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Orcadia Asset Management

PRI reporting framework 2020

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (C) Implementation: Integration

(C) Implementation: Integration

FI 10. Integration overview

10.1. Describe your approach to integrating ESG into traditional financial analysis.

We use a best in class screening combined with an exclusion screening (sectors / subsectors & (very) severe controversies). This constitutes the investment universe. Within this universe investments are choosen based on "traditional" financial screening

10.2. Describe how your ESG integration approach is adapted to each of the different types of fixed income you invest in.


The approach used is similar but the underlying data is different. 

In corporate bonds we see if the company would be among the 50% best within its sector. For sovereign bonds this is of course not possible. There we can pick within the 50% best of the investible universe (excluding those contries with (very) severe controversies)

10.3. Additional information [OPTIONAL]

FI 11. Integration - ESG information in investment processes

11.1. Indicate how ESG information is typically used as part of your investment process.

Select all that apply
ESG analysis is integrated into fundamental analysis
ESG analysis is used to adjust the internal credit assessments of issuers.
ESG analysis is used to adjust forecasted financials and future cash flow estimates.
ESG analysis impacts the ranking of an issuer relative to a chosen peer group.
An issuer`s ESG bond spreads and its relative value versus its sector peers are analysed to find out if all risks are priced in.
The impact of ESG analysis on bonds of an issuer with different durations/maturities are analysed.
Sensitivity analysis and scenario analysis are applied to valuation models to compare the difference between base-case and ESG-integrated security valuation.
ESG analysis is integrated into portfolio weighting decisions.
Companies, sectors, countries and currency and monitored for changes in ESG exposure and for breaches of risk limits.
The ESG profile of portfolios is examined for securities with high ESG risks and assessed relative to the ESG profile of a benchmark.
Other, specify in Additional Information

11.2. Additional information [OPTIONAL]

FI 12. Integration - E,S and G issues reviewed

12.1. Indicate the extent to which ESG issues are reviewed in your integration process.





12.2. Please provide more detail on how you review E, S and/or G factors in your integration process.


For countries : based on public available material (oa UN / Worldbank etc) we rank a country within the "gross" investible universe. Each of E/S/G get a similar 33% score. We can only invest in those countries that meet the 50% threshold. If a country no longer meets the requirement its bonds must be sold with a reasonable time frame

12.3. Additional information.[OPTIONAL]