ESG Research

Our credit analysts also assess other elements of environmental, social and governance (ESG) risk as part of the overall investment process, accessing ESG research through external providers as well as support provided by our Responsible Investment team. An ESG assessment can impact the internal credit rating provided by our credit analysts. The portfolio management team use this to assess relative value to other similarly rated issuers. ESG considerations can lead to our internal rating for some issuers being lower than that of the external rating agencies, resulting in an underweight portfolio position.