This report shows public data only. Is this your organisation? If so, login here to view your full report.

Eaton Vance Corp.

PRI reporting framework 2020

Export Public Responses
Pdf-img

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

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。

The information in this section reflects Calvert as well as the collaboration of EVM's Investment Grade Fixed Income team.

Once Calvert has defined the investable universe (based on the CRS) for their actively managed portfolios, Calvert performs an integrated relative value assessment of both fundamental and ESG risks at the sector and security selection level. Calvert's relative value framework is predicated upon their belief that ESG factors are most influential on spread performance for companies that exhibit combined outlier fundamental and ESG characteristics, i.e. an overweight stance on companies with both an improving fundamental and ESG profile, and an underweight stance on companies with both a deteriorating fundamental and ESG profile. Therefore, Calvert believes that ESG factors may not affect spread performance when a company's strong (weak) ESG profile is juxtaposed against a weak (strong) fundamental profile.

Credit analysts rely upon the primary research conducted by Calvert's in-house team of ESG Research analysts for ESG reviews and upon their own research. Both teams also leverage a wide variety of external sources, including ESG ratings provided by third party providers, Bloomberg ESG analytics, NGO reports, and the annual U.S. Department of State Country Reports regarding human rights abuses. Other resources include regulatory filings, bond offering documents, websites for companies or other entities issuing securities, and news reports. Credit and ESG research analysts review the material and evaluate the company's ESG profile in the context of our sustainability reviews. During the reporting period, portfolio managers, credit and sustainability analysts had discussions on ESG issues pertinent to specific securities or across sectors through ongoing dialogues as well as more formal meetings. ESG-related research (third party ratings and ESG Research team opinions) was communicated to credit analysts and portfolio managers and stored on an information sharing platform, which acted as a new issue evaluation process.

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。

SSA

Calvert's credit team rely upon the primary research conducted by its in-house team of ESG Research analysts for ESG reviews and upon their own research. Both teams also leverage a wide variety of external sources, including ESG ratings provided by third party providers, Bloomberg ESG analytics, NGO reports, and the annual U.S. Department of State Country Reports regarding human rights abuses. Other resources include regulatory filings, bond offering documents, websites for companies or other entities issuing securities, and news reports. Credit and ESG research analysts review the material and evaluate the company's ESG profile in the context of our sustainability reviews. During the reporting period, portfolio managers, credit and sustainability analysts had discussions on ESG issues pertinent to specific securities or across sectors through ongoing dialogues as well as more formal meetings. ESG-related research (third party ratings and ESG Research team opinions) was communicated to credit analysts and portfolio managers and stored on an information sharing platform, which acted as a new issue evaluation process.

社債(金融)

Calvert's credit team collaborates with in-house ESG Research analysts to review what ESG themes/metrics may be relevant to a company given its sector, potentially affecting its credit profile and ultimately its valuation. Depending on the sector, the analysts examine ESG factors in the areas of governance and ethics, the environment, supply chain, product safety, human rights, Indigenous People's rights, and community relations-- assessing their potential impact on a company's credit profile and, ultimately, spread performance implications. In the final relative value analysis, the team combine the fundamental and ESG assessments to ascertain whether the security's yield and return profile is commensurate with the risks identified. Calvert assesses the fairness of the valuation for the issuer/security versus its peers, relative to different instruments (including loans, credit default swaps, and credit-equity volatility relationship), and its position along the maturity curve.

社債(非金融)

Calvert's credit team collaborates with in-house ESG Research analysts to review what ESG themes/metrics may be relevant to a company given its sector, potentially affecting its credit profile and ultimately its valuation. Depending on the sector, the analysts examine ESG factors in the areas of governance and ethics, the environment, supply chain, product safety, human rights, Indigenous People's rights, and community relations -- assessing their potential impact on a company's credit profile and, ultimately, spread performance implications. In the final relative value analysis, the team combine the fundamental and ESG assessments to ascertain whether the security's yield and return profile is commensurate with the risks identified. Calvert assesses the fairness of the valuation for the issuer/security versus its peers, relative to different instruments (including loans, credit default swaps, and credit-equity volatility relationship), and its position along the maturity curve.

 

証券化商品

Calvert employs a proprietary matrix to assess ESG risks and opportunities for securitized assets, which include consumer and commercial asset-backed securities (ABS), agency and non-Agency mortgage-backed securities (MBS), and commercial mortgage-backed securities (CMBS). Calvert's matrix is comprised of four broad assessment groups which define materiality and outline categories of research. Assessment groups are based on characteristics of the sponsoring entity (or entities) and collateral type. This guides ESG research analysts, credit analysts, and portfolio managers in determining where the material underlying ESG risks and opportunities lie in a specific securitization. Further research is performed on one or many entities and if necessary, the collateral pool. Calvert's process ensures that all securitized asset holdings meet the Calvert Principles for Responsible Investment.

10.3. 補足情報 [任意]

The information in this section reflects Calvert as well as the collaboration of EVM's Investment Grade Fixed Income team.

 


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
SSA
社債(金融)
社債(非金融)
証券化商品​
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]

The information in this section reflects Calvert as well as the collaboration of EVM's Investment Grade Fixed Income team.


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)
SSA

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)

証券化商品

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。

SSA

The information in this section reflects Calvert as well as the collaboration of EVM's Investment Grade Fixed Income team.

Once Calvert has defined the investable universe for their actively managed portfolios, they perform an integrated relative value assessment of both fundamental and ESG risks at the sector and security selection level. Calvert's relative value framework is predicated upon their belief that ESG factors are most influential on spread performance for companies that exhibit combined outlier fundamental and ESG characteristics, i.e. an overweight stance on companies with both an improving fundamental and ESG profile, and an underweight stance on companies with both a deteriorating fundamental and ESG profile. Therefore, Calvert's believe that ESG factors may not affect spread performance when a company's strong (weak) ESG profile is juxtaposed against a weak (strong) fundamental profile.

Credit analysts rely upon the primary research conducted by its in-house team of ESG Research analysts for ESG reviews and upon their own research. Both teams also leverage a wide variety of external sources, including ESG ratings provided by third party providers, Bloomberg ESG analytics, NGO reports, and the annual U.S. Department of State Country Reports regarding human rights abuses. Other resources include regulatory filings, bond offering documents, websites for companies or other entities issuing securities, and news reports. Credit and ESG research analysts review the material and evaluate the company's ESG profile in the context of their sustainability reviews. During the reporting period, portfolio managers, fundamental credit and ESG analysts had discussions on ESG issues pertinent to specific securities or across sectors through ongoing dialogues as well as more formal meetings. ESG-related research (third party ratings and ESG Research team opinions) was communicated to credit analysts and portfolio managers and stored on an information sharing platform, which acted as a new issue evaluation process.

The Investment Grade Fixed Income credit team collaborates with in-house ESG Research analysts to review what ESG themes/metrics may be relevant to a company given its sector, potentially affecting its credit profile and ultimately its valuation. Depending on the sector, the analysts examine ESG factors in the areas of governance and ethics, the environment, supply chain, product safety, human rights, Indigenous People's rights, and community relations-- assessing their potential impact on a company's credit profile and, ultimately, spread performance implications. In the final relative value analysis, Calvert combines the fundamental and ESG assessments to ascertain whether the security's yield and return profile is commensurate with the risks identified. Calvert assess the fairness of the valuation for the issuer/security versus its peers, relative to different instruments (including loans, credit default swaps, and credit-equity volatility relationship), and its position along the maturity curve.

社債(金融)

Once Calvert has defined the investable universe for their actively managed portfolios, they perform an integrated relative value assessment of both fundamental and ESG risks at the sector and security selection level. Calvert's relative value framework is predicated upon their belief that ESG factors are most influential on spread performance for companies that exhibit combined outlier fundamental and ESG characteristics, i.e. an overweight stance on companies with both an improving fundamental and ESG profile, and an underweight stance on companies with both a deteriorating fundamental and ESG profile. Therefore, Calvert's believe that ESG factors may not affect spread performance when a company's strong (weak) ESG profile is juxtaposed against a strong (weak) fundamental profile.

Credit analysts rely upon the primary research conducted by its in-house team of ESG Research analysts for ESG reviews and upon their own research. Both teams also leverage a wide variety of external sources, including ESG ratings provided by third party providers, Bloomberg ESG analytics, NGO reports, and the annual U.S. Department of State Country Reports regarding human rights abuses. Other resources include regulatory filings, bond offering documents, websites for companies or other entities issuing securities, and news reports. Credit and ESG research analysts review the material and evaluate the company's ESG profile in the context of their sustainability reviews. During the reporting period, portfolio managers, fundamental credit and ESG analysts had discussions on ESG issues pertinent to specific securities or across sectors through ongoing dialogues as well as more formal meetings. ESG-related research (third party ratings and ESG Research team opinions) was communicated to credit analysts and portfolio managers and stored on an information sharing platform, which acted as a new issue evaluation process.

The Investment Grade Fixed Income credit team collaborates with in-house ESG Research analysts to review what ESG themes/metrics may be relevant to a company given its sector, potentially affecting its credit profile and ultimately its valuation. Depending on the sector, the analysts examine ESG factors in the areas of governance and ethics, the environment, supply chain, product safety, human rights, Indigenous People's rights, and community relations-- assessing their potential impact on a company's credit profile and, ultimately, spread performance implications. In the final relative value analysis, Calvert combines the fundamental and ESG assessments to ascertain whether the security's yield and return profile is commensurate with the risks identified. Calvert assess the fairness of the valuation for the issuer/security versus its peers, relative to different instruments (including loans, credit default swaps, and credit-equity volatility relationship), and its position along the maturity curve.

社債(非金融)

Once Calvert has defined the investable universe for their actively managed portfolios, they perform an integrated relative value assessment of both fundamental and ESG risks at the sector and security selection level. Calvert's relative value framework is predicated upon their belief that ESG factors are most influential on spread performance for companies that exhibit combined outlier fundamental and ESG characteristics, i.e. an overweight stance on companies with both an improving fundamental and ESG profile, and an underweight stance on companies with both a deteriorating fundamental and ESG profile. Therefore, Calvert's believe that ESG factors may not affect spread performance when a company's strong (weak) ESG profile is juxtaposed against a strong (weak) fundamental profile.

Credit analysts rely upon the primary research conducted by its in-house team of ESG Research analysts for ESG reviews and upon their own research. Both teams also leverage a wide variety of external sources, including ESG ratings provided by third party providers, Bloomberg ESG analytics, NGO reports, and the annual U.S. Department of State Country Reports regarding human rights abuses. Other resources include regulatory filings, bond offering documents, websites for companies or other entities issuing securities, and news reports. Credit and ESG research analysts review the material and evaluate the company's ESG profile in the context of their sustainability reviews. During the reporting period, portfolio managers, fundamental credit and ESG analysts had discussions on ESG issues pertinent to specific securities or across sectors through ongoing dialogues as well as more formal meetings. ESG-related research (third party ratings and ESG Research team opinions) was communicated to credit analysts and portfolio managers and stored on an information sharing platform, which acted as a new issue evaluation process.

The Investment Grade Fixed Income credit team collaborates with in-house ESG Research analysts to review what ESG themes/metrics may be relevant to a company given its sector, potentially affecting its credit profile and ultimately its valuation. Depending on the sector, the analysts examine ESG factors in the areas of governance and ethics, the environment, supply chain, product safety, human rights, Indigenous People's rights, and community relations-- assessing their potential impact on a company's credit profile and, ultimately, spread performance implications. In the final relative value analysis, Calvert combines the fundamental and ESG assessments to ascertain whether the security's yield and return profile is commensurate with the risks identified. Calvert assess the fairness of the valuation for the issuer/security versus its peers, relative to different instruments (including loans, credit default swaps, and credit-equity volatility relationship), and its position along the maturity curve.

証券化商品

Once Calvert has defined the investable universe for their actively managed portfolios, they perform an integrated relative value assessment of both fundamental and ESG risks at the sector and security selection level. Calvert's relative value framework is predicated upon their belief that ESG factors are most influential on spread performance for companies that exhibit combined outlier fundamental and ESG characteristics, i.e. an overweight stance on companies with both an improving fundamental and ESG profile, and an underweight stance on companies with both a deteriorating fundamental and ESG profile. Therefore, Calvert's believe that ESG factors may not affect spread performance when a company's strong (weak) ESG profile is juxtaposed against a weak (strong) fundamental profile.

Credit analysts rely upon the primary research conducted by its in-house team of ESG Research analysts for ESG reviews and upon their own research. Both teams also leverage a wide variety of external sources, including ESG ratings provided by third party providers, Bloomberg ESG analytics, NGO reports, and the annual U.S. Department of State Country Reports regarding human rights abuses. Other resources include regulatory filings, bond offering documents, websites for companies or other entities issuing securities, and news reports. Credit and ESG research analysts review the material and evaluate the company's ESG profile in the context of their sustainability reviews. During the reporting period, portfolio managers, fundamental credit and ESG analysts had discussions on ESG issues pertinent to specific securities or across sectors through ongoing dialogues as well as more formal meetings. ESG-related research (third party ratings and ESG Research team opinions) was communicated to credit analysts and portfolio managers and stored on an information sharing platform, which acted as a new issue evaluation process.

The Investment Grade Fixed Income credit team collaborates with in-house ESG Research analysts to review what ESG themes/metrics may be relevant to a company given its sector, potentially affecting its credit profile and ultimately its valuation. Depending on the sector, the analysts examine ESG factors in the areas of governance and ethics, the environment, supply chain, product safety, human rights, Indigenous People's rights, and community relations-- assessing their potential impact on a company's credit profile and, ultimately, spread performance implications. In the final relative value analysis, Calvert combines the fundamental and ESG assessments to ascertain whether the security's yield and return profile is commensurate with the risks identified. Calvert assess the fairness of the valuation for the issuer/security versus its peers, relative to different instruments (including loans, credit default swaps, and credit-equity volatility relationship), and its position along the maturity curve.

12.3. 補足情報 [任意]

The information in this section reflects Calvert as well as the collaboration of EVM's Investment Grade Fixed Income team.


Top