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Loomis, Sayles & Company, L.P.

PRI reporting framework 2020

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
95 統合のみ
5 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
95 統合のみ
5 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
95 統合のみ
5 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
100 統合のみ
0 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。

At Loomis Sayles, we believe that ESG issues play an important role in the global economy, both from a business and investment perspective. Loomis Sayles embraces its duty to act at all times in our clients' best interest, and we believe that ESG issues impact our goal of achieving superior, risk-adjusted returns. We understand that environmental, social, and corporate governance practices may present risks that need to be evaluated, and we analyze these risks as part of our fundamental research process.

We analyze risks by modeling long-term business opportunities and challenges, by identifying risks inherent in industries and sectors, and by using a variety of methods to evaluate ESG issues, including engagement with issuers and the use of third-party analytical tools. 

With respect to integration, we expect our investment professionals to consider any macro, fundamental and quantitative research insights that they deem to be material to their investment process, including those related to ESG.

Unless otherwise directed, with respect to screening, Loomis Sayles does not impose any ESG restrictions or exclusions on the investment process. Screening performed is mandated by our clients' guidelines, or by regulation.

01.3. 補足情報 [任意]


FI 02. ESG issues and issuer research

02.1. 発行体に対する分析の一部として体系的に調査するESG要因を明示してください。

SSA
社債(金融)
社債(非金融)
証券化商品
環境データ
社会的データ
ガバナンスデータ

02.2. 入ってくるESG情報のフォーマットと主な情報源を明示してください。

この情報の提供者を説明してください
この情報の提供者を説明してください
この情報の提供者を説明してください
この情報の提供者を説明してください
この情報の提供者を説明してください

02.3. 使用されているESG情報を簡単に説明してください。ESG組み入れ戦略全体における情報源の違いを明らかにしてください。

ESG issues are considered as part of the firm's investment decision-making process. We use ESG research and/or issuer scores from MSCI, Sustainalytics, TruValue Labs, and the credit rating agencies (Moody's S&P, & Fitch). We are also a SASB Alliance member and use their framework as the foundation of our fixed income materiality maps. Loomis Sayles utilizes information from financial news publications, specialist data services, and economic and political consulting groups, and has considerable access to Wall Street research publications and sell-side analysts. At all times, Loomis Sayles has as one of its goals to continually identify additional superior tools for the research analysts and the investment teams. We continually evaluate the existing resources and the need to supplement them, through (1) the acquisition of data, and (2) the development of technological tools.  The analysis focuses on whether our resources sufficiently capture data to assist in incorporating ESG into the investment process, and whether other resources may be necessary in the future.

 

02.4. 補足情報 [任意]

The securitized team has assessed the MSCI ESG Manager database and utilized report of frequent issuers and servicers in the securitization market. Overall, we hae not found the data in these areas to be particularly helpful to our securitized analysis for two main reasons:

  • Many of the finance companies that access the securitization markets are smaller finance companies, often privately held, and in general not tracked by these data providers, which tend to focus on larger public companies.
  • When large companies are covered by these data providers, the ratings and research applies to the parent company and not to the issuer of the securitization program.

Third party data in 2019 seems to be consistent with prior years' offerings.  Looking ahead, credit rating agencies have proposed frameworks that we are evaluating and we find that there is increasing willingess of issuers to discuss the topics and a move towards direct ESG disclosure in their offering documents.  Encouragingly, issuers are beginning to proactively disclose information and therefore issuer data is more available.  Sell side researchers are publishing more on ESG in the securitization space, which provides additional data points in our ESG analysis and integration.


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。

具体的に記載してください

          We are developing fixed income materiality maps as well as internal ESG scores, which are being shared with the investment teams.
        

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 periodic industry and issuer reviews include a written presentation of ESG factors and they are discussed if material.
        

03.3. 補足情報 [任意]

We have an internally-developed application, our ESG Center, for the collection of external and internal ESG data and research.  We originally brought MSCI ESG data in-house, and in 2018 integrated TrueValue Labs and the SASB Framework.  We are in the process of integrating Sustainalytics.  The portfolio managers are able to use the ESG Center to assess ESG metrics within their portfolios, and in the benchmarks relevant to their client accounts.  Additionally, we are working with our Quantitative Team to incorporate ESG metrics into our Unified Relative Value Tool (URV) and Emerging Market Relative Value Tool (ERV).  

Our Chief Investment Risk Officer conducts semi-annual investment risk reviews with each investment team.  In order to assess awareness of ESG issues in the portfolios, the review includes exposure by ESG rating for the portfolio, performance by ESG rating, and a review of the lower ESG-rated securities held in the portfolio.  The CIRO has recently incorporated climate-related data into the portfolio reviews.  Based on the review, the CIRO shares processes and practices across all investment teams.


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