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Royce & Associates, LP

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes

実施プロセス

LEI 01. Percentage of each incorporation strategy

01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
100 %
アクティブ運用している上場株式の合計 100%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

We believe a better way to invest is to take a holistic view that seeks to fully integrate ESG factors into the investment research process. We do not look to exclude companies or sectors from our universe, but rather aim to analyze and monitor the ESG issues that may have material impact on the financial performance of our portfolio companies in the near and long term. In our minds, ESG issues should be viewed as risk factors that contribute to the balance between potential risk and expected return, and should be examined alongside traditional financial and operational risk factors. By identifying and incorporating relevant ESG risk factors into our research process, we can potentially minimize the impact of negative ESG related developments and uncover investment opportunities that may benefit from ESG related trends.

As a further enhancement to our process, we have formally included a review of ESG integration into our risk management meetings. In partnership with State Street Bank, we have become early adopters of ESGX,  a platform that allows you to assess ESG profiles and risk factors at the portfolio level. With the ESGX tool, we can generating reporting that enables us to visualize and gain better insight into ESG exposures at the sector, region and company level, and help identify and highlight potential sources of ESG risk that may be overlooked when deploying traditional financial analytics.

01.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]


LEI 02. Type of ESG information used in investment decision (Private)


LEI 03. Information from engagement and/or voting used in investment decision-making (Private)


C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. E・S・Gの各要因が投資分析の一環として体系的に調査されている、アクティブ運用の上場株式ポートフォリオの割合を記載してください。

ESG問題

影響を受ける割合
E(環境)

E(環境)

S(社会)

S(社会)

コーポレートガバナンス

コーポレートガバナンス

08.2. 補足情報 [任意]

Responsible investment forms an integral part of our investment process, as such we will systematically consider those ESG factors that we believe could have a material impact on the ability of a company to generate long-term sustainable returns. These factors are essentially those that can have a material impact on a company's cash flows, balance sheet, durability and ultimately, corporate value and may be environmental, social or governance related. We believe that governance is the starting point in this analysis as it sets the foundation for accountability, for how decisions are made and sets the tone for the corporate culture.


LEI 09. Processes to ensure integration is based on robust analysis

09.1. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

          A review of ESG integration has been formally incorporated into our regularly scheduled Risk Management reviews. This conversation is supported by reporting output from ESGX.
        

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.3. ESG統合戦略に使われる第三者のESG評価が更新される頻度を示してください。

09.4. ESG統合戦略に使われる組織内調査を見直す頻度を示してください。

09.5. ポートフォリオ・マネージャーがどのようにしてESG情報を保有し、使っているのか説明してください。

09.6. 補足情報 [任意]

Each PM teams takes their own approach to collecting ESG information. Some teams choose to include it as a standard section in their research notes for each company, others retain ESG information by topic. All this information is centrally available and tagged in the shared research database, Mackey. ESG ratings information at the portfolio level is available quarterly through ESGX. The ESGX tool provides comprehensive analytics and visualizations of ESG exposures at the portfolio level over time and relative to benchmarks. This offers better insight at the sector, region and company level, and helps you identify and highlight potential sources of ESG risk that may be overlooked when deploying traditional financial analytics.


LEI 10. Aspects of analysis ESG information is integrated into (Private)


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