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Pareto Alternative Investments AS

PRI reporting framework 2020

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income



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%)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 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
0 組み入れ戦略を適用していない

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。

We deal in private debt to real estate owners, so we do not have a listed universe where we can apply screening. We do however screen incoming deal flow based on our ESG criteria to filter out investments that are unlikely to fit with our ambitions and/or seem to imply unwanted credit risk. We integrate ESG analysis and monitoring in our credit analysis and score each investment on our ESG criteria. Our investment universe is very heterogenous so it is difficult to draw direct comparisons between individual investments

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。

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]

We have a database covering our investments in terms of their ESG status. We will monitor this regularly and will attempt to use this improve the ESG-performance of existing investments.

A) 実施:スクリーニング

FI 04. Types of screening applied

04.1. 実施するスクリーニングの種類を記載してください。

ネガティブ/ 排他的スクリーニング

04.2. 組織内でアクティブ運用している債券に適用するスクリーニングのアプローチを記載してください。

Norms-based screening is the minimum, but we also adher to the exclusion lists used by Norway's Government Pension Fund Global when it comes to sectors, and (if relevant) specific companies, when it comes to negative/exclusionary screening. This is also benchmarked against our climate strategy to ensure that investments avoid unwanted climate related risks. We are actively seeking positive/best in class performance, but this is not a requirement for investments - rather a preference.

04.3. 補足情報 [任意]

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。


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。

We identify relevant ESG factors through the use of our DDQ. The DDQ returns an overall score on ESG, which is considered in the investment appraisal together with traditional financial metrics. If any material ESG risks emerge, such risks are incorporated into the risk assesment, particularly regarding debt service ability by the borrowers, as well as the re-financing risk at loan maturity. Such ESG risks may also be included in the reporting requirements from the borrower and/or covenants, as part of the loan agreement. This will in particular be the case if such ESG risks are considered material and in need of ongoing monitoring. We conduct ESG analysis both of the issuer and of the major tenants in the underlying properties.

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。


In our active mandates, we only invest in private, secured loans to real estate owners. We are currently fundraising, and expect to close mid-2020, a direct lending mandate for infrastructure assets and corporations. We will use the same integration approach as before, but the ESG analysis will be more comprehensive and climate-related risks will be more important factors due to the longevity of the investments (up to 25 years). This mandate will also make use of objective ESG factors tied to the terms of the loan(s), so that we incentivise the borrowers to improve on such factors, primarily on climate related issues.

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。


11.2. 補足情報 [任意]

Our fixed income investments are direct, secured and private loans to real estate owners. None are listed. It is difficult to find benchmarks for these loans to mark the ESG performance against.

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。





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。


We evaluate social and governnance issues primarily in the investment process and seek to monitor developments at least on an annual basis. The environmental aspects are taking a more prominent role in the investment process (on the back of our climate strategy) and we are more actively engaging with issuers to ensure that climate risks related to the underlying assets are managed well.

12.3. 補足情報 [任意]