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Addenda Capital Inc.

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。

We strongly believe monitoring ESG factors for our fixed income mandates provide better risk management, hence leading to superior returns. We also undertake ESG screening and thematic investing when our clients demand it.

A key aspect of our approach is the explicit integration of ESG issues into our investment decisions. We do not reduce our investment universe by screening out industries or business practices for ethical reasons – we rather enhance our investment decisions by considering ESG factors that could have a material impact on financial or investment performance. The team is supported by the Sustainable Investing team working together to proactively identify and assess ESG risks and opportunities in our existing investment process.

When considering the purchase of a new security, the investment team incorporates ESG considerations into their investment analysis. The investment team receives ESG analysis from Addenda's sustainable investing team that draws upon a variety of ESG sources of information.

The investment team incorporates the ESG information and analysis into their decision, along with a variety of other considerations including corporate structure, management quality, relative value and liquidity.

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

With the help of the sustainable investing team, portfolio managers consider ESG information when it comes to the fundamental analysis of new issuers. The sustainable investing team also provides information on specific ESG issues on an ad hoc when they judge it material.

社債(金融)

With the help of the sustainable investing team, portfolio managers consider ESG information when it comes to the fundamental analysis of new and existing issuers. The sustainable investing team also provides information on specific ESG issues on an ad hoc when they judge it material. We place particular emphasis on governance issues.

社債(非金融)

With the help of the sustainable investing team, portfolio managers consider ESG information when it comes to the fundamental analysis of new and existing issuers. The sustainable investing team also provides information on specific ESG issues on an ad hoc when they judge it material. We place particular emphasis on governance issues.

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)
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)

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

In their analysis of sovereign issuers, portfolio managers include variables such as demographics as part of the research process.

社債(金融)

Investment teams are responsible for incorporating material ESG information. For corporate fixed income analysis, this could mean using data from ESG research providers such as MSCI, Sustainalytics, or Bloomberg, and identifying the best or worst performers in the portfolio on various E, S, and G, metrics. When looking at issuers, fixed income teams may work with the equity teams to see if any ESG analysis has been previously done by the equity teams. A member of the Sustainable Investing team attends the weekly Corporate Bonds team meetings. At these meetings issuer ESG issues are discussed. We also focus on specific topics such as cyber security and review how issuers are managing the risks. ESG issues are also reviewed in strategy meetings.

社債(非金融)

Investment teams are responsible for incorporating material ESG information. For corporate fixed income analysis, this could mean using data from ESG research providers such as MSCI, Sustainalytics, or Bloomberg, and identifying the best or worst performers in the portfolio on various E, S, and G, metrics. When looking at issuers, fixed income teams may work with the equity teams to see if any ESG analysis has been previously done by the equity teams. A member of the Sustainable Investing team attends the weekly Corporate Bonds team meetings. At these meetings issuer ESG issues are discussed. We also focus on specific topics such as cyber security and review how issuers are managing the risks. ESG issues are also reviewed in strategy meetings.

12.3. 補足情報 [任意]


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