This report shows public data only. Is this your organisation? If so, login here to view your full report.

CI Investments Inc.

PRI reporting framework 2020

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%)
社債(金融)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 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
0 統合のみ
100 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。

CI Investments has chosen an ESG integration strategy for our actively managed fixed income investments as we believe that this approach to responsible investment has the potential to generate the best risk adjusted returns for our funds. Furthermore, while certain sectors and companies will not be excluded due to ESG factors alone, CI Investments is committed to exclusionary screening with respect to companies involved in activities associated with the production, use or distribution of anti-personnel landmines and/or cluster munitions across the funds in which CI Investments directly controls the investment strategy.

01.3. 補足情報 [任意]


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

          CI Investments' Responsible Investment Analyst provides on-demand ESG research support to all in-house portfolio management teams.
        

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。

          Documentation of reviews of flagged holdings are shared across each investment team through Bloomberg.
        

03.3. 補足情報 [任意]


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
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。

CI Investments has exclusionary criteria related to two product involvement areas. We will not knowingly directly invest in companies associated with the production, use or distribution of anti-personnel landmines or cluster munitions. This restriction applies to all actively managed funds where CI Investments directly controls the investment strategy of the fund. Company involvement in these activities is determined by our third-party ESG research and data provider, Sustainalytics.

These product involvement areas were selected by CI Investments as investment exclusions in recognition of the prohibitions contained within the United Nations Anti-Personnel Landmines Convention and the United Nations Convention on Cluster Munitions. 

04.3. 補足情報 [任意]


FI 05. Examples of ESG factors in screening process (Not Completed)


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]

On a quarterly basis, CI Investments receives a list of companies involved in landmines and cluster munitions from Sustainalytics. These are uploaded as restrictions on our pre-trade system, Charles River, and sent out to each in-house team directly. Furthermore, the lists are sent to all external sub-advisors, who are expected to update (if applicable) their pre-trade systems on a quarterly basis with the restrictions.


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。

CI Investments incorporates ESG factors into our investment strategies through ESG integration and exclusionary screening (in the case of anti-personnel landmines and cluster munitions). 

Investment Exclusions:

Each quarter, CI Investments' third-party ESG research and data provider, Sustainalytics, provides a list of companies who participate in activities that are deemed to be essential to the proper manufacturing, functioning and use of anti-personnel landmines and cluster munitions. This list is provided to all in-house portfolio management teams as well as external sub-advisors by CI Investments' Compliance Department. These companies are also hardwired into CI Investments' pre-trade system, Charles River, meaning that any trades of these securities are restricted. CI Investments' external subadvisors are required to hard wire the companies into their pre-trades systems. Any security holdings on this list, if held, are required to be divested immediately.

Anti-personnel landmines and cluster munitions were specifically selected as investment exclusions in recognition of the prohibitions contained within the United Nations Anti-Personnel Landmines Convention and the United Nations Convention on Cluster Munitions.

ESG Integration

CI Investments' in-house portfolio management teams - Signature Global Asset Management, Cambridge Global Asset Management, Harbour Advisors, Sentry Investments, CI First Asset Investment Management and CI Multi-Asset Management - consider ESG factors alongside financial factors in their decision-making processes. We have established set of minimum ESG ranking criteria to guide our portfolio managers in this process; these are based on Sustainalytics' company ESG risk ratings:

Company is involved in severe and/or very severe controversies
Company is assessed as having a high or severe degree of ESG risk
Company is ranked within the bottom 25th percentile in terms of ESG risk

CI Investments views these criteria as indicative of material factors for an investment decision. Controversies can be a strong indicator of a company's performance and preparedness in a given area. The combination of the degree of ESG risk and a company's percentile score provides an indication provides an indication of the ESG performance of a company, both from an absolute and relative perspective.

CI Investments' Responsible Investment Team has also worked collaboratively with each in-house Portfolio Management Team to establish materiality thresholds, based on the weighting of a particular security or issuer within a given fund.

Each quarter, CI Investments' Responsible Investment Analyst provides each in-house portfolio manager with a customized ESG portfolio screen of their managed funds. The screens include the following information:

Security holding names
Holdings' overall ESG risk rating
Holdings' ESG risk percentile score
Holding's highest controversy level
Security weighting in the fund

Any holdings that do not meet the minimum ESG ranking criteria listed above are flagged for each portfolio manager by the Responsible Investment Analyst. If the holding is deemed to be material, as identified by the pre-determined materiality thresholds of each Portfolio Management Team, a review and documentation process is triggered where the portfolio manager is required to review material companies' ESG performance, risks and opportunities using Sustainalytics' online research platform. Following review, each portfolio manager must document their findings and conclusions and share this with his or her portfolio management team through Bloomberg. There is no sharing across different portfolio management teams. The review and documentation process is monitored by CI's Responsible Investment Team and Compliance Department.

To support the ongoing integration of ESG factors into the investment decision-making process, overall ESG risk ratings, ESG risk percentile scores and highest controversy levels are available for all in-house portfolio management teams through Bloomberg so that they may view ESG data in conjunction with financial metrics. In addition, CI Investments' Responsible Investment Analyst is available to all in-house portfolio managers and analysts for on-demand support and guidance. 

CI Investments elected to incorporate ESG factors by way of integration alongside financial factors due to the belief that this method offers the greatest ability to reduce risk and better asses growth potential and future stock performance. This is aligned with CI Investments' objectives of achieving the best risk-adjusted returns for our funds.

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。

社債(金融)

CI Investments has not established an ESG integration approach specific to corporate financial fixed income investments.

社債(非金融)

CI Investments has not established an ESG integration approach specific to corporate non-financial fixed income investments.

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
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)
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。

社債(金融)

Internally managed corporate financial fixed income investments are screened every quarter by CI Investments' Responsible Investment Analyst. Any holdings that do not meet our minimum ESG ranking criteria are flagged for each in-house portfolio manager, triggering a review and documentation process. 

社債(非金融)

Internally managed corporate non-financial fixed income investments are screened every quarter by CI Investments' Responsible Investment Analyst. Any holdings that do not meet our minimum ESG ranking criteria are flagged for each in-house portfolio manager, triggering a review and documentation process. 

12.3. 補足情報 [任意]


Top