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

Vinci Partners Investimentos Ltda.

PRI reporting framework 2020

Export Public Responses
Pdf-img

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(非金融)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
0 スクリーニング + 統合戦略
100 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。

Around 25% of the Credit AUM comes from a thematic fund focused on clean energy. The Vinci Energia Sustenável (VES) invests in projects of wind energy, solar energy, hydro power, etc... The rest of the of the investments goes through an integration strategy, where we incorporate ESG factors into our decision process

01.3. 補足情報 [任意]

Our ESG policy and management system (ESG MS) has been developed with the suport of a specialized ESG consulting fimr (Sitawi) along 2019


FI 02. ESG issues and issuer research

02.1. 発行体に対する分析の一部として体系的に調査するESG要因を明示してください。

社債(非金融)
環境データ
社会的データ
ガバナンスデータ

02.2. 入ってくるESG情報のフォーマットと主な情報源を明示してください。

この情報の提供者を説明してください

具体的に記載してください

          Bloomberg ESG data
        
この情報の提供者を説明してください

具体的に記載してください

          Water Risk Atlas (https://www.wri.org/); ThinkHarzard (http://thinkhazard.org/en/report/37-brazil/)
        
この情報の提供者を説明してください

02.3. 使用されているESG情報を簡単に説明してください。ESG組み入れ戦略全体における情報源の違いを明らかにしてください。

We use data from multiple sources - for example:

1) Environmental

  • Annual reports
  • Sustainability Reports
  • CDP (https://www.cdp.net/pt)
  • Bloomberg
  • WRI Aqueduct: https://www.wri.org/

2) Social

  • Company´s Reference Forms
  • Bloomberg
  • Annual reports
  • Sustainability Reports

3) Governance

  • Annual reports
  • Sustainability Reports
  • Bloomberg

02.4. 補足情報 [任意]

Today we have three strategies for private credit. They are: (i) corporate credit, focused on large corporate debt; (ii) structured credit, which focuses on investment in credit rights of small and medium-sized companies (iii) long-term credit, which includes investments in fixed-income real estate (Certificates of Real Estate Receivables or debentures backed by real estate guarantees) and renewable energy ( debentures of renewable energy generation, energy efficiency transmission, among others). In view of the particularities of each type of fund, we divided the analysis into those three segments.

Long Term Credit

To assess the ESG performance of the fixed income real estate fund, we developed a framework aimed at evaluating the assets that serve as ballast or guarantee for the issuance of CRI or debentures. This is done based on a specific questionnaire for the main types of real estate assets in the portfolio: Residential, Commercial Real Estate, Malls, Health and Electric. For this, we use some of the main sustainability standards in the real estate sector, such as Global Real Estate Sustainability Benchmark (GRESB), Leadership in Energy and Environmental Design (LEED), Sustainability Accounting Standard Board (SASB) and Climate Bonds Initiative (CBI).

This evaluation generates a rating from one to one hundred as an output, in addition to the identification of critical ESG topics that may be further discussed in the investment committee.

Structured Credit

For our structured loan funds, in view of the large number of evaluated companies, we use a more simplified process. In this process, we look at the history of fines and penalties of an environmental and social nature (labor, civil), based on consolidated databases, such as SERASA. 


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。

03.3. 補足情報 [任意]

For our corporate credit funds, the analysis process will follow a similar path to equity, using sector questionnaires based on public information and assigning a rating of one to one hundred based on primarily public information.

To assess the ESG performance of the fixed income real estate fund, we developed a framework aimed at evaluating the assets that serve as ballast or guarantee for the issuance of CRI or debentures. This is done based on a specific questionnaire for the main types of real estate assets in the portfolio: Residential, Commercial Real Estate, Malls, Health and Electric. For this, we use some of the main sustainability standards in the real estate sector, such as Global Real Estate Sustainability Benchmark (GRESB), Leadership in Energy and Environmental Design (LEED), Sustainability Accounting Standard Board (SASB) and Climate Bonds Initiative (CBI).

To assess the ESG performance of the sustainable energy fund, we have developed a specific framework for assessing the sustainability performance of the asset and the issuer

This evaluation generates a rating from one to one hundred as an output, in addition to the identification of critical ESG topics that may be further discussed in the investment committee


B) 実施:テーマ

FI 07. Thematic investing - overview

07.1. テーマ投資の割合を示してください。

具体的に記載してください

          we have developed a specific framework for assessing the sustainability performance of the asset and the issuer
        
100 %

07.2. テーマ債券投資に対する組織のアプローチについて説明してください。

To assess the ESG performance of the sustainable energy fund, we have developed a specific framework for assessing the sustainability performance of the asset and the issuer. The analysis of the asset will be carried out based on a questionnaire sent to the company, whereas the analysis of the issuer will occur primarily based on public information, in addition to the second opinion reports on the green credentials of the issue, when available.

This evaluation generates a rating from one to one hundred as an output, in addition to the identification of critical ESG topics that may be further discussed in the investment committee.

Once the analysis on the asset and / or the debt issuer has been carried out, the results are presented to the investment committee, where the following actions can be taken:

• Veto investment on debt of assets / issuers with insufficient ESG performance;

• Limitation on the portfolio's exposure to assets / issuers with ESG performance below the established limit;

• In-depth analysis and quantification of the critical ESG themes identified;

07.3. 補足情報 [任意]

Around 25% of the Credit AUM comes from a thematic fund focused on clean energy. The Vinci Energia Sustenável (VES) invests in projects of wind energy, solar energy, hydro power, etc...


FI 08. Thematic investing - themed bond processes

08.1. グリーン債原則に従ったテーマ債券の発行に関連する透明性や開示を奨励しているかどうか示してください。社会貢献債原則またはサステナビリティ債ガイドライン。

          We assess the ESG performance of the issuer based on our proprietary framework that uses a mix of public and private information
        

08.2. 発行体が提供文書の記載に従って、債券収益を配分していないときに取るべき対応策を説明してください。

To assess the ESG performance of the sustainable energy fund, we have developed a specific framework for assessing the sustainability performance of the asset and the issuer. The analysis of the asset will be carried out based on a questionnaire sent to the company, whereas the analysis of the issuer will occur primarily based on public information, in addition to the second opinion reports on the green credentials of the issue, when available

Once the analysis on the asset and / or the debt issuer has been carried out, the results are presented to the investment committee, where the following actions can be taken:

• Veto investment on debt of assets / issuers with insufficient ESG performance;

• Limitation on the portfolio's exposure to assets / issuers with ESG performance below the established limit;

• In-depth analysis and quantification of the critical ESG themes identified;

08.3. 補足情報 [任意]

N/D


FI 09. Thematic investing - assessing impact

09.1. 組織のテーマ投資の環境的または社会的影響を評価する方法を示してください。

09.2. 補足情報 [任意]

To assess the ESG performance of the sustainable energy fund, we have developed a specific framework for assessing the sustainability performance of the asset and the issuer. The analysis of the asset will be carried out based on a questionnaire sent to the company, whereas the analysis of the issuer will occur primarily based on public information, in addition to the second opinion reports on the green credentials of the issue, when available

Once the analysis on the asset and / or the debt issuer has been carried out, the results are presented to the investment committee, where the following actions can be taken:

• Veto investment on debt of assets / issuers with insufficient ESG performance;

• Limitation on the portfolio's exposure to assets / issuers with ESG performance below the established limit;

• In-depth analysis and quantification of the critical ESG themes identified;


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。

Today we have three strategies for private credit. They are: (i) corporate credit, focused on large corporate debt; (ii) structured credit, which focuses on investment in credit rights of small and medium-sized companies (iii) long-term credit, which includes investments in fixed-income real estate (Certificates of Real Estate Receivables or debentures backed by real estate guarantees) and renewable energy ( debentures of renewable energy generation, energy efficiency transmission, among others). In view of the particularities of each type of fund, we divided the analysis into three segments.

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(非金融)

For our corporate credit funds, the analysis process will follow a similar path to equity, using sector questionnaires based on public information and assigning a rating of one to one hundred based on primarily public information and comprises the following steps:

1. The first step consists of a materiality assessment, where we filter the environmental, social and corporate governance issues relevant to the companies we are analyzing. Themes considered non-relevant or non-material are downgraded.

2. Then, using sectoral ESG assessment questionnaires, we evaluate the main indicators and metrics of the companies, based on public information. The questionnaires were developed using some of the main sustainability standards for company analysis. From these questionnaires, we were also able to identify critical gaps and recurrent ESG controversies, which can be further explored later.

The information to carry out these analyzes comes especially from annual and sustainability reports of companies, providers of financial and sustainability information, direct questions from our analysts to the companies analyzed, as part of our traditional research process, as well as news.

3. In the subsequent stage, we assign an overall score and theme for the companies analyzed, ranging from one to one hundred. This score is a summary of the companies' ESG performance, which allows us to create sectoral and general rankings.

4. Finally, the ESG analysis is integrated into our investment analysis based on the following actions:

  • Veto investment on debt of assets / issuers with insufficient ESG performance;
  • Limitation on the portfolio's exposure to assets / issuers with ESG performance below the established limit;
  • In-depth analysis and quantification of the critical ESG themes identified;

10.3. 補足情報 [任意]

N/D


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(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]

In addition, in our credit products we seek to promote positive practices in the market through investments in securities that have a positive socio-environmental impact, such as green, social and sustainability bonds. In addition, we were selected as managers of the first renewable energy fund in Brazil


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(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(非金融)

Our approach to integrating ESG into credit funds comprises the following steps:

1. The first step consists of a materiality assessment, where we filter the environmental, social and corporate governance issues relevant to the companies we are analyzing. Themes considered non-relevant or non-material are downgraded.

2. Then, using sectoral ESG assessment questionnaires, we evaluate the main indicators and metrics of the companies, based on public information. The questionnaires were developed using some of the main sustainability standards for company analysis. From these questionnaires, we were also able to identify critical gaps and recurrent ESG controversies, which can be further explored later.

The information to carry out these analyzes comes especially from annual and sustainability reports of companies, providers of financial and sustainability information, direct questions from our analysts to the companies analyzed, as part of our traditional research process, as well as news.

12.3. 補足情報 [任意]

N/D


Top