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PriorNilsson Fonder

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。

Our ESG research supplier is performing bi-annually norm-based screenings of our portfolio companies. Our criteria for exclusion (based on international principles and frameworks) and black lists are also narrowing our investment universe ex-ante. Our fundamental analysis of investment opportunities then integrates and weigh in ESG factors into the normal investment decision-making process.

In the governance aspect of the ESG criteria we're looking at the firm from a complete stakeholder perspective. This means that we're taking both the interest of the equity holders but also the firm's creditors. When firms are taking on excessive leverage they might be acting in the interest of equity shareholders but not of their creditors and employees that might not be compensated for the risk of financial distress. This point is of course crucial in the financial analysis prior to making fixed income investments.

These screenings and integration on ESG factors lead us to make better risk-adjusted investment decisions both by mitigating the risk in our investment universe and in our holdings.

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。

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。

          Our investment team is fairly small and works intimately with eachother. All ESG information and/or analysis is shared openly in the operating environment.
        

03.3. 補足情報 [任意]

Occasionally, we are provided with data on ESG factors from our research providers. This is, however, not a standard item in all equity research. Mostly because our universes cover companies where ESG factors are not deemed to be material.


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。

Our ESG research supplier is performing bi-annual norm-based screenings of our portfolio companies. Our criteria for exclusion (based on international principles and frameworks) and black lists are also narrowing our investment universe ex-ante. 

This is the same approach as for every other asset class in our investment management, including our fixed income investments.

04.3. 補足情報 [任意]

We do not conduct any own ESG factor screenings, but we follow recommendations from others. E.g. the bi-annual AP7 screening, based on ESG factors such as negative environmental impact, breaches of international standards for human rights, labor rights, civil rights and corruption. These AP7 screenings result in a black list which is then used as a criteria of exclusion.

Our external ESG research provider performs norms-based screenings of our holdings (fixed income as well as listed equities). The norms used in this screening are the principles and commitments we're adhering to via our SWESIF's sustainability declaration for funds (Hållbarhetsprofilen).


FI 05. Examples of ESG factors in screening process (Private)


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​
基準に基づくスクリーニング​

06.2. 補足情報 [任意]

In fixed income, there are often data issues when we screen or analyze non-listed corporations. We are analyzing the best we can the available information, but out third-party ESG research provider may not be able to screen accurately our fixed income assets.


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。

A responsible approach to investments constitute an integral part of the investment decision-making process at PriorNilsson. The portfolio managers are treating company, sector and country ESG data in the financial analysis in the same way as and alongside other publically available data on the firm. This ESG data is sourced from the media, external reports, annual reports, CSR reports, equity research reports or any publically accessible information source.

Practically, ESG factors are integrated into the investment decision-making process by e.g., evaluating the risks and opportunities of the investment based on trends. This could be business risk associated with the shift from fossil fuels. Such trends might lead to new legislation that affects a company’s future earnings, need for new investments and re-structuring costs.

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)

A responsible approach to investments constitute an integral part of the investment decision-making process at PriorNilsson. The portfolio managers are treating company, sector and country ESG data in the financial analysis in the same way as and alongside other publically available data on the firm. This ESG data is sourced from the media, external reports, annual reports, CSR reports, equity research reports or any publically accessible information source.

Practically, ESG factors are integrated into the investment decision-making process by e.g., evaluating the risks and opportunities of the investment based on trends. This could be business risk associated with the shift from fossil fuels. Such trends might lead to new legislation that affects a company’s future earnings, need for new investments and re-structuring costs.

社債(非金融)

A responsible approach to investments constitute an integral part of the investment decision-making process at PriorNilsson. The portfolio managers are treating company, sector and country ESG data in the financial analysis in the same way as and alongside other publically available data on the firm. This ESG data is sourced from the media, external reports, annual reports, CSR reports, equity research reports or any publically accessible information source.

Practically, ESG factors are integrated into the investment decision-making process by e.g., evaluating the risks and opportunities of the investment based on trends. This could be business risk associated with the shift from fossil fuels. Such trends might lead to new legislation that affects a company’s future earnings, need for new investments and re-structuring costs.

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)

ESG risk and opportunities are a natural element in PriorNilsson's investment decision-making process. This process integrates business risk and opportunities as well as mega trends towards sustainability in our world and society at large.

A firm’s exposure to ESG factors can provide both a risk and an opportunity that is assessed the same way as other business-related information. The firm’s exposure will affect its valuation and the portfolio manager’s belief on its future earnings potential.

These factors are reviewed occassionally, but at least annually, as the investment environment is changing. Because the ESG factors are naturally integrated into the portfolio manager’s daily tracking of the holdings and investment universe, the factors are occassionally being reviewed alongside other factors in the space.

社債(非金融)

ESG risk and opportunities are a natural element in PriorNilsson's investment decision-making process. This process integrates business risk and opportunities as well as mega trends towards sustainability in our world and society at large.

A firm’s exposure to ESG factors can provide both a risk and an opportunity that is assessed the same way as other business-related information. The firm’s exposure will affect its valuation and the portfolio manager’s belief on its future earnings potential.

These factors are reviewed occassionally, but at least annually, as the investment environment is changing. Because the ESG factors are naturally integrated into the portfolio manager’s daily tracking of the holdings and investment universe, the factors are occassionally being reviewed alongside other factors in the space.

12.3. 補足情報 [任意]


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