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SKY Harbor Capital Management

PRI reporting framework 2020

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%)
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%

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。

SKY Harbor's investment process is designed to identify, value and manage specific high yield market risks, which inherently includes ESG factors. It has long been our view that ESG factors play a material role in identifying potential investment risks and can, through analysis and consistent monitoring, be integral to investment decision-making and performance. We recognize the potential for a high correlation between companies that manage ESG factors well and superior investment returns, and, accordingly, ESG integration in our fundamental credit analysis and overall investment process is applied to all assets under management. We also implement sector and issuer level screening based on a combination of our top-down and bottom-up views of risks relating to ESG factors; for example, that we don't invest in coal extraction companies or companies that are in violation of international norms.  

Additionally, a portion of our AUM is managed with client-directed ESG screens, and another portion is in (UCITS) funds which comply with the Convention on Cluster Munitions and do not invest in companies that manufacture cluster bombs and anti-personnel mines.

01.3. 補足情報 [任意]


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。

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]

Since the last report, SKY Harbor has become a member of the SASB Alliance, which we expect will enhance our efforts to further integrate ESG into our investment process.


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
社債(金融)
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。

Negative/exclusionary screening has long been a part of our investment process, for both client-directed and UCITS compliance-based screens (e.g., for the Convention on Cluster Munitions.) More recently, SKY Harbor has applied a screen on companies that we have determined to have dominant risks related to ESG factors such as coal miners, private prison operators, companies with increasing ESG-related legal liabilities and, increasingly, energy companies with impaired access to capital due to increasingly negative investor and lender sentiment. 

We have recently launched a sustainability-focused fund that prohibits investment in the energy sector, thermal coal mining, utilities that use thermal coal as a major input, gaming, alcohol and tobacco-related companies.

Positive/best-in-class and norms-based screening are somewhat newer in our investment process, and have been directed by our increased awareness of how international frameworks, like the UN Global Compact, can guide how investment managers can align their investment processes with asset owner values, particularly with European-based clients. Our recently launched sustainability fund emphasizes through higher concentrations within the portfolio issuers that show increased transparency and reporting, increased stakeholder awareness and engagement and strong and diverse governance structures.

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​
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​

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。

SKY Harbor's investment process is designed to identify, value and manage specific High Yield market risks, which inherently includes ESG factors. It has long been our view that ESG factors play a material role in identifying potential investment risks and can, through analysis and consistent monitoring, be integral to investment decision-making and performance. We recognize the growing body of evidence of a high correlation between companies that manage ESG factors well and superior investment returns. Accordingly, we have prioritized ESG integration in our fundamental credit analysis. The ESG-integrated investment process applies to all assets under management, not solely to assets in our Sustainable Strategies.

Paramount to our fundamental process is a focus on the debt securities of companies that have sustainable business models in light of the globalization of economies and the interrelatedness of capital markets, which, together can lead to rapid shifts in high yield issuer financial flexibility. As such, we look for themes that both support and sustain corporate profitability and enhance financial flexibility. We develop and retest specific themes through quarterly earnings trends, aggregate industry and economic data, ESG specific research and anecdotal evidence collected broadly which is then weighed against valuation opportunities and market realities.

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。

社債(金融)

SKY Harbor's research integration of ESG factors for corporate issuers in banking and financial services follows the same approach as that for non-financials corporates, but with a different weighting on certain factors more relevant to the financial industry and guided by SASB industry materiality factors. 

社債(非金融)

SKY Harbor's research process and credit selection targets issuers with solid credit characteristics, a high level of financial flexibility and strong operating potential. Analysts perform in-depth analysis to identify risks associated with an issuer's Industry Outlook, Operating Potential or Financial Flexibility.

Analysts consider a broad range of ESG factors depending on the issuer and industry at various stages of our research process. Certain Governance issues are applicable across all industries, including corporate board and ownership structures, alignment of executive pay, and accounting. Other social and environmental factors, may have greater relevancy in one industry versus another. Industry ESG-related risk is guided by SASB materiality factors.

The identification, analysis and ongoing monitoring of ESG factors through our credit research process is integral to our risk-based approach, security selection and positive investment outcomes.

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
社債(金融)
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)
社債(金融)

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。

社債(金融)

SKY Harbor's research integration of ESG factors for corporate issuers in banking and financial services follows the same approach as that for non-financials companies detailed below, but with a few distinctions. Because the sector is highly regulated, our ESG analysis of financial companies places particular emphasis on business ethics, customer privacy, data protection, and lending practices which may materially adversely impact an issuer via regulatory investigations, fines and reforms. Indirect social factors include compliance with regulations against predatory lending and adherence to standards for equal opportunity lending and the community reinvestment act. Environmental factors are also assessed, but typically have a lower impact relative to social and governance factors in this industry. Our industry assessment is guided by SASB materiality and our assessment of a company's preparedness for those material ESG-related risks.

社債(非金融)

SKY Harbor's research process and credit selection targets issuers with solid credit characteristics, a high level of financial flexibility and strong operating potential. Analysts perform in-depth analysis to identify risks associated with an issuer's Industry Outlook, Operating Potential or Financial Flexibility. Our analysis of the risks associated with an issuer's industry evaluates cyclical and secular trends, the efficacy of industry sustainability and the regulatory environment to assess the external forces in place or looming that may impact the outlook for an issuer and its peer group. Our analysis of the risks associated with an issuer's operating potential takes the form of a full Business Due Diligence designed to uncover the key drivers of an issuer's business model, the soundness of its execution strategy and its sensitivity to various internal and external factors. Our analysis of the risks associated with an issuer's financial flexibility takes the form of a robust Financial Model that is designed to assess an issuer's long-term ability to operate within its existing capital structure and service its debt. This proprietary financial model highlights an issuer's liquidity profile and credit trends using four to five years of historical financial data and full financial results projected out five years.

Analysts consider a broad range of ESG factors depending on the issuer and industry at various stages of our research process. Certain Governance issues are applicable across all industries, including corporate board and ownership structures, alignment of executive pay, and accounting. Other social and environmental factors, may have greater relevancy in one industry versus another. Examples of ESG factors regularly examined include:

  • Environmental: industrial practices, waste management, GHC emission, physical and transition climate-related risks, safety procedures and capital expenditure/cost to maintain high standards in these areas.
  • Social: worker rights and benefits, pay practices, workforce diversity, employee training and retention; also consumer demographics, community engagement and charitable contributions, product liability potential, and reputation
  • Governance: management stability and credibility, board structure, legal risk, tax patterns, and historical treatment of bondholders.

In addition, we track the company's transparency and disclosure in these topics and regularly engage with companies to request further information and encourage public dissemination related to various ESG topics.

The identification, analysis and ongoing monitoring of ESG factors through our credit research process is integral to our risk-based approach, security selection and positive investment outcomes.

12.3. 補足情報 [任意]


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