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Wellington Management Company LLP

PRI reporting framework 2018

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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities

アクティブ運用している上場株式におけるESGの組み入れ

実施プロセス

LEI 01. Percentage of each incorporation strategy

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
87 %
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
12 %
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
1 %
アクティブ運用している上場株式の合計 196%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

At Wellington Management, we consider environmental, social, and corporate governance (ESG) criteria as one set of factors among many that should be weighed appropriately to inform investment decision making. We view ESG analysis and integration as both return enhancing and risk mitigating. To help our portfolio managers and investment teams better assess risks and opportunities in client portfolios, we have integrated the analysis of ESG factors into our investment and risk-management processes firmwide.

In addition to our ESG integration process, we serve as the investment manager of various screened investment portfolios, where we invest in, or exclude certain types of companies based on pre-agreed guidelines and criteria from the client. We also run a thematic strategy called Global Environmental Opportunities which is a global, diversified equity portfolio that invests in companies directly addressing environmental risks. In addition, we run a strategy called Global Impact which invests in a portfolio of rapidly growing companies whose innovations address some of the world’s most intractable social and environmental problems.

01.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]

Wellington Management sub-advises all three of Domini Impact Investment’s U.S. mutual fund offerings, two equity and one fixed income. The Domini Impact Bond Fund is a domestic, intermediate term fixed income fund, with a focus on community economic development. The objective is to create a fixed income vehicle aligned with the goals of seeking universal human dignity and environmental sustainability, while also achieving competitive financial returns. To that end, potential investments are screened by Domini for approval based on Domini’s own ESG criteria. While potential investments may be screened out due to negative factors, the approach also seeks to proactively invest in issuers that are having a positive impact on society.


LEI 02. Type of ESG information used in investment decision

02.1. 組織でESG組み入れ戦略に使用しているESG情報およびこの情報の提供者を記載してください。

ESG情報の種類

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

02.2. 使用されているESG情報を簡単に説明してください。ESG組み入れ戦略全般での情報源の違いを明らかにしてください。

Our ESG Research Team uses data from a number of different sources in order to evaluate companies’ level of disclosure and reporting on ESG indicators. As inputs to our approach, we use ESG research from Morgan Stanley, Credit Suisse, CLSA, Goldman Sachs Sustain, UBS, Bank of America Merrill Lynch, Société Générale, MSCI, Bloomberg, Oekom, ISS, Glass Lewis, Equilar, and FactSet amongst others. Data from select sources feeds a proprietary algorithm that we have developed in order to provide internal ESG ratings on about 7,000 companies. We are continually evaluating new data providers to improve the coverage and quality of inputs into our ESG analysis. These ratings and external research providers serve as a starting point for further research and engagement by the ESG Research team.

02.3. ブローカーに対しESG調査結果を提供するよう奨励しているかどうかについて記載してください。

02.4. ブローカーに対しどのように奨励しているかを記載してください。

Wellington Management's investment personnel participate in a semi-annual research poll, which we use to help determine compensation of our brokers who provide ESG and other research.

02.5. 補足情報 [任意]


LEI 03. Information from engagement and/or voting used in investment decision-making

03.1. ESGへのエンゲージメントや(委任状による)議決権行使から得られる情報を投資の意思決定に利用できるプロセスが組織にあるかどうかを記載してください。

03.2. 補足情報 [任意]


A) 実施:スクリーニング

LEI 04. Types of screening applied

04.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。

スクリーニングの種類

スクリーニング実行者

説明

In addition to our ESG integration process, we serve as the investment manager of various screened investment portfolios, where we invest in, or exclude certain types of companies based on pre-agreed guidelines and criteria from the client.

スクリーニング実行者

説明

In addition to our ESG integration process, we serve as the investment manager of various screened investment portfolios, where we invest in, or exclude certain types of companies based on pre-agreed guidelines and criteria from the client.

04.2. スクリーニング基準の設定方法、基準の見直し頻度、基準の変更を顧客や受益者に通知する方法について説明してください。

We serve as the investment manager of various screened investment portfolios, where we invest in, or exclude certain types of companies based on pre-agreed guidelines and criteria from the client.


LEI 05. Processes to ensure screening is based on robust analysis

05.1. スクリーニングが徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを選択してください。

05.3. 第三者のESG評価がスクリーニング目的で更新される頻度を示してください。

05.5. 補足情報 [任意]


LEI 06. Processes to ensure fund criteria are not breached

06.1. ファンドの基準に違反がないことを確認するために組織が使用しているプロセスを記載してください。

06.2. ファンドのスクリーニング基準に対する違反が判明した場合、これらの違反を是正するために従うプロセスを説明してください。

Investment decisions, portfolio construction and related activities, including trading and trade reconciliation, are inherently complex processes. As a result, mistakes and imperfections occur, some of which cause losses in our clients’ portfolios. However, not all mistakes and imperfections are compensable errors. We generally consider something a compensable error when we determine that our actions did not meet the applicable standard of care for managing a client’s assets and that our client suffered a loss as a result. Our Error Resolution Council, a cross functional group of senior professionals, reviews the facts and circumstances underlying potential errors on a case-by-case basis in order to assess whether the events constitute a compensable error. In conducting the assessment, the Error Resolution Council often consults other relevant personnel, including the portfolio manager(s) for the client account and the client’s relationship manager.

If we determine that we have made an error in a client’s account, we will typically compensate the client for the direct monetary losses (if any) the error caused in the client’s account. Unless prohibited by applicable regulation or a specific agreement with the client, we net the client’s gains and losses from the error or a series of related errors with the same root cause and compensate the client for the net loss. We typically notify clients as soon as practical of any errors that violate client guidelines, or that result in a material loss in the client’s account. However, we generally do not notify clients about an event when we have determined that it does not constitute a compensable error.

06.3. 補足情報 [任意]

Our policies and procedures with respect to investment guidelines are defined in the firm’s Portfolio Guideline Monitoring Policy and Procedures. In its role as investment adviser or subadviser, the firm has responsibility for managing client portfolios in accordance with clients’ identified objectives, guidelines, and restrictions. We employ a variety of procedures and controls that are designed to assist investment professionals in complying with client guidelines. Primary responsibility for compliance with each client’s investment objectives and restrictions rests with the Portfolio Management Teams. We provide the Portfolio Management Teams with the appropriate professional support and infrastructure to ensure that they have the resources reasonably necessary to meet client guidelines.

Fidessa’s Sentinel contains the rules applied to each account that are tested by our compliance screening processes. Sentinel compliance screening can be performed on a pre-trade basis, in an overnight post-trade process, or both. Our proprietary investment and trading systems are linked to compliance screens, which enable most investment restrictions to be tested at the time an order is entered. Pre-trade overrides are reviewed throughout the day by Guideline Monitoring. Compliance tests are also applied to account holdings overnight, with results reviewed the next morning. Users throughout the firm have read-only access to the rules managed and maintained by Guideline Monitoring.

 


B) 実施:テーマ

LEI 07. Types of sustainability thematic funds/mandates

07.1. 組織が運用している、サステナビリティをテーマとするファンドやマンデートの種類を記載してください。

07.2. 組織でのサステナビリティをテーマとしたファンドのプロセスについて説明してください。 [任意]

While the mandate of our central ESG research team is to facilitate the integration of ESG factors across all portfolio management teams, there are more targeted ESG/impact portfolios as well, including the following examples:

  • Global Impact, a global equity portfolio that invests in innovative companies whose core business addresses the world’s major social and environmental challenges with a measurable impact. This is determined by Wellington’s proprietary bottom-up global fundamental research This strategy is focused on 10 impact themes, which can be summarized into three categories: life essentials, human empowerment, and environment.
  • Global Environment Opportunities: a global equity portfolio designed to help address carbon and sustainability under-investment in a targeted approach that delivers both environmental and financial returns on capital. This strategy is focused on four broad sustainability categories: low carbon electricity, energy efficiency, water and resource management, and low carbon transport.
  • Advancement of Women: a global equity portfolio designed to invest in high-quality companies that value the inclusion and promotion of women. As part of the fundamental research process, the investment team focuses on female representation at the board and senior management levels as a proxy for companies’ commitment to diversity.

The firm also serves as the investment manager of various screened investment equity and fixed income portfolios, where we invest in, or exclude, certain types of companies based on pre-agreed ESG guidelines and criteria from the client.

Wellington Management sub-advises all three of Domini Impact Investment’s U.S. mutual fund offerings, two equity and one fixed income. The Domini Impact Bond Fund is a domestic, intermediate term fixed income fund, with a focus on community economic development. The objective is to create a fixed income vehicle aligned with the goals of seeking universal human dignity and environmental sustainability, while also achieving competitive financial returns. To that end, potential investments are screened by Domini for approval based on Domini’s own ESG criteria. While potential investments may be screened out due to negative factors, the approach also seeks to proactively invest in issuers that are having a positive impact on society.


C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. 投資分析の一部として体系的に調査するESG要因と、この分析の影響を受けるアクティブ戦略の上場株式ポートフォリオの割合を記載してください。

ESG問題

影響を受ける割合
Environmental

E(環境)

Social

S(社会)

Corporate Governance

コーポレートガバナンス

08.2. 補足情報 [任意]


LEI 09. Processes to ensure integration is based on robust analysis

09.1. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.3. ESG統合戦略に使われる第三者のESG評価が更新される頻度を示してください。

09.4. ESG統合戦略に使われる組織内調査を見直す頻度を示してください。

09.5. ポートフォリオマネージャーがどのようにESG情報を保管・使用しているかについて説明してください。

09.6. 補足情報 [任意]


LEI 10. Aspects of analysis ESG information is integrated into

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

10.1. 投資分析のどの側面にESG情報を統合しているかを記載してください。

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

10.2a. ESG情報を適正価値/ファンダメンタル分析やポートフォリオの構築へと統合するプロセスについて、組織でのプロセスの一部となっている手法を選択してください。

10.3. ESG情報をポートフォリオの構築にどう統合しているかを説明してください。

Our ESG Research Team, part of central Investment Research, helps portfolio managers and analysts gather deeper intelligence on ESG topics and integrate these considerations into the investment process. We believe a holistic understanding of how companies deploy capital — financial, physical, and human — is helpful in framing an investment thesis, and examining ESG issues gives us a more complete picture. ESG analysts are responsible for conducting in-depth analysis of ESG factors most relevant to sectors within their coverage area, and for coordinating the proxy voting and ESG engagement strategies for the companies in their sectors with equity and fixed income analysts and portfolio managers. Our ESG team works closely with investment teams to incorporate our research into the investment process — regularly conducting in-depth portfolio reviews with investment teams to discuss holdings with the greatest ESG risks and strengths.

Portfolio Managers develop their own investment approaches, whereby ESG considerations are integrated into their research and decision-making processes to the extent that they believe these issues may affect the long-term success of a company and investment returns. This can manifest within the investment thesis or portfolio weighting for a security, as well as within proxy voting and company engagement efforts.

10.4a. 利益予想/バリュエーションツールの修正に使用した手法を説明してください。

We consider environmental, social, and corporate governance (ESG) criteria as one set of factors among many that should be weighed appropriately to inform investment decision making. We view ESG analysis and integration as both return enhancing and risk mitigating. To help portfolio managers and investment teams better assess risks and opportunities in client portfolios, we have integrated the analysis of ESG factors into our investment and risk-management processes firmwide.

Each of our portfolio managers develops their own investment approach whereby ESG considerations are integrated into their research and decision-making processes to the extent that they believe these issues may affect the long-term success of a company and investment returns. This can manifest itself within the investment thesis or portfolio weighting for a particular security, as well as within our proxy voting and company engagement efforts.

アクティブ運用する上場株式の内投資分析をする割合

10.2b. ESG情報を適正価値/ファンダメンタル分析および/またはポートフォリオの構築へと統合するプロセスについて、組織でのプロセスの一部となっている手法を選択してください。

10.4b. 利益予想/バリュエーションツールの修正に使用した手法を説明してください。

We consider environmental, social, and corporate governance (ESG) criteria as one set of factors among many that should be weighed appropriately to inform investment decision making. We view ESG analysis and integration as both return enhancing and risk mitigating. To help portfolio managers and investment teams better assess risks and opportunities in client portfolios, we have integrated the analysis of ESG factors into our investment and risk-management processes firmwide.

Each of our portfolio managers develops their own investment approach whereby ESG considerations are integrated into their research and decision-making processes to the extent that they believe these issues may affect the long-term success of a company and investment returns. This can manifest itself within the investment thesis or portfolio weighting for a particular security, as well as within our proxy voting and company engagement efforts.

10.5. 補足情報 [任意]


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