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Community Capital Management, INC.

PRI reporting framework 2020

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

アクティブ運用している債券におけるESGの組み入れ

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%)
社債(金融)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
0 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
100 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
0 統合のみ
0 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
100 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%
証券化商品
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
0 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
100 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。

Our firm was started for community investing for banks and has grown since that time to include all types of institutional and individual investors looking for fixed income positive impact and ESG solutions.  We invest in high quality, well-researched bonds that have positive societal impacts and use a combination of all three ESG incorporation strategies to make our investment decisions. 

We require transparency into the specific use of the proceeds of each bond, which allows us to align and measure its anticipated corresponding impact with one or more of our impact themes  (i.e. environmental sustainability, gender lens, minority advancement, etc.).  We are then able to customize and report to our clients by geographies as well as by impact themes.

01.3. 補足情報 [任意]

Each of the bonds that we select for the portfolio must meet our stringent impact and financial criteria.  Our impact criteria include:

  • Use of Proceeds: The use of proceeds must positively impact a community in one or more ways. 
  • Transparency: Our proprietary approach, whereby we have visibility into the use of bond proceeds, allows us to better understand the financed programs and have confidence in their expected positive environmental and social outcomes.
  • Reporting: We must be able to quantify and report on the expected impact and/or detail the qualitative benefits of the investment. Quantitative data can include the number of jobs created or the number of affordable housing units as well as dollar amounts invested in impact themes. Qualitative research is the “story,” so to speak, which includes detailed explanations of what the security is financing. We report to clients on the positive impact outcomes of their investments and offer institutional clients the opportunity to customize their fixed income portfolios by geographies or impact themes.

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]


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。

当てはまる項目を全てを選択してください
社債(金融)
社債(非金融)
証券化商品
ネガティブ/ 排他的スクリーニング
ポジティブ/業界最高のスクリーニング
基準に基づくスクリーニング

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。

CCM’s fixed income strategies invest in high quality, well-researched bonds where we have confidence that the use of the proceeds will have positive societal impacts.  Each of the bonds that we select for a portfolio must meet our stringent impact and financial criteria.  Our impact criteria and 18 impact themes include:

Use of the Proceeds: The use of proceeds must positively impact a community in one or more ways.  The areas of focus are what we call our 18 impact themes

Transparency: Our proprietary approach, whereby we have visibility into the use of bond proceeds, allows us to better understand the financed programs and have confidence in their expected positive environmental and social outcomes. Without that transparency, we might never know whether the funds raised will provide the positive impact our clients are seeking. 

Reporting: We must be able to quantify and report on the expected impact and/or detail the qualitative benefits of the investment. Quantitative data can include the number of jobs created or the number of affordable housing units as well as dollar amounts invested in impact themes. Qualitative research is the “story,” so to speak, which includes detailed explanations of what the security is financing.

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。

スクリーニングの種類
ネガティブ/排他的スクリーニング​
ポジティブ/業界最高のスクリーニング

06.2. 補足情報 [任意]


B) 実施:テーマ

FI 07. Thematic investing - overview (Private)


FI 08. Thematic investing - themed bond processes

08.1. グリーン債原則に従ったテーマ債券の発行に関連する透明性や開示を奨励しているかどうか示してください。社会貢献債原則またはサステナビリティ債ガイドライン。

08.2. 発行体が提供文書の記載に従って、債券収益を配分していないときに取るべき対応策を説明してください。

Each of the bonds that we select for the portfolio must meet our stringent impact and financial criteria.  We will not invest in a bond where we cannot measure, monitor, and track the enviromental and social outcomes.

08.3. 補足情報 [任意]


FI 09. Thematic investing - assessing impact

09.1. 組織のテーマ投資の環境的または社会的影響を評価する方法を示してください。

09.2. 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 seek to invest in high quality, well-researched bonds that have positive societal impacts, requiring transparency into the specific use of the proceeds, and measurement of their anticipated corresponding impact; actively manage the portfolio to take advantage of opportunities and reduce unnecessary risks; build a portfolio that keeps risks lower, income higher, and diversification benefits better than the broad investment grade bond market.  Each of the bonds must meet our stringent impact and financial criteria.  We need to be able to measure, monitor, and track the positive impact outcomes of every bond.

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)

We do not have a large allocation to corporate bonds since we will only invest in those corporate bonds where we see an identifiable and impactful use of proceeds. If there is a clear use of proceeds that can be aligned to one or more of our 18 impact themes, the team focuses on the ability for the borrower to meet its debt obligations.  This is done by analyzing the offering statements and corresponding financial information, and then discussions with the banker/issuer to get further insight or clarifications.  Emphasis is placed on redemption features and/or covenants, any credit enhancements, and the sources that will be used for the payment of interest and repayment of principal. The process also serves as a verification of the purpose of the project to ensure that the impact criteria are indeed met. We need to have transparency into the use of the bond's proceeds to ensure the funds raised will provide provide environmental and social outcomes that can be measured, monitored, and tracked. 

The team will also ensure there is no excessive ESG-related risk in regards to the issuer.  We will not invest in corporate bonds issued by companies involved in fossil fuel exploration and production or any activity related to coal, tobacco, chemical manufacturing, weapons, and prison management, among others.

 

社債(非金融)

We do not have a large allocation to corporate bonds since we will only invest in those corporate bonds where we see an identifiable and impactful use of proceeds. If there is a clear use of proceeds that can be aligned to one or more of our 18 impact themes, the team focuses on the ability for the borrower to meet its debt obligations.  This is done by analyzing the offering statements and corresponding financial information, and then discussions with the banker/issuer to get further insight or clarifications.  Emphasis is placed on redemption features and/or covenants, any credit enhancements, and the sources that will be used for the payment of interest and repayment of principal. The process also serves as a verification of the purpose of the project to ensure that the impact criteria are indeed met. We need to have transparency into the use of the bond's proceeds to ensure the funds raised will provide provide environmental and social outcomes that can be measured, monitored, and tracked.  

The team will also ensure there is no excessive ESG-related risk in regards to the issuer.  We will not invest in corporate bonds issued by companies involved in fossil fuel exploration and production or any activity related to coal, tobacco, chemical manufacturing, weapons, and prison management, among others.

証券化商品

The team focuses on the voluntary and non-voluntary principal prepayments and any potential delinquencies. For agency MBS, our focus on low-to-moderate income borrowers has historically provided more consistent prepayment protection than what external pricing models would suggest, alleviating some of the issues around accelerated cashflows when rates fall and generating better total returns.We need to have transparency into the use of the bond's proceeds to ensure the funds raised will provide provide environmental and social outcomes that can be measured, monitored, and tracked.  Each bond goes through our rigorous research process which includes impact and financial analysis and is tageed by geography and with one or more of our eighteen impact themes. 

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)
証券化商品​
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]


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)

証券化商品

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)

Impact/ESG is integral to all aspects of investment activity at CCM. Our goal is for each portfolio to have maximum alignment with CCM’s Impact Themes. We perform a use-of-proceeds analysis of each debt security under consideration. Our tools for alignment achievement vary by asset class. For corporate securities issued by financial institutions, we focus on the issuer’s overall ESG risk intensity using proprietary and third-party research data. For U.S. banks, we also look at the firm’s Community Reinvestment Act (CRA) test score from government regulators.

社債(非金融)

Impact/ESG is integral to all aspects of investment activity at CCM. Our goal is for each portfolio to have maximum alignment with CCM’s Impact Themes. We perform a use-of-proceeds analysis of each debt security under consideration. Our tools for alignment achievement vary by asset class. For corporate securities, we focus on the issuer’s overall ESG risk intensity using proprietary and third-party research data. In some instances, we look at a corporate debt offering with attractive impact purpose that is issued by a company that we may not rate highly on overall ESG characteristics. Our policy is to look at these on a case-by-case basis and make decisions after robust internal discussions.

証券化商品

Impact/ESG is integral to all aspects of investment activity at CCM. Our goal is for each portfolio to have maximum alignment with CCM’s Impact Themes. We perform a use-of-proceeds analysis of each debt security under consideration. Our tools for alignment achievement vary by asset class. Securitized debt securities allow for the most detailed use-of-proceeds analysis as issuers typically share substantial granular detail about the collateral being securitized. Our proprietary impact database captures information at the whole loan level so that each dollar invested can be matched up against its specific purpose, geography and impact theme.

12.3. 補足情報 [任意]


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