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CBL Asset management

PRI reporting framework 2020

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ESG incorporation in actively managed fixed income

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
100 Integration alone
0 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
100 Integration alone
0 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.

We incorporate ESG information in all our fixed income investments by aligning the internal rating that we consider for a particular security. Screening is done as a negative screen for the activities that we do not support.

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:

specify description 

          The ESG rating provider have developed materiality framework and updates the rating on monthly basis, which we use and update regularly.

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

03.3. Additional information. [Optional]

(A) Implementation: Screening

FI 04. Types of screening applied

04.1. Indicate the type of screening you conduct.

Select all that apply
Corporate (non-financial)
Negative/exclusionary screening
Positive/best-in-class screening
Norms-based screening

04.2. Describe your approach to screening for internally managed active fixed income

To avoid financing of an entity that has a clearly negative impact on the community and environment, the Company particularly distances itself from investments in entities which are included in the EU sanctions lists or whose core business activity is related to pornography and production and development of inhumane weapons

04.3. Additional information. [Optional]

FI 05. Examples of ESG factors in screening process (Not Completed)

FI 06. Screening - ensuring criteria are met

06.1. Indicate which systems your organisation has to ensure that fund screening criteria are not breached in fixed income investments.

Type of screening
Checks
Negative/exclusionary screening

06.2. Additional information. [Optional]

(B) Implementation: Thematic

FI 07. Thematic investing - overview (Not Applicable)

FI 08. Thematic investing - themed bond processes (Not Applicable)

FI 09. Thematic investing - assessing impact (Not Applicable)

(C) Implementation: Integration

FI 10. Integration overview

10.1. Describe your approach to integrating ESG into traditional financial analysis.

We adjust the internal rating based on absolute and relative ESG performance of the issuer. The internal rating can be both upgraded and downgraded. It is fully integrated into overall financial and operational evaluation of the issuer.

10.2. Describe how your ESG integration approach is adapted to each of the different types of fixed income you invest in.

SSA

We adjust the internal rating based on relative ESG performance of the issuer. The internal rating can be both upgraded and downgraded. It is fully integrated into overall financial and operational evaluation of the country.

Corporate (financial)

We adjust the internal rating based on absolute and relative ESG performance of the issuer. The internal rating can be both upgraded and downgraded. It is fully integrated into overall financial and operational evaluation of the issuer.

Corporate (non-financial)

We adjust the internal rating based on absolute and relative ESG performance of the issuer. The internal rating can be both upgraded and downgraded. It is fully integrated into overall financial and operational evaluation of the issuer.

10.3. Additional information [OPTIONAL]

FI 11. Integration - ESG information in investment processes

11.1. Indicate how ESG information is typically used as part of your investment process.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
ESG analysis is integrated into fundamental analysis
ESG analysis is used to adjust the internal credit assessments of issuers.
ESG analysis is used to adjust forecasted financials and future cash flow estimates.
ESG analysis impacts the ranking of an issuer relative to a chosen peer group.
An issuer`s ESG bond spreads and its relative value versus its sector peers are analysed to find out if all risks are priced in.
The impact of ESG analysis on bonds of an issuer with different durations/maturities are analysed.
Sensitivity analysis and scenario analysis are applied to valuation models to compare the difference between base-case and ESG-integrated security valuation.
ESG analysis is integrated into portfolio weighting decisions.
Companies, sectors, countries and currency and monitored for changes in ESG exposure and for breaches of risk limits.
The ESG profile of portfolios is examined for securities with high ESG risks and assessed relative to the ESG profile of a benchmark.
Other, specify in Additional Information

11.2. Additional information [OPTIONAL]

FI 12. Integration - E,S and G issues reviewed

12.1. Indicate the extent to which ESG issues are reviewed in your integration process.

Environment
Social
Governance
SSA

Environmental

Social

Governance

Corporate (financial)

Environmental

Social

Governance

Corporate (non-financial)

Environmental

Social

Governance

12.2. Please provide more detail on how you review E, S and/or G factors in your integration process.

SSA

We review all of the ESG factors together on quarterly basis.

Corporate (financial)

We review all of the ESG factors together mostly on quarterly basis.

Corporate (non-financial)

We review all of the ESG factors together mostly on quarterly basis.

12.3. Additional information.[OPTIONAL]

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