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Fort Washington Investment Advisors, Inc

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
20 統合のみ
0 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
80 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
20 統合のみ
0 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
80 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。

Fort Washington employs integration without limited our ability to invest for its High Yield and Investment Grade Fixed Income strategies, which represents the majority of the firm's third party fixed income assets. 

With respect to those two strategies, MSCI research is used to determine the security and strategy level ESG rating. Ratings and credit research are used throughout the selection and monitoring process. In the event of a CCC rating, the covering analyst is required to write a memo explaining why the firm believes that investment is appropriate. These memos are reviewed by Portfolio Managers, the Responsibility Committee and the committee co-chairs.

While Fort Washington has been managing client assets with SRI overlays for over 20 years, 2017 was the first annual period with specific ESG policies and procedures based on UNPRI guidelines. As our ESG capabilities continue to grow, we will evaluate additional screening, thematic and integration incorporation.

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。

具体的に記載してください

          Investment team members, portfolio managers, and the RI Committee co-chairs review all processes at least on an annual basis.
        

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]

MSCI periodically reviews company research. There is no set timeline, but it is typically twice per year.


A) 実施:スクリーニング

FI 04. Types of screening applied (Not Applicable)


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​

06.2. 補足情報 [任意]


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。

Fort Washington believes that credit analysis is a core competency. Our credit research process is driven by bottom-up, fundamental research, supplemented with quantitative tools, with ESG factors being an integral part of the process. Credit analysts are responsible for fundamental research, performance, and being apprised of ESG related factors impacting securities in their sectors. For example, if an analyst uncovers an ESG issue that could impact a company’s ability to service its debt, the analyst would most likely refrain from recommending the credit for purchase, or, if currently owned, would recommend selling the bond. We currently do not restrict purchases based solely on ESG factors. In the event a CCC issuer is held, the covering analyst is required to create a memo explaining why holding the investment is in the best interest of the client.

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)

Fort Washington believes that credit analysis is a core competency. Our credit research process is driven by bottom-up, fundamental research, supplemented with quantitative tools, with ESG factors being an integral part of the process. Credit analysts are responsible for fundamental research, performance, and being apprised of ESG related factors impacting securities in their sectors. For example, if an analyst uncovers an ESG issue that could impact a company’s ability to service its debt, the analyst would most likely refrain from recommending the credit for purchase, or, if currently owned, would recommend selling the bond. We currently do not restrict purchases based solely on ESG factors. In the event a CCC issuer is held, the covering analyst is required to create a memo explaining why holding the investment is in the best interest of the client.

社債(非金融)

Fort Washington believes that credit analysis is a core competency. Our credit research process is driven by bottom-up, fundamental research, supplemented with quantitative tools, with ESG factors being an integral part of the process. Credit analysts are responsible for fundamental research, performance, and being apprised of ESG related factors impacting securities in their sectors. For example, if an analyst uncovers an ESG issue that could impact a company’s ability to service its debt, the analyst would most likely refrain from recommending the credit for purchase, or, if currently owned, would recommend selling the bond. We currently do not restrict purchases based solely on ESG factors. In the event a CCC issuer is held, the covering analyst is required to create a memo explaining why holding the investment is in the best interest of the client.

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]

ESG factors are integrated into regular investment analysis in the selection and monitoring processes. Analysts utilize multiple tools to research their investments. ESG factors are used as part of the core set of models and due diligence processes to determine portfolio eligibility. On a monthly basis, MSCI reporting is created for each strategy that outlines the portfolio, segment and security level ESG scores. If a security has a rating of CCC, the analyst is required to write an internal memo indicated why holding that investment is in the best interest of meeting the client's goals.


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 factors are integrated into regular investment analysis in the selection and monitoring processes. Analysts utilize multiple tools to research their investments. ESG factors are used as part of the core set of models and due diligence processes to determine portfolio eligibility.

On a monthly basis, MSCI reporting is created for each strategy that outlines the portfolio, segment, and security level ESG scores. If a security has a rating of CCC, the analyst is required to write an internal memo indicating why holding that investment is in the best interest of the client.

社債(非金融)

ESG factors are integrated into regular investment analysis in the selection and monitoring processes. Analysts utilize multiple tools to research their investments. ESG factors are used as part of the core set of models and due diligence processes to determine portfolio eligibility.

On a monthly basis, MSCI reporting is created for each strategy that outlines the portfolio, segment, and security level ESG scores. If a security has a rating of CCC, the analyst is required to write an internal memo indicating why holding that investment is in the best interest of the client.

12.3. 補足情報 [任意]


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