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Keva

PRI reporting framework 2020

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Indirect – Manager Selection, Appointment and Monitoring
Listed Equity and Fixed Income Strategies [SAM 01] Selection [SAM 02 - 03] Appointment [SAM 04] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (B) Implementation: Thematic [LEI 07] (C) Implementation: Integration of ESG factors [LEI 08 - 10] Outputs and outcomes [LEI 12 - 13]
Direct - Listed Equity Active Ownership
Overview [LEA 01] Engagement [LEA 02 - 08] Outputs and outcomes [LEA 09 - 11]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (C) Implementation: Integration [FI 10 - 12] Fixed income - Engagement [FI 14 - 16] Outputs and outcomes [FI 17 - 18]
Direct - Property
Overview [PR 01] Pre-investment (selection) [PR 04 - 06] Selection, appointment and monitoring third-party property managers [PR 07] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Community engagement [PR 14] Outputs and outcomes [PR 15 - 16]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (C) Implementation: Integration

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。

Analysis of ESG factors are integrated in all internally, actively managed financial and non-financial corporate debt investments. Financial and ESG analysis are combined in evaluating investments.

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（金融）

ESG factors are evalued how they affect economic growth, macro themes, consumer preferences, regulation changes etc (economic and industry analysis conducted for investment decisions), financial analysis is combined with ESG information (company/issuer analysis) and integrated in valuation (issuer risk). For different industries and for financial or non-financial corporates the materiality and importancy of E, S and G factors varies.

社債（非金融）

ESG factors are evalued how they affect economic growth, macro themes, consumer preferences, regulation changes etc. (economic and industry analysis conducted for investment decisions), financial analysis is combined with ESG information (company/issuer analysis) and integrated in valuation (issuer risk). For different industries and for financial or non-financial corporates the materiality and importancy of E, S and G factors varies.

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。

当てはまるものをすべて選択してください
社債（金融）
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]

We examine each company from the qualitative ESG point of view. The decision is either yes or no. So, we do not include ESG in the quantitative analysis of the companies. Also, we do not base the size of any of our investment decisions on index weightings. 

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（金融）

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（金融）

As an integral part of our investment process and decisions we analyze and evaluate systemically the E, S and G factors, in risk and return perspective. According to our investment philosophy we invest in securities of quality issuers, and the management of these issues, specific for industries and corporates are among our quality criteria. The same process is applied on the securities of both financial and non-financial corporates. 

Any ongoing legal issues, environmental damage cases, potential breaches of competition law, etc, are carefully analysed to understand the quality of corporate governance and the strength and integrity of the management. 

 

社債（非金融）

As an integral part of our investment process and decisions we analyze and evaluate systemically the E, S and G factors, in risk and return perspective. According to our investment philosophy we invest in securities of quality issuers, and the management of these issues, specific for industries and corporates are among our quality criteria. The same process is applied on the securities of both financial and non-financial corporates. 

Any ongoing legal issues, environmental damage cases, potential breaches of competition law, etc, are carefully analysed to understand the quality of corporate governance and the strength and integrity of the management. 

12.3. 補足情報 [任意]

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