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PGIM Fixed Income

PRI reporting framework 2020

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

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%）
SSA
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（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%
証券化商品
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。

PGIM Fixed Income's goal is to consider relevant ESG factors in our investment process as we work towards achieving our ultimate fiduciary duty; searching for the highest risk adjusted returns for our clients. Within this context, we seek to demonstrate a solid corporate governance framework in our investment process as we aim to protect our clients' assets for the long-term.

ESG factor integration is primarily applied within the bottom-up part of the investment process when assessing the impact on individual securities under consideration. Our research analysts are experts in their respective industries and asset classes, and we believe they are best positioned to identify ESG issues and determine their materiality.

01.3. 補足情報 [任意]

Regarding the proportion of actively managed fixed income investments by strategy in response to question FI 01.1, we assess ESG risks and opportunities as an integral part of our credit research process and bottom-up investment process.  In addition, we apply ESG screens in certain separately-managed mandates, based on client requirements, as agreed to in investment management agreements.

Currently, we anticipate launching three ESG funds whose guidelines will incorporate internal ESG ratings to develop an ESG-friendly product by screening issuers below a certain rating threshold.  

 

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。 

          Our ESG Committee meets to discuss any updates or changes to our approach.

03.3. 補足情報 [任意]

The PGIM Fixed Income ESG Committee has been established to act as the governing body for directing and overseeing PGIM Fixed Income’s ESG-related activities, with specific responsibility for:

·          Developing all policies and procedures that integrate ESG factors into the PGIM Fixed Income investment process, both generally and with respect to specific PGIM Fixed Income products

·          Establishing the methodology for PGIM Fixed Income’s internal ESG rating framework

·          Overseeing the assignment of all ESG ratings

·          Monitoring ESG-related engagement with individual issuers; and

·          Establishing and maintaining guidelines for ESG-related funds managed by PGIM Fixed Income.


Our commitment to Responsible Investment at board level can be seen in the makeup of our ESG Committee which consists of senior executives and investment professionals. The committee is co-chaired by our CIO / Head of Fixed Income and Head of Global Investment Grade Credit Research. The Voting Members of the Committee include the Head of Credit, Chief Economist, and senior credit analysts from our Investment Grade, Emerging Markets, Leveraged Finance, Municipal, and Securitised Credit desks with representation from our Newark, London and Tokyo offices.
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