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APG Asset Management

PRI reporting framework 2018

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Outputs and outcomes

FI 18. Financial/ESG performance

18.1. Indicate whether your organisation measures how your incorporation of ESG analysis in fixed income has affected investment outcomes and/or ESG performance.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
Securitised
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. Describe how your organisation measures how your incorporation of ESG analysis in fixed income has affected investment outcomes and/or ESG performance. [OPTIONAL]

18.3. Additional information.[OPTIONAL]


FI 19. Examples - ESG incorporation or engagement

19.1. Provide examples of how your incorporation of ESG analysis and/or your engagement of issuers has affected your fixed income investment outcomes during the reporting year.

ESG issue and explanation

Analysis of ESG related risks is an integral part of the risk/return analysis made by our fixed income investment team. In a specific case in 2017, the fixed income team believed that the spread offered on a new issue was insufficient to compensate for the present ESG risks of this specific company (in this case labor rights). Hence, the team decided not to invest in this security, and is monitoring the situation.

Impact on investment decision or performance

In this case we decided not to invest in this specific security.   

ESG issue and explanation

Development of inclusion policy

Impact on investment decision or performance

The inclusion policy applies both to Listed Equity and Fixed Income Corporates. In 2017 we have started with the assessment of the companies in the first sectors. At the end of the year we have completed this assessment for large cap companies in six sectors within Developed Markets and three sectors in Emerging Markets. In total 593 companies have been assessed, and 478 have been assessed as ‘Leader’ and 115 as ‘Laggard’. 22 of those laggards have been assigned as a promising company, and we will start to engage with those companies  with the aim of improving them.

19.2. Additional information.


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