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ESG Portfolio Management

PRI reporting framework 2019

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

(C) Implementation: Integration

FI 10. Integration overview

10.1. Describe your approach to integrating ESG into traditional financial analysis.

ESG (Environmental, social and governance) criteria are part of the security analysis and selection process besides the economic and financial quality, as they are relevant for the risk and return. We use data from specialized ESG rating agencies and data providers. Additionally, we internally look at material and relevant ESG factors and potential controversies for the companies depending on sector and region.   

10.2. Describe how your ESG integration approach is adapted to each of the different types of fixed income you invest in.

SSA

The relevant ESG factors (KPIs) might differ comparing goverment bonds or agencies. Here we focus also on regions and possible geopolitical or climate risks.

Corporate (financial)

ESG (Environmental, social and governance) criteria are part of the security analysis and selection process besides the economic and financial quality, as they are relevant for the risk and return. We use data from specialized ESG rating agencies and data providers. Additionally, we internally look at material and relevant ESG factors - here especially corruption, governance and treatment of employees.

Corporate (non-financial)

ESG (Environmental, social and governance) criteria are part of the security analysis and selection process besides the economic and financial quality, as they are relevant for the risk and return. We use data from specialized ESG rating agencies and data providers. Additionally, we internally look at material and relevant ESG factors for the companies depending on sector and region.   

Securitised

ESG (Environmental, social and governance) criteria are part of the security analysis and selection process besides the economic and financial quality, as they are relevant for the risk and return. We use data from specialized ESG rating agencies and data providers fo the issuers. Additionally, we internally look at material and relevant ESG factors for the asset pools (like mortgages) depending on sector and region.   

10.3. Additional information [OPTIONAL]


FI 11. Integration - ESG information in investment processes

11.1. Indicate how ESG information is typically used as part of your investment process.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
Securitised
ESG analysis is integrated into fundamental analysis
ESG analysis is used to adjust the internal credit assessments of issuers.
ESG analysis is used to adjust forecasted financials and future cash flow estimates.
ESG analysis impacts the ranking of an issuer relative to a chosen peer group.
An issuer's ESG bond spreads and its relative value versus its sector peers are analysed to find out if all risks are priced in.
The impact of ESG analysis on bonds of an issuer with different durations/maturities are analysed.
Sensitivity analysis and scenario analysis are applied to valuation models to compare the difference between base-case and ESG-integrated security valuation.
ESG analysis is integrated into portfolio weighting decisions.
Companies, sectors, countries and currency and monitored for changes in ESG exposure and for breaches of risk limits.
The ESG profile of portfolios is examined for securities with high ESG risks and assessed relative to the ESG profile of a benchmark.
Other, specify

11.2. Additional information [OPTIONAL]

We screen the ESG quality of every position in our portfolios at least weekly


FI 12. Integration - E,S and G issues reviewed

12.1. Indicate the extent to which ESG issues are reviewed in your integration process.

Environment
Social
Governance
SSA

Environmental

Social

Governance

Corporate (financial)

Environmental

Social

Governance

Corporate (non-financial)

Environmental

Social

Governance

Securitised

Environmental

Social

Governance

12.2. Please provide more detail on how you review E, S and/or G factors in your integration process.

SSA

ESG (Environmental, social and governance) criteria are part of the security analysis and selection process besides the economic and financial quality, as they are relevant for the risk and return. We use data from specialized ESG rating agencies and data providers. We analyse the ESG quality for every position at least weekly and check for any controversies or critical incidents.  

Corporate (financial)

ESG (Environmental, social and governance) criteria are part of the security analysis and selection process besides the economic and financial quality, as they are relevant for the risk and return. We use data from specialized ESG rating agencies and data providers. We analyse the ESG quality for every position at least weekly and check for any controversies or critical incidents.  

Corporate (non-financial)

ESG (Environmental, social and governance) criteria are part of the security analysis and selection process besides the economic and financial quality, as they are relevant for the risk and return. We use data from specialized ESG rating agencies and data providers. We analyse the ESG quality for every position at least weekly and check for any controversies or critical incidents.  

Securitised

ESG (Environmental, social and governance) criteria are part of the security analysis and selection process besides the economic and financial quality, as they are relevant for the risk and return. We use data from specialized ESG rating agencies and data providers. For securitised bonds we analyse also the pool (like mortgages). 

12.3. Additional information.[OPTIONAL]


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