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Wellington Management Company LLP

PRI reporting framework 2020

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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (C) Implementation: Integration of ESG factors

C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. E・S・Gの各要因が投資分析の一環として体系的に調査されている、アクティブ運用の上場株式ポートフォリオの割合を記載してください。








08.2. 補足情報 [任意]

LEI 09. Processes to ensure integration is based on robust analysis

09.1. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.3. ESG統合戦略に使われる第三者のESG評価が更新される頻度を示してください。

09.4. ESG統合戦略に使われる組織内調査を見直す頻度を示してください。

09.5. ポートフォリオ・マネージャーがどのようにしてESG情報を保有し、使っているのか説明してください。

09.6. 補足情報 [任意]

LEI 10. Aspects of analysis ESG information is integrated into


10.1. 投資分析のどの側面にESG情報を統合しているかを記載してください。







10.2. ESG情報を適正価値/ファンダメンタル分析および/またはポートフォリオの構築へと統合するプロセスについて、組織でのプロセスの一部となっている手法を選択してください。

10.3. ESG情報をポートフォリオの加重にどう統合しているかを説明してください。

Our ESG Research Team helps portfolio managers and analysts gather deeper intelligence on ESG topics and integrate these considerations into the investment process. Our ESG team works closely with investment teams to incorporate our research into the investment process - conducting in-depth portfolio reviews with investment teams to discuss holdings with the greatest ESG risks and strengths.

Portfolio managers develop their own investment approaches, whereby ESG considerations are integrated into their research and decision-making processes to the extent that they believe these issues may affect the long-term success of a company and investment returns. This can manifest within the investment thesis or portfolio weighting for a security, as well as within proxy voting and company engagement efforts.

10.4. 利益予想/バリュエーションツールの修正に使用した手法を説明してください。

In accordance with our ESG integration philosophy, we believe that, all else equal, the quality of companies' performance on key ESG issues increases the probability that they will be able to sustainably create value over time. One way to reflect this higher probability is to apply a valuation premium to these companies relative to their peers or a valuation discount to companies whose ESG risks are underappreciated by the market.

The physical climate change research with Woods Hole Research Center (WHRC) is also leading investors to consider adjusting their growth expectations for markets and companies where we believe that certain climate variables will have a systemic impact on economic growth. Companies with exposure to acute climate events should see this reflected in assumptions about volatility of earnings. As part of these efforts, the Climate Research team is developing a DCF tool that incorporates probability of an event, and then the impact of that event on the terminal value.

10.6. 補足情報 [任意]