CCAM is an asset management company that specialises in the management of Asian and Japanese equity portfolios. The primary aim of CCAM is to protect and grow the real value of its clients’ capital over the long term. CCAM’s investment philosophy emphasises fundamental, proprietary research, to identify potential companies, supported, where possible, by direct company meetings conducted by the dedicated and experienced Asian and Japanese teams at CCAM.

CCAM will always endeavour to act in the best interests of its clients as stewards of their capital. Although it does not aspire to be an activist investor, it recognises the importance of regular and responsible engagement with companies in which it invests.
As well as review and assessment of third party research and engagement with country and industry experts, members of the investment team engage in one-on-one meetings and telephone calls with senior management or Investor Relations representatives of companies. The purpose of such engagement includes:

  • understanding key drivers of growth;
  • understanding competitive positioning;
  • assessing the alignment of management goals and strategy with those of shareholders;
  • assessing corporate governance; and
  • assessing the environmental, social, governance and sustainability risk profile

CCAM’s dialogue with companies has developed over a number of years and it seeks open and constructive dialogue with management and board members, in order to broaden its knowledge of the company’s strategy, operations and risk identification and management, and to ensure any concerns CCAM might have areaddressed. Where CCAM might have specific concerns with management’s strategy, company performance (financial and non-financial), and risk profile, or where it deems it necessary to protect it clients’ interests, it will consider escalating this to senior management or seriously consider disposing of its position.

In addition, once an investment is made CCAM will engage with other institutional investors over material maters impacting all shareholders when required.

Environmental Social and Governance factors are integrated into the firm’s bottom up investment process and these issues are considered alongside financial and strategic issues during assessment and engagement with companies. The Portfolio Manager is responsible for engagement on ESG matters and monitoring is carried out via investment reviews.

CCAM is a signatory to the UNPRI and is supportive of the UK Stewardship Code.

Proxy Voting

The primary voting policy of CCAM is to protect or enhance the economic value of its investments on behalf of its clients. CCAM will vote against any agenda that threatens this position, in particular concerns over inappropriate incentives, changes in capital structure and mergers or acquisitions which are seen as detrimental to the creation of business value.

CCAM votes all shares where it has its clients’ authority to do so, assuming there are no conflicts of interest. All voting decisions are made in consultation with, and approval by, the portfolio managers. Once the proxy votes are submitted, they are recorded by CCAM. Proxy voting records are provided to clients on request.

Conflicts of Interest

CCAM has policies and procedures in place to identify and manage actual and potential conflicts of interest arising from its engagement with companies. CCAM maintains a conflicts register. All identified conflicts of interests are reported at least annually to senior management. The compliance department carries out a periodic review of any identified conflicts to ensure that appropriate steps have been taken to address and manage them.

December 2021