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Boston Trust Walden

PRI reporting framework 2020

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » Implementation processes


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%)
0 スクリーニングのみ
55 テーマのみ
0 統合のみ
0 スクリーニング + 統合戦略
0 テーマ + 統合戦略
45 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

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。

The approximate 14% of assets under management that constitute SSA bonds are primarily U.S. Agency notes and municipal bonds. Because we purchase investment grade securities, thematic and screening approaches are the focus of fixed income incorporation strategies.

Thematic: At the national level, Boston Trust Walden focuses on notes of U.S. government sponsored enterprises, most commonly Federal National Mortgage Association and Federal Home Loan Bank securities that support the financing of housing and community lending. We also hold Federal Farm Credit Bank securities, a leading financer of agriculture and rural communities. Municipal securities support infrastructure development, housing, education, healthcare, as well as projects with environmental benefits. For example, MA Commonwealth Green bonds held in many client portfolios fund stormwater projects, energy efficiency and conservation in Massachusetts buildings, open space protection and environmental remediation, and river revitalization and habitat restoration projects. In a few instances, green bonds have also been purchased from supranational organizations (e.g. World Bank) and other sovereign states.

SSA screening: As appropriate, we apply screens to achieve any unique environmental and social objectives of our clients. For example, some clients rule out investment in general obligations of the U.S. Treasury or securities that fund specific projects such as prisons.

01.3. 補足情報 [任意]

FI 02. ESG issues and issuer research

02.1. 発行体に対する分析の一部として体系的に調査するESG要因を明示してください。


02.2. 入ってくるESG情報のフォーマットと主な情報源を明示してください。



          NGOs with knowledge of country-specific risks.

02.3. 使用されているESG情報を簡単に説明してください。ESG組み入れ戦略全体における情報源の違いを明らかにしてください。

Given our investment focus on U.S. government sponsored enterprises, our main source of ESG information is issuer documentation, supplemented by primary research from the Boston Trust Walden in-house ESG and traditional analysts, as needed. The same information sources apply on occasions when we invest in non-U.S. fixed income securities, but we may also call upon NGOs with significant expertise and knowledge about unique country level risks and opportunities.  

02.4. 補足情報 [任意]

The sources of ESG factors selected above also apply to purchases of Fixed Income Corporates, which comprise less than 2% of assets under management (as previously described). Boxes checked that refer to company research processes were completed with these fixed income corporate bonds in mind, as company research does not apply to SSA bonds. 

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。

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。

03.3. 補足情報 [任意]

Boston Trust Walden monitors issuer information relevant to investment in SSA fixed income securities. However, given our focus on high quality U.S. government issuers of securities that have direct, positive impacts such as Federal Home Loan Bank notes or infrastructure funding muni bonds, we rarely experience concerns related to monitoring or updating ESG analysis of these investments.