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Merganser Capital Management, LLC

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy


SG 01. RI policy and coverage


01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。


01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

At Merganser, we believe in the traditional role of fixed income and the importance of safeguarding principal. We recognize that fulfilling our fiduciary responsibility to clients and positively contribute to the investment management industry involves incorporating Environment, Social and Governance (ESG) issues into our investment risk assessment. This thinking is consistent across our investment styles and is not unique to certain products or segments of the market. As an active fixed income manager with expertise across corporate credit and securitized assets, incorporating ESG-related considerations into our underwriting process enables us to enhance portfolio returns and better protect against downside risk. Further, we believe that ESG considerations should not be viewed in a vacuum but as one set of factors to consider in the broader mosaic of an informed investment decision. 


01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

Consistent with our overall investment approach, we assess ESG risk factors at a security level during the initial underwriting process.  In certain instances, transition and physical climate-related risks will be critical in determining the level of compensation we demand when lending our clients capital. This is a case-by-case basis as certain ESG attributes will be more or less meaningful depending on the issuer profile and underlying business. ​
Identifying and managing material climate-related risks in our client portfolios is accomplished through our fundamental ESG risk assessment which is described above in detail. We take a security by security approach in identifying whether climate factors will materially impact a bonds relative value and our ability to collect timely interest and principal.  We view socially responsible investing as an important component of the ESG risk management framework. Many of our clients utilize our capabilities in applying value-based screens which eliminate companies or industries that do not align with the mission and core beliefs of the organization. We can also simply adhere to a restricted issuer list and work with our clients to regularly test portfolios to ensure compliance. Building customized separate accounts has long been a core competency of our firm and this is supported by a robust technology infrastructure.  

01.6. 補足情報 [任意]


SG 01 CC. Climate risk (Private)

SG 02. Publicly available RI policy or guidance documents


02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

02.3. 補足情報 [任意]

SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

Conflicts of Interest

Merganser shall not enter into or engage in a security transaction or business activity or relationship, which may result in any financial or other conflict of interest between themselves, clients or Merganser. Employees shall also disclose to Merganser all matters that could reasonably be expected to interfere with their duty to Merganser, or with their ability to render unbiased and objective advice. If a potential, perceived or real conflict is identified, the chief compliance officer shall the update the portfolio management and compliance system to prohibit such transactions.

03.3. 補足情報 [任意]

SG 04. Identifying incidents occurring within portfolios (Private)