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Pendal

PRI reporting framework 2020

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

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%)
SSA
0 スクリーニングのみ
0 テーマのみ
96 統合のみ
2 スクリーニング + 統合戦略
1 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
1 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%
社債(金融)
0 スクリーニングのみ
0 テーマのみ
94 統合のみ
3 スクリーニング + 統合戦略
1 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
2 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%
社債(非金融)
0 スクリーニングのみ
0 テーマのみ
95 統合のみ
3 スクリーニング + 統合戦略
1 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
1 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。

Pendal’s philosophy for all our fixed income (FI) Funds is that where ESG factors are considered material to risk and return outcomes they are incorporated into the investment process. Time horizons and materiality of ESG factors varies across asset classes as well as by strategy within FI. For example, the value added from incorporating ESG factors into fixed interest analysis relates more to risk mitigation than other asset classes. In addition, we have also found the value added from an ESG incorporation strategy is more material to credit than to developed market SSA.

We have 5 types of ESG strategies:

  1. ESG incorporation
  2. Exclusion screens
  3. Sustainable (Best of Sector)
  4. ESG Thematic - Green, Social, Sustainability Bonds
  5. Active ownership/Engagement: directly & indirectly (via our Equity teams, Regnan)

The choice and combination of ESG strategies above is tailored to align with our views of how we can best manage the values and value (risk/return) objectives for the portfolio / clients.

Our process utilises internal ESG resources, including ESG data from Regnan, analysis from our equity teams, and insight from ESG specialists within our Investments and Product teams, along with external ESG resources including ESG research provided by MSCI and Rating Agencies.

01.3. 補足情報 [任意]


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。

SSA
社債(金融)
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
この情報の提供者を説明してください
この情報の提供者を説明してください
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 utilise a number of both internal and external sources of ESG information as outlined below:

Internal

  • ESG Research: proprietary research developed by Regnan to support ESG integration, sustainability assessments, and ethical screening.
  • ESG Specialists: the Regnan team, Pendal Australia's Responsible Investments team, and specialists within our Investment, Services and Oversight and Product teams.
  • Responsible Investment Working Group: this cross-function group monitors and reviews industry trends, standards, issues and practices that are relevant to the maintenance and development of Pendal's RI framework.
  • Pendal's Equity teams: provide a significant internal resource that engages with investee company management directly and share insights across ESG issues. Credit portfolio managers and analysts also perform ESG analysis and engagement with issuers.

External:

  • ESG Research: provided by third party ESG service providers to support ESG integration, sustainability assessments, and ethical screening.
  • Ratings Agencies: have begun to incorporate ESG factors into their credit ratings process. This is increasingly becoming an important additional ESG resource.
  • Industry, Academia and Broker research: where relevant to investment strategy and as a best practice reference

 

02.4. 補足情報 [任意]

We engage with external research providers to stimulate research on how ESG factors can be better incorporated into fixed income investment frameworks to achieve better risk/return outcomes for our clients. We also engage with issuers to encourage better reporting practices as well as to support the pipeline for ESG/sustainable/impact-related structures in fixed income. For example; our ESG Fixed Income Portfolio Managers have participated in a number of ESG forums and contributed to a PRI published report on ESG factors in Credit risk ratings and analysis. See link below:

https://www.pendalgroup.com/education-and-resources/investing-responsibly-a-case-study-on-assessing-credit-risk/

We also encourage a two-way dialogue with sell-side research providers and frequently suggest ESG themes and tools of interest at an issuer level as well as at a sector and asset class levels.

 


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]

The FI investment framework incorporates ESG factors into the investment process through bottom up analysis:

  • Credit research: incorporates fundamental issuer analysis and quantitative modelling to identify investment opportunities whilst avoiding deteriorating credits. Analysis focuses on business profile (including any material ESG issues) as well as financial profile and valuations.
  • SSA research: incorporates fundamental issuer analysis of material ESG issues.
  • Collaboration with Pendal's Australian Equities team and a third party global research house is an important component in the credit research process.

Portfolio construction combines the bottom up steps outlined above. Important considerations in portfolio construction include: correlations; issuer & sector diversification; concentration; position sizing; liquidity; ability to hedge; tracking error; investment horizon; and valuation.

 


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