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1919 Investment Counsel

PRI reporting framework 2017

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ESG incorporation in actively managed fixed income

Implementation processes

FI 04. Incorporation strategies applied

04.1. Indicate 1) Which ESG incorporation strategy and/or combination of strategies you apply to your actively managed fixed income investments; and 2) The proportion (+/- 5%) of your total actively managed fixed income investments each strategy applies to.

Corporate (financial)
0 Screening alone
0 Thematic alone
0 Integration alone
35 Screening + integration strategies
0 Thematic + integration strategies
0 Screening + thematic strategies
0 All three strategies combined
65 No incorporation strategies applied
100%
Corporate (non-financial)
0 Screening alone
0 Thematic alone
0 Integration alone
35 Screening + integration strategies
0 Thematic + integration strategies
0 Screening + thematic strategies
0 All three strategies combined
65 No incorporation strategies applied
100%

04.2. Describe your reasons for choosing a particular ESG incorporation strategy and how combinations of strategies are used.

Client-specific preferences influence the particular ESG incorporation strategy chosen.

04.3. Additional information [Optional].


FI 05. ESG issues and issuer research (Private)


FI 06. Processes to ensure analysis is robust

06.1. Indicate how you ensure that your ESG research process is robust:

06.2. Describe how your ESG information or analysis is shared among your investment team.

06.3. Additional information. [Optional]


(A) Implementation: Screening

FI 07. Types of screening applied

07.1. Indicate the type of screening you conduct.

Select all that apply
Corporate (financial)
Corporate (non-financial)
Negative/exclusionary screening
Positive/best-in-class screening
Norms-based screening

07.2. Describe your approach to screening for internally managed active fixed income

Negative and Positive screenings: Product, Activity, Sector, Country/geographic region, Environmental and Social practices and performance, Corporate Governance.

Norms: UN Global Compact Principles, International Labour Organization Conventions, Client's investment guidelines.

07.3. Additional information. [Optional]

Corporate Governance screens applied broadly-board structure, management actions (e.g. executive compensation), business practices, shareholder rights, corporate culture, transparency. Other specifics influenced by client preferences.

Corporate support of and adherence to various norms influences overall assessment when it is consistent with client-specific preferences.

Screening criteria are established based on discussions with each client. Criteria are reviewed at periodic client meetings, which vary in frequency.


FI 08. Negative screening - overview and rationale

08.1. Indicate why you conduct negative screening.

Corporate (financial)

Corporate (fin)

Corporate (non-financial)

Corporate (non-fin)

08.2. Describe your approach to ESG-based negative screening of issuers from your investable universe.

Screened by: Product, Activity, Sector, Country/geographic region, Environment and Social practices and performance, Corporate Governance.

08.3. Additional information. [Optional]


FI 09. Examples of ESG factors in screening process (Private)


FI 10. Screening - ensuring criteria are met

10.1. Indicate which systems your organisation has to ensure that fund screening criteria are not breached in fixed income investments.

Type of screening
Checks
Negative/exclusionary screening?

other description

          Internal compliance reports composed by the RI staff crosscheck holdings with guidelines to verify client guidelines are properly implemented.
        
Positive/best-in-class screening

other description

          Internal compliance reports composed by the RI staff crosscheck holdings with guidelines to verify client guidelines are properly implemented.
        
Norms-based screening

other description

          Internal compliance reports composed by the RI staff crosscheck holdings with guidelines to verify client guidelines are properly implemented.
        

10.2. Additional information. [Optional]


(C) Implementation: Integration

FI 14. Integration overview

14.1. Describe your approach to integrating ESG into traditional financial analysis.

Utilizing fundamental analysis and an assessment of relative value within the context of current market conditions, future movements in interest rates, changes in the shape of the yield curve, and changes in sector spreads are forecasted to derive portfolio strategy. Our results derive from an emphasis on security selection, sector allocation, and yield curve management in addition to interest rate forecasts. Our dedicated team of social research analysts conducts proprietary social research on domestic and international companies and issues. Each security considered for purchase is evaluated using a comprehensive social analysis method. The social research team applies customized screens to help 1919 Investment Counsel, LLC's portfolio managers eliminate companies that do not meet the client's specific social requirements and select investments that do.

14.2. Describe how your ESG integration approach is adapted to each of the different types of fixed income you invest in.

Corporate (financial)

Utilizing fundamental analysis and an assessment of relative value within the context of current market conditions, future movements in interest rates, changes in the shape of the yield curve, and changes in sector spreads are forecasted to derive portfolio strategy. Our results derive from an emphasis on security selection, sector allocation, and yield curve management in addition to interest rate forecasts. Our dedicated team of social research analysts conducts proprietary social research on domestic and international companies and issues. Each security considered for purchase is evaluated using a comprehensive social analysis method. The social research team applies customized screens to help 1919 Investment Counsel, LLC's portfolio managers eliminate companies that do not meet the client's specific social requirements and select investments that do.

Corporate (non-financial)

Utilizing fundamental analysis and an assessment of relative value within the context of current market conditions, future movements in interest rates, changes in the shape of the yield curve, and changes in sector spreads are forecasted to derive portfolio strategy. Our results derive from an emphasis on security selection, sector allocation, and yield curve management in addition to interest rate forecasts. Our dedicated team of social research analysts conducts proprietary social research on domestic and international companies and issues. Each security considered for purchase is evaluated using a comprehensive social analysis method. The social research team applies customized screens to help 1919 Investment Counsel, LLC's portfolio managers eliminate companies that do not meet the client's specific social requirements and select investments that do.

14.3. Additional information [OPTIONAL]


FI 15. Integration - ESG information in investment processes

15.1. Indicate how ESG information is typically used as part of your investment process.

Select all that apply
Corporate (financial)
Corporate (non-financial)
ESG analysis is integrated into fundamental analysis
ESG analysis is integrated into security weighting decisions
ESG analysis is integrated into portfolio construction decisions
ESG analysis is a standard part of internal credit ratings or assessment
ESG analysis for issuers is a standard agenda item at investment committee meetings
ESG analysis is regularly featured in internal research notes or similar
ESG analysis is a standard feature of ongoing portfolio monitoring
ESG analysis features in all internal issuer summaries or similar documents
Other, specify

15.2. Additional information [OPTIONAL]


FI 16. Integration - E,S and G issues reviewed

16.1. Indicate the extent to which ESG issues are reviewed in your integration process.

Environment
Social
Governance
Corporate (financial)

Environmental

Social

Governance

Corporate (non-financial)

Environmental

Social

Governance

16.2. Please provide more detail on how you review E, S and G factors in your integration process.

Corporate (financial)

E, S, and G factors are included in the integration process based on Positive and Negative screenings, all while following client-specific guidelines. Thus, the level of E, S, or G factors considered for each issuer or security varies based on the client portfolio in question.

Corporate (non-financial)

E, S, and G factors are included in the integration process based on Positive and Negative screenings, all while following client-specific guidelines. Thus, the level of E, S, or G factors considered for each issuer or security varies based on the client portfolio in question.

16.3. Additional information.[OPTIONAL]


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