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Nomura Corporate Research and Asset Management Inc.

PRI reporting framework 2019

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

アクティブ運用している債券におけるESGの組み入れ

実施プロセス

FI 01. Incorporation strategies applied

以下を記載してください。 （1）組織でアクティブ運用する債券投資について、どのESG組み入れ戦略や組み合わせを使用しているか（2）各戦略が適用されるアクティブ運用債券投資合計の割合（+/- 5%）
社債（非金融）
0 スクリーニングのみ
0 テーマのみ
100 統合のみ
0 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
0 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%

01.2. 特定のESG組み入れ戦略を選択している理由と、使用する戦略の組み合わせを説明してください。

NCRAM believes that consideration of sustainability is congruent with our Strong Horse investment philosophy. ESG analysis helps us to invest in stronger companies, identify improving credits, and avoid defaults.

 

We consider ESG issues to be important factors when analyzing a company’s sustainability and investment prospects, and the study of these issues is incorporated into our investment process. We will consider a company’s record in how they treat the environment, how they treat their employees, how they treat the communities in which they operate, and their impact on their customers. We consider climate change and carbon emissions as part of our environmental risk analysis, and we incorporate a company’s environmental record into our assessment of the issuer. In addition, we will consider their track record in behaving fairly towards bondholders and other investors. To augment our internal research, NCRAM has engaged Sustainalytics to provide external research on ESG factors. NCRAM also has frequent meetings and dialogue with debt issuers, and our analysts and portfolio managers will discuss ESG factors with issuers at those forums.

 

We are committed to continuing to work with our clients and within the broader investment management industry to invest responsibly in our existing portfolios and going forward.

01.3. 補足情報 [任意]

FI 02. ESG issues and issuer research

02.1. 発行体に対する分析の一部として体系的に調査するESG要因を明示してください。

社債（非金融）
環境データ
社会的データ
ガバナンスデータ

02.2. 入ってくるESG情報のフォーマットと主な情報源を明示してください。

この情報の提供者を説明してください
この情報の提供者を説明してください
この情報の提供者を説明してください
この情報の提供者を説明してください

02.3. 使用されているESG情報を簡単に説明してください。ESG組み入れ戦略全体における情報源の違いを明らかにしてください。

NCRAM’s dedicated high yield analysts perform the vast majority of the research utilized in the management of high yield portfolios. Analysis of ESG factors is based on both direct communication with the issuer as well as secondary sources. NCRAM has also engaged Sustainalytics to provide external research on ESG factors.  NCRAM analysts will synthesize this information and include a summary of an issuer’s strengths and risks with regard to ESG factors in new-issue or other introductory credit reports. Credit reviews also include an analysis of ESG factors. Analysts and portfolio managers consider those factors in their credit analysis and assess whether the strengths and risks are priced into market yields and spreads. Existing positions are continually monitored by the research analyst and also are formally reviewed during periodic portfolio reviews among the portfolio manager, CIO and credit analyst.

02.4. 補足情報 [任意]

FI 03. Processes to ensure analysis is robust

03.1. 組織のESG調査プロセスの堅牢性を確保する方法を記載してください。

03.2. ESG情報または分析を投資チーム内で共有する方法を記載してください。

03.3. 補足情報 [任意]

A) 実施:スクリーニング

FI 04. Types of screening applied (Not Applicable)

FI 05. Examples of ESG factors in screening process (Not Applicable)

FI 06. Screening - ensuring criteria are met (Not Applicable)

B) 実施:テーマ

FI 07. Thematic investing - overview (Not Applicable)

FI 08. Thematic investing - themed bond processes (Not Applicable)

FI 09. Thematic investing - assessing impact (Not Applicable)

C) 実施:ESG問題の統合

FI 10. Integration overview

10.1. ESGを従来の財務分析に統合するアプローチを説明してください。

NCRAM has a strong commitment to responsible and sustainable practices in investing client assets entrusted to us. With regard to client investing, we believe that consideration of sustainability is congruent with our Strong Horse investment philosophy. We incorporate Environmental, Social and Governance (ESG) factors when analyzing an issuer’s sustainability and investment prospects. As we evaluate an investment opportunity, we consider whether the company acts in a sustainable way with regard to the environment and with regard to their employees and other constituents. We also weigh their corporate governance with regard to how they treat shareholders and how they treat bondholders. We engage with issuers when we have ESG concerns. We believe that this helps us to invest in stronger companies and improving credits.

 

NCRAM became a signatory to the United Nations Principles for Responsible Investment (UN PRI) in 2013. NCRAM launched an ESG Global High Yield Strategy in 2018.

10.2. 投資する債券の各種類に対してESG統合アプローチをどのように調整するのか説明してください。

社債（非金融）

ESG considerations are a standard part of our investment process. Portfolio managers and analysts continually evaluate the management of the issuers in our portfolios and the issuers we are considering for investment. As we evaluate the management, we consider whether they act in a sustainable way with regard to the environment and with regard to their employees and other constituents. We also weigh their corporate governance with regard to how they treat shareholders and bondholders. We believe that consideration of sustainability helps us invest in stronger companies and improving credits, and avoid defaults.

 

NCRAM research analysts include a summary of an issuer’s strengths and risks with regard to ESG factors in new-issue or other introductory credit reports. To augment our internal research, NCRAM has engaged Sustainalytics to provide external research on ESG factors. Analysts and PMs consider those factors in their credit analysis and assess whether the strengths and risks are priced into market yields and spreads. Existing positions are continually monitored by the research analyst and also are formally reviewed during periodic portfolio reviews among the portfolio manager, CIO and credit analyst. Should we assess that the company’s activities may not reflect our ESG principles, the holding will be re-assessed. Our CIO supervises our investment process, including the consideration of ESG factors.

10.3. 補足情報 [任意]

FI 11. Integration - ESG information in investment processes

11.1. ESG情報が、通常、投資プロセスの一部としてどのように使用されるのか記載してください。

当てはまるものをすべて選択してください
社債（非金融）
ESG分析をファンダメンタル分析に組み込んでいる
ESG分析が発行体の内部信用評価を調整するために利用される
ESG分析が予想財務業績および将来キャッシュフロー予測を調整するために利用される
ESG分析が発行体の同業グループと比較したランキングに影響する
発行体のESG債スプレッドおよび同セクター企業に対するその相対価値が、すべてのリスクが織り込まれているか否かを把握するために分析される
各種デュレーション／満期の発行体債券へのESG分析の影響が分析される。
感度分析およびシナリオ分析が、ベースケースとESG組み込み証券評価の差を比較する評価モデルに適用される
ESG分析が、ポートフォリオのウェイティング決定に組み込まれている
会社、セクター、国、通貨が、ESGエクスポージャーの変化およびリスク制限の違反についてモニタリングされる
ESGリスクが大きい証券についてポートフォリオのESGプロファイルが検討され、ベンチマークのESGプロファイルと比較して評価される
その他（具体的に記載してください）

11.2. 補足情報 [任意]

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

12.1. 組織の統合プロセスでESG問題をどのように検討するか示してください。

E（環境）
S（社会）
G（ガバナンス）
社債（非金融）

E（環境）

S（社会）

G（ガバナンス）

12.2. 組織の統合プロセスでE/S/G要因を検討する方法を詳しく説明してください。

社債（非金融）

NCRAM’s dedicated high yield analysts perform the vast majority of the research utilized in the management of high yield portfolios. Analysis of ESG factors is based on both direct communication with the issuer as well as secondary sources. NCRAM has also engaged Sustainalytics to provide external research on ESG factors.  NCRAM analysts will synthesize this information and include a summary of an issuer’s strengths and risks with regard to ESG factors in new-issue or other introductory credit reports.  Credit reviews also include an analysis of ESG factors. Analysts and portfolio managers consider those factors in their credit analysis and assess whether the strengths and risks are priced into market yields and spreads. Existing positions are continually monitored by the research analyst and also are formally reviewed during periodic portfolio reviews among the portfolio manager, CIO and credit analyst.

12.3. 補足情報 [任意]

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