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Hwabao WP Fund Management Co., Ltd

PRI reporting framework 2020

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

Implementation processes

FI 01. Incorporation strategies applied

Indicate (1) Which ESG incorporation strategy and/or combination of strategies you apply to your actively managed fixed income investments; and (2) The proportion (+/- 5%) of your total actively managed fixed income investments each strategy applies to.
SSA
0 Screening alone
0 Thematic alone
0 Integration alone
100 Screening + integration strategies
0 Thematic + integration strategies
0 Screening + thematic strategies
0 All three strategies combined
0 No incorporation strategies applied
100%
Corporate (financial)
0 Screening alone
0 Thematic alone
0 Integration alone
100 Screening + integration strategies
0 Thematic + integration strategies
0 Screening + thematic strategies
0 All three strategies combined
0 No incorporation strategies applied
100%
Corporate (non-financial)
0 Screening alone
0 Thematic alone
0 Integration alone
100 Screening + integration strategies
0 Thematic + integration strategies
0 Screening + thematic strategies
0 All three strategies combined
0 No incorporation strategies applied
100%

01.2. Describe your reasons for choosing a particular ESG incorporation strategy and how combinations of strategies are used.

Integration strategy can take ESG factors into consideration in the existing credit rating framework of bond issuers, which is conducive to the establishment of a unified credit risk assessment system, rather than separate evaluation of traditional credit risk and ESG risk.

Negative/ exclusionary screening is more suitable for the centralized screening of the same type of risks, which are usually sudden, dynamic, and concentrated in a certain type of issuer. For example, credit risks of private enterprises increase when risk appetite declines, issuers in heavily polluted areas face more severe operating pressure when environmental regulation is strengthened, and small financial enterprises face higher liquidity risks when financial market risks occur. Negative/ exclusionary screening help to compare the risk levels of different issuers facing the same problem and to adjust the list of evasive targets according to the change in risk level.

In general, integration strategy establishes a unified and relatively stable risk assessment system, and screening strategy has faster ability and flexibility to deal with sudden risks.

01.3. Additional information [Optional].


FI 02. ESG issues and issuer research (Private)


FI 03. Processes to ensure analysis is robust

03.1. Indicate how you ensure that your ESG research process is robust:

03.2. Describe how your ESG information or analysis is shared among your investment team.

03.3. Additional information. [Optional]


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