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Rothschild & co Asset Management

PRI reporting framework 2018

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

実施プロセス

FI 01. Incorporation strategies applied

01.1. 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
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 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)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 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)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 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%

01.2. 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。

We are primarily an active high alpha / high conviction investment management company. Investment decisions are based on an in-depth fundamental analysis of stocks. Our ESG approach is based on screening and integration for the following reasons:

- All our investments in FI follow a screening filter which allows us to guarantee an ethical base to our investments: (i) normative exclusions of companies whose business is related to cluster bombs and anti-personnel mines, in accordance with the Oslo Treaty and the Ottawa Convention signed by the French Government and (ii) exclusions based on fundamental principles

- We started ESG integration in 2011 among our equities investments to strengthen our analysis process, we then deployed our ESG process among our FI investments. We believe that ESG analysis reinforces our understanding of long-term sectors and corporates risks and opportunities. In our investment process, ESG criteria contribute among other financial criteria to support our investment choices and to our convexity analysis

- Moreover, ESG integration supports our dialogue with TOP management on ESG issues: (i) it allows us to have precise data to discuss, (ii) it helps follow the trends in terms of ESG achievements at each companies ’level

01.3. 補足情報 [任意]

Besides exclusions, our ESG process relies on both a qualitative and a quantiative approach:

- Qualitative analysis: For each sector we invest in, we identify the main ESG challenges and opportunities. We then analyze the response of companies: for each E, S, and G criteria we highlight strengths and weaknesses. We pay a particular attention to the trend in terms of initiatives and integration of E, S and G problematics by TOP management. We also identify the main carbon contributors of each portfolio and we analyze these companies specific carbon risks and trajectory.

- Quantitative analysis : an ESG score is attributed to companies (covered by MSCI ESG Research) . We have created an internal ESG rating for each company in our investment list for both European and US equity and FI. This is partly based on the independent ESG rating provided by MSCI which is enriched with our own assessment of ESG analysis for each company we cover. Our rating methodology includes both absolute criteria to take into account sector challenges and relative criteria to highlight the best / worst performers among the sectors we invest in.


FI 02. ESG issues and issuer research (Private)


FI 03. Processes to ensure analysis is robust

03.1. 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。

03.2. 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。

          Our internal IT tool allows fund managers and analysts to access ESG ratings, newsflows and internal ESG analyses
        

03.3. 補足情報 [任意]


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