This report shows public data only. Is this your organisation? If so, login here to view your full report.

Ashmore Group plc

PRI reporting framework 2020

Export Public Responses
Pdf-img

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (C) Implementation: Integration

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]


Top