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DNCA Finance

PRI reporting framework 2019

You are in Direct - Fixed Income » Outputs and outcomes

Outputs and outcomes

FI 17. Financial/ESG performance

17.1. Indicate whether your organisation measures how your incorporation of ESG analysis in fixed income has affected investment outcomes and/or performance.

Select all that apply
CorporateĀ (financial)
Corporate (non-financial)
We measure whether incorporating ESG impacts portfolio risk.
We measure whether incorporating ESG impacts portfolio returns.
We measure the ESG performance/profile of portfolios (relative to the benchmark).
None of the above

17.2. Describe how your organisation measures how your incorporation of ESG analysis in fixed income has affected investment outcomes and/or ESG performance. [OPTIONAL]

We do a qualitative pre-analysis of ESG impact on sensitivity, duration and yield. We are also developing tools to backtest ESG criteria against financial performance and are planning to include ESG in the performance attribution analysis.

17.3. Additional information.[OPTIONAL]


FI 18. Examples - ESG incorporation or engagement

18.1. Provide examples of how your incorporation of ESG analysis and/or your engagement of issuers has affected your fixed income investment outcomes during the reporting year.

ESG issue and explanation

We divested from the bonds of a major US HPC company because of the overall ESG quality, which in our view did not provide any assurance on the company's ability to resolve some of its major strategic and operational issues.

Impact on investment decision or performance

We divested from the bonds of a major US HPC company because of the overall ESG quality, which in our view did not provide any assurance on the company's ability to resolve some of its major strategic and operational issues.

ESG issue and explanation

Despite good financial conditions, we did not invest further in the bonds of a French business services company because it is under negative ESG watch (i.e. we are in the process of organising a meeting with the top management to clarify some ESG issues and will then decide accordingly whether the company is eligible in SRI Funds). The company faces in our view high social risks with a poor management of its labour force.

Impact on investment decision or performance

Despite good financial conditions, we did not invest further in the bonds of a French business services company because it is under negative ESG watch (i.e. we are in the process of organising a meeting with the top management to clarify some ESG issues and will then decide accordingly whether the company is eligible in SRI Funds).

18.2. Additional information.


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