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Ashmore Group plc

PRI reporting framework 2020

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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%)
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(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%

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。

Environmental, social and governance (ESG) analysis is explicitly integrated into our bottom up process across all our Fixed Income strategies. Our process is fundamentally driven and our issuer analysis encompasses a multitude of factors, including ESG.

Our assessment of an issuer’s ability to manage ESG successfully is integral to our determination of fair value (local currency) and fair spread (credit). Both governments and corporate management teams that can demonstrate strong ESG credentials are more likely to boost economic development and financial performance with lower volatility over time. Consequently, ESG factor analysis is integrated into our investment process, acting as a form of risk management and a source of alpha generation. We also consider it part of our fiduciary duty as stewards of our clients’ capital.

The ESG integration is overlaid by Ashmore's norms-based screening process, where investments that do not meet minimum standards are excluded from client portfolios. Ashmore fully supports the Oslo convention, which prohibits investment in companies manufacturing cluster munitions. Ashmore seeks to comply with applicable government authorities, and at a geographical level, screens across all investment themes for countries on the UN Security Council and EU/UK Sanctions and the US Office of Foreign Assets and Control lists.

01.3. 補足情報 [任意]

Ashmore is able to customise client portfolios to meet specific requirements for geographic, sector and stock specific restrictions, such as alcohol, animal/food products, armaments manufacturers or dealers, gambling, pornography, tobacco and coal.


FI 02. ESG issues and issuer research (Private)


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

          Use of recognised industry identifiers and coding into Ashmore's portfolio management system. Use of UN, EU/UK sanctions and US OFAC country lists.
        

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

04.1. 実施するスクリーニングの種類を記載してください。

当てはまる項目を全てを選択してください
SSA
社債(非金融)
ネガティブ/ 排他的スクリーニング
ポジティブ/業界最高のスクリーニング
基準に基づくスクリーニング

04.2. 組織内でアクティブ運用している債券に適用するスクリーニングのアプローチを記載してください。

Ashmore’s funds and segregated accounts has a specific investment mandate which sets out the parameters for investment. Within the Corporate Debt theme Ashmore is able to screen client portfolios to meet client requirements for geographic, sector and company specific restrictions. Company specific restrictions may include securities which meet clients’ own criteria.

Examples of investment areas where screening of portfolios can be offered based on (or informed by) client requirements (using recognised investment industry identifiers and coding into Ashmore’s portfolio management system) include alcohol, animal / food products, armaments manufacturers or dealers, gambling, pornography and tobacco.

Ashmore screens for, and prohibits, investment in companies manufacturing cluster munitions banned under the Oslo Convention. Ashmore seeks to comply  at all times with all sanctions imposed by applicable government authorities, and also, at a geographical level, screens across all investment themes for countries which are on the United Nations Security Council and EU/UK Sanctions and the US Office of Foreign Assets and Control (OFAC) lists.

04.3. 補足情報 [任意]

 

 


FI 05. Examples of ESG factors in screening process (Private)


FI 06. Screening - ensuring criteria are met

06.1. 債券投資においてファンドスクリーニングの基準に違反がないことを確認するために組織が使用しているシステムを記載してください。

スクリーニングの種類
ネガティブ/排他的スクリーニング​
基準に基づくスクリーニング​

06.2. 補足情報 [任意]


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。

 

Environmental, Social and Governance (ESG) risk analysis is explicitly integrated into our bottom up process across all our Fixed Income and Equity strategies. Our process is fundamental driven and our issuer analysis encompasses a multitude of factors, including ESG.

Our assessment of an issuer’s ability to manage ESG successfully is integral to our determination of fair value (equity) and fair spread (credit). Both governments and corporate management teams that can demonstrate strong ESG credentials are more likely to boost economic development and financial performance over time; for example by growing faster, reducing the cost of capital and generally managing risks better compared to their peers. Consequently, ESG factor analysis is integrated into our investment process in the same way as we assess macroeconomic risk, financial performance and credit metrics. It acts as both a form of risk management and a source of alpha generation. We also consider it part of our fiduciary duty as stewards of our clients’ capital.

Portfolio managers / analysts score all issuers using a consistent series of questions and data points to inform their view of an issuer’s current ESG performance alongside their forward-looking prospects. The portfolio manager / analyst explicitly records their view in a dedicated ESG scorecard. Scores are reviewed at a minimum every 12 months.

In keeping with our process, the investment thesis report, including the ESG score, for an issuer is reviewed, challenged and agreed at the relevant theme sub-Investment Committee. The ESG risk / opportunity is incorporated through financial estimates and/or the valuation assessment. Taken in combination with other macro and micro economic risk drivers, investment time horizon, liquidity considerations and the investable universe, ESG risk assessment therefore has a direct impact on our investment decisions and portfolio construction.

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。

SSA

Ashmore has adopted a unified approach to ESG integration across all fixed income investments. The process is described above. For SSA issuers the factors considered by portfolio managers in their assessment of issuers are listed below:

  • Environment: Environmental footprint, clean energy / climate adaption strategies, utilisation of natural resources, natural disasters risk, and incidents of environmental impact.
  • Social: Inequality and social disparity, ability to meet populations' basic needs, social stability, political liberties.
  • Governance: Societal infrastructure and delivery of services, government effectiveness and accountability, regulatory environment, strength of institutions, rule of law, measures to improve sustainability.

These ESG factors are combined with traditional financial analysis to inform our investment decisions.

社債(非金融)

Ashmore has adopted a unified approach to ESG integration across all fixed income investments. The process is described above. For Corporate (non-financial) issuers the data areas used by portfolio managers to assess issuers are listed below:

  • Environment: Global impact and GHG emissions, local impact and water and waste management, incidents of environmental pollution, energy management, and use of green energy, policies and innovations to limit negative impact.
  • Social: Employee diversity and inclusion, customer welfare, human rights and community relations, labour practices and health and safety, supply chain management, materiality of philanthropy spend, product quality and safety.
  • Governance: Transparency and disclosure, governance structure, minority interests fair representation, public listing and reporting, management accessibility, long-term incentive scheme KPIs, and strategies to mitigate the impact of ESG risks.

These ESG factors are combined with traditional financial analysis to inform our investment decisions.

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
SSA
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)
SSA

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。

SSA

Our assessment of an issuer’s ability to manage ESG successfully is integral to our determination of its fair spread. Both governments and corporate management that can demonstrate strong ESG credentials are more likely to boost economic development and financial performance over time. Consequently, ESG factor analysis is integrated into our investment process. It acts as a form of risk management and alpha generation. We also consider it part of our fiduciary duty as stewards of our clients’ capital.

Portfolio managers score each issuer by asking two questions for each of the environmental, social and governance aspects: 1/ the issuer’s current level of performance against global best ESG practice and 2/ the quality of their policies and initiatives designed to improve their ESG performance. The issuer is scored for each of the six questions on a scale of 1 – 5 (very poor to very good). The portfolio manager / analyst explicitly records their view in a dedicated ESG scorecard. Scores are reviewed at a minimum every 12 months.  

With more than 90 investment staff dedicated to Emerging Markets, Ashmore has always relied on its own proprietary research. The approach to ESG analysis relies on a similar process, Portfolio Managers use a variety of external secondary data sources, which are complemented by research visits and meetings with issuers, which add depth of understanding, and substantiate the secondary data. For SSA issuers the data areas used by portfolio managers to assess issuers are listed below:

Environment: Carbon emissions, clean energy / climate adoption strategies, natural disaster risk and preparedness, resource use, and environmental regulation.

Social: Population basic needs, societal stability, human development, economic freedom, labour rights, and inequality.

Governance: Progress to sustainability, institutional strength, rule of law, democratic processes, corruption.

In keeping with our process, the investment thesis report, including the ESG score, for an issuer is reviewed, challenged and agreed at the relevant theme sub-Investment Committee. The ESG risk / opportunity is incorporated through financial estimates and/or the valuation assessment. Taken in combination with other macro and micro economic risk drivers, investment time horizon, liquidity considerations and the investable universe, ESG risk assessment therefore has a direct impact on our investment decisions and portfolio construction.

社債(非金融)

Our assessment of an issuer’s ability to manage ESG successfully is integral to our determination of its fair spread. Both governments and corporate management that can demonstrate strong ESG credentials are more likely to boost economic development and financial performance over time. Consequently, ESG factor analysis is integrated into our investment process. It acts as a form of risk management and alpha generation. We also consider it part of our fiduciary duty as stewards of our clients’ capital.

Portfolio managers score each issuer by asking two questions for each of the environmental, social and governance aspects: 1/ the issuer’s current level of performance against global best ESG practice and 2/ the quality of their policies and initiatives designed to improve their ESG performance. The issuer is scored for each of the six questions on a scale of 1 – 5 (very poor to very good). The portfolio manager / analyst explicitly records their view in a dedicated ESG scorecard. Scores are reviewed at a minimum every 12 months.  

With more than 90 investment staff dedicated to Emerging Markets, Ashmore has always relied on its own proprietary research. The approach to ESG analysis relies on a similar process, Portfolio Managers use a variety of external secondary data sources, which are complemented by research visits and meetings with issuers, which add depth of understanding, and substantiate the secondary data. For Corporate (non-financial) issuers the data areas used by portfolio managers to assess issuers are listed below:

Environment: Global impact and GHG emissions, local impact and water and waste management, incidents of environmental pollution, energy management, and use of green energy, policies and innovations to limit  negative impact.

Social: Employee diversity and inclusion, customer welfare, human rights and community relations, labour practices and health and safety, supply chain management, materiality of philanthropy spend, product quality and safety.

Governance: Transparency and disclosure, governance structure, minority interest fair representation, public listing and report, management accessibility, long-term incentive scheme KPIs, strategies to mitigate the impact of ESG risks.

In keeping with our process, the investment thesis report, including the ESG score, for an issuer is reviewed, challenged and agreed at the relevant theme sub-Investment Committee. The ESG risk / opportunity is incorporated through financial estimates and/or the valuation assessment. Taken in combination with other macro and micro economic risk drivers, investment time horizon, liquidity considerations and the investable universe, ESG risk assessment therefore has a direct impact on our investment decisions and portfolio construction.

12.3. 補足情報 [任意]


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