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BT Funds Management (NZ) Limited

PRI reporting framework 2020

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。

  • BTNZ primarily manages funds on behalf of individuals for their retirement and in this sense the investment horizon is long term. We believe integrating ESG analysis into entity/security analysis will enhance portfolio performance over time. Focus has traditionally been dominated by issuer governance factors, however the urgency to address climate change and sustainability factors has heightened the importance integrating a fuller ESG approach into our analyses.
  • We use information from Bloomberg provided ESG scores, sell-side research, company reports, knowledge and meetings, and company specific research from our ESG provider Sustainalytics, to assess ESG factors applicable to issuers.
  • An overview of these factors is incorporated in the issuer research note prepared by the team.
  • We then assign an internal broad rating for companies researched.  

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

Our investment in SSAs are typically in large entities that issue into New Zealand in NZ dollars. ESG integration tends to be lighter touch given the global public and invest oversight of these entities have. However, brief one-on-one meeting opportunities with senior funding/relationship personnel is taken to discuss the entity including ESG factors (predominantly governance).

社債(金融)

ESG analysis is integral to the credit research process with a deep dive tending to be into those issuers that are smaller and/or unrated in the NZ market or where a particular factor has become topical/highlighted. Sustainalytics score is part of the analysis. Currently the ESG analysis results in a basic three code allocation to an issuer (acceptable to buy, do not increase, do not hold).

社債(非金融)

ESG analysis is integral to the credit research process with a deeper dive tending to be into those issuers that are smaller and/or unrated in the NZ market or where a particular factor has become highlighted. Sustainalytics score is part of the analysis. Currently the ESG analysis results in a basic three code allocation to an issuer (acceptable to buy, do not increase, do not hold).

証券化商品

ESG analysis for securitised issues focusses on issuer and servicer governance.

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)
証券化商品​
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)

証券化商品

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

Opportunities are taken for one-on-one discussions with funding/relationship personnel for most SSA issuers in the NZ market annually, primarily covering entity strategy, performance and governance.

社債(金融)

ESG factors considered with a greater focus on BBB(+/-) or internally rated issuers. This includes the available information (via Bloomberg, Sustainalytics, sell-side research, company reports and presentations and engagement) incorporated into an internal assessment and peer review of the credit resulting in a commentary and internal assigned ESG rating of: acceptable to buy, do not increase, do not hold. 

社債(非金融)

ESG factors considered with a greater focus on BBB(+/-) or internally rated issuers. This includes the available information (via Bloomberg, Sustainalytics, sell-side research, company reports and presentations and engagement) incorporated into an internal assessment and peer review of the credit resulting in a commentary and internal assigned ESG rating of: acceptable to buy, do not increase, do not hold. 

証券化商品

ESG factors considered using available information (via Bloomberg, sell-side research, company reports and presentations and engagement) incorporated into an internal assessment and peer review of the credit resulting in a commentary and internal assigned ESG rating of: acceptable to buy, do not increase, do not hold. Focus is predominantly on the governance factor as it pertains to the issuer and servicer of a security and its underlying pool.

12.3. 補足情報 [任意]


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