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Ashmore Group plc

PRI reporting framework 2018

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

(B) Implementation: Thematic

FI 08. Thematic investing - overview (Private)

FI 09. Thematic investing - themed bond processes

09.1. Indicate whether you encourage transparency and disclosure relating to the issuance of themed bonds as per the Green Bonds Principles, Social Bond Principles, or Sustainability Bond Guidelines..

09.2. Describe the actions you take when issuers do not disburse bond proceeds as described in the offering documents.

In such circumstances Ashmore would re-appraise the governance element of the ESG score applicable to the country concerned and this would impact upon the evaluation of risk and pricing. 

09.3. Additional information. [Optional]

FI 10. Thematic investing - assessing impact

10.1. Indicate how you assess the environmental or social impact of your thematic investments

10.2. Additional information. [Optional]

Responsible Investing initiatives are spear-headed by an internal ESG Steering Committee with representatives from the Risk Management, Product Management and Distribution teams as well as the Company Secretary.

Once they have been proposed and accepted, it has been our preference to make sure that responsible activities are embedded in the investment process. Instead of relying on the research input of a separate ESG team, whose recommendation may not be given the appropriate attention, Ashmore has preferred to adopt ‘ESG integration’ and to look at ESG risk alongside, and on an even keel with, other key investment risk considerations.

For our fixed income investment process, our research on ESG risk factors is principally formalised in the maintenance of our Sovereign Risk Scores model described below, which is part of the portfolio managers’ responsibilities and is discussed during the weekly Investment Committee. The portfolio management team’s principal source of information is regular country visits and meetings with policy makers, analysts, representatives of international organisations such as the UN, and companies operating in the country. They may also review a variety of external research sources, including relevant broker reports, publications by international bodies, and data on platforms such as Bloomberg.