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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 » (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。

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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