Status w ramach Rozporządzenia UE w sprawie ujawniania informacji związanych ze zrównoważonym rozwojem w sektorze usług finansowych (SFDR) - Strategic Bond Fund

Janus Henderson Horizon Fund – Strategic Bond Fund

Legal entity identifier: 213800MABR4GJROFPI91

A. Podsumowanie

The Fund is categorised as one which meets the provisions set out in Article 8 of SFDR as a product which promotes environmental and/or social characteristics and invests in companies with good governance practices. Whilst the Fund does not have as its objective a sustainable investment, it will have a minimum proportion of 10% of sustainable investments with a social objective and an environmental objective in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy. See “B. No Sustainable Investment Objective” below for further details.

The Fund promotes climate change mitigation and support for the UNGC principles (which cover matters including human rights, labour, corruption, and environmental pollution, avoid investments in sovereign issuers that have not ratified the Paris Agreement, and avoids investments in certain activities with the potential to cause harm to human health and wellbeing. The Fund does not use a reference benchmark to attain its environmental or social characteristics. In addition, the Fund invests a minimum of 10% of its net asset value in sustainable investments.

This Fund seeks a combination of capital and income returns through exposure to a broad range of global fixed income asset classes.  The exclusionary screens are implemented on both a pre and post trade basis enabling the sub investment advisor to block any proposed transactions in an excluded security and identify any changes to the status of holdings when third-party data is periodically updated. The binding elements of the investment strategy described below are implemented as exclusionary screens within the Investment Manager’s order management system utilising third-party data provider(s) on an ongoing basis. One binding element is not included as an exclusionary screen within the order management system, this is “the corporate bond portion of the Fund will aim to have a lower carbon intensity than its relevant reference universe on a monthly basis”. This commitment is monitored on a monthly basis by comparing the carbon intensity number of the portfolio and its relevant reference universe as calculated by a third-party data provider.

The Investment Manager uses specific screens to help achieve some of the promoted characteristics. For example- to promote climate change mitigation, screens are applied to avoid investment in certain high carbon activities, and it is expected that this will result in the fund having a lower carbon profile.  Another example is that to promote support for the UNGC Principles, screens are applied so that the Fund does not invest in issuers that are in breach of the UNGC Principles based on third party data and/or internal research. The Investment Manager applies screens to exclude direct investment in corporate issuers based on their involvement in certain activities. Specifically, issuers are excluded if they derive more than 10% of their revenue from oil and gas generation and production, oil sands extraction, shale energy extraction, thermal coal extraction and power generation, Arctic oil and gas extraction, tobacco, fur, adult entertainment, gambling or controversial weapons. Issuers are also excluded if they are deemed to have failed to comply with the UNGC Principles (which cover matters including human rights, labour, corruption, and environmental pollution). Further, the Investment Manager uses a pass/fail test to determine investments which are deemed sustainable investments, meaning that each holding must meet all three of the requirements below:

1. based on revenue mapping to UN Sustainable Development Goals or having a carbon emissions target approved by the Science Based Targets initiative (SBTi), it contributes to an environmental or social objective or in the case of Green, Social and Sustainability Bonds 100% of the proceeds must be exclusively and formally applied for the financing or refinancing of projects with social and/or environmental benefits;
2. nie powoduje znaczącej szkody dla jakichkolwiek celów środowiskowych lub społecznych zrównoważonych inwestycji; oraz
3. stosuje dobre praktyki z zakresu zarządzania.

The Investment Manager identifies Green, Social and Sustainability Bonds by using third party data and/or analysis, including the Bloomberg Sustainable Bond Instrument methodology. The Bloomberg Sustainable Bond Instrument methodology seeks to identify and label bonds as Green, Social or Sustainable only where an issuer has outlined that either 100% of the bond’s net proceeds, or a sum of an equivalent monetary value are used exclusively for the financing or refinancing of projects with social and/or environmental outcomes, and/or transitional outcomes.

Część fundusz oparta na obligacjach korporacyjnych będzie dążyła do uzyskania niższej intensywności emisji dwutlenku węgla niż jej otoczenie referencyjne w skali miesiąca.

The Investment Manager excludes from the Fund sovereign bond issuers that have been sanctioned under the EU Global Human Rights Sanctions Regime or the UN sanctions regime and/or have not attained a sufficiently high score (e.g., ‘free’) under the Freedom House Index that promotes political rights and civil liberties (or other such similar index as determined by the Investment Manager). Under normal market conditions, the Investment Manager will also exclude sovereign bond issuers that have not ratified the Paris Agreement. Should the US choose to exit the Paris Agreement during a future political cycle, the Investment Manager will consider whether excluding US Treasuries from the Fund would be excessively detrimental to returns and/or whether it would change the risk-return profile of the Fund.

Na potrzeby doktryny AMF analiza pozafinansowa lub rating, jak zostało to opisane powyżej, jest wyższy niż:

1. 90% w przypadku akcji emitowanych przez duże spółki kapitałowe z siedzibą w krajach rozwiniętych, papierów dłużnych oraz instrumentów rynku pieniężnego o ocenie wiarygodności kredytowej na poziomie inwestycyjnym, państwowych papierów dłużnych emitowanych przez kraje rozwinięte;
2. 75% w przypadku akcji emitowanych przez duże spółki kapitałowe z siedzibą w tzw. krajach wschodzących, akcji emitowanych przez małe i średnie spółki kapitałowe, papierów dłużnych oraz instrumentów rynku pieniężnego o ocenie wiarygodności kredytowej wskazującej na wysoką rentowność, a także państwowych papierów dłużnych emitowanych przez tzw. kraje wschodzące.

Menedżer inwestycyjny może inwestować w spółki, które zostałyby wykluczone na podstawie opisanych powyżej filtrów, wyłącznie jeśli menedżer inwestycyjny uzna, w oparciu o własne badania i zgodnie z zatwierdzeniem przez Komitet Nadzoru ESG, że dane stron trzecich wykorzystane do zastosowania wykluczeń są niewystarczające lub niedokładne.

The Investment Manager may consider that the data is insufficient or inaccurate if, for example, the third-party data provider research is historic, vague, based on out of date sources, or the investment manager has other information to make them doubt the accuracy of the research.  If the Investment Manager wishes to challenge the third-party data, then the challenge is presented to a cross-functional ESG Oversight Committee who must sign off on the “override” of the third-party data.  If a third party data provider does not provide research on a specific issuer or excluded activity, the Investment Manager may invest if, through its own research, it is satisfied that the issuer is not involved in the excluded activity.

The Fund also applies the Firmwide Exclusions Policy (see “Firmwide Exclusions” in the "JHI Responsible Investment Policy”), which includes controversial weapons, as detailed below.

JHI has chosen MSCI’s as its primary data source for ESG (Environmental, Social and Governance) research. Where coverage gaps are identified, specialist ESG Data vendors or inhouse research may be used to complement the ESG research. This ensures helps ensure that consistent data and methodologies are used given an ESG measure per security type and hence can be compared correctly in the portfolio construction process. The JHI Responsible Investment Policy, which incorporates JHI’s Sustainability Risk Policy, sets out the firmwide approach to ESG Integration Principles, including JHI’s Responsible Investment Principles for long-term investment success, our approaches to Stewardship and Engagement and Baseline Exclusions applied to investee companies.