Shareholder Impact

Our engagement




Shareholder engagement for investors means to dialogue and engage with companies as to improve their understanding of their governance, as well as environmental and social issues. This engagement is reflected in a long-term investment, a direct and constructive dialogue with the directors and the exercise of voting rights in annual general meetings.




Shareholder activism refers to the practices of investors seeking to generate a financial profit in the short term by influencing the governance and modifying the strategy of a company, by taking a significant stake in its capital. Their dialogue with the directors is rather one-sided.

Our funds

Products Morningstar NAV 2019 Monthly factsheet KIID
Phitrust Active Investors France (C) Morningstar
NAV239.55 2019+14,68% Monthly factsheet KIID
Phitrust Active Investors France (A) Morningstar
NAV120.62 2019+14,26% Monthly factsheet KIID
Phitrust Active Investors France (D) Morningstar
NAV239.55 2019+60,60% Monthly factsheet KIID
Phitrust Active Investors Europe (C) Morningstar
NAV85.35 2019+12,29% Monthly factsheet KIID
Patrimoine Active Investors Morningstar
NAV111.35 2019+2,71% Monthly factsheet KIID

Our investment strategy

Phitrust Active Investors is a pioneer in shareholder engagement in France, promoting the best practices of listed companies in terms of governance, respect for the environment and social cohesion, and thus reconciling financial performance with positive impact of companies on society.

Phitrust manages a range of mutual funds and open-end investment companies which are invested in European equity markets on behalf of institutional and private investors. Phitrust has implemented management, quantitative and qualitative methodologies, based on commitment and impact that favour companies which have good Environmental, Social and Governance (ESG) practices and are willing to improve them by accepting dialogue with shareholders. Phitrust dialogues with companies listed on the CAC 40 and Eurostoxx indices, actively participates in their Annual General Meetings and exercises its voting rights.

Engagement themes

Fairness between shareholders:
respect of the “one share – one vote” principle

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No measures
protecting the firm’s capital

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Separation of management functions

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Executive compensations

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Business ethics

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The 43 resolutions filed by Phitrust

Engagement methodology




Phitrust engages actively with companies in its portfolios with the aim to making progress in controversial areas and improving their governance, environmental and societal practices.

This commitment is reflected in the dialogue with the executive management of the emerging companies and active participation in shareholders meetings that may include registering resolutions on controversial issues.

Principles of engagement




We have adopted the principles published by major international investors and the associations of which we are members, including the International Corporate Governance Network (ICGN) and the French Asset Management Association (AFG).

We focus our shareholder engagement policy around the three ESG themes: Environment, Social and Governance.

Our voting policy


Our voting policy is implemented in line with our principles. We participate or are represented at all the Annual General Meetings of the companies in which we invest.

Public offering imposes on companies a duty of transparent communication and fair treatment of their shareholders for the medium and long term, and to submit accounts at the annual general shareholders meeting. Shareholders can then collectively support or reject the resolutions presented.

After having defined with each of our investors a voting policy corresponding to its principles, Phitrust makes a recommendation to those who wish to participate in resolutions or amendments that have been previously discussed with each company.

These initiatives may include changes to be made by the board of directors (incentive initiatives) or a change in statutes (change initiatives).

Our network

Socially responsible investment consulting


For Phitrust, any investment strategy has to be defined according to the financial objectives you have set for yourself, as well as the ESG impact objectives that you have defined elsewhere.


We can help you to:


define the extra-financial principles and criteria that you would like to include in your investment strategy;

identify the impact on your investment policy if these criteria were already incorporated into your existing strategy;

measure associated risks to your investment strategy if these principles were not respected;

define the constraints to include in your specifications for the implementation of your investment strategy;

measure the results of the implementation of these principles and their impact, positive or negative;

choose fund managers with strategic plans that meet your objectives.


A group of investors, led by Comgest and Phitrust, winner of the Special Jury Award

A group of investors, led by Comgest and Phitrust, winner of the Special Jury Award

At the 2019 General Meeting Awards ceremony held on July 10 as part of the “Rencontres Financières Internationales de Paris Europlace”, the Jury awarded the Special Jury Award to an investor collective led by Comgest and Phitrust.

Phitrust submits written questions for the Vivendi’s AGM

Phitrust submits written questions for the Vivendi’s AGM

Over the last few years, Phitrust believes that Vivendi’s governance is not satisfactory. In preparation of the AGM on April 15th, Phitrust has sent several written questions at the Annual General Meeting concerning the following issues.

Phitrust’s resolution project at the Vivendi AGM

Phitrust’s resolution project at the Vivendi AGM

The shareholders of the mutual fund (Sicav) Phitrust Active Investors France have taken the decision to submit a resolution project at Vivendi’s Annual General Meeting on April 15th 2019.

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