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Artemis Investment Management

PRI reporting framework 2020

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (C) Implementation: Integration

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。

As a firm, we believe stewardship activities contribute to better performing companies and hence returns for our clients. Fund managers take the lead on stewardship, it is part of their investment processes which comprises of idea generation, research and portfolio construction. Whilst individual strategies are distinctive, views and thoughts are shared across the various investment teams. We use a number of materiality frameworks and research providers to guide our ESG risk and opportunity assessment including SASB, MSCI ESG, Sustainalytics, TruValue Labs, and sell-side research. These sources of information provide valuable analysis and insight but they are just one set of inputs into our own investment evaluations. They supplement our own research and engagement with companies. Different perspectives are helpful, but it is the role of our fund managers to assimilate information from multiple sources and come to a decision. Assessment of materiality differs due to factors including fundamental analysis. holding period, portfolio positioning and construction, and risk tolerance all of which have an impact on how information is used.

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。

SSA

The credit quality of most SSAs means that we tend to focus on ESG implications for market technicals, rather than fundamentals.

社債(金融)

Most financial firms will have diverse and complex portfolio of underlying assets. Governance is of paramount importance both in terms of understanding the risks involved in the management of these assets, and also in ensuring that the relevant corporate is taking sufficient care of ESG factors within their own investments and operations. Given that most financials bonds are Investment Grade, we tend to focus more on the potential impact of ESG factors upon market technicals rather than fundamentals. However, should a given asset exposure within a financial firm be particularly pronounced, we will consider the potential impact within our fundamental analysis on the credit.

社債(非金融)

Within Investment Grade non-financial corporates the consideration of ESG factors upon market technicals is of greater importance, given the higher credit quality of issuers means that they will be better able to deal with fundamental disruption through ESG. Having said this, longer-dated issuance must take into account greater fundamental risks from ESG developments given the longer time horizon. Within High Yield non-financial corporates the potential impact of ESF factors on fundamental performance is of greater importance, given the more precarious financial situations of the credits.

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
SSA
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)
SSA

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。

SSA

Given the diversified funding nature of most SSAs, we tend to focus more on governance and social factors rather than environmental issues.

社債(金融)

As with SSAs, most financial firms will have diverse portfolios of underlying assets. Governance is of paramount importance both in terms of understanding the risks involved in the management of these assets, and also in ensuring that the relevant corporate is taking sufficient care of ESG factors within their own investments and operations.

社債(非金融)

Individual non-financial corporates will have their own priorities as far as ESG analysis goes. Much of this will be dependent upon industries. For instance, an auto company may require a focus on environmental issues; a consumer products company may require a focus on social issues; and a heavily regulated company such as a pharmaceutical may require a focus on governance. We broadly believe that, while governance is important for all companies given the contractual nature of our investment within them, for Investment Grade companies it is of paramount importance.

12.3. 補足情報 [任意]


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