Internally managed active fixed income consists mainly of corporate bonds issued either locally or internationally by local issuers. In this respect, we apply positive screening and norms-based screening (if the latter is applicable), we use issuer ratings by ESG providers and we also engage in dialogue with the management of the issuer usually ahead of issues to be launched. During such presentations we delve specifically in the ESG aspects both of the issue with respect to the use of proceeds and to the overall ESG approach of the issuer. We also rely on fundamental analysis that comprises the basis of our company analysis and selection.
Regarding internally managed active fixed income in foreign issues, we apply positive and norms-based screening, we use issuer ratings by ESG providers and we also screen the use of proceeds that is stipulated for the specific issue.