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Pensioenfonds PNO Media

PRI reporting framework 2020

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

(C) Implementation: Integration

FI 10. Integration overview

10.1. Describe your approach to integrating ESG into traditional financial analysis.

 The ESG issues and score (both external sources and on basis of internal research by external managers) of each company and country are integrated in the overall analysis and holdings decisions of the specifc company and country. It thereby influences the investment decisions and holdings in the portfolio.

10.2. Describe how your ESG integration approach is adapted to each of the different types of fixed income you invest in.

SSA

Internally managed: only AAA EMU government bonds, at the moment only Dutch government bonds.

Externally managed (EM debt): the manager reviews and discusses the ESG scores of the portfolio on a quarterly basis. Any red flags are regularly discussed. Portfolio managers visit countries on a regular basis and research ESG aspects, among other fundamentals, during these visits.

10.3. Additional information [OPTIONAL]


FI 11. Integration - ESG information in investment processes

11.1. Indicate how ESG information is typically used as part of your investment process.

Select all that apply
SSA
ESG analysis is integrated into fundamental analysis
ESG analysis is used to adjust the internal credit assessments of issuers.
ESG analysis is used to adjust forecasted financials and future cash flow estimates.
ESG analysis impacts the ranking of an issuer relative to a chosen peer group.
An issuer`s ESG bond spreads and its relative value versus its sector peers are analysed to find out if all risks are priced in.
The impact of ESG analysis on bonds of an issuer with different durations/maturities are analysed.
Sensitivity analysis and scenario analysis are applied to valuation models to compare the difference between base-case and ESG-integrated security valuation.
ESG analysis is integrated into portfolio weighting decisions.
Companies, sectors, countries and currency and monitored for changes in ESG exposure and for breaches of risk limits.
The ESG profile of portfolios is examined for securities with high ESG risks and assessed relative to the ESG profile of a benchmark.
Other, specify in Additional Information

11.2. Additional information [OPTIONAL]


FI 12. Integration - E,S and G issues reviewed

12.1. Indicate the extent to which ESG issues are reviewed in your integration process.

Environment
Social
Governance
SSA

Environmental

Social

Governance

12.2. Please provide more detail on how you review E, S and/or G factors in your integration process.

SSA

Internally managed: only AAA EMU government bonds, at the moment only Dutch government bonds.

Externally managed (EM debt): the manager reviews and discusses the ESG scores of the portfolio on a quarterly basis. Any red flags are regularly discussed. Portfolio managers visit countries on a regular basis and research ESG aspects, among other fundamentals, during these visits.

12.3. Additional information.[OPTIONAL]


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