債券の銘柄選択

債券の銘柄選択:ポジティブな変化への債券投資

運用戦略 債券の銘柄選択:ポジティブな変化への債券投資 PIMCOのESGチームのメンバーが、良い社会を築きながら、持続可能な視点を債券投資に融合することが、どうポートフォリオにポジティブな影響をもたらせるのかをご説明します。 ビデオをみる > NIAMH WHOOLEY, SCOTT A. MATHER, MIKE AMEY 2018年12月

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Mike Amey: There are two aspects of my day to day job as a portfolio manager that really excite me. One is helping clients achieve their return objectives, but also creating positive societal change. We can make the world a potentially better place. And that is something that is very, very exciting for me as a parent and for us as we all look to the future.

Niamh Whooley: ESG stands for environmental, social and governance factors that can impact the credit worthiness of issuers.

Scott Mather: Those issuers, those credits that pay a lot of attention to environmental and social factors in addition to governance stand to be better strategic long-term thinkers and we believe make better investments.

Mike Amey: PIMCO’s investment process is based upon what we call our Secular view of the world, which is a 3-5 year view of the world. A lot of the factors of ESG tend to be very long-term in their nature, so there is a natural philosophical alignment in the way that we have always thought about managing portfolios and more explicitly incorporating ESG into that process. When it comes to credit research, the way we influence the bottom-up portfolio construction is to fully integrate our ESG group in the portfolio management team.

Niamh Whooley: It’s not a silo’ed activity with an ESG team sitting separately.

Scott Mather: So we built up our research capabilities, and we now have our own internal ESG ratings for all the different sectors of fixed income.

Mike Amey: We think of the ESG team as simply one of the specialist desks at PIMCO. So for the general group we have a lot of interaction between ourselves and the team, but also we have the dedicated ESG strategies.

Scott Mather: With dedicated ESG portfolios, we believe you don’t have to give up risk adjusted performance.

Mike Amey: PIMCO’s ESG platform is really built on three pillars.

Scott Mather: Exclusion which is the first thing that most people think about. You know, which things you would not include in a portfolio if you were sensitive to ESG types of risk. And then we also have evaluation in that framework. We are using our internal research and ESG scores to identify who is moving up in terms of their performance. And those are the types of issuers we want to focus on. And then the last pillar, and this is really important, is engagement.

Niamh Whooley: And through this engagement we are very focused on the UN Sustainable Development goals. So we are very much promoting SDG reporting among issuers to ensure that they’re reporting shows how their business strategy is aligned with the SDGs.

Scott Mather: It’s going to take several trillion dollars a year to achieve those goals and a good portion of that’s going to need to come from the bond market.

Mike Amey: Now, PIMCO has that ability to influence those issuers because they want us at the table when they come back to raise more money. We think that gives us a very, very strong ability to positively influence over time.

Niamh Whooley: For example, I engaged with this business, one of the largest aircraft leasers in the world because they had quite a poor ESG rating, mostly because they did not produce a sustainability report. And through our discussions, we established that this business was very much aligned with sustainability, that two thirds of its aircraft would have the latest energy efficiency technology by 2021. Our coverage analyst had a very positive view on this business, and I think that this was a very good example of the benefits of management being transparent in terms of these ESG issues. The ESG factors are an integral part of good investment management.

Scott Mather: We believe not only can we build better portfolios, but we can also move issuers along faster, raise the bar in terms of ESG performance, for not just an individual credit, but the entire industry.

Mike Amey: Bonds is what we do and making positive societal change is what we want to see.

Disclosures


Socially responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized, or judgment exercised, by PIMCO will reflect the beliefs or values of any one particular investor. Information regarding responsible practices is obtained through voluntary or third-party reporting, which may not be accurate or complete, and PIMCO is dependent on such information to evaluate a company’s commitment to, or implementation of, responsible practices. Socially responsible norms differ by region. There is no assurance that the socially responsible investing strategy and techniques employed will be successful. Past performance is not a guarantee or reliable indicator of future results.

Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed.

There is no guarantee that these investment strategies will work under all market conditions or are suitable for all investors and each investor should evaluate their ability to invest long-term, especially during periods of downturn in the market. Investors should consult their investment professional prior to making an investment decision.

This material contains the opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.

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  • 経済・マーケット関連
  • 運用戦略
  • 債券の銘柄選択
  • PIMCOの視点
  • 債券の基礎
  • インベストメント・コミッティー
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クリア
Olivia A. Albrecht
ESGおよび債券ストラテジスト
Mike Amey
ポンド建てポートフォリオおよびESG戦略統括
Libby Cantrill
エグゼクティブ・オフィス
Richard Clarida
元グローバル戦略アドバイザー、2006~2018年
Joachim Fels
グローバル 経済アドバイザー
David Fisher
伝統的プロダクト戦略統括
Daniel J. Ivascyn
グループ最高投資責任者(グループ CIO)
Mark R. Kiesel
グローバル・クレジット担当最高投資責任者(CIO)
Ryan Korinke
ヘッジ・ファンドおよびクオンツ戦略の統括責任者
Jason Mandinach
クレジット・ストラテジスト
Scott A. Mather
米国コア戦略担当最高投資責任者(CIO)
Mohit Mittal
ポートフォリオ・マネージャー
Alfred T. Murata
モーゲージ・クレジットチームのポートフォリオ・マネージャー
Emmanuel Roman
最高経営責任者(CEO)
Jerome M. Schneider
ショートタームおよびファンディング・デスクの統括責任者
Anmol Sinha
債券ストラテジスト
Christian Stracke
グローバル・クレジット・リサーチ・グループの統括責任者
Jessica K. Tom
シニア・クレジット・アナリスト
Eve Tournier
汎欧州クレジット・ポートフォリオ・マネジメント統括責任者
Niamh Whooley
ESGアナリスト
Mihir P. Worah
アセットアロケーションおよびリアル・リターン担当最高投資責任者(CIO)
PIMCO
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運用戦略

ポートフォリオに柱を据える:いまこそコア債券を選択すべき?

ポートフォリオに柱を据える:いまこそコア債券を選択すべき?

債券ストラテジストのアンモル・シンハが、近年よりリターンの見通しが高い理由や、市場のストレスが強まりつつある時期に期待される分散効果など、コア債券投資の潜在的なメリットについてご説明します。

債券の銘柄選択

債券の銘柄選択:ポジティブな変化への債券投資

債券の銘柄選択:ポジティブな変化への債券投資

運用戦略 債券の銘柄選択:ポジティブな変化への債券投資 PIMCOのESGチームのメンバーが、良い社会を築きながら、持続可能な視点を債券投資に融合することが、どうポートフォリオにポジティブな影響をもたらせるのかをご説明します。 ビデオをみる > NIAMH WHOOLEY, SCOTT A. MATHER, MIKE AMEY 2018年12月

運用戦略

アクティブ運用対パッシブ運用: なぜ債券は違うのか

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本ビデオはゴールドマンサックス、「Talk at GS」9月14日の対談の中で、ゴールドマンサックスの会長兼CEOであるデービッド ソロモン氏とPIMCOのCEOであるマニー ローマンが、債券運用においてパッシブ運用よりもアクティブ運用が有効であるといわれる点について議論します。
アクティブ運用とパッシブ運用に関する詳しい説明は、「債券は違う」をご参照ください。

PIMCOの視点

金利上昇は住宅市場に打撃を与えるか

金利上昇は住宅市場に打撃を与えるか

PIMCOでは、価格水準、需要、供給という3つの理由に基づいて、米国の住宅市場を前向きに捉えています。エージェンシー・モーゲージ債ポートフォリオ・マネジメントチームの共同統括責任者のダニエル・ハイマンが、住宅市場に対するPIMCOの前向きな見方の背景にある要因について、解説します。

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