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ACTIAM

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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。

An ACTIAM ESG score is assigned to all assets in the investment universe plus an ESG score is determined at portfolio level. The aim is to achieve the highest possible ESG score. Since 2018, this aim is further specified with a target ESG score which is either in the upper quartile of the spectrum or at least 10 points higher than the ESG score of the related benchmark. This benchmark can vary per strategy. 

The minimum requirement is that the portfolio must be constructed in such a way that the ESG score of the portfolio is aimed to be at least higher than the ESG score of the benchmark at all times. In order to realise the ESG objectives, the portfolio managers will prefer bonds issued by companies which are actively contributing to the SDGs. In that context, the managers will aim to keep at least 10% of the portfolio in Green, Social and/or Sustainable Bonds.

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

For sovereigns, we have an adapted ESG score that is constructed of indicators relevant for sovereigns as opposed to companies. However, the process is the same. First a screening is conducted based on the ACTIAM Sustainable Investment Policy, which leads to the exclusion of non-compliant sovereigns, and an ESG score is attributed to the remaining sovereigns. For determining the ESG score we look at different data sources like contribution to the SDGs (see SDGindex.org for more information).  

社債(金融)

The process is the same as described in FI 10.1, other criteria apply for determining the ACTIAM ESG score, such as financial product safety and quality, governance, among others.

社債(非金融)

The process is the same as described in FI 10.1, other criteria apply for determining the ACTIAM ESG score, such as carbon and water footprint, among others.

証券化商品

The process is the same as described in FI 10.1, other criteria apply for determining the ACTIAM ESG score. For examples, see above.

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)
証券化商品​
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)

証券化商品

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

The ESG information is systematically incorporated into our systems and is applicable to all portfolios. Hereby, the portfolio manager has an ESG score for all the issuers that can be invested in. These scores are reviewed and updated on a regular basis. The portfolio manager is required to take the ESG information into account, as the ESG score of his/her portfolio needs to be higher than the ESG score of the benchmark at the minimum (dependent on the specifics of the fund or mandate). Next to that there is a target to have to portfolio score as high as possible. This is a KPI for the portfolio managers. The scores are also tracked by the Fund Management Committee.

社債(金融)

Please see above as the ACTIAM process for ESG integration is independent of type of fixed income instrument

社債(非金融)

Please see above as the ACTIAM process for ESG integration is independent of type of fixed income instrument

証券化商品

Please see above as the ACTIAM process for ESG integration is independent of type of fixed income instrument

12.3. 補足情報 [任意]

The ESG scores are available for all portfolios, however the implementation of a minimum score for the portfolio is not currently applicable to a mandates. Our Fundamental Investment Principles are.


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