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Schroders

PRI reporting framework 2019

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

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%)
SSA
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 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%
社債(金融)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 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%
社債(非金融)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 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%
証券化商品
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。

Our main objective for integrating ESG analysis is to enhance returns and protect value for our clients.

Credit: ESG issues can have a material influence on the sustainability of issuer cash-flows and therefore the risk to bondholders.  We seek to identify and analyse multiple ‘real-world’ themes in a holistic, forward-looking way, and to understand corporate business models to identify how issuers are managing change.  

Sovereigns: Given rapid social and environmental change, it is vital to assess countries' abilities to adapt and thrive as these forces re-shape industries, governments, growth and inflation prospects. We believe ESG integration helps with capital preservation and generating alpha through better country allocation.

Munis: ESG risks are analysed as part of overall security selection, and views incorporated into grades and recommendations.

Securitised: We believe an in-depth understanding of collateral cash flow and structure is the foundation of generating returns in a market where size and complexity leads to exploitable inefficiency. The consideration of ESG factors complements the assessment of the quality of the collateral and the sustainability of the cash flows.

We’re committed to avoiding any companies deriving revenue from cluster munitions or anti-personnel mines. We also manage screened mandates based on client-specific criteria.

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。

SSA
社債(金融)
社債(非金融)
証券化商品
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

具体的に記載してください

          Unstructured data
        
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。

Our fixed income teams draw upon our ESG specialists’ thematic research, 3P ESG research (e.g. MSCI, EiRIS) and other sources (sell-side research, industry bodies, think tanks, NGOs and academics).  All 3P ESG research we buy is accessible on a central research platform.  We have invested substantial resources to build proprietary tools and databases to ensure that raw ESG data is structured into accessible tools for analysts and fund managers.  The fixed income teams also have regular updates with ESG specialists and ask them to investigate specific issues.

02.4. 補足情報 [任意]

Credit: Each issuer research initiation and credit recommendation update contains a specific assessment of ESG risks. This process is ever-evolving with the development of Schroders’ proprietary ESG tool Context. This framework results in an issuer report on ESG factors identified as most material by the analyst.   Data is sourced directly via annual reports, company websites, and company engagement; 3P ESG data as well as more unconventional data such as Glassdoor and proprietary scores provided by our Sustainable Investment team e.g. SustainEx.

Sovereign: Analysis covers country relevant ESG issues such as corruption and supply chain practices. By assessing the ESG risks and opportunities that have historically driven growth, as well as those that may be influential in the future, it aims to provide investors with a long-term view of countries’ GDP growth as well as an indication as to whether the market is pricing in country sustainability factors across various asset classes.  We draw on a number of databases, in particular those run by NGOs or inter government agencies to source data. 


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。

具体的に記載してください

          We substantiate the conclusions we form from our company engagements with the conclusions reached by our equity colleagues.
        

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。

          Regular meetings of investors with the Sustainable Investment team, as well as the monthly Sustainability investor group meeting
        

03.3. 補足情報 [任意]

Thematic research into ESG issues is another important part of how our ESG specialists add value to the investment process. The team is tasked with identifying poorly understood issues that can fall between the cracks of sector coverage or get overlooked as researchers focus on producing accurate medium-term company or country forecasts.

Credit: Much of the analysis of ESG risks is done by credit researchers at the initiation of a company's coverage. Ongoing identification of emerging ESG issues that can impact the credit is also important as credit researchers assess a company's track record and outlook on this front. This often is the result of collaboration between ESG specialists and credit researchers to derive a better understanding of changing market dynamics. More recently, the team has been utilising a proprietary ESG tool, CONTEXT, which provides a systematic framework for analysing a company’s relationship with its stakeholders and the sustainability of its business model.

Sovereign: Systematic quantitative analysis of social and governance factors are augmented by detailed on-the-ground visits. These will encompass a wide range of engagements with policymakers, politicians and NGOs to assess the short and long-term prospects for an issuer.


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