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Impax Asset Management

PRI reporting framework 2019

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

Implementation processes

FI 01. Incorporation strategies applied

Indicate (1) Which ESG incorporation strategy and/or combination of strategies you apply to your actively managed fixed income investments; and (2) The proportion (+/- 5%) of your total actively managed fixed income investments each strategy applies to.
SSA
0 Screening alone
0 Thematic alone
0 Integration alone
0 Screening + integration strategies
0 Thematic + integration strategies
0 Screening + thematic strategies
80 All three strategies combined
20 No incorporation strategies applied
100%
Corporate (financial)
0 Screening alone
0 Thematic alone
0 Integration alone
0 Screening + integration strategies
0 Thematic + integration strategies
0 Screening + thematic strategies
100 All three strategies combined
0 No incorporation strategies applied
100%
Corporate (non-financial)
0 Screening alone
0 Thematic alone
0 Integration alone
0 Screening + integration strategies
0 Thematic + integration strategies
0 Screening + thematic strategies
100 All three strategies combined
0 No incorporation strategies applied
100%
Securitised
0 Screening alone
0 Thematic alone
0 Integration alone
0 Screening + integration strategies
0 Thematic + integration strategies
0 Screening + thematic strategies
100 All three strategies combined
0 No incorporation strategies applied
100%

01.2. Describe your reasons for choosing a particular ESG incorporation strategy and how combinations of strategies are used.

​ESG analysis is an integrated component of our credit analysis, providing an additional component of risk mitigation. Our High Yield, Core Bond and Sustainability Research teams are responsible for integrating ESG-analysis into the investment process.

The team employs a fundamental approach to ESG research in collaboration with fundamental credit analysis. Key ESG issues are assessed for each issuer sector and industry, with materiality-based ESG-factor weightings. IAM LLC focuses on companies’ ability to manage operational and reputational risks and to capitalize on opportunities arising from the shift towards a more sustainable global economy.

ESG is integrated into fixed income strategies to enhance our credit analysis and facilitate;

Avoidance of ESG laggards. ESG-analysis helps avoid companies with unacceptable ESG risks and/or operating in industries that are at greater risk in the transition to a more sustainable economy; which is unacceptable credit risk.

Enhanced Risk Management. ESG-analysis provides additional insights into a company’s ability to manage operational and reputational risks and minimize exposure to disrupted industries. Analysis is key to managing credit risk and is the primary input into portfolio construction.

Identifying well positioned companies. ESG-analysis helps identify companies positioned to benefit from the transition to a more sustainable economy.

01.3. Additional information [Optional].

Incorporation strategies are not applied to U.S. Treasury securities.


FI 02. ESG issues and issuer research

02.1. Indicate which ESG factors you systematically research as part of your analysis on issuers.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
Securitised
Environmental data
Social data
Governance data

02.2. Indicate what format your ESG information comes in and where you typically source it

Indicate who provides this information  

Indicate who provides this information  

Indicate who provides this information  

Indicate who provides this information  

Indicate who provides this information  

02.3. Provide a brief description of the ESG information used, highlighting any differences in sources of information across your ESG incorporation strategies.

Our sustainability research analysts conduct original ESG research for use in our investment process. The Sustainability Research team’s research process is augmented with ESG data from multiple sources including:

•Independent Third-Party Research: In-depth research, ratings and analysis of companies’ environmental, social and governance-related business practices. Examples of data providers include MSCI, Sustainalytics and Glass Lewis.

•Sell-Side Research: Research and analysis of company exposure to ESG-related opportunities, and management of ESG-related risks.

•Company Sustainability Reports: ESG data direct from a company

•News: ESG-related news coverage. (FactSet, Bloomberg, etc.)

•Sustainability Research & Advocacy Organizations: Research on new or emerging ESG topics from subject experts, which we use to assess company exposure to emerging ESG risks, and positioning on ESG-related opportunities. Examples include CDP and Investor Environmental Health Network.

•Government databases/websites: Industry-specific regulatory compliance databases/press releases. Examples include the FDA, EPA, SEC, and OSHA. 

02.4. Additional information. [Optional]


FI 03. Processes to ensure analysis is robust

03.1. Indicate how you ensure that your ESG research process is robust:

03.2. Describe how your ESG information or analysis is shared among your investment team.

03.3. Additional information. [Optional]


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