Describe how your organisation measures how your incorporation of ESG analysis in fixed income has affected investment outcomes and/or ESG performance. [OPTIONAL]
We undertook a study to understand the relationship between ESG and performance in credit portfolios. The conclusion that we reached was that there is a strong relationship between ESG scores and credit ratings and that credit ratings incorporate ESG factors. This is supportive of our belief that consideration of ESG factors is an inherent component of fundamental credit analysis.