We analyse the contribution to the sustainable transition for each company (we look at issuers, not financial instruments, so we use the same process for equity and fixed income). This analysis identifies a company's exposure (% of revenues) on one or more sustainable transition themes. A total of 38 themes and business areas have been identified as contributing to the sustainable transition. This number can vary every year, depending on the materiality of each transition theme and the emergence of new ones.
Our framework of sustainable transition themes is set up around 5 transitions: demographic, medical, economic, lifestyle and ecological. Each company is assessed according to its absolute level of revenues in each transition theme. Exposure ranges from 0 to 100% and results in a recommendation on the extent of the company's exposure and contribution to the sustainable transition going from a "no exposure" position to a "pure player" profile.
This assessment, along with the "Responsibility" risk analysis, enters into account when building the SRI Fixed Income portfolios.