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Baker Gilmore & Associates

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。

Baker Gilmore’s investment process combines fundamentally-driven, subjective forecasting of the key factors driving bond returns with a rigorous approach to portfolio construction and implementation to meet client risk and return objectives. ESG risks and constraints are integrated in the investment process, through both top-down and bottom-up analysis:

  1. Top-down: Baker Gilmore has identified a variety of economic and market data that are used to generate its forecasts and to evaluate market conditions. Interest rates and sector spreads are forecasted, as these are the factors that Baker Gilmore believes to be the dominant influences on portfolio performance. The investment team forecasts these factors through a subjective evaluation of macroeconomic data which contains ESG inputs such as demographics, geopolitics conflicts, regulations, technological innovation, resource scarcity, etc.
  2. Bottom-up: Once top-down portfolio exposures have been determined, individual securities are purchased or sold to achieve target positions. For corporate bond security selection, Baker Gilmore's bottom-up fundamental research process focuses on determining credit risk. Risk factors that are analyzed include: management quality, business model, cash flow, bond covenants, industry and red flags. ESG risks are integrated in these key risk factors.

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。

SSA

For SSA issuers, ESG factors are integrated in Baker Gilmore top-down analysis such as demographics, geopolitics conflicts, regulations, technological innotivation, etc.

社債(金融)

Baker Gilmore’s bottom-up fundamental research process focuses on determining credit risk. Risk factors that are analyzed include: management quality, business model, cash flow, bond covenants, industry and red flags. ESG risks are embedded in these risk factors.

社債(非金融)

Baker Gilmore’s bottom-up fundamental research process focuses on determining credit risk. Risk factors that are analyzed include: management quality, business model, cash flow, bond covenants, industry and red flags. ESG risks are embedded in these risk factors.

証券化商品

Baker Gilmore’s bottom-up fundamental research process focuses on determining credit risk. Risk factors that are analyzed include: management quality, business model, cash flow, bond covenants, industry and red flags. ESG risks are embedded in these risk factors.

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
SSA
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)
SSA

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。

SSA

For SSA analysis, ESG factors are integrated in Baker Gilmore top-down analysis. We include ESG inputs to generate our top-down views such as demographics, geopolitics conflicts, regulations, technological innovation, etc.

Baker Gilmore’s bottom-up fundamental research process focuses on determining credit risk. Any ESG risk factors that would affect credit capabilities of a government entity are included in our credit analysis.

社債(金融)

Baker Gilmore’s bottom-up fundamental research process focuses on determining credit risk. Risk factors that are analyzed include: management quality, business model, cash flow, bond covenants, industry and red flags. ESG risks are embedded in these risk factors.

Baker Gilmore’s bottom-up fundamental research process focuses on determining credit risk. Any ESG risk factors that would affect credit capabilities of a corporate security are included in our credit analysis.

社債(非金融)

Baker Gilmore’s bottom-up fundamental research process focuses on determining credit risk. Risk factors that are analyzed include: management quality, business model, cash flow, bond covenants, industry and red flags. ESG risks are embedded in these risk factors.

Baker Gilmore’s bottom-up fundamental research process focuses on determining credit risk. Any ESG risk factors that would affect credit capabilities of a corporate security are included in our credit analysis.

.

証券化商品

Baker Gilmore’s bottom-up fundamental research process focuses on determining credit risk. Risk factors that are analyzed include: management quality, business model, cash flow, bond covenants, industry and red flags. ESG risks are embedded in these risk factors.

Baker Gilmore’s bottom-up fundamental research process focuses on determining credit risk. Any ESG risk factors that would affect credit capabilities of a corporate security are included in our credit analysis.

12.3. 補足情報 [任意]


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