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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 » (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。

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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