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JK Capital Management Limited

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%)
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%

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。

The research process follows the internal ‘best practice guidelines’ of JK Capital Management which details specific methodology for company due diligence, company management interaction, site visits, reporting and analyst performance assessment.

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]

ESG information is discussed within the investment team on a regular basis and cross-checked with the Risk Manager.


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
SSA
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。

Countries - Exclusionary screening - We apply a 3 rank classification (Green, Red, Black):

  • Issuer based in a "Green" country, we apply the usual Due Diligence process.
  • Issuer based in a "Red" country, we apply a Due-Diligence reinforced.
  • Issuer based on a "Black" country, we do not invest.

This list is updated on a regular basis, mostly following the FATF new recommendations.

Sectors - Exclusionary screening -  We do not invest in issuer tied with Cluster Munitions production

04.3. 補足情報 [任意]


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


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​

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。

JK Capital’s idea of ESG integration follows the concept introduced by the UN PRI and defined as “the explicit and systematic inclusion of ESG factors in investment analysis and investment decisions.” It is a holistic approach to investment analysis, where material factors—ESG factors and traditional business and financial analysis factors—are identified and assessed to form an investment decision. 

For all fixed income investments integrated into our portfolios a due diligence process is carried out ahead of investment. Traditionally this follows the framework of analysis of business risk, financial risk and affiliation risk of the bond issuer. Affiliation Risk analysis includes a specific assessment of management and ownership profile which requires a rigorous study of the corporate governance track record of the management. Given bond investments tend to be highly sensitive to governance risk, this forms one of the key pillars of the investment decision. Integrating the JKC ESG framework we have overlaid environmental and social responsibility factors into our affiliation risk assessment as well. It should also be noted that while some investment exclusions or sector weightings are incorporated, this must be balanced against a fiduciary duty to maintain high diversification of the portfolio to reduce any concentrated credit exposure.  

 

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

We consider our ESG integration approach adapted to our investments into SSA because not only we integrate into our analysis third party ESG research provided by brokers, rating agencies and independent data sources such as “Debtwire”, which carries out background checks of key management bodies, but we also focus additionally on co-operation with supranational risk assessment bodies such as the financial action task force (FATF) on money laundering and tax evasion.  

社債(金融)

We consider our ESG integration approach adapted to our investments into Corporate (Financial) because during our analysis we assess not only the historical ESG track record for the purpose of potential investment exclusions but also efforts carried out by management to improve their ESG score with an attempt to reward improving managements. 

For both banks and non-financial corporates, analysis is achieved through a combination of reviewing corporate/bank publications such as annual reports, new issue presentations and website disclosures, direct questioning to management and a review of third party ESG research provided by brokers, rating agencies and independent data sources such as “Debtwire”, which carries out background checks of key corporate managements.

社債(非金融)

We consider our ESG integration approach adapted to our investments into Corporate (non-Financial) because during our analysis we assess not only the historical ESG track record for the purpose of potential investment exclusions but also efforts carried out by management to improve their ESG score with an attempt to reward improving managements. 

For both banks and non-financial corporates, analysis is achieved through a combination of reviewing corporate/bank publications such as annual reports, new issue presentations and website disclosures, direct questioning to management and a review of third party ESG research provided by brokers, rating agencies and independent data sources such as “Debtwire”, which carries out background checks of key corporate managements.

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

For all fixed income investments integrated into our portfolios a due diligence process is carried out ahead of investment. Traditionally this follows the framework of analysis of business risk, financial risk and affiliation risk of the bond issuer. By analyzing publications from Sell-side analysts, rating agencies, independent data sources, Supranational Risk Assessment bodies such as the Financial Action Task Force we can have a fair view on E, S and G indicators per SSA issuer. With an increasing market sensitivity to ESG risks, this analysis (for example exposure to changes in environmental regulation) is also incorporated in our business risk assessment as well. 

It should also be noted that while some investment exclusions or sector weightings are incorporated, this must be balanced against a fiduciary duty to maintain high diversification of the portfolio to reduce any concentrated credit exposure. 

社債(金融)

For all fixed income investments integrated into our portfolios a due diligence process is carried out ahead of investment. Traditionally this follows the framework of analysis of business risk, financial risk and affiliation risk of the bond issuer. By analyzing publications from Sell-side analysts, rating agencies, independent data sources, corporate publications, new issue presentations, website disclosures and Supranational Risk Assessment bodies such as the Financial Action Task Force we can have a fair view on E, S and G indicators per Corporate (Financial) issuer. With an increasing market sensitivity to ESG risks, this analysis (for example exposure to changes in environmental regulation) is also incorporated in our business risk assessment as well. 

It should also be noted that while some investment exclusions or sector weightings are incorporated, this must be balanced against a fiduciary duty to maintain high diversification of the portfolio to reduce any concentrated credit exposure. 

社債(非金融)

For all fixed income investments integrated into our portfolios a due diligence process is carried out ahead of investment. Traditionally this follows the framework of analysis of business risk, financial risk and affiliation risk of the bond issuer. By analyzing publications from Sell-side analysts, rating agencies, independent data sources, corporate publications, new issue presentations, website disclosures and Supranational Risk Assessment bodies such as the Financial Action Task Force we can have a fair view on E, S and G indicators per Corporate (non-Financial) issuer. With an increasing market sensitivity to ESG risks, this analysis (for example exposure to changes in environmental regulation) is also incorporated in our business risk assessment as well. 

It should also be noted that while some investment exclusions or sector weightings are incorporated, this must be balanced against a fiduciary duty to maintain high diversification of the portfolio to reduce any concentrated credit exposure. 

12.3. 補足情報 [任意]


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