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

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

Corporate credit portfolios are screened twice a year by an external serivice provider for norm-based violations. Furthermore, ESG issues are integrated to our investment process in selecting securities and the quality of the company is evaluated also regarding the ESG issues.

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

Portfolios are screend twice a year for norm-based violations. If the company is associated to violations, further investments are not done, the company is contacted for engagement, and if there is no progress made by the company, investments are sold and the company excluded.

07.3. Additional information. [Optional]


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.

Portfolios are screened twice a year for norm-based criteria. We screen for violations for UN Global Compact, OECD Guidelines for Multinational Enterprises and unhuman weapons. Companies with confirmed violations are excluded from the investment universe.

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?
Norms-based screening

10.2. Additional information. [Optional]


(C) Implementation: Integration

FI 14. Integration overview

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

We systematically review any potential ESG issues as part of general quality criteria in each company/issuer and evaluate their significance. In review and evaluation we use sell-side reseach, company web-pages and ESG research provided by an external service provider.

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

Corporate (financial)

ESG issues are reviewed as a part of the general quality criteria for both financial and other corporates; the significance of E, S and G factors may differ by industrial or financial sector which is taken into account accordingly.

Corporate (non-financial)

ESG issues are reviewed as part of the general quality criteria for both financial and other corporates; the significance of E, S and G factors may differ by industry or finacial sector which is taken into account accordingly

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)

In priciple, all the companies/issuers are analysed and evaluted in regard to E, S and G factors. These factors and the management of ESG issues are considered as part of quality criteria when analysing and evaluating companies/issuers. The significance of E, S and G factors may vary between different sector and these are evalued accordingly. Sell-side research is widely used, as well as specific ESG research, company pages and other available information

Corporate (non-financial)

In principle, all the companies/issuers are analysed and evaluated in regard to E, S and G factors. These factors and the management of ESG issues are considered as part of quality criteria when analysing and evaluating companies/issuers. The significance of E, S and G factors may vary between different sectors and these are evalued accordingly. Sell-side research is widely used as well as specific ESG research, company pages and other available information.

16.3. Additional information.[OPTIONAL]


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