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Fidelity Investments

PRI reporting framework 2020

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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
99 統合のみ
1 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
99 統合のみ
1 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
99 統合のみ
1 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。

ESG factors are linked to the creditworthiness of issuers. Companies who follow ESG best practices often tend to be more insulated from exogenous shock. Moreover, management teams who have a broader focus on all stakeholders often take debtholders more into consideration than do companies seeking purely to maximize profit. Understanding these drivers as part of our broader fundamental research background allows us to better understand the true risk profile of issuers and therefore make more accurate assumptions of fair value. Considering that fixed income returns are structurally more limited than equity, we are even more interested in the long-term overall risk profile of companies. Our ESG integration allows us to comprehensively assess the risk profile of issuers and help us more accurately price debt securities.
In the past, we've been asked to manage custom portfolios that incorporate ESG criteria for clients. We can accommodate these restrictions in a separate account structure. Typically, these custom portfolios will include restrictions or exclusions for specific companies or market sectors as requested by our client.

01.3. 補足情報 [任意]

While we do not screen out companies from our investment universe, except for specific custom portfolios we manage for institutional investors, we adopt a positive engagement approach and discuss ESG issues with the management of the companies in which we invest or consider investing on behalf of our clients. We use the information gathered during these meetings both to inform our investment decisions and to encourage company management to improve procedures and policies. Fidelity believes that strong management creates long-term shareholder value and we generally support management of companies in which we have invested fund and account assets. We also recognize, however, that the company's shareholders, the owners of the company, have a responsibility to evaluate how management and directors are performing, and how shareholders' rights and ownership interests are handled. As shareholders, we may form our own views on the strategy and governance of a particular business, and our views may inform our interactions with companies and our proxy voting practices. We also engage with companies' management and directors, through visits and meetings, to confer on topics, such as ESG issues, that we believe could affect long-term performance. Fidelity believes that high standards of corporate responsibility generally make good business sense and have the potential to protect and enhance investment returns.

Generally, ESG matters serve as a factor in security valuation and investment management and have for a long time. One key to analyzing any security is to develop an understanding of the material factors that contribute to the value of that security. These factors are most often understood to be financial factors, yet other factors that may be construed as non-financial could be viewed as material to the value of a security. Our investment staff includes all material factors into their security analysis process as they assess the valuation and outlook of a security.


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。

具体的に記載してください

          ESG specialists are responsible for periodically reviewing quality of ESG research providers and making changes if necessary, to ensure our continued receipt of quality research.
        

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]

Our fixed income analysts may include in their research notes, assessments of material ESG factors pertaining to a portfolio company being evaluated. Some ESG issues are industry-wide or global, while others are specific to the individual company. Research notes posted to our global research database are generally available to all Fidelity investment professionals, subject to internal policies and procedures.


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。

In order to meet specific client objectives, Fidelity utilizes company-specific third-party ESG data and a unique filtering process to screen and identify negative list issuers from a baseline global index. Following the filtering process, the strategies leverage Fidelity's fundamental research across the organization to drive the selection process and advanced portfolio construction techniques to build a portfolio that meets the investment objective.

04.3. 補足情報 [任意]


FI 05. Examples of ESG factors in screening process (Private)


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。

Our portfolio managers and analysts incorporate ESG factors and research into the “mosaic” they use to evaluate investment opportunities, alongside other public filings made by subject companies.  ESG ratings from our third-party providers have been integrated within the proprietary holdings and research tools at Fidelity. Our investment professionals have the capability of seeing ESG ratings on their holdings and benchmark alongside other fundamental, quantitative, and technical ratings. The investment team has the capability to perform individual analysis of ESG risk exposures through our integration with various platforms such as Bloomberg. Fidelity is in the process of enhancing its internal real-time analytics and reporting to incorporate ESG risk exposures directly on the investment professional desktop. 

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

A key concern for our sovereign credit team is the long-term sustainability of a country's economic and political situation and addressing ESG issues in their country analysis. Our fixed income team considers ESG factors when they are material to both the creditworthiness and investment performance of the country being analyzed. Our sovereign analysts also undertake a large amount of macro research, which is shared with our equity and solutions team.

社債(金融)

Our credit analysts are responsible for analyzing companies in order to develop a deep understanding of their business, outlook, and creditworthiness. This helps us to identify investment opportunities and avoid companies where poor fundamentals, which have not been recognized by the market, could weaken performance and potentially lead to downgrade or default. Engagement with companies is also part of our credit analysts' fundamental approach and we engage with bond issuers communicating to them any specific concerns we may have in respect of ESG issues.

社債(非金融)

Our credit analysts are responsible for analyzing companies in order to develop a deep understanding of their business, outlook, and creditworthiness. This helps us to identify investment opportunities and avoid companies where poor fundamentals, which have not been recognized by the market, could weaken performance and potentially lead to downgrade or default. Engagement with companies is also part of our credit analysts' fundamental approach and we engage with bond issuers communicating to them any specific concerns we may have in respect of ESG issues.

証券化商品

Our securitized analysts generally incorporate ESG factors into their fundamental credit analysis of asset-backed issuances, which serve as a vehicle to provide credit to businesses and general consumers.  Our analysts consider, among other factors, aggressive and/or predatory lending practices, regulatory standing and compliance, and underlying loan characteristics as part of the research mosaic.

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

A key concern for our sovereign credit team is the long-term sustainability of a country's economic and political situation and addressing ESG issues in their country analysis. Our fixed income team considers ESG factors and works with the centralized ESG team to determine material factors that are integral to both the creditworthiness and investment performance of the country being analyzed. Our sovereign analysts also undertake a large amount of macro research, which is shared with our equity and solutions team.

社債(金融)

Our credit analysts are responsible for analyzing companies in order to develop a deep understanding of their business, outlook, and creditworthiness. This helps us to identify investment opportunities and avoid companies where poor fundamentals, which have not been recognized by the market, could weaken performance and potentially lead to downgrade or default. Engagement with companies is also part of our credit analysts' fundamental approach and we engage with bond issuers communicating to them any specific concerns we may have in respect of ESG issues.

社債(非金融)

Our credit analysts are responsible for analyzing companies in order to develop a deep understanding of their business, outlook, and creditworthiness. This helps us to identify investment opportunities and avoid companies where poor fundamentals, which have not been recognized by the market, could weaken performance and potentially lead to downgrade or default. Engagement with companies is also part of our credit analysts' fundamental approach and we engage with bond issuers communicating to them any specific concerns we may have in respect of ESG issues.

証券化商品

Our securitized analysts generally incorporate ESG factors into their fundamental credit analysis of asset-backed issuances, which serve as a vehicle to provide credit to businesses and general consumers.  Our analysts consider, among other factors, aggressive and/or predatory lending practices, regulatory standing and compliance, and underlying loan characteristics as part of the research mosaic.

12.3. 補足情報 [任意]


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