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New York State Common Retirement Fund

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。

We typically conduct further in-house research to supplement the research provided by third parties across ESG strategies. We use industry and issuer research from multiple sources including company filings, ESG data providers, managers, media reports, NGOs, and the Corporate Governance team, among others. We are in the process of integrating ESG data into the fixed income team’s central data and risk modelling system, which informs our fundamental analysis. We also regularly invite expert speakers on key climate change and sustainability trends for our investment team.  

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。

社債(金融)

We typically conduct further in-house research to supplement the research provided by third parties across ESG strategies. We use industry and issuer research from multiple sources including company filings, ESG data providers, managers, media reports, NGOs, and the Corporate Governance team, among others. We are in the process of integrating ESG data into the fixed income team’s central data and risk modelling system, which informs our fundamental analysis.

 

We take a sector-based approach by identifying material ESG factors for fundamental credit analysis.

 

社債(非金融)

We typically conduct further in-house research to supplement the research provided by third parties across ESG strategies. We use industry and issuer research from multiple sources including company filings, ESG data providers, managers, media reports, NGOs, and the Corporate Governance team, among others. We are in the process of integrating ESG data into the fixed income team’s central data and risk modelling system, which informs our fundamental analysis.

 

We take a sector-based approach by identifying material ESG factors for fundamental credit analysis.

証券化商品

We typically conduct further in-house research to supplement the research provided by third parties across ESG strategies. We use industry and issuer research from multiple sources including company filings, ESG data providers, managers, media reports, NGOs, and the Corporate Governance team, among others. We are in the process of integrating ESG data into the fixed income team’s central data and risk modelling system, which informs our fundamental analysis.

 

We take a sector-based approach by identifying material ESG factors for fundamental credit analysis.

10.3. 補足情報 [任意]

We largely invest in US Treasuries and Federal Agency housing bonds to preserve our capital while receiving a dependable income stream, and our exposure to municipal and other sovereign debts is minimal. We look to invest in best-in-class municipal bonds and thematic bonds such as affordable housing consistent with fiduciary duty


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
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]

We measure carbon footprint of corporate fixed income investments and conduct an attribution analysis


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)
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。

社債(金融)

We consider financially material ESG factors in fundamental credit analysis. For the financial sector issuers, we assess their governance and risk management practices, and how issuers evaluate social and environmental risks in their loan underwriting practices. We also started evaluating banks’ risk assessment related to climate risks and opportunities. 

社債(非金融)

We consider financially material ESG factors in fundamental credit analysis. For the financial sector issuers, we assess their governance and risk management practices, and how issuers evaluate social and environmental risks in their loan underwriting practices. We also started evaluating banks’ risk assessment related to climate risks and opportunities. 

証券化商品

We consider financially material ESG factors in fundamental credit analysis. For the financial sector issuers, we assess their governance and risk management practices, and how issuers evaluate social and environmental risks in their loan underwriting practices. We also started evaluating banks’ risk assessment related to climate risks and opportunities. 

12.3. 補足情報 [任意]


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