Ellipsis AM is enhancing its ESG methodology by specifically taking into account country risk. Our convertible and credit portfolios are not exposed to risk countries on the FATF lists through the country risk of economic issuers, given our investment universes. However, they may be marginally exposed through the country risk of legal issuers. We pledge to systematically analyse this governance risk, since the use of issue vehicles in risk countries may be motivated by reasons that we consider non legitimate (aggressive or opaque tax optimisation schemes) or legitimate (low legal costs, asset safeguarding).
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