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Capital Group

PRI reporting framework 2020

You are in Strategy and Governance » ESG issues in asset allocation

資産配分におけるESG問題

SG 13. ESG issues in strategic asset allocation

13.1. 貴社組織がシナリオ分析および/またはモデリングを実施するか記述してください。実施する場合、 シナリオ分析について説明してください(資産クラス別、セクター別、戦略的資産配分等)。

25語以内で説明してください 。 We developed a framework that maps the ranges of potential temperature changes onto ranges of economic and market outcomes. We have also developed a specific scenario practice that ties major uncertainties to ranges of economic and market outcomes, and initiated a process to incorporate the climate uncertainties into this framework.

13.2. 組織が戦略的な資産配分やセクターまたは地理的な市場間での資産の配分においてESG問題を考慮しているかどうかを記載してください。

以下を行っている

13.3. 補足情報 [任意]

While our analysts typically develop their own proprietary earnings models, we do not have standardized valuation criteria, a mandatory screening process, or an overriding macroeconomic model. Instead, our analysts are empowered to find the financial model they believe best characterizes the industry they cover. In this way, fundamental, bottom-up research drives our firm’s investment methodology.

Analysts evaluate companies’ management structures, financial strength, resources, products, services, business climate, future earnings and dividends. Such fundamental research is crucial for identifying investment opportunities and risks. This on-the-ground research is combined with comprehensive macro analysis, with our equity and fixed income analysts working together to pool resources.

By identifying the difference between the underlying value of a company and the price of its securities, Capital builds its portfolios on a stock-by-stock basis, regardless of their size or volatility relative to their benchmark. Our focus is on long-term investing, not on short-term market swings. Our analysts look for attractively valued companies that can be core holdings for many years.

Other considerations include an appraisal of social, economic, cultural, political, industry and currency factors — all of which may affect the company's financial condition and outlook


SG 13 CC.

13.4 CC. 貴社組織が気候関連のリスクおよび機会を管理するためにどのようにシナリオ分析を利用しているかについて(分析がどのように解釈されているか、その結果、将来の計画等)、記述してください。

500語以内で自由に記載

We look at 2-degree, 4-degree and 6-degree temperature rise scenarios using our in-house framework and analyze the impact on economic and market outcomes. We also look at the implications of incorporating carbon emissions cost into stationary power generation based on a few scenarios: $0 per ton CO2, $10 per ton CO2, $50 per ton CO2, 10% fuel increase and 100% fuel increase. These could help analysts and portfolio managers identify and assess material climate related risks and opportunities, and factor them into investment decisions as part of their fundamental research process.

500語以内で自由に記載

Fundamental research is at the heart of what we do and ESG is intrinsic to that process - backed by in-house expertise in engagement and stewardship. Our investment professionals conduct rigorous primary research and construct portfolios from the bottom up by picking companies based on convictions generated by our in-house analysts. These analysts develop deep sector expertise by following the companies in their coverage for many years - and in so doing, build up deep relationships and knowledge of these companies at many levels.

We developed a framework that maps the ranges of potential temperature changes onto ranges of economic and market outcomes, as well as different scenarios assessing implications of carbon cost. We use the outcomes to inform our identification of companies that we engage with on climate change as part of our stewardship activities.  

In general, we believe engagement, not exclusion, is a more effective path toward positive impact. When we have a strong conviction regarding a certain stock but have identified potential climate-related risk exposure, we can exercise our influence as an owner to engage with the company’s key decision makers to manage the risk over time. We have included climate issues in our voting policy. Many of these issues are reviewed and voted on a case by case basis.

13.5 CC. この分析をだれが利用するか記述してください。

13.6 CC. 貴社組織がその投資戦略について、投資期間を超えて、気候関連リスクの影響を評価しているか記述してください。

500語以内で自由に記載してください。

For equities, our typical investment horizon is three to four years, with many investments held much longer. In our scenario analysis, we will consider different investment time-horizons, including long-term scenarios that go beyond our typical investment horizon.

13.7 CC. 一定の範囲の気候シナリオを利用しているか記述してください。

13.8 CC. 貴社組織が用いる気候シナリオについて記述してください。

提供者
使用するシナリオ
IEA
IEA
IEA
IEA
IEA
IRENA
グリーンピース
持続的発展研究所
ブルームバーグ
IPCC
IPCC
IPCC
IPCC
その他

その他 (1) 具体的に記入してください:

          In-house scenarios outlined above
        
その他
その他

SG 14. Long term investment risks and opportunity

14.1. 一部の投資リスクと機会は長期トレンドの結果として発生します。貴社では、以下のどの項目について考慮するか明示してください。

14.2. 気候に関するリスクと機会に対応して組織で実施されている活動を選択してください。

14.3. 次のツールの中から気候関連リスクと機会の管理に組織が用いているものを選択してください。

14.4. 排出量リスクの開示を選択した場合、採用している開示方法またはそのフレームワークの中で気候関連のものを挙げてください。

We are advocating the use of SASB's framework that integrates TCFD reporting.

14.5. 補足情報 [任意]


SG 14 CC.

14.6 CC. 気候に関連するリスクと機会を評価するために使用されるこれらの重要な指標についての詳細を記入してください。

指標の種類
カバレッジ
目的
指標の単位
方法
加重平均炭素濃度
          Monitoring
        
          tonnes CO2e/$M revenue
        
          Scope 1 and 2 greenhouse gas emissions relative to market cap, weighted according to each company's weight in a portfolio. Calculations are based on ISS carbon emissions data.
        
カーボンフットプリント(スコープ1と2)
          Monitoring and portfolio reporting
        
          tonnes of CO2e
        
          Absolute scope 1 and 2 greenhouse gas emissions associated with a portfolio. Calculations are based on ISS carbon emissions data.
        
ポートフォリオのカーボンフットプリント
          Monitoring and portfolio reporting
        
          tonnes of CO2e
        
          Absolute scope 1 and 2 greenhouse gas emissions associated with a portfolio. Calculations are based on ISS carbon emissions data.
        
総炭素排出量
          Monitoring
        
          tonnes of CO2e
        
          Absolute scope 1, 2 and 3 greenhouse gas emissions associated with a portfolio. Calculations are based on ISS carbon emissions data.
        
炭素濃度
          Monitoring
        
          tonnes CO2e/$M revenue
        
          Scope 1 and 2 greenhouse gas emissions relative to market cap. Calculations are based on ISS carbon emissions data.
        
炭素関連資産へのエクスポージャー
          Monitoring
        
          % of portfolio exposed to fossil fuel
        
          Percentage of portfolio’s assets invested in fossil reserve owning companies. Calculations are based on ISS carbon emissions data.
        

14.8 CC. 気候関連のリスクが全体のリスク管理に組み込まれているかどうか記述してください。また、気候関連リスクを特定、評価、管理するために利用されたリスク管理プロセスについて説明してください。

500語以内で自由に記述。

All of our funds are managed to their investment objectives on a bottom up basis and we do not have top down policies covering risk management.

14.9 CC. 貴社組織がTCFD採用を促すアクティブオーナーシップ活動を行うか記述してください。

説明してください。

We actively engage with SASB and its members to encourage companies to use these standards which include TCFD integration.


SG 15. Allocation of assets to environmental and social themed areas

15.1. 貴社にて、特定の環境および社会をテーマとする分野に基づいてファンドに資産を配分したり、ファンドを運用しているかどうかについて明示してください。

15.2. 環境および社会をテーマとする分野に投資された合計運用資産(AUM)の割合を明示してください。

9.3 %

15.3. 貴社が投資しているテーマ分野を明示のうえ、AUMに対する特定の資産クラスの割合を記載し、その内容を簡潔に説明してください。

分野

          excludes tobacco and alcohol for US investors only
        

投資している資産クラス

9.3 % (AUMの)

簡潔な説明および投資尺度

We have had two large listed equity funds since the 1950's offering US investors exposure to blue chip companies which do not produce alcohol and tobacco.

15.4. 含めたい補足情報があれば、添付してください。 [任意] 



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