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SPF Beheer

PRI reporting framework 2018

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You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (C) Implementation: Integration

(C) Implementation: Integration

FI 11. Integration overview

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

We apply a special investment strategy on our internally managed credit portfolio. All of the bonds are chosen via a selective procedure. The investment decisions are not based on a predefined benchmark. Instead, the portfolio contains a limited number of bond issues. This number is sufficient for differentiation purposes, but not too big to run out of control. For every company a full financial screening is made. As part of this screening attention is paid to ESG risks.

Currently we are strengthening our approach to ESG-integration in the FI portfolio. For every potential investment an ESG paragraph will be added to the investment proposal. This paragraph will contain an analysis of the ESG score of the company. The input is derived from an external research provider. The rationale behind the scoring, plus additional information, will be analysed by the analyst and recorded in the investment proposal. ESG risks can be a reason not to invest in a company.

The analysts responsible for the screening work for both the equity and FI portfolio. Additionally, there is a close cooperation between the FI and the equity team. Working knowledge on (ESG characteristics) of companies is shared between the teams.

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

Corporate (financial)

See 11.1

Corporate (non-financial)

See 11.1

11.3. Additional information [OPTIONAL]

FI 12. Integration - ESG information in investment processes

12.1. 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

12.2. Additional information [OPTIONAL]

FI 13. Integration - E,S and G issues reviewed

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

Environment Social Governance
Corporate (financial)
Corporate (non-financial)

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

Corporate (financial)

An SRI screening is made on every potential portfolio company. The SRI screening determines whether the company fulfils our minimum requirements in the field of SRI. The screening is mainly based on information from an external research provider, combined with additional research by analysts at SPF Beheer.

Corporate (non-financial)

See corporate (financial)

13.3. Additional information.[OPTIONAL]