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Nomura Corporate Research and Asset Management Inc.

PRI reporting framework 2019

You are in Strategy and Governance » Investment policy


SG 01. RI policy and coverage


01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。


01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

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.

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]


Nomura Corporate Research and Asset Management Inc. (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.


Key elements of NCRAM’s ESG process include:


NCRAM has established an ESG Committee consisting of both investment and non-investment personnel, with the NCRAM CIO acting as the Committee Chairman. Committee members interface with industry groups such as UN PRI as well as other Nomura Asset Management companies to discuss industry developments and best practices for implementation of ESG analysis in investing. The ESG Committee also reflects findings back to the broader investment team.


ESG training, led by the CIO and the ESG Committee, is provided to all investment personnel on an annual basis.


NCRAM research includes a summary of an issuer’s strengths and risks with regard to ESG factors in new-issue or other introductory credit reports. Analysis of ESG factors is based on both direct communication with the issuer as well as secondary sources.


NCRAM has engaged Sustainalytics to provide external research on ESG factors.


Analysts and Portfolio Managers (PMs) consider ESG factors in their credit analysis and assess whether the ESG strengths and risks are priced into market yields and spreads.


NCRAM offers its separate account clients the ability to customize portfolios based on exclusion lists and other ESG factors, and offers an ESG Global High Yield strategy.

01.6. 補足情報 [任意]

下記を読み理解しました I confirm I have read and understood the Accountability tab for SG 01

SG 01 CC. Climate risk (Not Applicable)

SG 02. Publicly available RI policy or guidance documents


02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

02.3. 補足情報 [任意]

NCRAM is glad to provide a copy of our ESG policy to clients and prospects, on request.

SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

NCRAM's employees are bound by a strict Code of Ethics. This Code of Ethics is intended to address three fundamental principles that must guide the personal investment activities of the directors, officers and employees of the firm in light of their fiduciary duties: place the interests of our clients first; avoid taking inappropriate advantage of position; and personal investing must avoid even the appearance of a conflict.


The Code of Ethics provides principles of conduct on matters that relate to ethical business standards including, but not limited to, conflicts of interest, gifts and entertainment, document retention, confidentiality and anti-money laundering practices. Complying with this code, and local laws and regulations is a condition of employment. Any violation may be cause for disciplinary action, including termination.


The firm’s Code of Ethics states that all outside business activities must receive the prior written approval from Compliance. Access Persons and investment personnel are prohibited from serving on the board of directors or other governing boards of a publicly traded entity, except with prior written authorization from the Compliance Department. In the event of such authorization, Compliance considers the imposition of appropriate procedures to prevent the misuse of material non-public information or investment restrictions.

03.3. 補足情報 [任意]

SG 04. Identifying incidents occurring within portfolios

04.1. 組織では、ポートフォリオ対象企業において発生するインシデントの特定と管理を行うプロセスを設定しているかどうか明示して下さい。

04.2. インシデントを管理するプロセスを説明して下さい

NCRAM believes that ESG concerns rarely arise suddenly. More typically, an issuer may be identified as having high ESG risk, and then subsequent events occur that highlight or underscore existing risk factors. However, if an ESG concern does arise unexpectedly, NCRAM PMs and credit analysts work together to understand the impact on the credit and any affected portfolios. We may seek to engage with the company to improve its practices, or we may choose to exit the position. NCRAM’s philosophy involves active management of our portfolios, and our open architecture environment allows us to respond quickly in cases of ESG risk events.