This report shows public data only. Is this your organisation? If so, login here to view your full report.

Sycomore Asset Management

PRI reporting framework 2020

Export Public Responses

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


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%)
0 スクリーニングのみ
0 テーマのみ
37 統合のみ
56 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
7 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

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。

Screening + Integration + Thematic (7% Fixed Income AUM)

Sycomore Next Generation (SNG) launched in 2019 is an SRI-labelled balanced fund. 

SNG's approach consists in filtering the universe for the best SPICE scores (rating above 2.5 out of 5) and selecting stocks and bonds based on 3 themes: 

- Better environment 

- Better life 

- Better work 

Screening + integration (56% Fixed Income AUM)

Sycomore Selection Credit (SSC) is Sycomore AM's only corporate-bond SRI-labelled fund.

SSC's SRI approach consists in filtering the universe to exclude companies that are too risky on 6 key criteria:
1. Environmental risk 
2. Quality of social climate 
3. Reputation risk 
4. Financial communication risk 
5. Accounting risk 
6. Bondholder risk 
An issuer that obtains a rating below 2 out of 5 on one of these criteria (or on the overall ESG score), will be excluded from the investable universe. This approach screens out over 30% of the initial universe.

Integration (45% Fixed Income AUM)

For the other internally managed fixed-income assets (held within flexible, multi-asset classes vehicles) we apply the same SPICE integration process as for listed equities.

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。


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。


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 collect data first and foremost through company annual and sustainability reports and one-to-one meetings with management/sustainability/human resources teams. We also use third-party information such as publications from brokers, calls with various experts, NGO publications, newspapers, social networks, etc.

For the two following specific ESG issues, that are controversy analysis and involvment in controversial activities, and evaluation of products, we also use data by ESG research providers. These are used as raw data and support information, that are integrated by our in-house analysts following our own analysis framework and ESG integration philosophy. 

We also use Trucost environmental data for reporting purposes.

The main difference between the ESG analysis for fixed-income and listed equity is that access to ESG information is often more difficult for non-listed bond issuers. 

02.4. 補足情報 [任意]

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。


          The robustness of our ESG analysis is also ensured through meetings with companies, during which issuers can be given the opportunity to review our research.

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]