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Universities Superannuation Scheme - USS

PRI reporting framework 2018

Export Public Responses

You are in Direct - Fixed Income » Outputs and outcomes


FI 18. Financial/ESG performance

18.1. 債券におけるESG分析の組み入れが投資結果やESG実績に与えている影響を組織が測定するのかどうかを明示してください。

We measure whether incorporating ESG impacts funds' reputation
We measure whether incorporating ESG impacts financial returns
We measure whether incorporating ESG impacts risk
We measure whether incorporating ESG impacts funds' ESG performance
None of the above

18.2. その方法を説明してください [任意]

Carbon Footprint

We carbon footprint our fixed income portfolio’s by comparing the carbon intensity of the portfolio to the carbon intensity of the corresponding benchmark.  We find this a useful starting point from which to identify potential hotspots in our portfolios.

Back test

Back testing / modelling was employed in the development of the new investment process for the Emerging Markets Debt (local currencies) portfolio which uses the ESG country ranking as one of three core components for portfolio construction.


USS takes an integration approach to Responsible investment. We consider that it would be very difficult to attribute portfolio performance specifically to ESG factors.   It may  be easier to identify the impact on portfolio performance when screening out sectors (but this is not our approach).

We assess ESG performance at stock level rather than portfolio level.    We do not necessarily agree with all of the analysis and rankings produced by our external research providers.  We find it much more useful to analyse the detail behind the rankings and scores and leverage internal expertise.  This is more consistent with our bottom up approach to stock analysis.

18.3. 補足情報 [任意]

FI 19. Examples - ESG incorporation or engagement

19.1. ESG分析の組み入れや発行体のエンゲージメントが、報告年度中に組織の債券投資結果に与えている影響例を示してください。

19.2. 補足情報 [任意]

We do not make a distinction between Corporate financial and Corporate non-financial.