoodikat arendab.
Enamik PAI indikaatorite väärtusi koondtasemel muutus teatud määral võrdlusperioodi jooksulvõrreldes eelneva võrdlusperioodiga järgmiste muudatuste tõttu MSIM FMIL-i finantstoodetes: (1)muutused tootevalikus (nt toodete turule toomine ja sealt eemaldamine); (2) muutused hoitavates
väärtpaberites (nt väärtpaberite ostmise ja müümise kaudu); (3) muutused hoitavate väärtpaberite
turuväärtuses; (4) muutused hoitavate väärtpaberite individuaalsetes PAI indikaatorite väärtustes.
Täiendavad jõud teatud muutustele PAI indikaatorite väärtustes olid (5) muutused PAI andmete
katvuses; (6) muutused PAI indikaatorite arvutamise või andmekogumise metoodikates. Eelmisevõrdlusperioodi kohta esitatud PAI indikaatorite väärtusi ei ole nende muutuste kajastamiseksümber arvutatud.

Investeeringuobjektidest ettevõtete, riiklike ja riigiüleste äriühingute ning kinnisvaravarade suhtes
kohaldatavate PAI näitajate kohta teatatud mõju arvutatakse rakendatavuse korral kõigi
investeeringute põhjal, nagu on sätestatud SFDR-I delegeeritud määruse kohaldatavates valemites.
Selles avalduses esitatud PAI indikaatorite väärtuste arvutamine põhineb olemasolevatel andmetel
ja teadmistelt kolmandatest osapooltest andmepakkujatelt. Teatud investeeringute, näiteks
investeerimisfondide ja teatud tuletisinstrumentide kohta ei ole meil praegu võimalik koguda piisaval
tasemel andmeid nende investeeringute aluseks olevate osiste kohta ning need on PAI
indikaatorväärtuste arvutamisel välja jäetud; kokkuvõttes moodustavad need investeeringud aga
väga väikese protsendi MSIM FMIL-i koguinvesteeringutest ja nende väljajätmine ei too eeldatavasti
kaasa olulist erinevust teatatud PAI indikaatorite väärtustes.

Selles avalduses sisalduvad täiendavad PAI-d on valitud juhul, kui nende PAI-de puhul võeti
võrdlusperioodil teatud MSIM FMIL-i finantstoodete puhul meetmeid, mis on kooskõlas
ülalkirjeldatud lähenemisviisidega.
Investeerimismeeskonnad jätkavad nende hallatavate MSIM FMIL-i finantstoodete PAI-dearvestamist (ülalkirjeldatud viisil) kooskõlas tootespetsiifiliste kohustuste ja investeerimiseeskirjadeganing investeerimismeeskondade enda investeerimismeetoditega. MSIM-i detsentraliseeritud
lähenemisviisi tõttu ei ole kõikidele MSIM FMIL-i finantstoodetele seatud üldiseid eesmärke, kuid
MSIM FMIL-i finantstooted võivad seada oma eesmärgid, mille leiate asjakohastest tootekirjeldustest.

Selles dokumendis esitatud teavet ei tohiks käsitleda kõigi MSIM FMIL-i finantstoodete kohta käivana. Üksikasju selle kohta, kuidas iga MSIM FMIL-i finantstoode arvestab PAI-dega, vaadake tootespetsiifilisest dokumentatsioonist.
Andmete suhtes võivad kehtida metodoloogilised piirangud, andmeviivitused, andmete katvuslüngad või muud andmete kvaliteeti mõjutavad probleemid.
JUNE 2024|

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS

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FI
Yhteenveto

MSIM:n hajautettu lähestymistapa antaa sijoitustiimeille mahdollisuuden räätälöidä
lähestymistapaansa vastuullisuuteen useilla tavoilla, mukaan lukien esimerkiksi tuotteen tavoitteet,omaisuusluokka ja sijoitusaikahorisontti sekä tiimin käyttämä erityinen tutkimus- ja portfoliorakenne,
filosofia ja prosessi. Sijoitustiimit käyttävät taitojaan ja harkintaa arvioidessaan ESG:hen liittyvien
riskien ja mahdollisuuksien olennaisuutta kunkin sijoitusstrategian mukaisesti.

MSIM Fund Management (Ireland) Limited (”MSIM FMIL”) (LEI: 549300QDS5K6OGU25W78) ottaa
huomioon investointipäätösten tärkeimmät haitalliset vaikutukset (”PAI”) vastuullisuustekijöihin.
Tämä lausunto on yhdistetty lausunto MSIM FMIL:n tärkeimmistä haitallisista vaikutuksista
vastuullisuustekijöihin.

Tämä lausunto antaa tarvittaessa yleiskatsauksen siitä, miten PAI:t huomioidaan MSIM FMIL:nrahoitustuotteissa. MSIM:n hajautetun lähestymistavan ansiosta kaikki PAI:iin liittyvät toimet
toteutetaan tuotetasolla osana kunkin yksittäisen sijoitustiimin sijoituspäätöksentekoprosessia.
Tämän lausunnon tiedot eivät koske yhtäläisesti kaikkia MSIM FMIL -rahoitustuotteita – lisätietoja
siitä, miten tietyt tuotteet huomioivat PAI:t, löytyy asianomaisista esitteistä,
sijoitustenhoitosopimuksista ja tarvittaessa verkkosivuilta.

Tämä lausunto tärkeimmistä haitallisista vaikutuksista vastuullisuustekijöihin kattaa viitejakson
1.1.2022–31.12.2022 (”viitejakso”).
Morgan Stanley Investment Management (”MSIM”) on Morgan Stanleyn (”yhtiö”)
sijoitustenhallintadivisioona, joka toimittaa sijoitusratkaisuja julkisille ja yksityisille markkinoillemaailmanlaajuisesti.. MSIM FMIL on Morgan Stanleyn epäsuorasti kokonaan omistama tytäryhtiö,
joka kuuluu sijoitustenhallintadivisioonaan.
Euroopassa MSIM FMIL toimii sijoitusyhtiönä, rahastoyhtiönä, vaihtoehtoisen sijoitusrahaston
rahastonhoitajana useille MSIM:n sponsoroimille rahastoille ja kolmansien osapuolien erikseen
hallinnoiduille tileille. Tämä lausunto koskee yksinomaan MSIM FMIL:n hallinnoimia rahoitustuotteita(”MSIM FMIL -rahoitustuotteet”) eikä mitään muita MSIM-tuotteita. MSIM FMIL voi delegoidasijoitustenhoidon muille juridisille henkilöille, ja se voi hyödyntää MSIM:n laajempia prosesseja ja/tai
aloitteita tai olla osa niitä.7
MSIM noudattaa sijoitustenhoidossa hajautettua lähestymistapaa, joka perustuu riippumattomiin
julkisten ja yksityisten markkinoiden sijoitustiimeihin ja omaisuusluokka-alustoihin. Jokainensijoitustiimi koostuu kokeneista ammattilaisista ja resursseista, jotka keskittyvät erityisiin
sijoituslinjauksiin, joilla on erilaisia lähestymistapoja vastuullisuuteen ja siihen, miten ne ottavat
huomioon investointipäätösten tärkeimmät haitalliset vaikutukset vastuullisuustekijöihin silloin, kun
se on strategioiden kannalta olennaista.

7

Tämän lausunnon 2 luvussa ilmoitamme komission delegoidun asetuksen (EU) 2022/1288 (“SFDR:ndelegoitu asetus”) liitteessä I olevassa taulukossa 1 esitetyt pakolliset indikaattorit viiteajanjaksolta,
joka kattaa sijoitusyhtiöihin, valtioihin ja ylikansallisiin sekä kiinteistöomaisuuteen tehdyt sijoitukset.
Ilmoitamme myös tiettyjä muita indikaattoreita SFDR:n delegoidun asetuksen liitteen I taulukoista 2
ja 3, jotka raportoidaan kvalitatiivisesti.
PAI:t huomioivia MSIM FMIL -rahoitustuotteita hallinnoivat sijoitustiimit käyttivät erilaisia
lähestymistapoja pakollisten PAI:iden tunnistamiseen ja arvioimiseen, mukaan lukien:Poissulkemiset: tietyt MSIM FMIL -rahoitustuotteet asettavat kolmansilta osapuolilta saatujen
tietojen perusteella tulorajoja ja/tai alakohtaisia seuloja, joiden tarkoituksena on vähentää taipoistaa sijoituksia liikkeeseenlaskijoihin, jotka osallistuvat tiettyyn liiketoimintaan tai kuuluvat
tiettyyn toimialaan, joihin liittyy tiettyjä PAI:ta,

Termeillä ”MSIM””, ”me”, ”me”, ”meidän” viitataan Morgan Stanley Investment Managementiin Morgan Stanleyn divisioonana. ”MSIM FMIL” viittaa MSIM Fund Management (Ireland) Limitediin.

Tässä asiakirjassa annetut tiedot eivät koske kaikkia MSIM FMIL -rahoitustuotteita. Katso tuotekohtaisista asiakirjoista lisätietoja siitä, kuinka kukin MSIM FMIL -rahoitustuote huomioi PAI:t. Tietoihin saattaa liittyä metodologisia
rajoituksia, tiedon viiveitä, kattavuuden puutteita tai muita tietojen laatuun vaikuttavia seikkoja.
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FI

Tuotekohtaiset sitoumukset: jotkin MSIM FMIL -rahoitustuotteet määrittelivät erityisiä
sitoumuksia, jotka liittyvät PAI:hin, kuten hiilidioksidi-intensiteetin puolittaminen vuoden 2030
loppuun mennessä,Vuorovaikutus: sijoitustiimit johtivat vuorovaikutusta sijoituskohteiden ja muiden kohteidenkanssa, ja tietyt sijoitustiimit käyttivät tätä tilaisuutta keskustellakseen asianmukaisiin PAI:hinliittyvistä aiheista tuotekohtaisten sijoituspolitiikkojen mukaisesti. ja



SFDR “ei merkittävää haittaa” -testi: viitejakson aikana MSIM FMIL -rahoitustuotteet, jotka
tekivät vastuullisia sijoituksia (Euroopan parlamentin ja neuvoston asetus (EU) 2019/2088,
annettu 27 päivänä marraskuuta 2019 kestävyyteen liittyvistä tiedoista rahoituspalvelualalla),arvioivat SFDR:n delegoidun asetuksen liitteen I taulukossa 1 esitetyt pakolliset PAI-indikaattorit
sen määrittämiseksi, aiheuttivatko nämä sijoitukset merkittävää haittaa jollekin ympäristöön
tai yhteiskuntaan liittyvälle tavoitteelle sijoitusryhmien omien vastuullisten sijoitusten
määrittelykriteerien mukaisesti.

Raportoitu vaikutus PAI-indikaattoreihin, joita sovelletaan sijoituskohdeyrityksiin, valtioihin ja
ylikansallisiin yhtiöihin sekä kiinteistöomaisuuteen, lasketaan soveltuvin osin kaikkien investointien
perusteella SFDR:n delegoidun asetuksen sovellettavien kaavojen mukaisesti. Tässä lausunnossa
esitetyt PAI-indikaattoriarvot perustuvat saatavilla oleviin tietoihin ja kolmansien osapuolien
tiedontarjoajien asiantuntemukseen. Tietyistä sijoituksista, kuten sijoitusrahastoista ja tietyistä
johdannaisista, emme tällä hetkellä pysty keräämään riittävää tietoa näiden sijoitusten kohteista, ja
ne on jätetty pois PAI-indikaattoriarvojen laskennassa. Näiden investointien osuus MSIM FMIL:nkokonaisinvestoinneista on kuitenkin kokonaisuudessaan erittäin pieni, eikä niiden poissulkemisenodoteta johtavan olennaiseen eroon raportoituihin PAI-indikaattoriarvoihin nähden.

PAI-indikaattoreiden laskenta perustuu kolmansien osapuolten tietojen toimittajilta saataviin tietoihin,
vaikka tiedoissa on merkittäviä aukkoja tietyillä mittareilla ja sektoreilla. Jos liikkeeseenlaskijan
raportoimia tietoja ei ollut saatavilla, tiedontoimittajamme käytti välitysmenetelmiä tietojen
arvioinnissa. Tällaisiin tietoihin saattaa silti liittyä metodologisia rajoituksia ja kattavuusaukkoja, ja
arviot voivat muuttua tietojen toimittajan kehittäessä menetelmiään.
Useimmat PAI-indikaattoriarvot muuttuivat kokonaisuutena tarkasteltuna jonkin verran viitejaksolla
verrattuna edelliseen viitejaksoon, mikä johtuu seuraavista muutoksista MSIM FMIL
-rahoitustuotteisiin: (1) muutokset tuotteiden laajuudessa (esim. tuotteiden lanseeraukset ja
sulkemiset), (2) muutokset hallussa oleviin arvopapereihin (esim. ostamalla ja myymällä
arvopapereita), (3) muutokset hallussa olevien arvopapereiden markkina-arvoissa ja (4) muutokset
hallussa olevien arvopapereiden yksittäisissä PAI-indikaattoriarvoissa. PAI-indikaattoriarvojen
tiettyjen muutosten muita vaikuttajia olivat (5) muutokset PAI-tietojen kattavuudessa ja (6)muutokset PAI-indikaattorin laskenta- tai tiedonkeruumenetelmiin. Esitettyjä edellisen viitejakson
PAI-indikaattoriarvoja ei ole oikaistu näiden muutosten huomioon ottamiseksi.
Tähän lausuntoon sisältyvät muut PAI:t on valittu, jos näiden PAI:den osalta toteutettiin edellä
kuvattujen lähestymistapojen mukaisia toimia tiettyjen MSIM FMIL -rahoitustuotteiden osalta
viitejakson aikana.
Sijoitustiimit huomioivat edelleen hallinnoimiensa MSIM FMIL -rahoitustuotteiden PAI:t (ylläkuvatulla tavalla) tuotekohtaisten sitoumusten ja sijoituspolitiikan sekä sijoitustiimien omiensijoituslähestymistapojen mukaisesti. Kaikille MSIM FMIL -rahoitustuotteille ei ole asetettu
tavoitteita MSIM:n hajautetun lähestymistavan vuoksi, mutta MSIM FMIL -rahoitustuotteet voi
asettaa omat tavoitteensa, jotka löytyvät asiaankuuluvista tuotetiedoista.

Tässä asiakirjassa annetut tiedot eivät koske kaikkia MSIM FMIL -rahoitustuotteita. Katso tuotekohtaisista asiakirjoista lisätietoja siitä, kuinka kukin MSIM FMIL -rahoitustuote huomioi PAI:t. Tietoihin saattaa liittyä metodologisia
rajoituksia, tiedon viiveitä, kattavuuden puutteita tai muita tietojen laatuun vaikuttavia seikkoja.
JUNE 2024|

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Résumé
MSIM Fund Management (Ireland) Limited (« MSIM FMIL ») (LEI : 549300QDS5K6OGU25W78) prend
en compte les principales incidences négatives (« PAI ») de ses décisions d’investissement sur desfacteurs de développement durable. La présente déclaration constitue la déclaration consolidée desprincipales incidences négatives sur les facteurs de développement durable de MSIM FMIL.
La présente déclaration relative aux principales incidences négatives sur les facteurs dedéveloppement durable couvre la période de référence allant du 1er janvier 2023 au 31 décembre
2023 (la « période de référence »).
Morgan Stanley Investment Management (« MSIM ») est par ailleurs la division de gestiond’investissement de Morgan Stanley (l’« Entreprise »), celle-ci propose des solutions d’investissement
sur les marchés publics et privés du monde entier. MSIM FMIL est une filiale indirecte en propriété
exclusive de Morgan Stanley, qui siège au sein de la division de gestion des investissements.
En Europe, MSIM FMIL agit en tant que Gestionnaire d’Investissement, Société de Gestion etGestionnaire de Fonds d’Investissement Alternatifs pour une gamme de fonds parrainés par MSIM etde comptes tiers gérés séparément. Cette déclaration concerne exclusivement les produits financiers
gérés par MSIM FMIL (les « Produits financiers MSIM FMIL ») à l’exclusion de tout autre produit
MSIM. MSIM FMIL peut déléguer la gestion des investissements à d’autres entités juridiques, et peuts’appuyer sur les processus et/ou initiatives plus larges de MSIM ou en faire partie.8
MSIM suit une approche décentralisée de la gestion des investissements, composée d’équipes
indépendantes d’investissement sur les marchés publics et privés et de plateformes de classes
d’actifs. Chaque équipe d’investissement se compose de professionnels expérimentés et deressources dédiées qui se concentrent sur des domaines d’investissement spécifiques avec desapproches différentes en matière de développement durable, et comment ils prennent en compte lesprincipales incidences négatives des décisions d’investissement sur les facteurs de développement
durable lorsque cela s’avère pertinent pour leurs stratégies.

L’approche décentralisée de MSIM permet aux équipes d’investissement d’adapter leur démarche enmatière de développement durable de multiples façons, notamment en fonction des objectifs duproduit, de la classe d’actifs et de l’horizon d’investissement, ainsi que de la recherche spécifique etde la construction du portefeuille, de la philosophie et du processus utilisés par l’équipe. Les équipes
d’investissement font appel à leurs compétences et à leur jugement pour évaluer l’importance desrisques et des opportunités liés à l’ESG, en fonction de chaque stratégie d’investissement.
Cette déclaration donne un aperçu de la manière dont les principales incidences négatives (PAI) sontprises en compte pour les produits financiers de MSIM FMIL, le cas échéant. En raison de l’approche
décentralisée de MSIM, la mise en œuvre de toute mesure prise à l’égard des PAI se fait au niveau duproduit, dans le cadre du processus de prise de décision d’investissement par chaque équiped’investissement. Les informations contenues dans cette déclaration ne doivent pas être considérées
comme s’appliquant de la même manière à tous les produits financiers de MSIM FMIL — de plus
amples informations sur la manière dont des produits spécifiques prennent en compte les PAI peuventêtre trouvées dans les documents réglementaires, les contrats de gestion d’investissement et, le caséchéant, les informations publiées sur le site Internet.
Dans la Section 2 de cette déclaration, nous divulguons les indicateurs obligatoires spécifiés dans letableau 1 de l’Annexe I du Règlement Délégué de la Commission (UE) (le « Règlement Délégué
SFDR ») pour la Période de référence couvrant les investissements dans les sociétés dans lesquelles
nous investissons, les États souverains et les sociétés supranationales, ainsi que les actifs
immobiliers. Nous divulguons également certains indicateurs supplémentaires des Tableaux 2 et 3 del’Annexe I du Règlement Délégué SFDR qui sont consignés selon des critères qualitatifs.
Les équipes d’investissement gérant les produits financiers MSIM FMIL qui s’étaient engagées à
prendre en compte les PAI ont utilisé diverses approches pour identifier et évaluer les PAI
obligatoires, notamment :Les références à « MSIM », « nous », « notre », « nos » font référence à Morgan Stanley Investment Management en tant que division de Morgan Stanley. Les références à « MSIM FMIL » sont des références à l’entité juridiquespécifique de MSIM Fund Management (Ireland) Limited.
8

Les informations fournies dans ce document ne doivent pas être considérées comme s’appliquant à tous les produits financiers MSIM FMIL. Veuillez vous reporter à la documentation spécifique au produit pour plus dedétails sur la façon dont chaque produit financier MSIM FMIL prend en compte les PAI. Les données peuvent être soumises à des limitations méthodologiques, à des décalages de données, à des lacunes dans la couverturedes données ou à d’autres problèmes ayant un impact sur la qualité des données.
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Exclusions : sur la base de données obtenues auprès de fournisseurs de données tiers, certains
produits financiers de MSIM FMIL fixent des seuils de revenus et/ou des filtres sectoriels visantà réduire ou à supprimer l’exposition à des émetteurs impliqués dans des activités commerciales
spécifiques ou appartenant à un secteur spécifique, qui peuvent s’aligner sur certaines PAI ;

Engagements spécifiques aux produits : certains produits financiers MSIM FMIL ont défini
des engagements spécifiques liés aux PAI, tels qu’un portefeuille divisant par deux son intensité
carbone d’ici fin 2030 ;

Engagement : l’engagement avec les entreprises bénéficiaires ou d’autres entités a été mené parles équipes d’investissement et certaines équipes d’investissement ont utilisé cette opportunité
pour s’engager sur des sujets liés aux PAI, le cas échéant, conformément aux politiquesd’investissement spécifiques aux produits ; et

Test SFDR « do no significant harm » (« ne pas causer de préjudice significatif ») :Durant durant la Période de Référence, les produits financiers de MSIM FMIL qui ont réalisédes investissements durables (tels que définis par le Règlement (UE) 2019/2088 du Parlement
européen et du Conseil du 27 novembre 2019 lié aux informations à fournir en matière dedurabilité dans le secteur des services financiers (« SFDR »)) ont évalué les indicateurs
obligatoires PAI tels que définis dans le Tableau 1, Annexe I du Règlement Délégué SFDR
afin de déterminer si ces investissements ont causé un préjudice significatif à un objectif
environnemental ou social, conformément aux critères propres aux équipes d’investissement
pour définir les investissements durables.

L’impact rapporté pour les indicateurs PAI applicables aux investissements dans les entreprisesdétenues, les États souverains et supranationaux et les actifs immobiliers est calculé, le cas échéant,sur la base de tous les investissements tels que définis dans les formules applicables du Règlement
Délégué SFDR. Le calcul des valeurs des indicateurs PAI dans cette déclaration est basé sur lesdonnées disponibles et l’expertise de fournisseurs de données tiers. Pour certains investissements,
tels que les fonds communs de placement et certains produits dérivés, nous ne sommes pas
actuellement en mesure de recueillir un niveau adéquat de données sur les composantes sousjacentes de ces investissements, et ils ont été exclus du calcul des valeurs de l’indicateur PAI ;cependant, dans l’ensemble, ces investissements constituent un très faible pourcentage desinvestissements globaux de MSIM FMIL, et leur exclusion ne devrait pas entraîner une différence
significative par rapport aux valeurs d’indicateur PAI déclarées.
Le calcul des indicateurs PAI est basé sur les données disponibles auprès de fournisseurs dedonnées tiers, bien qu’il existe des lacunes importantes dans les données pour certains paramètres etsecteurs. Lorsque les données déclarées par l’émetteur n’étaient pas disponibles, notre fournisseur dedonnées a utilisé des méthodologies de substitution pour estimer les données. Ces données peuvent
encore être sujettes à des limitations méthodologiques et à des lacunes dans la couverture, et lesestimations peuvent changer à mesure que le fournisseur de données fait évoluer sa méthodologie.
La majeure partie des valeurs des indicateurs PAI au niveau global ont changé dans une certaine
mesure au cours de la période de référence par rapport à la période de référence précédente, en
raison des changements suivants survenus dans les produits financiers de MSIM FMIL : (1)changements survenus dans la portée du produit (par exemple, lancements et retrait de produits),(2) changements survenus dans les titres détenus (par exemple par l’achat et la vente de titres), (3)changements survenus dans les valeurs de marché des titres détenus, et (4) changements survenus
dans les valeurs individuelles de l’indicateur PAI des titres détenus. D’autres facteurs expliquantcertains changements dans les valeurs de l’indicateur PAI étaient (5) des changements survenus
dans la couverture des données PAI et (6) des changements survenus dans le calcul de l’indicateur
PAI ou dans les méthodologies de collecte de données. Les valeurs de l’indicateur PAI présentées
pour la période de référence précédente n’ont pas fait l’objet d’un nouveau traitement pour refléter
ces modifications.
Les PAI supplémentaires incluses dans la présente déclaration ont été sélectionnées lorsque desmesures conformes aux approches décrites ci-dessus ont été prises pour ces PAI, pour certains
produits financiers de MSIM FMIL au cours de la période de référence.
Les équipes d’investissement continueront à prendre en compte les PAI (selon les modalités décrites
ci-dessus) pour les produits financiers MSIM FMIL qu’elles gèrent, conformément aux engagements et
aux politiques d’investissement spécifiques aux produits, ainsi qu’à leurs propres approchesd’investissement. Aucun objectif n’est fixé pour l’ensemble des produits financiers MSIM FMIL, enraison de l’approche décentralisée du MSIM. Toutefois, les produits financiers MSIM FMIL peuvent
fixer leurs propres objectifs, qui figurent dans les informations relatives aux produits concernés.

Les informations fournies dans ce document ne doivent pas être considérées comme s’appliquant à tous les produits financiers MSIM FMIL. Veuillez vous reporter à la documentation spécifique au produit pour plus dedétails sur la façon dont chaque produit financier MSIM FMIL prend en compte les PAI. Les données peuvent être soumises à des limitations méthodologiques, à des décalages de données, à des lacunes dans la couverturedes données ou à d’autres problèmes ayant un impact sur la qualité des données.
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Samantekttækifæra eftir því sem við á fyrir hverja fjárfestingaraðferð.

MSIM Fund Management (Ireland) Limited (“MSIM FMIL”) (LEI: 549300QDS5K6OGU25W78) tekur
til greina helstu neikvæð áhrif („PAI“) fjárfestingarákvarðana sinna á sjálfbærniþætti. Þessi yfirlýsing
er samstæðuyfirlýsing varðandi helstu neikvæðu áhrif á sjálfbærniþætti MSIM FMIL.

Þessi yfirlýsing veitir yfirlit yfir hvernig tekið er tillit til helstu neikvæðu áhrifa (PAI) fyrir
fjármálaafurðir MSIM FMIL, þar sem við á. Vegna dreifðrar nálgunar MSIM eru sérhverjar aðgerðir
sem beitt er með tilliti til PAI á grundvelli vörunnar, sem hluti af ferli við ákvarðanir um fjárfestingar
hjá hverju einstöku fjárfestingateymi. Ekki ætti að líta svo á að upplýsingarnar í þessari yfirlýsingu
eigi jafnt við um allar MSIM FMIL fjármálaafurðir – frekari upplýsingar um hvernig tilteknar vörur takatillit til PAI er að finna í viðkomandi útboðsskjölum, fjárfestingarstýringarsamningum og, þar sem viðá, umfjöllun á vefsíðum.

Þessi yfirlýsing um helstu neikvæð áhrif á sjálfbærniþætti nær yfir viðmiðunartímabilið frá 1. janúar
2023 til 31. desember 2023 („viðmiðunartímabilið“).
Fjárfestingarstjórnun Morgan Stanley („MSIM“) er fjárfestingastýringasvið hjá Morgan Stanley(„Fyrirtækið“) sem vetir fj’arfestingarlausnir á opinberum og almennum mörkuðum um um allan
heim. MSIM FMIL er óbeint dótturfélag Morgan Stanley sem er hjá fjárfestingastýringarsviði.
Í Evrópu starfar MSIM FMIL sem fjárfestingarstjóri, rekstrarfélag og framkvæmdastjórióhefðbundinna fjárfestingasjóða fyrir fjölda MSIM-styrktra sjóða og reikninga sem stýrt er
sérstaklega fyrir þriðja aðila. Þessi yfirlýsing snýr eingöngu að fjármálaafurðum sem stýrt er af
MSIM FMIL („fjármálaafurðir MSIM FMIL“) og engum öðrum MSIM-afurðum. MSIM FMIL er heiimilt
að framselja fjárfestingarstjórnunarábyrgð til annarra lögaðila og er heimilt að nýta sér eða verið
hluti af víðtækari ferlum og/eða frumkvæði MSIM.9
MSIM fylgir dreifðri nálgun við fjárfestingarstjórnun sem samanstendur af óháðum
fjárfestingateymum á opinberum markaði og einkamarkaði og verkvangi eignaflokka. Hvert
fjárfestingateymi samanstendur af eintökum hópi reyndra og hæfileikaríkra sérfræðinga og býr hannað sérhæfðum úrræðum með áherslu á sérstakar fjárfestingagreinar með mismunandi nálgun á
sjálfbærni og hvernig litið er á helstu neikvæð áhrif fjárfestingarákvarðana á sjálfbærniþætti þar sem
það skiptir máli fyrir stefnu þeirra.
Dreifð nálgun MSIM gerir fjárfestingateymum kleift að sérsníða nálgun sína að sjálfbærni á margavegu, þar með talið en takmarkast ekki við, markmið vörunnar, eignaflokk og fjárfestingartíma, svo
og sértækar rannsóknir og uppbyggingu eignasafns, grundvallarviðhorf og ferli sem það teymi notar.
Fjárfestingarteymi beita kunnáttu sinni og dómgreind við mat á mikilvægi ESG-tengdrar áhættu og

9í 2. kafla þessarar yfirlýsingar upplýsum við um þá vísa sem skylt er og tilgreindir eru í töflu 1 íViðuaka I við framselda reglugerð framkvæmdastjórnarinnar (ESB) 2022/1288 (“SFDR framselda
reglugerðin”) fyrir viðmiðunartímabil sem eiga við um fjárfestingar í fyrirtækjum, ríki og yfirþjóðleg
fyrirtæki og fasteignir. Auk þess greinum við frá ákveðnum vísum úr töflum 2 og 3 í Viðauka I í
SFDR framseldu reglugerðinni, sem upplýst er um á megindlegum grunni.
Fjárfestingateymi sem stjórna fjármálaafurðum MSIM FMIL sem höfðu skuldbundið sig til að íhuga
PAI notuðu margvíslegar aðferðir til að bera kennsl á og meta áskilin PAI, sem fólu í sér:Útilokanir: byggt á gögnum sem fengin eru frá þriðju aðila gagnaseljendum, ákveðnum
tekjumörkum fjármálaafurða MSIM FMIL og/eða skimun eftir geirum sem miða að því að dragaúr eða fjarlægja áhættu fyrir útgefendur sem taka þátt í tiltekinni atvinnustarfsemi eða þeim sem
tilheyra tilteknum geira, sem geta verið samkvæmt ákveðnum PAI;

Skuldbindingar um tilteknar vörur: sumar fjármálaafurðir MSIM FMIL skilgreindu sérstakar
skuldbindingar sem tengjast PAI, eignir í fyrirtækjum sem minnka kolefnisstig sitt um helming fyrir
lok árs 2030;

Afskipti: afskipti af fyrirtækjum sem fjárfest er í eða öðrum einingum var stýrt af
fjárfestingateymum og ákveðin fjárfestingarteymi notuðu tækifærið til að fjalla um efni sem
tengjast PAI, þar sem við á, samræmi við fjárfestingarstefnu fyrir tiltekna vöru; og

Tilvísanir í „MSIM“, „við“, „okkur“ og „okkar“ tilvísanir í fjárfestingarstýringu Morgan Stanley sem deild í Morgan Stanley. Tilvísanir í „MSIM FMIL“ eru tilvísanir í sérstakan lögaðila MSIM Fund Management (Ireland) Limited.

Ekki skal líta á upplýsingarnar sem gefnar eru upp í þessu skjali eins og þær eigi við um allar fjármálaafurðir MSIM FMIL. Vörusértæk skjöl sýna hvernig hver fjármálaafurð MSIM FMIL tekur tillit til PAI.
Gögn geta verið háð aðferðafræðilegum takmörkunum, töfum á gögnum, vöntun á gögnum eða öðrum vandamálum sem hafa áhrif á gæði gagnanna.
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SFDR „valda engum skaða“-próf: Á tilvísunartímabilinu, fjármálaafurðir MSIM FMIL sem
fjárfestu sjálfbært (eins og skilgreint er af Reglugerð (ESB) Evrópuþingsins og ráðsins frá 27.
nóvember 2019 um upplýsingagjöf í fjármálaþjónustugeiranum í tengslum við sjálfbærni (“SFDR”)
mátu lögboðnu PAI-vísana eins og þeir eru settir fram í töflu 1 í SFDR framseldu reglugerðinnni tilað ákvarða hvort þær fjárfestingar hefðu marktækna skaða á umhverfis- eða félagsleg markmið, ísamræmi við eigin viðmið fjárfestingateyma um skilgreiningu á sjálfbærum fjárfestingum.

Áhrifin sem greint er frá fyrir PAI-vísa sem eiga við um fjárfestingar í fyrirtækjum, ríki og yfirþjóðleg
fyrirtæki og fasteignir eru reiknuð, þar sem við á, á grundvelli allra fjárfestinga eins og sett er fram íviðeigandi reiknireglum í SFDR framseldri reglugerð. Útreikningur á gildi PAI vísa í þessari
yfirlýsingu er byggður á tiltækum gögnum og sérfræðiþekkingu utanaðkomandi gagnaveitenda. Fyrirákveðnar fjárfestingar, svo sem verðbréfasjóði og ákveðnar afleiður, getum við ekki safnað
fullnægjandi gögnum um undirliggjandi þætti þeirra og þær hafa verið útilokaðar frá útreikningi ágildi PAI vísa. Hins vegar eru þessar fjárfestingar samanlagt mjög lágt hlutfall af heildarfjárfestingum
MSIM FMIL og ekki er búist við að útilokun þeirra leiði til verulegs munar á gildum PAI-vísa sem
tilkynnt er um.
Útreikningur á PAI vísum er byggður á tiltækum gögnum frá utanaðkomandi gagnaveitum, þóumtalsvert skorti á gögn fyrir ákveðin mæligildi og geira. Þar sem tilkynnt gögn útgefanda voru ekkitiltæk notaði gagnaveitandi okkar staðgengilsaðferðir til að áætla gögnin. Slík gögn gætu enn verið

háð aðferðafræðilegum takmörkunum og vöntun á gögnum og áætlanir geta breyst eftir því sem
gagnaveitandinn þróar aðferðafræði sína.
Gildi flestra PAI-vísa samanlagt breyttust að nokkru leyti á viðmiðunartímabilinu miðað við fyrraviðmiðunartímabil, vegna eftirfarandi breytinga þvert á MSIM FMIL fjármálaafurðir: (1) breytingar á
umfangi vöru (t.d. upphaf og lok sölu vöru), (2) breytingar á verðbréfum sem haldið er (t.d. með þvíað kaupa og selja verðbréf), (3) breytingar á markaðsvirði verðbréfa sem haldið er, og (4) breytingar
á gildum einstakra PAI-vísa verðbréfa sem haldið er. Það sem einnig knýr ákveðnar breytingar á
gildum PAI-vísa voru (5) breytingar á umfangi PAI gagna, og (6) breytingar á útreikningi PAI-vísa
eða aðferðum við gagnasöfnun . Gildi PAI-vísa sem tilgreind voru fyrir fyrra viðmiðunartímabilið hafa
ekki verið tilgreind aftur til að ensurspegla þær þessar breytingar.
Valdir voru viðbótar PAI-vísar í þessari yfirlýsingu þar sem gripið var til aðgerða í samræmi viðaðferðirnar sem lýst er hér að ofan fyrir þessa PAI-vísa, fyrir tilteknar fjármálaafurðir MSIM FMIL áviðmiðunartímabilinu.
Fjárfestingarteymi munu halda áfram að taka tillit til PAI (eins og lýst er hér að ofan) fyrir
fjármálaafurðir MSIM FMIL sem þau stjórna, í samræmi við vörusértækar skuldbindingar og
fjárfestingarstefnur og eigin fjárfestingaraðferðir fjárfestingateymanna. Engin markmið eru sett fyrir
allar fjármálaafurðir MSIM FMIL, vegna dreifðrar nálgunar MSIM, en fjármálaafurðir MSIM FMIL
geta sett sér sín eigin markmið sem er að finna í viðeigandi vöruupplýsingum.

Ekki skal líta á upplýsingarnar sem gefnar eru upp í þessu skjali eins og þær eigi við um allar fjármálaafurðir MSIM FMIL. Vörusértæk skjöl sýna hvernig hver fjármálaafurð MSIM FMIL tekur tillit til PAI. Gögn geta verið háðaðferðafræðilegum takmörkunum, töfum á gögnum, vöntun á gögnum eða öðrum vandamálum sem hafa áhrif á gæði gagnanna.
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Sintesiportafoglio, filosofia e processo impiegati da tale team. I team d’investimento si avvalgono delle
proprie competenze e del proprio giudizio per valutare la rilevanza dei rischi e delle opportunità relativi
ai fattori ESG in funzione di ciascuna strategia di investimento.

MSIM Fund Management (Ireland) Limited (“MSIM FMIL”) (Identificativo della persona giuridica:549300QDS5K6OGU25W78) prende in considerazione i principali effetti negativi (“PAI”) delle proprie
decisioni di investimento sui fattori di sostenibilità. La presente dichiarazione è la dichiarazione
consolidata sui principali effetti negativi sui fattori di sostenibilità di MSIM FMIL.

Questa dichiarazione fornisce una panoramica delle modalità utilizzate per tenere conto dei PAI per i
Prodotti finanziari MSIM FMIL, ove pertinente. Grazie all’approccio decentralizzato di MSIM,
l’implementazione di qualsiasi azione intrapresa nei confronti dei PAI avviene a livello di prodotto
nell’ambito del processo decisionale di investimento di ciascun team di investimento. Le informazioni
contenute in questa dichiarazione non devono essere considerate valide per tutti i Prodotti Finanziari
MSIM FMIL: maggiori informazioni sulle modalità con cui i prodotti specifici prendono inconsiderazione i PAI vengono fornite nella relativa documentazione d’offerta, nei contratti di gestione
degli investimenti e, ove pertinente, nelle informative pubblicate sul sito web.

Questa dichiarazione sui principali effetti negativi sui fattori di sostenibilità riguarda il periodo diriferimento compreso tra il 1° gennaio 2023 e il 31 dicembre 2023 (il “Periodo di riferimento”).
Morgan Stanley Investment Management (“MSIM”) è la divisione di gestione degli investimenti diMorgan Stanley (la “Società”), società orientata alla clientela e incentrata sugli investitori dedita aoffrire soluzioni di gestione del risparmio su scala mondiale. MSIM FMIL è una societàindirettamente e interamente controllata da Morgan Stanley, inserita all’interno della divisione digestione degli investimenti.
In Europa, MSIM FMIL opera come Gestore di Investimenti, Società di Gestione e Gestore di Fondid’Investimento Alternativi per una serie di comparti sponsorizzati da MSIM e conti a gestione separata
di terzi. La presente dichiarazione si riferisce esclusivamente ai prodotti finanziari gestiti da MSIM
FMIL. (i “Prodotti finanziari MSIM FMIL”) e a nessun altro prodotto MSIM. MSIM FMIL può delegare
la gestione degli investimenti ad altre persone giuridiche e può avvalersi o far parte di processi e/oiniziative di più ampio respiro di MSIM.10
MSIM segue un approccio decentralizzato alla gestione degli investimenti, basato su piattaforme diclassi di attivo e team di investimento indipendenti per i mercati sia pubblici che privati. Ciascun teamdi investimento è composto da professionisti di grande esperienza e risorse dedicate, che siconcentrano su discipline d’investimento specifiche con approcci diversi alla sostenibilità e allemodalità adottate per tenere conto dei principali effetti negativi delle decisioni di investimento sui
fattori di sostenibilità, ove ciò sia pertinente alle loro strategie.
L’approccio decentralizzato di MSIM consente ai team di investimento di personalizzare il proprio
approccio alla sostenibilità in vari modi tra cui, a mero titolo esemplificativo, obiettivi del prodotto,
classe di attivo e orizzonte temporale degli investimenti, nonché ricerca specifica e costruzione delNella sezione 2 della presente dichiarazione, vengono resi noti gli indicatori obbligatori specificati
nella tabella 1 dell’allegato I del Regolamento delegato (UE) 2022/1288 della Commissione (il“Regolamento delegato SFDR”) per il Periodo di Riferimento riguardante gli investimenti in societàpartecipate, titoli sovrani e sovranazionali e beni immobili. Inoltre, pubblichiamo alcuni indicatori
aggiuntivi tratti dalle tabelle 2 e 3 dell’allegato I del Regolamento Delegato SFDR che vengono
riportati su base qualitativa.
I team di investimento che gestiscono i Prodotti finanziari di MSIM FMIL e che si sono impegnati atenere conto dei PAI hanno utilizzato una serie di approcci per individuare e valutare i PAI obbligatori,
tra cui:Esclusioni: sulla base di dati ottenuti da fornitori di dati terzi, alcuni Prodotti finanziari MSIM FMIL
stabiliscono soglie di reddito e/o criteri di screening settoriali che mirano a ridurre o rimuoverel’esposizione a emittenti coinvolti in specifiche attività commerciali o appartenenti a un settore
specifico, che potrebbero allinearsi a determinati PAI.



Impegni specifici per il prodotto: alcuni Prodotti finanziari MSIM FMIL hanno definito impegni
specifici che riguardano i PAI, ad esempio il dimezzamento, da parte delle società partecipate,della rispettiva intensità di carbonio entro la fine del 2030.

Ogni riferimento a “MSIM”, “noi”, “ci”, “nostro/a/i/e” indica Morgan Stanley Investment Management come divisione di Morgan Stanley. I riferimenti a “MSIM FMIL” indicano la specifica persona giuridica di MSIM FundManagement (Ireland) Limited.
10

In tutto il presente documento, ogni riferimento a “MSIM”, “noi”, “nostro” è riferito a Morgan Stanley Investment Management come divisione di Morgan Stanley. I riferimenti a “MSIM FMIL” sono riferimenti alla specifica persona
giuridica di MSIM Fund Management (Ireland) Limited.
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ITEngagement: le attività di engagement con le società partecipate o altre entità è stato diretto
dai team d’investimento e alcuni team di investimento hanno sfruttato questa opportunità perconfrontarsi su argomenti relativi ai PAI, ove pertinenti, in linea con le politiche d’investimento
specifiche per i prodotti.



Test “nessun danno significativo” dell’SFDR: durante il periodo di riferimento, i Prodotti
finanziari MSIM FMIL che hanno effettuato investimenti sostenibili (secondo la definizionedel Regolamento (UE) 2019/2088 del Parlamento europeo e del Consiglio, del 27 novembre
2019. relativo all’informativa sulla sostenibilità nel settore dei servizi finanziari (“SFDR”)) hanno
valutato gli indicatori PAI obbligatori di cui alla Tabella 1, Allegato I del Regolamento delegato(UE) 2022/1288 della Commissione per determinare se tali investimenti abbiano causato danni
significativi a un obiettivo ambientale o sociale, in linea con i criteri propri dei team di investimento
per la definizione degli investimenti sostenibili.

L’impatto riportato per gli indicatori PAI applicabili agli investimenti in società partecipate, enti sovranie sovranazionali e immobili è calcolato, ove applicabile, sulla base di tutti gli investimenti, comeprevisto dalle formule applicabili del Regolamento delegato SFDR. Il calcolo dei valori degli indicatori
PAI nella presente dichiarazione si fonda sui dati disponibili e sull’esperienza di fornitori di dati terzi.
Per alcuni investimenti, come i fondi comuni d’investimento e alcuni derivati, non siamo attualmente ingrado di raccogliere una quantità di dati adeguata sui componenti sottostanti di tali investimenti chesono stati quindi esclusi dal calcolo dei valori dell’indicatore PAI. Tuttavia, in aggregato, questi
investimenti costituiscono una percentuale molto limitata degli investimenti complessivi di MSIM FMILe non si ritiene che la loro esclusione comporti una differenza sostanziale nei valori degli indicatori
PAI riportati.

Il calcolo degli indicatori PAI si fonda sui dati disponibili di fornitori di dati terzi, anche se per alcuni
parametri e settori tali dati presentano lacune significative. Nei casi in cui i dati riportati dall’emittente
non erano disponibili, il nostro fornitore ha utilizzato metodologie proxy per stimare quei dati. Tali dati
potrebbero essere comunque soggetti a limitazioni metodologiche e a lacune di copertura e le stime
potrebbero cambiare con l’evoluzione della metodologia utilizzata dal fornitore dei dati.
Most PAI indicator values at aggregate level changed to some degree during the Reference Period
versus the prior reference period, due to the following changes across MSIM FMIL Financial Products:(1) changes to product scope (e.g. product launches and closures), (2) changes to securities held (e.g.
through buying and selling securities), (3) changes in the market values of the securities held, and (4)changes to the individual PAI indicator values of the securities held. Additional drivers for certainchanges in the PAI indicator values were (5) changes in PAI data coverage, and (6) changes to PAI
indicator calculation or data collection methodologies. The PAI indicator values presented for the priorreference period have not been restated to reflect these changes.
Gli ulteriori PAI inclusi nella presente dichiarazione sono stati selezionati nei casi in cui sono state
intraprese azioni coerenti con gli approcci sopra descritti per questi PAI, in relazione a determinati
Prodotti finanziari MSIM FMIL durante il Periodo di riferimento.
I team di investimento continueranno a prendere in considerazione i PAI (come sopra indicato) per i
Prodotti finanziari MSIM FMIL da loro gestiti, in linea con gli impegni e le politiche di investimento
specifiche del prodotto e con gli approcci di investimento adottati dai team di investimento stessi. Nonsono stati fissati obiettivi per tutti i Prodotti Finanziari MSIM FMIL, a causa dell’approccio
decentralizzato di MSIM. Tuttavia i Prodotti Finanziari MSIM FMIL possono fissare obiettivi propri
consultabili nelle relative informative sui prodotti.

In tutto il presente documento, ogni riferimento a “MSIM”, “noi”, “nostro” è riferito a Morgan Stanley Investment Management come divisione di Morgan Stanley. I riferimenti a “MSIM FMIL” sono riferimenti alla specifica persona
giuridica di MSIM Fund Management (Ireland) Limited.
JUNE 2024|

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS43

LT
Santrauka

ir portfelio sudarymą, filosofiją bei konkrečios grupės taikomą procesą. Investavimo grupės,vertindamos su aplinkosaugos, socialiniais ir valdymo veiksniais (ASV) susijusios rizikos ir galimybių
reikšmingumą, pasitelkia savo įgūdžius bei sprendimus, tinkamus kiekvienai investavimo strategijai.

MSIM Fund Management (Ireland) Limited“ (MSIM FMIL) (LEI: 549300QDS5K6OGU25W78)
apsvarsto pagrindinį neigiamą savo investavimo sprendimų poveikį („ISP“) tvarumo veiksniams.
Dabartinis pareiškimas yra konsoliduotas pareiškimas dėl pagrindinio neigiamo poveikio MSIM FMIL
tvarumo veiksniams.

Šiame pareiškime pateikiama apžvalga, kaip ISP apsvarstomas MSIM FMIL finansų produktams, kai
tai svarbu. Dėl MSIM decentralizuoto požiūrio bet kokie veiksmai, kurių imtasi dėl ISP, įgyvendinami
produkto lygmeniu kaip kiekvienos atskiros investavimo grupės investavimo sprendimų priėmimo
proceso dalis. Šiame pareiškime pateikta informacija neturėtų būti vienodai taikoma visiems MSIM
FMIL finansų produktams – daugiau informacijos, kaip konkrečių produktų atveju atsižvelgiama į ISP,
galima rasti atitinkamuose pasiūlymų dokumentuose, investicijų valdymo sutartyse ir, kai tinkama,interneto svetainėje pateikiamoje informacijoje.

Šis pareiškimas dėl pagrindinio neigiamo poveikio tvarumo veiksniams apima ataskaitinį laikotarpį
nuo 2023 m. sausio 1 d. iki 2023 m. gruodžio 31 d. („Ataskaitinis laikotarpis“).
„Morgan Stanley Investment Management“ (MSIM) yra „Morgan Stanley“ investicijų valdymo
padalinys („Įmonė“), teikiantis investavimo sprendimus valstybės ir privačių klientų rinkose visamepasaulyje. MSIM FMIL yra netiesiogiai visiškai „Morgan Stanley“ valdoma dukterinė įmonė,priklausanti investicijų valdymo padaliniui.

Šio pareiškimo 2 skirsnyje atskleidžiame Komisijos deleguotojo reglamento (ES) 2022/1288 (toliau –SFDR deleguotasis reglamentas) I priedo 1 lentelėje nurodytus ataskaitinio laikotarpio privalomus
rodiklius. Šie rodikliai apima investicijas į įmones, į kurias investuojama, valstybes, viršvalstybinesįmones ir nekilnojamąjį turtą. Be to, atskleidžiame tam tikrus papildomus rodiklius iš SFDR
deleguotojo reglamento I priedo 2 ir 3 lentelių, pateikiamus kokybiškai.

Europoje MSIM FMIL veikia kaip įvairių MSIM remiamų fondų ir trečiųjų šalių atskirai valdomų
sąskaitų investicijų valdytoja, valdymo įmonė, alternatyvaus investavimo fondų valdytoja. Šispareiškimas išskirtinai susijęs su MSIM FMIL valdomais finansų produktais („MSIM FMIL finansų
produktai“), bet nesusijęs su jokiais kitais MSIM produktais. MSIM FMIL gali deleguoti investicijų
valdymą kitiems juridiniams subjektams ir gali pasinaudoti platesniais MSIM procesais ir (arba)
iniciatyvomis ar tapti jų dalimi.11

MSIM FMIL finansų produktus valdančios investavimo grupės, kurios įsipareigojo atsižvelgti į ISP,
privalomam ISP nustatyti ir įvertinti taikė įvairius metodus:

MSIM taiko decentralizuotą investicijų valdymo metodą, kurį sudaro savarankiškos valstybės ir
privačių klientų rinkų investavimo grupės bei turto klasių platformos. Kiekviena investavimo grupė turi
patyrusių specialistų ir specialių išteklių, sutelktų į konkrečias investavimo sritis – taikomas skirtingaspožiūris į tvarumą ir pagrindinį neigiamą investavimo sprendimų poveikį tvarumo veiksniams, kai tai
svarbu jų strategijoms.
Dėl MSIM decentralizuoto metodo investavimo grupės gali įvairiai pritaikyti savo požiūrį į tvarumą,įskaitant, be kita ko, produkto tikslus, turto klasę ir investavimo laikotarpį, taip pat konkrečius tyrimus

11

Išimtys: remiantis duomenimis, gautais iš trečiųjų šalių duomenų teikėjų, tam tikruose MSIM FMIL
finansų produktuose nustatomos pajamų ribos ir (arba) sektorių apsauga, kuria siekiama sumažinti
arba panaikinti poveikį konkrečia verslo veikla užsiimantiems emitentams arba tam tikram sektoriui(kur tam tikras ISP gali būti svarbus) priklausantiems emitentams;

Produktui būdingi įsipareigojimai: kai kuriems MSIM FMIL finansų produktams nustatyti
konkretūs įsipareigojimai, susiję su ISP, pavyzdžiui, iki 2030 m. pabaigos perpus sumažinti įmonių
turimų akcijų paketų anglies dioksido intensyvumą;MSIM, „mes“, „mus“, „mūsų“ nurodo „Morgan Stanley Investment Management“ kaip „Morgan Stanley“ padalinį. MSIM FMIL nurodo specialų „MSIM Fund Management (Ireland) Limited“ juridinį subjektą.

Šiame dokumente pateikta informacija neturėtų būti suprantama kaip taikoma visiems MSIM FMIL finansų produktams. Išsamesnės informacijos, kaip kiekvienas MSIM FMIL finansų produktas vertina ISP, rasite konkretaus
produkto dokumentuose. Duomenims gali būti aktualūs metodologiniai apribojimai, duomenų vėlavimai, duomenų aprėpties spragos ar kitos problemos, darančios įtaką duomenų kokybei.
44

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS|JUNE 2024

LTĮsitraukimas: kai kurių investavimo grupių bendravimas su įmonėmis, į kurias investuojama,ar kitais subjektais suteikė galimybę sudominti ISP tema, kai tai aktualu, ir aptarti tai kartu su
produktams būdingomis investavimo strategijomis;

duomenų, mūsų duomenų teikėjas duomenims įvertinti naudojo netiesiogines metodikas. Tokie
duomenys vis dar gali turėti metodologinių apribojimų ir aprėpties spragų, o duomenų teikėjui
tobulinant savo metodiką apytiksliai skaičiavimai gali keistis.



SFDR „nepadaryti reikšmingos žalos“ tyrimas: per ataskaitinį laikotarpį MSIM FMIL finansų
produktai, kurie vykdė tvarias investicijas (kaip apibrėžta 2019 m. lapkričio 27 d. Europos
Parlamento ir Tarybos reglamente (ES) 2019/2088 dėl su tvarumu susijusios informacijos
atskleidimo finansinių paslaugų sektoriuje (toliau – SFDR), įvertino privalomus ISP rodiklius, kaipnustatyta SFDR deleguotojo reglamento I priedo 1 lentelėje, siekiant nustatyti, ar šios investicijos
nepadarė reikšmingos žalos aplinkos ar socialiniams tikslams; vadovautasi pačių investavimo
grupių nustatytais tvarių investicijų apibrėžimo kriterijais.

Per ataskaitinį laikotarpį daugumos ISP rodiklių vertės suvestiniu lygmeniu, palyginti su ankstesniu
ataskaitiniu laikotarpiu, tam tikru mastu pasikeitė. Šiems pokyčiams įtakos turėjo keli veiksniai,
susiję su MSIM FMIL finansų produktais: 1) produktų apimties koregavimas (pvz., produktų
pateikimas rinkai ir išėmimas iš rinkos); 2) turimų vertybinių popierių svyravimai dėl pirkimo ir
pardavimo veiklos; 3) vertybinių popierių rinkos vertės pokyčiai ir 4) turimų vertybinių popierių
atskirų ISP rodiklių verčių pokyčiai. Papildomi veiksniai, lėmę ISP rodiklių verčių pokyčius, buvo šie:5) ISP duomenų aprėpties pokyčiai ir 6) ISP rodiklių skaičiavimo ar duomenų rinkimo metodų
atnaujinimas. Ankstesnio ataskaitinio laikotarpio pateiktos ISP rodiklių vertės nebuvo koreguotos,
kad atspindėtų šiuos pokyčius.

ISP rodikliams, taikomiems investicijoms į įmones, valstybės ir viršvalstybinį bei nekilnojamąjį turtą,nurodomas poveikis apskaičiuojamas, kai taikoma, remiantis visomis investicijomis, kaip nustatyta
SFDR deleguotajame reglamente taikomose formulėse. Šiame pareiškime ISP rodiklių vertės
apskaičiuotos remiantis trečiųjų šalių duomenų teikėjų turimais duomenimis ir patirtimi. Dėl tam tikrų
investicijų, pavyzdžiui, savitarpio fondų ir tam tikrų išvestinių finansinių priemonių, šiuo metu
negalime surinkti pakankamai duomenų apie pagrindines šių investicijų sudedamąsias dalis, todėl jos
nebuvo įtrauktos į ISP rodiklių verčių apskaičiavimą; tačiau bendrai šios investicijos sudaro labaimažą visų MSIM FMIL investicijų procentinę dalį, todėl nesitikima, kad dėl jų neįtraukimo iš esmės
pasikeis pateiktos ISP rodiklių vertės.
Apskaičiuojant ISP rodiklius remiamasi turimais trečiųjų šalių duomenų teikėjų duomenimis, nors tamtikrų metrikų ir sektorių duomenų gerokai trūksta. Tais atvejais, kai nebuvo emitentų pateiktųĮ šį pareiškimą įtraukti papildomi ISP buvo atrinkti tais atvejais, kai dėl tų ISP (tam tikriems MSIM
FMIL finansų produktams) per ataskaitinį laikotarpį buvo imtasi veiksmų, atitinkančių pirmiau
aprašytą požiūrį.
Investavimo grupės ir toliau atsižvelgs į savo valdomų MSIM FMIL finansų produktų ISP (kaipnurodyta pirmiau), laikydamosi produktams būdingų įsipareigojimų, investavimo strategijų ir savopačių investavimo metodų. Dėl MSIM decentralizuoto požiūrio tikslai nėra nustatyti visiems MSIM
FMIL finansų produktams, tačiau MSIM FMIL finansų produktai gali nustatyti savo tikslus, kuriuos
galima rasti atitinkamoje produkto informacijoje.

Šiame dokumente pateikta informacija neturėtų būti suprantama kaip taikoma visiems MSIM FMIL finansų produktams. Išsamesnės informacijos, kaip kiekvienas MSIM FMIL finansų produktas vertina ISP, rasite konkretaus
produkto dokumentuose. Duomenims gali būti aktualūs metodologiniai apribojimai, duomenų vėlavimai, duomenų aprėpties spragos ar kitos problemos, darančios įtaką duomenų kokybei.
JUNE 2024|

STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS

45

LV
Kopsavilkums
MSIM Fund Management (Ireland) Limited (“MSIM FMIL”) (LEI: 549300QDS5K6OGU25W78) apsver
ieguldījumu lēmumu svarīgāko negatīvo ietekmi (principal adverse impacts – “PAI”) uz ilgtspējas
faktoriem. Šis paziņojums ir konsolidēts paziņojums par MSIM FMIL ieguldījumu lēmumu svarīgāko
negatīvo ietekmi uz ilgtspējas faktoriem.
Šis paziņojums par svarīgāko negatīvo ietekmi uz ilgtspējas faktoriem aptver atsauces periodu no2023. gada 1. janvāra līdz 2023. gada 31. decembrim (“Atsauces periods”).
Morgan Stanley Investment Management (“MSIM”) ir Morgan Stanley (“Firma”) ieguldījumu
pārvaldības struktūrvienība, kas sniedz ieguldījumu risinājumus publiskos un privātos tirgos visāpasaulē. MSIM FMIL ir Morgan Stanley netieši pilnībā piederošs meitasuzņēmums, kas darbojas
ieguldījumu pārvaldības struktūrvienībā.
Eiropā MSIM FMIL darbojas kā ieguldījumu pārvaldnieks, pārvaldības uzņēmums un alternatīvo
ieguldījumu fondu pārvaldnieks MSIM sponsorēto fondu un trešo pušu atsevišķi pārvaldītu kontu
klāstam. Šis paziņojums ir ekskluzīvi saistīts ar MSIM FMIL pārvaldītajiem finanšu produktiem(“MSIM FMIL finanšu produkti”) un ne citiem MSIM produktiem. MSIM FMIL var deleģēt
ieguldījumu pārvaldību citām juridiskajām personām, un var veicināt vai piedalīties plašākos MSIM
procesos un/vai iniciatīvās.12
Attiecībā uz ieguldījumu pārvaldību MSIM ievēro decentralizētu pieeju, kas ietver neatkarīgas
publisku un privātu tirgu ieguldījumu komandas un līdzekļu klašu platformas. Katrā ieguldījumu
komandā ir pieredzējuši un profesionāli darbinieki ar īpašu resursu kopumu, kuru uzmanības centrāir konkrētas ieguldījumu disciplīnas ar dažādām pieejām ilgtspējai un kā to ietvaros tiek apsvērta
ieguldījumu lēmumu svarīgākā negatīvā ietekme uz ilgtspējas faktoriem gadījumos, kad tas irbūtiski viņu stratēģijām.

MSIM decentralizētā pieeja ļauj ieguldījumu komandām pielāgot pieeju ilgtspējai dažādos veidos,
ietverot, bet neaprobežojoties ar produkta mērķiem, līdzekļu klasi un ieguldījumu laikposmu, kā arī
komandas izmantoto konkrētās izpētes un portfolio konstrukciju, filozofiju un procesus. Ieguldījumu
komandas izmanto savas prasmes un spriestspējas, izvērtējot ar ESG saistītu risku un iespēju
materialitāti pēc piemērotības katrai ieguldījumu stratēģijai.
Šajā paziņojumā sniegts pārskats par to, kā MSIM FMIL finanšu produktiem attiecīgos gadījumos
tiek apsvērtas PAI. MSIM decentralizētas pieejas dēļ visas darbības, kas veiktas saistībā ar PAI,
tiek īstenotas produkta līmenī – ieguldījumu lēmumu pieņemšanas procesa ietvaros to veic katra
atsevišķā ieguldījumu komanda. Informāciju šajā paziņojumā nevajadzētu uztvert kā vienlīdzīgi
piemērojamu visiem MSIM FMIL finanšu produktiem – attiecīgajos piedāvājuma dokumentos,
ieguldījumu pārvaldības līgumos un piemērojamos gadījumos tīmekļa vietnē izpaustajā informācijā
ir pieejama papildu informācija par to kā konkrētu produktu tvērumā ir apsvērtas PAI.
Šī paziņojuma 2. sadaļā mēs atklājam obligātos rādītājus, kas norādīti Komisijas deleģētās regulas(ES) 2022/1288 (“SFDR deleģētā regula”) I pielikuma 1. tabulā par pārskata periodu, kas attiecas uz
ieguldījumiem ieguldījumu saņēmēju uzņēmumos, valstīs un pārvalstiskās struktūrās, kā arī
nekustamā īpašuma aktīviem. Mēs izpaužam arī atsevišķus papildu rādītājus no SFDR deleģētās
regulas I pielikuma 2. un 3. tabulas, par kuriem ziņo, pamatojoties uz kvalitātes kritērijiem.
MSIM FMIL finanšu produktus, par kuriem bija pieņemti lēmumi apsvērt PAI, pārvaldošāsieguldījumu komandas izmantoja dažādas pieejas, lai noteiktu un izvērtētu obligāto PAI, kas ietvēra
tālāk norādīto.
Izņēmumi: pamatojoties uz datiem, kas iegūti no trešo pušu datu pārdevējiem, konkrētu MSIM
FMIL finanšu produktu iestatītie peļņas sliekšņi un/vai uz sektoru pamatotie filtri, kuru mērķis ir
samazināt vai noņemt riska darījumus izdevējiem, kas iesaistīti konkrētās biznesa darbībās vaitiem, kas pieder konkrētam sektoram, no kuriem daži var atbilst dažām PAI;

Atsauces uz “MSIM”, “mēs”, “mūs”, “mūsu” ir atsauces uz Morgan Stanley Investment Management kā uzņēmuma Morgan Stanley struktūrvienību. Atsauces uz “MSIM FMIL” ir atsauces uz konkrētu juridisku personu – MSIM
Fund Management (Ireland) Limited.
12Šajā dokumentā norādīto informāciju nedrīkst uztvert kā piemērojamu visiem MSIM FMIL finanšu produktiem. Informāciju, kā katra MSIM FMIL finanšu produkta ietvaros tiek apsvērtas PAI, skatiet konkrētā produkta
dokumentācijā. Uz datiem var attiekties metodoloģiski ierobežojumi, datu aizkaves, datu tvēruma nepilnības vai citas problēmas, kas ietekmē datu kvalitāti.
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STATEMENT ON PRINCIPAL ADVERSE IMPAC TS OF INVESTMENT DECISIONS ON SUSTAINABILIT Y FAC TORS|JUNE 2024

LV

Saistības ar konkrētu produktu: dažiem MSIM FMIL finanšu produktiem ir definētas konkrētas
saistības, kas saistās ar PAI, piemēram, līdz 2030. gada beigām uz pusi samazināt oglekļa
emisiju intensitāti sabiedrības turējumos;Iesaistīšanas: iesaistīšanos ar ieguldījumu uzņēmumiem vai citām struktūrām vadīja
ieguldījumu komandas, un konkrētas ieguldījumu komandas izmantoja šo iespēju, lai attiecīgā
gadījumā iesaistītos tēmās, kas saistītas ar PAI, līdztekus konkrētām ieguldījumu politikām;



SFDR tests “nenodari būtisku kaitējumu”: atsauces perioda laikā MSIM FMIL finanšu
produkti, kas veica ilgtspējīgus ieguldījumus (kā noteikts Eiropas Parlamenta un Padomes 2019.
gada 27. novembra Regulā (ES) 2019/2088 par informācijas atklāšanu, kas saistīta ar ilgtspēju,
finanšu pakalpojumu nozarē (“SFDR”)), ko novērtēja pēc obligātajiem PAI indikatoriem, kas
norādīti SFDR deleģētās regulas I pielikuma 1. tabulā, lai noteiktu, vai šie ieguldījumi ir radījuši
jebkādu būtisku kaitējumu videi vai sociālajam mērķim, līdztekus ar pašas ieguldījumu komandas
kritērijiem par ilgtspējīgu ieguldījumu definēšanu.

Ietekme, kas ziņota PAI indikatoriem, kas piemērojami ieguldījumiem ieguldījumu uzņēmumos,
valsts un pārvalstiskos, kā arī nekustamā īpašuma līdzekļos, tiek piemērojamos gadījumosaprēķināta, pamatojoties uz visiem ieguldījumiem, kā norādīts attiecīgajā SFDR deleģētās regulas
matemātiskajā formulā. PAI indikatora vērtību aprēķins šajā paziņojumā ir balstīts uz pieejamajiem
datiem un trešo pušu datu sniedzēju lietpratību. Konkrētiem ieguldījumiem, piemēram, kopfondiem
un konkrētiem atvasinātajiem finanšu instrumentiem, mēs šobrīd neveram apkopot pietiekamu datu
apjomu par šo ieguldījumu sastāvdaļām, un tie nav iekļauti PAI indikatoru vērtību aprēķinā, taču,
kopā ņemot, šie ieguldījumi veido ļoti mazu MSIM FMIL vispārīgo ieguldījumu procentuālo daļu, unnav sagaidāms, ka to neiekļaušana rada materiālu ziņoto PAI indikatoru vērtību atšķirību.

PAI indikatoru vērtību aprēķins šajā paziņojumā ir balstīts uz pieejamajiem datiem no trešo pušu
datu sniedzējiem, lai gan konkrētiem rādītājiem un sektoriem pastāv vērā ņemami datu zudumi. Ja
izdevēja ziņotie dati nebija pieejami, mūsu datu sniedzējs izmantoja aizstājējvērtību metodoloģijas,
lai prognozētu datus. Uz šādiem datiem joprojām var attiekties metodoloģiski ierobežojumi un
tvēruma nepilnības, kā arī mainīties datu aplēses, datu sniedzējam uzlabojot savu metodoloģiju.
Lielākā daļa PAI indikatoru vērtību kopējā līmenī atsauces periodā salīdzinājumā ar iepriekšējo
atsauces periodu zināmā mērā mainījās, jo MSIM FMIL finanšu produktos notika šādas izmaiņas:(1) izmaiņas produktu klāstā (piemēram, jaunu produktu laišana tirgū un veco pārtraukšana), (2)izmaiņas turētajos vērtspapīros (piemēram, vērtspapīru pirkšana un pārdošana), (3) izmaiņas turēto
vērtspapīru tirgus vērtībās un (4) izmaiņas turēto vērtspapīru individuālo PAI indikatoru vērtībās.
Atsevišķu PAI indikatoru vērtību pārmaiņu papildu faktori bija (5) PAI datu aptvēruma pārmaiņas un(6) izmaiņas PAI indikatora aprēķinā vai datu vākšanas metodikā. PAI indikatoru vērtības, kasuzrādītas par iepriekšējo pārskata periodu, nav pārveidotas, lai atspoguļotu šīs izmaiņas.
Šajā paziņojumā ietvertās papildu PAI ir atlasītas gadījumos, kur šīm PAI, konkrētiem MSIM FMIL
finanšu produktiem Atsauces periodā, tika veiktas darbības, kas ir konsekventas ar iepriekš
aprakstītajām pieejām.
Ieguldījumu komandas turpinās apsvērt PAI (kā norādīts iepriekš) tiem MSIM FMIL finanšu
produktiem, ko tās pārvalda, līdztekus saistībām ar konkrētiem produktiem un ieguldījumu politikām,
kā arī pašas ieguldījumu komandas ieguldījumu pieejām. Visiem MSIM FMIL finanšu produktiem
nav noteiktu mērķu MSIM decentralizētās pieejas dēļ, taču MSIM FMIL finanšu produktiem var būt
iestatīti pašiem savi mērķi, kas atrodami izpaustajā informācijā par attiecīgo produktu.

Šajā dokumentā norādīto informāciju nedrīkst uztvert kā piemērojamu visiem MSIM FMIL finanšu produktiem. Informāciju, kā katra MSIM FMIL finanšu produkta ietvaros tiek apsvērtas PAI, skatiet konkrētā produkta
dokumentācijā. Uz datiem var attiekties metodoloģiski ierobežojumi, datu aizkaves, datu tvēruma nepilnības vai citas problēmas, kas ietekmē datu kvalitāti.
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47

NLOverzicht

specifieke onderzoek en de samenstelling van de portefeuille, de filosofie en het proces dat wordt
gebruikt door dat team. Beleggingsteams zetten hun vaardigheden en beoordelingsvermogen
in bij het beoordelen van de materialiteit van ESG-gerelateerde risico’s en kansen, passend bij
elke beleggingsstrategie.

MSIM Fund Management (Ireland) Limited (“MSIM FMIL”) (LEI: 549300QDS5K6OGU25W78) houdt
rekening met de belangrijkste ongunstige effecten (“PAI’s”) van zijn beleggingsbeslissingen op
duurzaamheidsfactoren. Dit overzicht is het geconsolideerde overzicht over de belangrijksteongunstige effecten op duurzaamheidsfactoren van MSIM FMIL.
Deze verklaring over de belangrijkste ongunstige effecten op duurzaamheidsfactoren heeft
betrekking op de referentieperiode van 1 januari 2023 tot en met 31 december 2023 (de“Referentieperiode”).
Morgan Stanley Investment Management (“MSIM”) is de afdeling voor beleggingsbeheer van
Morgan Stanley (het “Bedrijf”) en levert beleggingsoplossingen op publieke en private markten overde hele wereld. MSIM FMIL is een indirecte volledige dochteronderneming van Morgan Stanley, diedeel uitmaakt van de afdeling beleggingsbeheer.
In Europa treedt MSIM FMIL op als beleggingsbeheerder, beheermaatschappij en beheerder van
alternatieve beleggingsfondsen voor een reeks door MSIM gesponsorde fondsen en afzonderlijk
beheerde accounts van derden. Deze verklaring heeft uitsluitend betrekking op de financiële
producten beheerd door MSIM FMIL (de “MSIM FMIL Financial Products”) en niet op andere
MSIM-producten. MSIM FMIL kan beleggingsbeheer delegeren aan andere juridische entiteiten en
kan gebruikmaken van of deel uitmaken van de bredere processen en/of initiatieven van MSIM.13
MSIM volgt een gedecentraliseerde benadering van beleggingsbeheer, bestaande uit onafhankelijke
beleggingsteams op de publieke en private markten en platformen voor beleggingscategorieën. Elk
beleggingsteam bestaat uit ervaren professionals en toegewijde middelen die zich richten op
specifieke beleggingsdisciplines met verschillende benaderingen van duurzaamheid en hoe zijrekening houden met de belangrijkste ongunstige effecten van beleggingsbeslissingen op
duurzaamheidsfactoren waar dit relevant is voor hun strategieën.
MSIM’s gedecentraliseerde aanpak stelt beleggingsteams in staat om hun benadering van
duurzaamheid op verschillende manieren aan te passen, inclusief maar niet beperkt tot dedoelstellingen van het product, de beleggingscategorie en de beleggingshorizon, evenals het

Deze verklaring geeft een overzicht van hoe PAI’s worden overwogen, waar relevant, voor MSIM
FMIL Financial Products. Vanwege de gedecentraliseerde aanpak van MSIM vindt de implementatie
van alle acties met betrekking tot PAI’s plaats op productniveau als onderdeel van het
beleggingsbeslissingsproces door elk individueel beleggingsteam. De informatie in deze verklaring
moet niet worden beschouwd als gelijkelijk van toepassing op alle financiële producten van MSIM
FMIL - meer informatie over hoe specifieke producten rekening houden met de PAI’s is te vinden inde relevante aanbiedingsdocumenten, de overeenkomsten voor beleggingsbeheer en, waar
relevant, informatie op de website.
In paragraaf 2 van deze verklaring maken we de verplichte indicatoren openbaar die zijn
gespecificeerd in Tabel 1 van Bijlage 1 bij Gedelegeerde Verordening (EU) 2022/1288 van deCommissie (de “SFDR Gedelegeerde Verordening”) voor de referentieperiode die betrekking
heeft op investeringen in bedrijven waarin wordt geïnvesteerd, soevereinen en supranationale,en onroerend goed. We maken ook bepaalde aanvullende indicatoren openbaar uit de Tabellen
2 en 3 van Bijlage 1 van de SFDR Gedelegeerde Verordening, die op kwalitatieve basis
worden gerapporteerd.
Beleggingsteams die MSIM FMIL Financial Products beheren en zich ertoe hadden verbonden
rekening te houden met de PAI’s, gebruikten verschillende benaderingen om de verplichte PAI’s teidentificeren en te beoordelen, zoals:


Uitsluitingen: op basis van gegevens die zijn verkregen van externe gegevensverkopers, stellen
bepaalde MSIM FMIL Financial Products omzetdrempels en/of sectorgebaseerde screenings vastdie gericht zijn op het verminderen of wegnemen van blootstelling aan emittenten die betrokken
zijn bij specifieke zakelijke activiteiten of die behoren tot een specifieke sector, die mogelijk
overeenkomen met bepaalde de PAI’s;

Verwijzingen naar “MSIM”, “wij”, “ons”, “onze” zijn verwijzingen naar Morgan Stanley Investment Management als een afdeling van Morgan Stanley. Verwijzingen naar “MSIM FMIL” zijn verwijzingen naar de specifieke
rechtspersoon van MSIM Fund Management (Ireland) Limited.
13

De informatie in dit document moet niet worden gezien als van toepassing op alle MSIM FMIL Financial Products. Raadpleeg de productspecifieke documentatie voor details over hoe elk MSIM FMIL Financial Productrekening houdt met PAI’s. Gegevens kunnen onderhevig zijn aan methodologische beperkingen, gegevensvertragingen, hiaten in de gegevensdekking of andere problemen die van invloed zijn op de kwaliteit van de gegevens.
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NL

Productspecifieke verplichtingen: sommige MSIM FMIL Financial Products definieerden
specifieke toezeggingen die betrekking hebben op PAI’s, zoals holdings die hun koolstofintensiteit
halveren tegen eind 2030;



Betrokkenheid: de dialoog met bedrijven of andere entiteiten waarin werd belegd, werd geleid
door beleggingsteams en bepaalde beleggingsteams maakten van deze gelegenheid gebruik
om waar relevant in gesprek te gaan over onderwerpen die verband houden met PAI’s, inovereenstemming met product-specifiek beleggingsbeleid; en

SFDR-test “geen ernstige afbreuk doen”: gedurende de betreffende periode de MSIM
FMIL Financial Products die duurzaam belegden (zoals gedefinieerd door Verordening (EU)2019/2088 van het Europees Parlement en de Raad van 27 november 2019 betreffende
informatieverschaffing over duurzaamheid in de financiële dienstensector (“SFDR”))
beoordeelden de verplichte PAI-indicatoren zoals uiteengezet in Tabel 1, Bijlage I van de SFDR
Gedelegeerde Verordening om te bepalen of deze beleggingen ernstige afbreuk deden aan een
milieu- of sociale doelstelling, in overeenstemming met de eigen criteria van beleggingsteams
voor het definiëren van duurzame beleggingen.

De gerapporteerde impact voor PAI-indicatoren die van toepassing zijn op beleggingen in bedrijven
waarin wordt belegd, soevereine en supranationale entiteiten en vastgoedactiva, wordt, indien van
toepassing, berekend op basis van alle beleggingen zoals uiteengezet in de toepasselijke formules
in de SFDR Gedelegeerde Verordening. De berekening van PAI-indicatorwaarden in deze verklaring
is gebaseerd op beschikbare gegevens en expertise van externe gegevensleveranciers. Voor
bepaalde beleggingen, zoals beleggingsfondsen en bepaalde derivaten, zijn we momenteel niet instaat om voldoende gegevens te verzamelen over de onderliggende bestanddelen van deze
beleggingen en deze zijn uitgesloten van de berekening van de PAI-indicatorwaarden; in totaal
vormen deze beleggingen echter een zeer laag percentage van de totale beleggingen van MSIM
FMIL en hun uitsluiting zal naar verwachting niet resulteren in een wezenlijk verschil met degerapporteerde PAI-indicatorwaarden.

De berekening van PAI-indicatoren is gebaseerd op beschikbare gegevens van externe
gegevensverstrekkers, hoewel er voor bepaalde statistieken en sectoren aanzienlijke gegevenshiaten
bestaan. Waar door de emittent gerapporteerde gegevens niet beschikbaar waren, gebruikte onzegegevensleverancier proxy-methodologieën om de gegevens te schatten. Dergelijke gegevens
kunnen nog steeds onderhevig zijn aan methodologische beperkingen en lacunes in de dekking, en
schattingen kunnen veranderen naarmate de gegevensverstrekker zijn methodologie ontwikkelt.
De meeste PAI-indicatorwaarden op geaggregeerd niveau veranderden tot op zekere hoogte tijdens
de referentieperiode ten opzichte van de voorgaande referentieperiode, als gevolg van de volgendeveranderingen binnen MSIM FMIL Financial Products: (1) veranderingen in de productscope (bijv.
productlanceringen en -sluitingen), (2) veranderingen in de aangehouden effecten (bijvoorbeeld
door het kopen en verkopen van effecten), (3) veranderingen in de marktwaarde van deaangehouden effecten, en (4) veranderingen in de individuele PAI-indicatorwaarden van deaangehouden effecten. Bijkomende factoren voor bepaalde veranderingen in de PAIindicatorwaarden waren (5) veranderingen in de PAI-gegevensdekking, en (6) veranderingen in de
PAI-indicator berekenings- of gegevensverzamelingsmethoden. De PAI-indicatorwaarden die voor
de voorgaande referentieperiode zijn gepresenteerd, zijn niet aangepast om deze veranderingen
weer te geven.
De aanvullende PAI’s die in deze verklaring zijn opgenomen, zijn geselecteerd waar acties die
consistent zijn met de hierboven beschreven benaderingen zijn genomen voor deze PAI’s, voor
bepaalde MSIM FMIL Financial Products tijdens de referentieperiode.
Beleggingsteams zullen rekening blijven houden met de PAI’s (zoals hierboven beschreven) voor de
MSIM FMIL Financial Products die ze beheren, in overeenstemming met productspecifieke
verplichtingen, het beleggingsbeleid en de eigen beleggingsbenaderingen van de beleggingsteams.
Vanwege de gedecentraliseerde aanpak van MSIM zijn er geen doelen geformuleerd voor alle MSIM
FMIL Financial Products, maar MSIM FMIL Financial Products kan zijn eigen doelen stellen die tevinden zijn in de relevante productinformatie.

De informatie in dit document moet niet worden gezien als van toepassing op alle MSIM FMIL Financial Products. Raadpleeg de productspecifieke documentatie voor details over hoe elk MSIM FMIL Financial Productrekening houdt met PAI’s. Gegevens kunnen onderhevig zijn aan methodologische beperkingen, gegevensvertragingen, hiaten in de gegevensdekking of andere problemen die van invloed zijn op de kwaliteit van de gegevens.
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49

NO
Sammendrag

MSIMs desentraliserte tilnærming gjør det mulig for investeringsteamene å skreddersy sin tilnærming
til bærekraft på flere måter, inkludert, men ikke begrenset til, målene for produktet, aktivaklassen og
tidshorisonten for investeringen, samt den spesifikke analysen og porteføljekonstruksjonen, filosofien
og prosessen som brukes av teamet. Investeringsteamene bruker sin kompetanse og sitt skjønn til åvurdere hvor vesentlige ESG-relaterte risikoer og muligheter er for hver enkelt investeringsstrategi.

MSIM Fund Management (Ireland) Limited (“MSIM FMIL”) (LEI-kode: 549300QDS5K6OGU25W78)
vurderer de viktigste negative konsekvensene (“PAI-ene”) av sine investeringsbeslutninger påbærekraftsfaktorer. Denne oppstillingen er den samlede redegjørelsen for de viktigste negative
konsekvensene for bærekraftsfaktorene i MSIM FMIL.

Morgan Stanley Investment Management (“MSIM”) er investeringsforvaltningsdivisjonen til Morgan
Stanley (“foretaket”), som leverer investeringsløsninger til offentlige og private markeder verden
over. MSIM FMIL er et indirekte heleid datterselskap av Morgan Stanley, som inngår i divisjonen for
kapitalforvaltning.

Denne erklæringen gir en oversikt over hvordan PAI-er vurderes for MSIM FMIL-finansprodukter, derdet er relevant. På grunn av MSIMs desentraliserte tilnærming skjer implementeringen av eventuelletiltak med hensyn til PAI-er på produktnivå som en del av investeringsbeslutningsprosessen i hvert
enkelt investeringsteam. Informasjonen i denne erklæringen skal ikke anses å gjelde for alle MSIM
FMILs finansielle produkter – ytterligere informasjon om hvordan spesifikke produkter vurderer
PAI-er finnes i de relevante tilbudsdokumentene, investeringsforvaltningsavtalene og, der det er
relevant, på nettsidene.

I Europa fungerer MSIM FMIL som investeringsforvalter, forvaltningsselskap og forvalter av
alternative investeringsfond for en rekke MSIM-sponsede fond og tredjeparts separat forvaltede
kontoer. Denne erklæringen gjelder utelukkende for de finansielle produktene som forvaltes av MSIM
FMIL (“MSIM FMIL-finansprodukter”) og ingen andre MSIM-produkter. MSIM FMIL kan delegere
investeringsforvaltning til andre juridiske enheter, og kan utnytte eller være en del av MSIMs bredere
prosesser og/eller initiativer.14

I del 2 av denne redegjørelsen oppgir vi de obligatoriske indikatorene som er spesifisert i tabell 1 ivedlegg I til kommisjonens delegerte forordning (EU) 2022/1288 («den delegerte SFDRforordningen») for referanseperioden, og som dekker investeringer i selskaper det er investert i,stater og overnasjonale selskaper, og eiendomsaktiva. Vi oppgir også visse tilleggsindikatorer fra
tabell 2 og 3 i vedlegg I til den delegerte SFDR-forordningen, som rapporteres på et kvalitativt
grunnlag.

MSIM har en desentralisert tilnærming til kapitalforvaltning, som består av uavhengige
investeringsteam for offentlige og private markeder og aktivaklasseplattformer. Hvert
investeringsteam består av erfarne fagfolk og dedikerte ressurser som fokuserer på følgende
spesifikke investeringsdisipliner med ulike tilnærminger til bærekraft, og hvordan de vurderer deviktigste negative konsekvensene av investeringsbeslutninger på bærekraftfaktorer der dette er
relevant for strategiene deres.

Investeringsteamene som forvalter MSIM FMIL-finansprodukter og som hadde forpliktet seg til åvurdere PAI-er, brukte ulike metoder for å identifisere og vurdere de obligatoriske PAI-ene:

Denne redegjørelsen om de viktigste negative konsekvensene for bærekraftsfaktorer dekker
referanseperioden fra 1. januar 2023 til 31. desember 2023. (“referanseperioden”).



Utelukkelser: Basert på data innhentet fra tredjeparts dataleverandører har visse MSIM FMILfinansprodukter satt inntektsgrenser og/eller sektorbaserte utsilinger som tar sikte på å redusere
eller fjerne eksponeringen mot utstedere som er involvert i bestemte forretningsaktiviteter eller
tilhører en bestemt sektor, som kan være på linje med visse PAI-er;

Referanser til “MSIM”, “vi”, “oss” og “vår” er referanser til Morgan Stanley Investment Management som en divisjon i Morgan Stanley. Referanser til “MSIM FMIL” er referanser til den spesifikke juridiske enheten MSIM FundManagement (Ireland) Limited.
14

Informasjonen som gis i dette dokumentet, skal ikke anses å gjelde for alle MSIM FMILs finansielle produkter. Se produktspesifikk dokumentasjon for detaljer om hvordan hvert enkelt MSIM FMIL-finansprodukt vurderer PAI-er.
Dataene kan ha metodiske begrensninger, etterslep, mangelfull datadekning eller andre forhold som påvirker datakvaliteten.
50

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NOProduktspesifikke forpliktelser: Noen MSIM FMIL-finansprodukter definerte spesifikke
forpliktelser knyttet til PAI-er, for eksempel beholdninger i selskaper som halverer sin
karbonintensitet innen utgangen av 2030;



Engasjement: engasjement med investeringsselskaper eller andre enheter ble ledet
av investeringsteamene, og enkelte investeringsteam benyttet denne muligheten til åengasjere seg i temaer knyttet til PAI-er, der det er relevant, i tråd med produktspesifikke
investeringsretningslinjer, og

Beregningen av PAI-indikatorene er basert på tilgjengelige data fra tredjeparts dataleverandører, selv
om det er betydelige datamangler for enkelte indikatorer og sektorer. I de tilfellene derutstederrapporterte data ikke var tilgjengelige, brukte dataleverandøren vår metodikk med bruk av
referansegrunnlag for å estimere dataene. Slike data kan fortsatt ha metodiske begrensninger og
dekningshull, og estimatene kan endres etter hvert som dataleverandøren utvikler sin metodikk.

SFDR-testen “gjør ikke vesentlig skade”: I referanseperioden vurderte MSIM FMILfinansprodukter som foretok bærekraftige investeringer (som definert i Europaparlaments- ogrådsforordning (EU) 2019/2088 av 27. november 2019 om bærekraftsrelaterte opplysninger ifinanstjenestesektoren («SFDR»))), de obligatoriske PAI-indikatorene som angitt i tabell 1, vedlegg
I til den delegerte SFDR-forordningen for å fastslå om disse investeringene forårsaket betydelig
skade på et miljømessig eller sosialt mål, i tråd med investeringsteamenes egne kriterier for å
definere bærekraftige investeringer.

Konsekvensene som rapporteres for PAI-indikatorene for investeringer i selskaper, stater og
overnasjonale selskaper og eiendom beregnes, der det er relevant, på grunnlag av alle investeringer
som angitt i de gjeldende formlene i den delegerte SFDR-forordningen. Beregningen av PAIindikatorverdiene i denne erklæringen er basert på tilgjengelige data og ekspertise fra tredjeparts
dataleverandører. For visse investeringer, for eksempel verdipapirfond og visse derivater, er vi forøyeblikket ikke i stand til å samle inn tilstrekkelig med data om de underliggende bestanddelene i
disse investeringene, og de er derfor ekskludert fra beregningen av PAI-indikatorverdiene. Samlet
sett utgjør imidlertid disse investeringene en svært lav prosentandel av MSIM FMILs samlede
investeringer, og ekskluderingen av dem forventes ikke å føre til en vesentlig forskjell i de rapporterte
PAI-indikatorverdiene.

De fleste PAI-indikatorverdiene på aggregert nivå endret seg til en viss grad i løpet av
referanseperioden sammenlignet med forrige referanseperiode, på grunn av følgende endringer i
MSIM FMILs finansprodukter: (1) endringer i produktomfanget (f.eks. produktlanseringer og-termineringer), (2) endringer i verdipapirbeholdning (f.eks. gjennom kjøp og salg av verdipapirer), (3)endringer i markedsverdiene til verdipapirene som innehas, og (4) endringer i de individuelle
PAI-indikatorverdiene til verdipapirene som innehas. Andre årsaker til visse endringer i PAIindikatorverdiene var (5) endringer i PAI-datadekningen og (6) endringer i beregnings- eller
datainnsamlingsmetodene for PAI-indikatorene. PAI-indikatorverdiene som presenteres for den
forrige referanseperioden, er ikke omarbeidet for å gjenspeile disse endringene.
Ytterligere PAI-er som er inkludert i denne erklæringen, er valgt ut der det ble iverksatt tiltak i
samsvar med fremgangsmåtene beskrevet ovenfor for disse PAI-ene, for visse MSIM FMILfinansprodukter i løpet av referanseperioden.
Investeringsteamene vil fortsette å vurdere PAI-ene (som beskrevet ovenfor) for MSIM FMILfinansprodukter som de forvalter, i tråd med produktspesifikke forpliktelser og investeringspolicyer og
investeringsteamenes egne investeringsmetoder. På grunn av MSIMs desentraliserte tilnærming er
det ikke fastsatt mål for alle MSIM FMIL-finansprodukter, men MSIM FMIL-finansprodukter kan
fastsette egne mål som kan finnes i relevante produktopplysninger.

Informasjonen som gis i dette dokumentet, skal ikke anses å gjelde for alle MSIM FMILs finansielle produkter. Se produktspesifikk dokumentasjon for detaljer om hvordan hvert enkelt MSIM FMIL-finansprodukt vurderer
PAI-er. Dataene kan ha metodiske begrensninger, etterslep, mangelfull datadekning eller andre forhold som påvirker datakvaliteten.
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Síntesede ativos e o horizonte temporal dos investimentos, bem como a utilização de uma investigação econstituição específica das carteiras, filosofia e processos por parte da equipa em causa. As
equipas de investimento empregam as competências e o discernimento que entenderem necessário
à avaliação da materialidade dos riscos e oportunidades ASG para cada estratégia de investimento.

A MSIM Fund Management (Ireland) Limited (“MSIM FMIL”) (LEI: 549300QDS5K6OGU25W78) tem
em consideração os principais impactos negativos (“PIN”) das respetivas decisões de investimento
nos fatores de sustentabilidade. A presente declaração é a demonstração consolidada relativa aos
principais impactos negativos nos fatores de sustentabilidade por parte da MSIM FMIL.
Esta declaração relativa aos principais impactos negativos nos fatores de sustentabilidade
abrange o período de referência entre 1 de janeiro de 2023 a 31 de dezembro de 2023 (o “Períodode referência”).
A Morgan Stanley Investment Management (“MSIM”) é a divisão de gestão de investimentos daMorgan Stanley (a “Sociedade”) que se dedica à oferta de soluções de investimento em mercados
públicos e privados de todo o mundo. A MSIM FMIL é uma filial detida a 100% de forma indireta pela
Morgan Stanley e faz parte da divisão de gestão de investimentos.
Na Europa, a MSIM FMIL atua como sociedade gestora de investimentos, sociedade gestora e como
gestora de fundos de investimento alternativos de uma série de fundos promovidos pela MSIM e decontas de terceiros geridas separadamente. A presente declaração incide exclusivamente sobre os
produtos financeiros geridos pela MSIM FMIL (os “Produtos financeiros da MSIM FMIL”) e nãosobre outros produtos da MSIM. A MSIM FMIL pode delegar a gestão de investimentos noutras
personalidades jurídicas e pode potenciar ou fazer parte de processos e/ou iniciativas mais amplas
da MSIM.15
A MSIM pratica uma metodologia de gestão de investimentos descentralizada constituída por
equipas de investimento independentes em mercados públicos e privados e por plataformas declasses de ativos. Cada equipa de investimento é composta por profissionais experientes e por
recursos dedicados focados em áreas específicas de investimento com abordagens distintas em
matéria de sustentabilidade e na forma como os principais impactos negativos das decisões deinvestimento são considerados nos fatores de sustentabilidade quando estes forem relevantes paraas respetivas estratégias.
A abordagem descentralizada da MSIM permite às nossas equipas adaptar a abordagem àsustentabilidade de variadíssimas formas, incluindo, entre outras, os objetivos do produto, a classe

A presente declaração apresenta uma visão geral de como se consideram os principais impactos
negativos (PIN) para os Produtos financeiros da MSIM FMIL, se for caso disso. Em virtude daabordagem descentralizada da MSIM, e como parte do processo de decisão de investimentos por
cada uma das equipas de investimento, a implementação de medidas respeitantes aos principais
impactos negativos faz-se ao nível do produto. Não se deve encarar a informação nesta declaração
como sendo de aplicação uniforme a todos os Produtos financeiros da MSIM FMIL. O modo como os
principais impactos negativos são considerados em cada produto encontra-se descrito nos
respetivos documentos de oferta, nos contratos de gestão dos investimentos e, se for caso disso,
nos conteúdos disponibilizados no sítio Web.
Na secção 2 desta declaração, divulgamos os indicadores obrigatórios especificados no Quadro 1
do Anexo I do Regulamento Delgado (EU) 1288/2022 da Comissão (o “Regulamento Delegado
SFDR”) para o Período de Referência que abrange os investimentos nas empresas beneficiárias dos
investimentos, organizações soberanas e supranacionais e em ativos imobiliários. Divulgamos
também certos indicadores adicionais dos Quadros 2 e 3 do Anexo I do Regulamento Delegado
SFDR que são reportados numa base qualitativa.
As equipas de investimento gestoras dos Produtos financeiros da MSIM FMIL que secomprometeram a ter os principais impactos negativos em consideração, utilizaram uma variedadede abordagens para identificar e avaliar os principais impactos negativos obrigatórios, nos quais
se incluem:

Exclusões: com base nos dados obtidos de fornecedores de dados externos, determinados
Produtos financeiros da MSIM FMIL definem patamares de receitas e/ou filtros setoriais com
vista a reduzir ou eliminar a exposição a emitentes envolvidos em certas atividades comerciais ou
aqueles que, estando alinhados com determinados principais impactos negativos, façam parte deum setor específico;

As expressões “MSIM”, “nós”, “nos”, “nosso(s)”, “nossa(s)” referem-se à Morgan Stanley Investment Management enquanto divisão da Morgan Stanley. A expressão “MSIM FMIL” refere-se especificamente à pessoa coletiva
MSIM Fund Management (Ireland) Limited.
15

Não se deve encarar a informação neste documento como sendo aplicável a todos os Produtos financeiros da MSIM FMIL. Consulte a documentação referente ao produto em questão para obter mais pormenores sobre
a forma como cada Produto financeiro da MSIM FMIL tem os principais impactos negativos em consideração. Os dados podem estar sujeitos a limitações metodológicas, desfasamento dos dados disponíveis e à menor
abrangência dos mesmos ou a outras questões que afetem a qualidade dos dados.
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Compromissos específicos de um produto: alguns Produtos financeiros da MSIM FMIL fixaram
compromissos específicos relacionados com os principais impactos negativos, como é o caso dos
conglomerados empresariais diminuírem a respetiva intensidade carbónica até 2030;

Envolvimento: o envolvimento com as empresas beneficiárias do investimento ou outras
entidades foi conduzido pelas equipas de investimento e algumas aproveitaram a oportunidadepara intervir em temas relacionados com os principais impactos negativos, sempre quenecessário, em linha com as políticas de investimento específicas de cada produto; eO teste “não prejudicar significativamente” indicado no regulamento SFDR: durante
o período de referência, os Produtos financeiros da MSIM FMIL que fizeram investimentos
sustentáveis (conforme definidos no Regulamento (UE) 2088/2019 do Parlamento Europeu e doConselho de 27 de novembro de 2019 relativo à divulgação de informações relacionadas com
a sustentabilidade no setor dos serviços financeiros (“SFDR”)) avaliaram os indicadores dos
principais impactos negativos obrigatórios, estabelecidos no quadro 1 do anexo I do Regulamento
Delegado SFDR para determinar se estes investimentos causaram algum prejuízo significativo
a um objetivo de caráter ambiental ou social, em linha com os próprios critérios das equipas deinvestimento na definição de investimentos sustentáveis.

O impacto comunicado para os indicadores dos principais impactos negativos aplicáveis aos
investimentos em empresas, governos e entidades supranacionais beneficiárias do investimento e
em ativos imobiliários é calculado, se for caso disso, com base na totalidade dos investimentos
conforme definido nas fórmulas aplicáveis pelo Regulamento Delegado SFDR. O cálculo dos valores
dos indicadores dos principais impactos negativos nesta declaração baseia-se nos dados
disponíveis e no conhecimento especializado dos fornecedores de dados externos. Para certos
investimentos, como por exemplo fundos mutualistas e determinados derivados, não estamos
atualmente em condições de recolher um nível suficiente de dados sobre os constituintes
subjacentes a estes investimentos e, por esse motivo, estes foram excluídos do cálculo dos
valores dos indicadores dos principais impactos negativos; todavia, no seu conjunto, estes
investimentos constituem uma percentagem muito pequena da generalidade dos investimentos
da MSIM FMIL e a sua exclusão não deverá resultar numa diferença substancial nos valores do
indicador PIN comunicados.

O cálculo dos indicadores dos principais impactos negativos baseia-se nos dados disponíveis
provenientes de terceiros fornecedores de dados, ainda que existam lacunas significativas de dadospara determinadas métricas e setores. Nas situações em que o emitente comunica a
indisponibilidade de dados, o nosso fornecedor utilizou metodologias de substituição para calcular
os dados. Esses dados podem ainda estar sujeitos a limitações metodológicas e lacunas ao nível daabrangência, pelo que as estimativas podem sofrer alterações à medida que a metodologia dofornecedor de dados evoluir.
A maioria dos valores nos indicadores PIN a um nível agregado sofreu algum tipo de alteração
durante o Período de Referência face ao anterior período de referência devido às seguintes
mudanças nos Produtos Financeiros da MSIM FMIL: (1) alteração na definição do produto (p. ex.,lançamentos e encerramentos dos produtos), (2) alterações na detenção dos títulos (p. ex., atravésda compra e venda de títulos), (3) alterações nos valores de mercado dos títulos detidos e (4)alterações nos valores de cada indicador PIN dos títulos detidos. Foram ainda vetores de certas
mudanças nos valores dos indicadores PIN (5) as alterações nas coberturas de dados dos PIN e (6)as alterações nas metodologias de cálculo ou de recolha de dados dos indicadores PIN. Os valores
do indicador PIN apresentados referentes ao período de referência anterior não foram reiterados deforma a refletir estas alterações.
Os principais impactos negativos adicionais incluídos nesta declaração foram selecionados aoserem adotadas ações consistentes com as abordagens descritas anteriormente para estes
principais impactos negativos em certos Produtos financeiros da MSIM FMIL durante o Períodode referência.
As equipas de investimento continuarão a considerar os principais impactos negativos (conforme
acima indicado) para os Produtos financeiros da MSIM FMIL que estas gerem, em linha com oscompromissos específicos de um produto, as políticas de investimento e as próprias abordagens ao
investimento por parte de cada das equipas. Dada a abordagem descentralizada da MSIM, nãoexistem metas definidas para todos os Produtos financeiros da MSIM FMIL, mas estes podem,
no entanto, definir metas próprias que serão descritas na divulgação de informações do produto
em questão.

Não se deve encarar a informação neste documento como sendo aplicável a todos os Produtos financeiros da MSIM FMIL. Consulte a documentação referente ao produto em questão para obter mais pormenores sobre
a forma como cada Produto financeiro da MSIM FMIL tem os principais impactos negativos em consideração. Os dados podem estar sujeitos a limitações metodológicas, desfasamento dos dados disponíveis e à menor
abrangência dos mesmos ou a outras questões que afetem a qualidade dos dados.

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Rezumat
MSIM Fund Management (Ireland) Limited („MSIM FMIL”) (LEI: 549300QDS5K6OGU25W78) ia în
considerare principalele efecte negative („PAI-uri”) ale deciziilor sale de investiții asupra factorilor
de sustenabilitate. Prezenta declarație reprezintă declarația consolidată privind principalele efecte
negative asupra factorilor de sustenabilitate ale MSIM FMIL.
Această declarație privind principalele efecte negative asupra factorilor de sustenabilitate acoperă
perioada de referință de la 1 ianuarie 2023 până la 31 decembrie 2023 („Perioada de referință”).
Morgan Stanley Investment Management („MSIM”) este divizia de management al investițiilor aMorgan Stanley („Firma”), care oferă soluții de investiții pe piețele publice și private din întreaga
lume. MSIM FMIL este o sucursală indirectă, deținută în totalitate de Morgan Stanley, care faceparte din divizia de management al investițiilor.
În Europa, MSIM FMIL acționează ca administrator de investiții, companie de administrare și
administrator de fonduri de investiții alternative pentru o serie de fonduri sponsorizate de MSIM și
conturi administrate separat de terți. Această declarație se referă exclusiv la produsele financiare
gestionate de MSIM FMIL („Produsele financiare MSIM FMIL”) și la niciun alt produs MSIM. MSIM
FMIL poate delega gestionarea investițiilor altor persoane juridice și poate intermedia sau faceparte din procesele și/sau inițiativele mai ample ale MSIM.16
MSIM urmează o abordare descentralizată a managementului investițiilor, care constă din echipe
independente de investiții de pe piețele publice și private și platforme pentru clasele de active.
Fiecare echipă este formată din profesioniști cu experiență și resurse dedicate concentrate pe
discipline de investiții specifice, cu abordări diferite privind sustenabilitatea și modul în care iau în
considerare principalele efecte negative ale deciziilor de investiții asupra factorilor desustenabilitate, atunci când acest lucru prezintă relevanță pentru strategiile proprii.
Abordarea descentralizată a MSIM permite echipelor de investiții să își adapteze demersurile
privind sustenabilitatea în mai multe moduri, inclusiv, dar fără limitare, obiectivele produsului, clasa
de active și orizontul de timp al investițiilor, precum și studii specifice și construcția portofoliului,filozofia și procesul utilizat de către echipa respectivă. Echipele de investiții își folosesc abilitățile șiraționamentul în evaluarea semnificației riscurilor și oportunităților legate de ESG, după caz, pentru
fiecare strategie de investiții.

Această declarație oferă o imagine de ansamblu asupra modului în care sunt luate în considerare
PAI-urile pentru Produsele financiare MSIM FMIL, acolo unde acest lucru este relevant. Datorită
abordării descentralizate a MSIM, implementarea oricăror acțiuni întreprinse cu privire la PAI-uri areloc la nivel de produs, ca parte a procesului decizional privind investițiile al fiecărei echipe deinvestiții în parte. Informațiile din această declarație nu trebuie văzute ca fiind valabile în mod egal
pentru toate Produsele financiare MSIM FMIL – găsiți mai multe detalii despre modul în careanumite produse iau în considerare PAI-urile în documentele de ofertă corespunzătoare, acordurile
de gestionare a investițiilor și, acolo unde este cazul, declarațiile de pe site-urile web.
În secțiunea 2 a acestei declarații, prezentăm indicatorii obligatorii specificați în tabelul 1 din anexa
I la Regulamentul delegat (UE) 2022/1288 al Comisiei (denumit în continuare „Regulamentul delegat
SFDR”) pentru perioada de referință, care acoperă investițiile în companiile beneficiare ale
investițiilor, în companii suverane și supranaționale și în active imobiliare. De asemenea, dezvăluim
anumiți indicatori suplimentari din tabelele 2 și 3 din anexa I la Regulamentul delegat SFDR, caresunt raportați din punct de vedere calitativ.
Echipele de investiții care gestionează Produsele financiare MSIM FMIL, care s-au angajat să ia în
considerare PAI-urile, au folosit o varietate de abordări pentru a identifica și evalua PAI-urile
obligatorii, cum ar fi:Excluderile: pe baza datelor obținute de la furnizori terți de date, anumite Produse financiare
MSIM FMIL stabilesc praguri de venituri și/sau ecrane sectoriale, care au ca scop reducerea sau
eliminarea expunerii la emitenții implicați în activități de business specifice sau care aparțin unuianumit sector, care se pot alinia cu anumite PAI-uri;

Angajamentele specifice per produs: unele Produse financiare MSIM FMIL au angajamente
specifice definite în privința PAI-urilor, cum ar fi înjumătățirea intensității emisiilor de dioxid decarbon în cadrul participațiilor corporative până la sfârșitul anului 2030;

Implicarea: implicarea în relații cu companiile în care se fac investiții sau cu alte entități afost coordonată de echipele de investiții, iar anumite echipe de investiții au profitat de această
oportunitate pentru a deschide discuții pe tema PAI-urilor, după caz, în conformitate cu politicile
de investiții specifice produsului; șiReferirile la „MSIM”, „noi”, „nostru” sunt referiri la Morgan Stanley Investment Management ca divizie a Morgan Stanley. Referințele la „MSIM FMIL” sunt referiri la persoana juridică specifică a MSIM Fund Management(Ireland) Limited.
16

Informaţiile furnizate în acest document nu trebuie să fie considerate ca fiind valabile pentru toate produsele financiare MSIM FMIL. Vă rugăm să consultaţi documentaţia specifică produsului pentru detalii privind modulîn care fiecare produs financiar MSIM FMIL ia în considerare PAI-urile. Datele pot face obiectul unor limitări metodologice, întârzieri ale datelor, lacune în ceea ce privește gradul de acoperire a datelor sau alte aspecte care
au un impact asupra calităţii datelor.
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Testul SFDR („do no significant harm” – „fără prejudicii semnificative”): pe parcursul
perioadei de referință, produsele financiare MSIM FMIL care au realizat investiții sustenabile (așacum sunt definite în Regulamentul (UE) 2019/2088 al Parlamentului European și al Consiliului
din 27 noiembrie 2019 privind informațiile referitoare la sustenabilitate în sectorul serviciilor
financiare („SFDR”)) au evaluat indicatorii PAI obligatorii, prevăzuți în tabelul 1, Anexa I din
Regulamentul delegat SFDR, pentru a determina dacă aceste investiții au cauzat vreun prejudiciu
semnificativ unui obiectiv de mediu sau social, în conformitate cu criteriile proprii ale echipelor deinvestiții privind definirea investițiilor sustenabile.

Impactul raportat pentru indicatorii PAI aplicabili investițiilor efectuate în companiile în care s-a
investit, societăți suverane și supranaționale și active imobiliare se calculează, după caz, pe baza
tuturor investițiilor, conform formulelor aplicabile din Regulamentul delegat SFDR. Calculul valorilor
indicatorului PAI din această declarație se bazează pe datele disponibile și pe expertiza furnizorilor
de date terți. Pentru anumite investiții, cum ar fi fondurile mutuale și anumite instrumente derivate,nu suntem în măsură momentan să colectăm un volum adecvat de date cu privire la elementele
constitutive de bază ale acestor investiții, așa că au fost excluse din calculul valorilor indicatorului
PAI; cu toate acestea, per ansamblu, aceste investiții constituie un procent foarte scăzut din
investițiile totale ale MSIM FMIL și se preconizează că excluderea lor nu va cauza o diferență
semnificativă față de valorile PAI indicatorilor raportate.
Calculul indicatorilor PAI se bazează pe datele disponibile de la furnizorii de date terți, deși există
lacune semnificative de date pentru anumite metrici și sectoare. Acolo unde datele raportate deemitent nu au fost disponibile, furnizorul nostru de date a folosit metodologii de tip proxy pentru aestima datele. Aceste date pot fi afectate încă de limitările metodologice și lacunele de acoperire,
iar estimările se pot schimba pe măsură ce furnizorul de date își dezvoltă metodologia.
Cele mai multe valori ale indicatorilor PAI la nivel agregat s-au modificat într-o oarecare măsură în
perioada de referință față de perioada de referință anterioară, ca urmare a următoarelor modificări
în cadrul produselor financiare MSIM FMIL: (1) modificări ale domeniului de aplicare a produselor(de exemplu, lansări și închideri de produse), (2) modificări ale titlurilor de valoare deținute (deexemplu, prin cumpărarea și vânzarea de titluri de valoare), (3) modificări ale valorilor de piață ale
titlurilor de valoare deținute și (4) modificări ale valorilor individuale ale indicatorilor PAI ale titlurilorde valoare deținute. Factorii suplimentari care au determinat anumite modificări ale valorilor
indicatorilor PAI au fost (5) modificări ale acoperirii datelor PAI și (6) modificări ale metodologiilor decalcul al indicatorilor PAI sau de colectare a datelor. Valorile indicatorilor PAI prezentate pentru
perioada de referință anterioară nu au fost rectificate pentru a reflecta aceste modificări.
PAI-urile suplimentare incluse în această declarație au fost selectate pentru contextele în care au
fost luate acțiuni în concordanță cu abordările descrise mai sus pentru aceste PAI, pentru anumite
Produse financiare MSIM FMIL, în Perioada de referință.
Echipele de investiții vor continua să ia în considerare PAI-urile (după cum se menționează mai sus)
pentru Produsele financiare MSIM FMIL pe care le gestionează, în conformitate cu angajamentele
specifice produsului și cu politicile de investiții, precum și cu abordările investițiilor proprii aleechipelor de investiții. Dată fiind abordarea descentralizată a MSIM, nu există obiective stabilite
pentru toate Produsele financiare MSIM FMIL, însă, Produsele financiare MSIM FMIL pot stabili
propriile obiective, pe care le găsiți în declarațiile aferente produselor.

Informaţiile furnizate în acest document nu trebuie să fie considerate ca fiind valabile pentru toate produsele financiare MSIM FMIL. Vă rugăm să consultaţi documentaţia specifică produsului pentru detalii privind modulîn care fiecare produs financiar MSIM FMIL ia în considerare PAI-urile. Datele pot face obiectul unor limitări metodologice, întârzieri ale datelor, lacune în ceea ce privește gradul de acoperire a datelor sau alte aspecte care
au un impact asupra calităţii datelor.
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Súhrn

investičnej stratégie.

MSIM Fund Management (Ireland) Limited (ďalej len „spoločnosť MSIM FMIL“) (LEI:549300QDS5K6OGU25W78) zohľadňuje hlavné nepriaznivé vplyvy (principal adverse impacts –⁠ďalej len „PAI“) svojich investičných rozhodnutí na faktory udržateľnosti. Toto vyhlásenie jekonsolidované znenie vyhlásenia o hlavných nepriaznivých vplyvoch na faktory udržateľnosti
spoločnosti MSIM FMIL.

Toto vyhlásenie poskytuje prehľad o tom, ako sa v súvislosti s relevantnými finančnými produktmi
spoločnosti MSIM FMIL zohľadňujú hlavné nepriaznivé vplyvy. Vďaka decentralizovanému prístupu
divízie MSIM sa implementácia akýchkoľvek opatrení prijatých v súvislosti s PAI uskutočňuje naúrovni produktu a ako súčasť investičného rozhodovacieho procesu každého jedného investičného
tímu. Informácie v tomto vyhlásení neplatia rovnako pre všetky finančné produkty spoločnosti MSIM
FMIL – ďalšie informácie o tom, akým spôsobom sú u konkrétnych produktov zohľadňované PAI,možno nájsť v príslušných dokumentoch o ponukách, zmluvách o správe investícií a, ak je to predaný produkt relevantné, na webových stránkach.

Toto vyhlásenie o hlavných nepriaznivých vplyvoch na faktory udržateľnosti sa vzťahuje na
referenčné obdobie od 1. januára 2023 do 31. decembra 2023 (ďalej len „referenčné obdobie“).
Morgan Stanley Investment Management (ďalej len „divízia MSIM“) je divíziou spoločnosti Morgan
Stanley (ďalej len „spoločnosť“) poskytujúcou investičné riešenia na verejných a súkromných
trhoch po celom svete, ktorá sa zameriava na globálnu správu investícií. MSIM FMIL je nepriama
dcérska spoločnosť v úplnom vlastníctve spoločnosti Morgan Stanley, ktorá je súčasťou divízie
správy investícií.
V Európe pôsobí spoločnosť MSIM FMIL ako investičný správca, správcovská spoločnosť a správca
alternatívnych investičných fondov, ktoré sponzoruje divízia MSIM, a osobitne spravovaných účtov
tretích strán. Toto vyhlásenie sa vzťahuje výlučne na finančné produkty, ktoré spravuje spoločnosť
MSIM FMIL („finančné produkty spoločnosti MSIM FMIL“), a žiadne iné produkty divízie MSIM.
Spoločnosť MSIM FMIL môže poveriť správou investícií iné právne subjekty a môže sa zúčastňovať
širších procesov a/alebo iniciatív divízie MSIM alebo ich využívať.17
Divízia MSIM pristupuje k správe investícií decentralizovane, využíva nezávislé investičné tímyverejného a súkromného trhu a platformy tried aktív. Každý investičný tím je zložený zo skúsených
odborníkov a disponuje špecializovanými zdrojmi, ktoré sú zamerané na špecifické investičné
disciplíny. Tímy sa odlišujú v prístupe k udržateľnosti a v tom, ako zohľadňujú hlavné nepriaznivé
vplyvy investičných rozhodnutí na faktory udržateľnosti, ak je to pre ich stratégie relevantné.
Decentralizovaný prístup divízie MSIM umožňuje investičným tímom prispôsobiť si svoj osobitný
prístup k udržateľnosti viacerými spôsobmi, a to okrem iného v oblasti cieľov produktu, triedy aktív,
investičného časového horizontu, ďalej aj v oblasti špecifického výskumu a tvorby portfólia, filozofie
a procesu, ktorý tím využíva. Pri posudzovaní závažnosti rizík a príležitostí súvisiacich s ESG
uplatňujú investičné tímy svoje schopnosti a odborný úsudok vzhľadom na potreby konkrétnej

V časti 2 tohto vyhlásenia zverejňujeme povinné ukazovatele špecifikované v tabuľke 1 prílohy I kdelegovanému nariadeniu Komisie (EÚ) 2022/1288 (ďalej len „delegované nariadenie SFDR“) na
referenčné obdobie pokrývajúce investície do spoločností, do ktorých sa investuje, suverénnych anadnárodných spoločností a nehnuteľného majetku. Zverejňujeme tiež určité doplnkové ukazovatelez tabuliek 2 a 3 v prílohe I k delegovanému nariadeniu SFDR, ktoré sa uvádzajú na kvalitatívnom
základe.
Investičné tímy, ktoré spravujú finančné produkty spoločnosti MSIM FMIL a ktoré sa zaviazalizohľadňovať PAI, použili rôzne prístupy na identifikáciu a posúdenie povinných PAI, medzi ktorými boli:

Vylúčenia: na základe údajov získaných od dodávateľov údajov tretích strán určité finančné
produkty spoločnosti MSIM FMIL stanovujú prahové hodnoty príjmov a/alebo sektorové
screeningy, ktorých cieľom je znížiť alebo odstrániť vystavenie sa emitentom zapojeným došpecifických obchodných aktivít alebo tým, ktorí patria do určitého sektora, čo môže zodpovedať
niektorým PAI;

Záväzky špecifické pre jednotlivé produkty: pre niektoré finančné produkty spoločnosti MSIM
FMIL boli definované špecifické záväzky, ktoré sa týkajú PAI, napríklad to, že podnikové holdingyznížia emisie uhlíka do konca roka 2030 na polovicu;



Zapojenie: investičné tímy sa postarali o zapojenie spoločností, do ktorých sa investuje, aleboiných subjektov do tejto témy. Investičné tímy využili túto príležitosť na zapojenie daných
subjektov do tém súvisiacich s PAI, pokiaľ to bolo relevantné, v súlade s investičnými politikami
pre jednotlivé produkty; aSlová „MSIM“, „my“, „náš“, „naša“, „naše“ odkazujú na divíziu spoločnosti Morgan Stanley –⁠ Morgan Stanley Investment Management. Skratka „MSIM FMIL“ označuje konkrétny právny subjekt MSIM Fund Management(Ireland) Limited.
17

Informácie uvedené v tomto dokumente neplatia pre všetky finančné produkty spoločnosti MSIM FMIL. Bližšie informácie o tom, ako sa v jednotlivých finančných produktoch spoločnosti MSIM FMIL zohľadňujú PAI, nájdetev príslušnej produktovej dokumentácii. Údaje môžu podliehať metodologickým obmedzeniam, oneskoreniam v údajoch, nedostatočnému pokrytiu alebo iným problémom, ktoré môžu ovplyvniť kvalitu údajov.
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SK

Test nariadenia SFDR „výrazne nenarušiť“: počas referenčného obdobia finančné produkty
spoločnosti MSIM FMIL, v rámci ktorých sa uskutočnili udržateľné investície (ako sú definované
v nariadení Európskeho parlamentu a Rady (EÚ) 2019/2088 z 27. novembra 2019 o zverejňovaníinformácií o udržateľnosti v sektore finančných služieb (ďalej len „SFDR“), posúdili povinné
ukazovatele PAI, ako sú uvedené v tabuľke 1, prílohe I delegovaného nariadenia SFDR, aby sa zistilo,či tieto investície spôsobili nejaké významné poškodenie environmentálneho alebo sociálneho cieľa v
súlade s vlastnými kritériami investičných tímov na definovanie udržateľných investícií.

Vplyv oznámený pre ukazovatele PAI uplatniteľné na investície do spoločností, do ktorých sa
investuje, suverénnych a nadnárodných spoločností a do nehnuteľností, sa v prípade potreby
vypočíta na základe všetkých investícií, ako je stanovené v príslušných vzorcoch v delegovanom
nariadení SFDR. Výpočet hodnôt ukazovateľov PAI v tomto vyhlásení je založený na dostupných
údajoch a odborných znalostiach poskytovateľov údajov tretích strán. Momentálne nie sme schopnízhromaždiť primerané množstvo údajov o základných zložkách určitých typov investícií, ako sú
podielové fondy a určité deriváty. Tieto investície boli vylúčené z výpočtu hodnôt ukazovateľov PAI;v súhrne však tieto investície predstavujú veľmi nízke percento celkových investícií spoločnosti
MSIM FMIL a neočakáva sa, že ich vylúčenie povedie k významnému rozdielu oproti nahláseným
hodnotám ukazovateľov PAI.
Výpočet ukazovateľov PAI je založený na dostupných údajoch od poskytovateľov údajov tretích
strán, v určitých metrikách a sektoroch však značné množstvo údajov chýba. V prípadoch, keďemitent nahlásil, že údaje nie sú k dispozícii, náš poskytovateľ údajov tieto údaje odhadol pomocou
metódy proxy. Takéto údaje môžu stále podliehať metodologickým obmedzeniam a nedostatočnému
pokrytiu. Okrem toho sa odhady môžu s vývinom metodológie poskytovateľa meniť.
Väčšina hodnôt ukazovateľov PAI na agregovanej úrovni sa počas referenčného obdobia do určitej
miery zmenila v porovnaní s predchádzajúcim referenčným obdobím v dôsledku nasledujúcich zmien v
rámci finančných produktov spoločnosti MSIM FMIL: (1) zmeny rozsahu produktov (napr. uvedenia
produktov na trh a ukončenia ich dodávania), (2) zmeny držaných cenných papierov (napr.
prostredníctvom nákupu a predaja cenných papierov), (3) zmeny trhových hodnôt držaných cenných
papierov a (4) zmeny hodnôt jednotlivých ukazovateľov PAI držaných cenných papierov. Ďalšími
faktormi podporujúcimi určité zmeny hodnôt ukazovateľov PAI boli (5) zmeny pokrytia údajov PAI a (6)zmeny metodík výpočtu ukazovateľov PAI alebo zberu údajov. Hodnoty ukazovateľov PAI prezentované
za predchádzajúce referenčné obdobie neboli prepracované tak, aby odrážali tieto zmeny.
Súčasťou tohto vyhlásenia sú ďalšie PAI, pre ktoré boli v súvislosti s určitými finančnými produktmi spoločnosti
MSIM FMIL počas referenčného obdobia prijaté opatrenia v súlade s vyššie opísanými prístupmi.
Výpočet ukazovateľov PAI je založený na dostupných údajoch od poskytovateľov údajov tretích
strán, v určitých metrikách a sektoroch však značné množstvo údajov chýba. V prípadoch, keďemitent nahlásil, že údaje nie sú k dispozícii, náš poskytovateľ údajov tieto údaje odhadol pomocou
metódy proxy. Takéto údaje môžu stále podliehať metodologickým obmedzeniam a nedostatočnému
pokrytiu. Okrem toho sa odhady môžu s vývinom metodológie poskytovateľa meniť.
Súčasťou tohto vyhlásenia sú ďalšie PAI, pre ktoré boli v súvislosti s určitými finančnými
produktmi spoločnosti MSIM FMIL počas referenčného obdobia prijaté opatrenia v súlade
s vyššie opísanými prístupmi.
Investičné tímy budú naďalej zohľadňovať PAI (spôsobmi, ktoré sú opísané vyššie) pre finančné
produkty spoločnosti MSIM FMIL, ktoré spravujú, a to v súlade so záväzkami špecifickými prejednotlivé produkty, investičnými politikami a vlastnými investičnými prístupmi investičných tímov.
Keďže spoločnosť MSIM pristupuje k správe investícií decentralizovane, nestanovuje žiadne
ciele všetkým finančným produktom spoločnosti MSIM FMIL. Finančné produkty spoločnosti
MSIM FMIL si však môžu stanoviť svoje vlastné ciele, ktoré možno nájsť v informáciách opríslušných produktoch.
Investičné tímy budú naďalej zohľadňovať PAI (ako je to opísané vyššie) pre finančné produkty
spoločnosti MSIM FMIL, ktoré spravujú, a to v súlade so záväzkami špecifickými pre jednotlivé
produkty, investičnými politikami a vlastnými investičnými prístupmi investičných tímov. Keďže
spoločnosť MSIM pristupuje k správe investícií decentralizovane, nestanovuje žiadne ciele všetkým
finančným produktom spoločnosti MSIM FMIL. Finančné produkty spoločnosti MSIM FMIL si všakmôžu stanoviť svoje vlastné ciele, ktoré možno nájsť v informáciách o príslušných produktoch.

Informácie uvedené v tomto dokumente neplatia pre všetky finančné produkty spoločnosti MSIM FMIL. Bližšie informácie o tom, ako sa v jednotlivých finančných produktoch spoločnosti MSIM FMIL zohľadňujú PAI, nájdetev príslušnej produktovej dokumentácii. Údaje môžu podliehať metodologickým obmedzeniam, oneskoreniam v údajoch, nedostatočnému pokrytiu alebo iným problémom, ktoré môžu ovplyvniť kvalitu údajov.
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Översikt

MSIM:s decentraliserade tillvägagångssätt tillåter investeringsteam att skräddarsy sitttillvägagångssätt för hållbarhet på flera sätt inklusive, men inte begränsat till, målen för produkten,
tillgångsklassen och investeringstidshorisonten, såväl som den specifika forskning och
portföljkonstruktion, filosofi och process som används av det teamet. Investeringsteam använder sin
skicklighet och sitt omdöme för att bedöma väsentligheten av ESG-relaterade risker och möjligheter
enligt vad som är lämpligt för varje investeringsstrategi.

MSIM Fund Management (Ireland) Limited (”MSIM-FMIL”) (LEI: 549300QDS5K6OGU25W78)
överväger huvudsakliga negativa effekter (”PAI:er”) av investeringsbeslut på hållbarhetsfaktorer.
Detta utlåtande är det sammanställda utlåtandet över huvudsakliga negativa effekter påhållbarhetsfaktorer av MSIM-FMIL.
Detta utlåtande om huvudsakliga negativa effekter på hållbarhetsfaktorer täcker referensperiodenfrån 1 januari 2023 till 31 december 2023 (”Referensperioden”).
Morgan Stanley Investment Management (”MSIM”) är investeringsförvaltningsavdelningen för
Morgan Stanley (”Bolaget”) och levererar investeringslösningar på offentliga och privata marknader
världen runt. MSIM-FMIL är ett indirekt helägt dotterbolag till Morgan Stanley, som sitter inom
investeringsförvaltningsdivisionen.
I Europa fungerar MSIM-FMIL som investeringsförvaltare, förvaltningsbolag och förvaltare av
alternativa investeringsfonder för en rad MSIM-sponsrade fonder och separat hanterade konton fråntredje part. Detta utlåtande avser uteslutande de finansiella produkter som hanteras av MSIM-FMIL(”MSIM-FMIL:s finansiella produkter”) och inga andra MSIM-produkter. MSIM-FMIL kan delegera
investeringsförvaltningen till andra juridiska personer och kan utnyttja eller vara en del av MSIM:sbredare processer och/eller initiativ.18
MSIM följer en decentraliserad strategi för investeringsförvaltning, bestående av oberoende offentliga
och privata marknaders investeringsteam och tillgångsklassplattformar. Varje investeringsteam består
av erfarna yrkesmänniskor och dedikerade resurser fokuserade på specifika investeringsdiscipliner
med olika synsätt på hållbarhet, och hur de överväger huvudsakliga negativa effekter av
investeringsbeslut på hållbarhetsfaktorer där detta är relevant för deras strategier.

Detta utlåtande ger en översikt över hur PAI:er övervägs för finansiella MSIM-FMIL-produkter, där
det är relevant. På grund av MSIM:s decentraliserade tillvägagångssätt sker implementeringen av
alla åtgärder som vidtas med avseende på PAI:er på produktnivå som en del av
investeringsbeslutsprocessen av varje enskilt investeringsteam. Informationen i detta utlåtande ska
inte ses som att den är lika tillämplig på alla MSIM-FMIL:s finansiella produkter – ytterligare
information om hur specifika produkter överväger PAI:er finns i relevanta erbjudandedokument,
investeringsförvaltningsavtal och, där det är relevant, webbplatsupplysningar.
I avsnitt 2 i detta utlåtande redovisar vi de obligatoriska indikatorer som anges i tabell 1 i bilaga I tillkommissionens delegerade förordning (EU) 2022/1288 (”SFDR:s delegerade förordning”) för
referensperioden som omfattar investeringar i portföljbolag, stater och överstatliga organ samt
fastighetstillgångar. Vi redovisar också vissa ytterligare indikatorer från tabellerna 2 och 3 i bilaga I
till den delegerade förordningen om SFDR som rapporteras på kvalitativ basis.
Investeringsteam som förvaltar MSIM-FMIL:s finansiella produkter som förbundit sig att överväga
PAI:er har använt en mängd olika tillvägagångssätt för att identifiera och bedöma de obligatoriska
PAI:erna, vilket inkluderat:Uteslutningar: baserat på data som erhållits från tredje parts dataleverantörer sätts det för vissa
finansiella MSIM-FMIL-produkter upp intäktströsklar och/eller sektorbaserade begränsningar

Referenser till ”MSIM”, ”vi”, ”oss”, ”vår”, ”vårt” och ”våra” är referenser till Morgan Stanley Investment Management som en division av Morgan Stanley. Hänvisningar till ”MSIM-FMIL” är hänvisningar till den specifika juridiska
enheten för MSIM Fund Management (Ireland) Limited.
18

Informationen i detta dokument ska inte ses som tillämplig på alla finansiella MSIM FMIL-produkter. Se produktspecifik dokumentation för detaljer om hur varje finansiell MSIM FMIL-produkt väger in PAI:er. Data kan varaföremål för metodologiska begränsningar, datafördröjningar, datatäckningsluckor eller andra frågor som påverkar kvaliteten på data.
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SV
som syftar till att minska eller ta bort exponeringen för emittenter som är involverade i specifik
affärsverksamhet eller de som tillhör en specifik sektor, vilket kan anpassa sig till vissa PAI:er,

Produktspecifika åtaganden: vissa finansiella MSIM-FMIL-produkter har fastställt specifikaåtaganden som hänför sig till PAI:er, såsom företagsinnehav som halverar sin koldioxidintensitet
till slutet av 2030,



Engagemang: engagemang i företag som det investerats i eller andra enheter har letts av
investeringsteam och vissa investeringsteam har använt denna möjlighet att engagera sig i ämnen
relaterade till PAI:er där så är relevant, i linje med produktspecifika investeringspolicyer och

SFDR “orsaka inte betydande skada”-test: Under referensperioden har MSIM-FMIL:sfinansiella produkter som gjort hållbara investeringar (enligt definitionen i Europaparlamentets
och rådets förordning (EU) 2019/2088 av den 27 november 2019 om hållbarhetsrelaterade
upplysningar i den finansiella tjänstesektorn (”SFDR”)) bedömt de obligatoriska PAI-indikatorerna
som anges i tabell 1, bilaga I till den delegerade SFDR-förordningen för att avgöra om dessa
investeringar orsakat någon betydande skada på miljörelaterade eller sociala mål, i linje med
investeringsteamens egna kriterier för att definiera hållbara investeringar.

Den inverkan som redovisas för PAI-indikatorer som är tillämpliga på investeringar iinvesteringsobjekt, stater och överstatliga företag och fastighetstillgångar beräknas, i tillämpliga fall,på grundval av alla investeringar som anges i de tillämpliga formlerna i den delegerade SFDRförordningen. Beräkningen av PAI-indikatorvärden i detta utlåtande baseras på tillgängliga data ochexpertis från tredjepartsdataleverantörer. För vissa investeringar, såsom fonder och vissa derivat,
kan vi för närvarande inte samla in en adekvat nivå av data om de underliggande beståndsdelarna idessa investeringar, och de har uteslutits från beräkningen av PAI-indikatorvärdena; sammantaget
utgör dock dessa investeringar en mycket låg andel av MSIM-FMIL:s totala investeringar, ochuteslutningen av dem förväntas inte resultera i någon väsentlig skillnad mot PAI-indikatorernas
rapporterade värden.

Beräkningen av PAI-indikatorer baseras på tillgängliga data från tredjepartsdataleverantörer, ävenom det finns betydande dataluckor för vissa mätvärden och sektorer. Där emittentredovisade datainte var tillgängliga har vår dataleverantör använt approximativa metoder för att uppskatta data.
Sådana uppgifter kan fortfarande vara föremål för metodologiska begränsningar och
täckningsluckor, och uppskattningar kan ändras när dataleverantören utvecklar sin metod.
De flesta PAI-indikatorvärdena på aggregerad nivå förändrades i någon grad underreferensperioden jämfört med den föregående referensperioden, på grund av följande förändringar
mellan MSIM-FMIL:s finansiella produkter: (1) förändringar av produktomfattning (t.ex.
produktlanseringar och och nedläggningar), (2) förändringar av värdepappersinnehav (t.ex. genom
köp och försäljning av värdepapper), (3) förändringar av marknadsvärdena för de värdepapper som
innehas och (4) förändringar av de individuella PAI-indikatorvärdena indikatorvärden för deinnehavda värdepapperen. Ytterligare drivkrafter för vissa förändringar av PAI-indikatorvärdena var(5) förändringar av PAI-datatäckning och (6) förändringar av PAI-indikatorernas beräkningsmetodereller datainsamlingsmetoder. Värdena för PAI-indikatorerna som presenterades för föregående
referensperiod har inte omräknats för att återspegla dessa förändringar.
De ytterligare PAI:er som ingår i detta utlåtande har valts ut där åtgärder som överensstämmer med
de metoder som beskrivs ovan vidtogs för dessa PAI:er, för vissa finansiella MSIM-FMIL-produkter
under referensperioden.
Investeringsteam kommer att fortsätta att överväga PAI:erna (enligt vad som anges ovan) för definansiella MSIM-FMIL-produkter som de hanterar, i linje med produktspecifika åtaganden och
investeringspolicyer, och investeringsteamens egna investeringsmetoder. Det finns inga mål för alla
finansiella MSIM-FMIL-produkter, på grund av MSIM:s decentraliserade tillvägagångssätt; definansiella MSIM-FMIL-produkterna kan emellertid sätta upp sina egna mål som återfinns i denrelevanta produktinformationen.

Informationen i detta dokument ska inte ses som tillämplig på alla finansiella MSIM FMIL-produkter. Se produktspecifik dokumentation för detaljer om hur varje finansiell MSIM FMIL-produkt väger in PAI:er. Data kan varaföremål för metodologiska begränsningar, datafördröjningar, datatäckningsluckor eller andra frågor som påverkar kvaliteten på data.
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DISCLAIMER
Data Limitations
This document includes use of data sourced from third-party data providers. Such data may be subject
to methodological limitations and may be subject to data lags, data coverage gaps or other issues
impacting the quality of the data. ESG-related information, including where obtained from third-party
data providers, is often based on qualitative or subjective assessments, and any one data source may
not in itself present a complete picture relating to the ESG metric that it represents. Morgan Stanley
Investment Management takes reasonable steps to mitigate the risk of these limitations. However,it does not make any representation or warranty as to the completeness or accuracy of such data.
Any such data may also be subject to change by the third-party provider without notice. As such,
Morgan Stanley Investment Management may choose to take such action (or inaction) based on any
change in data provided by a third-party data provider as it deems appropriate in the circumstances.
IMPORTANT INFORMATIONThis communication has been issued by MSIM Fund Management (Ireland) Limited. MSIM FundManagement (Ireland) Limited is regulated by the Central Bank of Ireland. MSIM Fund Management(Ireland) Limited is incorporated in Ireland as a private company limited by shares with company
registration number 616661 and has its registered address at 24-26 City Quay, Dublin 2, D02NY19, Ireland.
MSIM has not authorised financial intermediaries to use and to distribute this document, unless such
use and distribution is made in accordance with applicable law and regulation. Additionally, financial
intermediaries are required to satisfy themselves that the information in this document is suitable forany person to whom they provide this document in view of that person’s circumstances and purpose.
MSIM shall not be liable for, and accepts no liability for, the use or misuse of this document by any suchfinancial intermediary. The whole or any part of this work may not be reproduced, copied or transmitted
or any of its contents disclosed to third parties without MSIM’s express written consent. All information
contained herein is proprietary and is protected under copyright law.
The views and opinions and/or analysis expressed are those of the author or the investment team asof the date of preparation of this material and are subject to change at any time without notice due tomarket or economic conditions and may not necessarily come to pass. The views expressed do notreflect the opinions of all investment personnel at Morgan Stanley Investment Management (MSIM)

and its subsidiaries and affiliates (collectively “the Firm”), and may not be reflected in all the strategies
and products that the Firm offers. This material has been prepared on the basis of publicly available
information, internally developed data and other third-party sources believed to be reliable. However,no assurances are provided regarding the reliability of such information and the Firm has not sought
to independently verify information taken from public and third-party sources. This material is a
general communication, which is not impartial, and all information provided has been prepared solely
for informational and educational purposes and does not constitute an offer or a recommendation tobuy or sell any particular security or to adopt any specific investment strategy. The information herein
has not been based on a consideration of any individual investor circumstances and is not investment
advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice.
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