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Trecento

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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(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%

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。

Regarding ESG incorporation strategy for actively managed fixed income investments, we use a combination of exclusion policies for screening universes and ESG integration as a best-in-class approach to select investments.

01.3. 補足情報 [任意]

Trecento AM's investment strategy is actually based on thematic funds invested with a RI approach. Since its creation in 2011, Trecento AM has lauched two thematic founds that are invested on the healthcare field and in robotics companies. The choice of this two sectors came from Trecento's will to invest in innovation and disruptive technologies that will modify and improve our way of living, consuming (raw material, energy, etc.), producing, and even healing ourselves.

Trecento AM uses ESG screening and ESG integration as well as a core focus of its investment process.

 

Exclusion policy for Screening

Trecento AM has implemented an exclusion policy that applies before the investment selection and that restricts the potential investment universe of our SRI funds.

- Norms-based exclusion: elimination from our SRI investment universe of listed issuers that do not comply with international norms, including the 10 Principles of the the United Nations Global Compact.

- Sectoral exclusion: elimination from our SRI investment universe of listed issuers when their core activity is, according to Trecento AM, incompatible with the principles of socially responsible investment.

On its website (http://www.trecento-am.com), Trecento AM releases the list of sectors and issuers included in this sectoral and normative exclusion policy, as well as information and details on the choice of organisations we have deemed relevant as a source for this exclusion policy.

 

ESG integration and investment selection policy

Our vision of socially responsible investment is intented to reconcile economic performance with a social and environmental positive impact by financing companies and public entities that contribute to the sustainable development whatever their line of business.

We have therefore implemented an investment selection policy that focuses on identifying the issuers (non-excluded in the screening process for sectoral or norms-based reasons) with the best ESG practices (« best-in-class » approach) in the sectors and sub-segments of investment of our thematic funds :

- to identify and thus to mitigate the risks associated with each issuer that would deteriorate value creation for investors.

- to provide capital and funding to the best issuers and thus encourage other issuers to improve their ESG practices to gain acces to new capital

- to participate to the fight against global warming and energy transition.

This policy is fully described and available on our website: http://www.trecento-am.com


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。

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
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。

Regarding ESG incorporation strategy for actively managed fixed income investments, we use a combination of exclusion policies for screening universes and ESG integration as a best-in-class approach to select investments.

- The ESG screening relies mostly on external raw data, analysis and scoring that is then vetted by our in-house analysts.

- The ESG integration is done in-house by our analysts that perform comprehensive fundamental analysis of the issuers, including a full ESG analysis. We apply a est-in-class policy to select investments.

These analysis and the conclusions of the fund managers or analysts are presented at our weekly investment committee.

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。

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(非金融)
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。

Trecento AM has implemented an exclusion policy that applies before the investment selection and that restricts the potential investment universe of our funds.

- Norms-based exclusion: elimination from our SRI investment universe of listed issuers that do not comply with international norms, including the 10 Principles of the the United Nations Global Compact.

- Negative (or Sectoral) exclusion: elimination from our SRI investment universe of listed issuers when their core activity is, according to Trecento AM, incompatible with the principles of socially responsible investment.

On its website (http://www.trecento-am.com), Trecento AM releases the list of sectors and issuers included in this negative (or sectoral) and normative exclusion policy, as well as information and details on the choice of organisations we have deemed relevant as a source for this exclusion policy.

04.3. 補足情報 [任意]


FI 05. Examples of ESG factors in screening process

05.1. スクリーニング条件に含まれているESG要因の例を挙げてください。

種類

ESG要因

スクリーニング

スクリーニングの説明

A typical example of an issuer that is excluded for environmental and social negative reasons is a manufacturer of nuclear weapons. Nuclear weapons are violating fundamental humanitarian principles and are considered as an inhumane weapon.

Moreover, the potential global impacts of nuclear blasts on the environment would be desastrous as even a small-scale war would quickly devastate the world's climate and ecosystems, causing damage that would last for more than a decade.

種類

ESG要因

スクリーニング

スクリーニングの説明

Another example of an issuer that is excluded for environmental and social negative reasons is a coal producer. Thermal coal represents the largest source of CO2 which is a greenhouse gas responsible for the ongoing global warming. As coal is widely available, at a low cost, it has been used for decades by countries looking for a cheap energy source. It is therefore a significant climate risk, not to mention an environmental risk (pollution and impact on biodiversity of coal mining activities).

Coal producers are excluded for social negative reasons as well since working conditions in coal mines are harmful for employees (health, safety). The violation of international labor norms also implies that these companies can be excluded for social norms-based criteria.

It has been demonstrated that some coal producers, to overcome local resistance to new mines or coal-based plants due to environmental and social concerns, used corruption of local authorities ou PPE to launch or maintain operations. It then triggers governance norms-based exclusion for some specific issuers.

種類

ESG要因

スクリーニング

スクリーニングの説明

We exclude issuers that have been convicted of corruption. We have for example excluded this French company which was bribing officials to gain capital goods contracts in some countries, usually emerging markets.

05.2. 補足情報 [任意]

Our negative and norms-based exclusion policy is fully described on our website.


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​
基準に基づくスクリーニング​

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。

The actively managed FI securities that we held are redeemable at first demand. If the issuers were to not comply with the bond proceed clause, we could redeem the bonds. Therefore the issuer has every reason to comply with the intented allocation of the bond.

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。

          As we are both bondholders and shareholders, we have access to issuers' specific internal reports that enable us to better asses the impact.
        

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。

After the ESG screening process, we conduct an ESG integration process in the form of a detailed ESG analysis of an issuer, on the 3 key pillars E, S and G, that enables the analyst to assess the global ESG policy of the issuer and to allocate a proprietary ESG score (from 1 to 5, 5 being the highest score).

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(非金融)

After the ESG screening process, we conduct an ESG integration process in the form of a detailed ESG analysis of an issuer, on the 3 key pillars E, S and G, that enables the analyst to assess the global ESG policy of the issuer and to allocate a proprietary ESG score (from 1 to 5, 5 being the highest score).

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(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]


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(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(非金融)

For each analysed issuer (new investment case or update of an existing investment case), the analysts of Trecento AM assess the global ESG policy implemented or not by the issuer and assign a proprietary ESG score (from 1 to 5, 5 being the highest score). This analysis materialises by a proprietary evaluation grid that is adapted to the specificities and the rampant environmental/social risks of a sector or sub-sector. By principle, the analysis of the governance of an issuer is the same whatever the sector or sub-sector. Each evaluation grid includes between 40 and 45 indicators, the analysis of each of them is qualitatively commented, formally documented and duly sourced.

The evaluation grid enables the analyst to score each of the E, S and G criteria and result in a score for each E, S and G factor. The ESG global score of an issuer is a weighting of these individual scores, depending on the number of indicators amongst each factor.

12.3. 補足情報 [任意]


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