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Vontobel Holding AG

PRI reporting framework 2017

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You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income

ESG incorporation in actively managed fixed income

Implementation processes

FI 04. Incorporation strategies applied

04.1. 以下を記載してください。 (1)組織でアクティブ運用する債券投資について、どのESG組み入れ戦略や組み合わせを使用しているか(2)各戦略が適用されるアクティブ運用債券投資合計の割合(+/- 5%)

SSA
100 スクリーニングのみ
0 テーマのみ
0 統合のみ
0 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
0 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%
社債(金融)
100 スクリーニングのみ
0 テーマのみ
0 統合のみ
0 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
0 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%
社債(非金融)
100 スクリーニングのみ
0 テーマのみ
0 統合のみ
0 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
0 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%

04.2. 特定のESG組み入れ戦略を選択している主な理由と、使用する戦略の組み合わせを説明してください。

In the management of bond strategies, performance is mainly driven by aspects such as duration, currency and ratings. Bonds are often purchased out of new issuance in order to keep costs low. We consider it therefore more practicable to mainly use stable sustainable investment universes for our sustainable bond products instead of broad integration processes.
Our sustainability funds and mandates are based upon a screening approach. For more mainstream investment products, in our view, the screening approach is most convincing. It is by applying this approach only, that a clearly structured investment process can be established.

04.3. 補足情報。 [任意]


FI 05. ESG issues and issuer research (Private)


FI 06. Processes to ensure analysis is robust

06.1. 組織のESG調査プロセスの堅牢性を確保する方法を記載してください。

06.2. ESG情報または分析を投資チーム内で共有する方法を記載してください。

06.3. 補足情報。[任意]


(A) Implementation: Screening

FI 07. Types of screening applied

07.1. 実施するスクリーニングの種類を記載してください。

SSA
社債(金融)
社債(非金融)
ネガティブ/ 排他的スクリーニング
ポジティブ/業界最高のスクリーニング
基準に基づくスクリーニング

07.2. 組織内でアクティブ運用している債券に適用するスクリーニングのアプローチを記載してください。

We identify the companies for the investment universe that meet our positive and negative sustainability criteria. The most important element of this analysis is to determine which companies are on average ahead of their peers in terms of an active sustainability approach. These sector-specific ESG themes (environmental, social, governance) are covered by many different criteria as a basis to evaluate a firms' sustainability performance. The most progressive issuers in each sector are identified and selected for the sustainable investment universe. On this basis, the sustainable bond universe is determined.
In addition to the positive screening, we apply several exclusion criteria for negative screening of companies such nuclear energy, tobacco, or GMO or death penalty when it comes to countries.

07.3. 補足情報。 [任意]

For our Sustainable Investing Boutique:

BEST-IN-CLASS: CORPORATE BONDS
The evaluation of the individual company's contribution to reducing environmental and social risks and the exploitation of corresponding opportunities is performed with the help of a matrix of criteria developed in-house which comprises the following three aspects:

Environmental responsibility: the company's measures and initiatives to reduce the environmental impacts in production, the supply chain and product usage. Social responsibility: the company's measures and initiatives to take into consideration the interests of customers, employees, suppliers and society as a whole, for example product safety, occupational health& safety, working conditions at suppliers. Corporate governance: embedding sustainability aspects in the corporate strategy and business model; management systems; corporate governance standards.

GOVERNMENT BONDS
The two dimensions for the sustainability rating of government bonds are resource availability and resource productivity.
Resource availability includes the current and future availability of a country's natural resources (primarily the available biocapacity minus the ecological footprint), as well as its social and financial resources.
Resource productivity measures the efficiency with which resources are transformed into material wealth (gross domestic product), the education and health system of a country with respect to resource consumption, as well as the efficiency of a country's economic, political and social processes, and the overall conditions.

PUBLIC FINANCIAL INSTITUTIONS
Public financial institutions are state-supported banks with a set mandate, such as financing export activity or combating poverty.
The contribution made by the mandate assesses to what extent the institution's mandate promotes sustainable development. The contribution made by the implementation establishes how well this mandate is performed within the framework of a company's rating, which is based on the rating criteria for banks.

PUBLIC COVERED BONDS
Covered bonds are eligible for investment if both the issuer and cover pool are sustainable. The issuer rating is determined according to the same methodology as for the corporate rating for that sector, which in most cases are banks (see above, not shown here). The cover pool comprises loans to the public sector as well as government bonds. The sustainability rating of the cover pool thus corresponds to the weighted average rating of the countries financed.


FI 08. Negative screening - overview and rationale

08.1. ネガティブスクリーニングを実行した理由を明示してください。

SSA

SSA

社債(金融)

社債(金融)

社債(非金融)

社債(非金融)

08.2. 投資ユニバースから発行体についてESGベースのネガティブスクリーニングを行うアプローチについて説明してください。

These negative screenings are applied to all Vontobel sustainable products:

Corporations:

  • nuclear power
  • agricultural genetic engineering
  • arms and other defense products
  • tobacco
  • gambling
  • pornography
  • gross violations of human rights and rights at work

Countries: death penalty

08.3. 補足情報。[任意]

For some of our products, these additional negative screenings are applied:

Corporations:

  • Airlines
  • Alcohol
  • Agrochemicals: production of crop protection agents
  • Chlorine chemicals: production of organochlorine bulk products (e.g. PVC)

Countries:

  • Human rights: Countries classified as "Not Free" by Freedom House
  • Peace and security:  Countries classified as "Very Low" opr "Low" in the Global Peace Index

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


FI 10. Screening - ensuring criteria are met

10.1. 債券投資においてファンドスクリーニングの基準に違反がないことを確認するために組織が使用しているシステムを記載してください。

スクリーニングの種類
ネガティブ/排他的スクリーニング​
ポジティブ/業界最高のスクリーニング

10.2. 補足情報。 [任意]

We have a strict investment control in place: automated IT systems prevent our portfolio managers from investing in excluded issuers of bonds that do not meet screening criteria.


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