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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 » 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
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.


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