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《传承宝典》19——可持续投资: 一段旅程, 而不是目的地

发布时间:2019-08-05

《传承宝典》19——可持续投资

 一段旅程, 而不是目的地





投资于环境、社会和治理(ESG)指标排名最高的公司,往往无法获得最佳的社会效益。事实上,尽管可持续投资领域出现了许多新产品,并将资本配置给当今的“一流企业”,但有证据表明,最大的收益并非来自那些稳居一流水平企业的不断提高,而是来自那些不那么可持续的企业在其实践中所做出重大改变。通过逐步向它们分配更多的资本,并奖励那些正在拥抱其更可持续发展之路的企业,社会就能取得更好的成果。这种方法的缺点是,ESG(环境、社会和治理)的投资组合评分最初可能看起来不那么令人印象深刻,因为它们无法反映出机构投资者与管理团队之合作、以及将可持续政策进一步提上议程的幕后工作。新兴市场也需要同样的思维模式转变。投资者应该根据同行群体来判断企业,并小心谨慎地不要透过西方价值观来看待它们。作为一个行业,新兴市场的特点是强劲的潜在经济增长,尽管伴随着更大的政治和运营风险,但有望带来可观的潜在投资回报。考虑到这些市场的人均GDP要低得多,因而当谈到ESG(环境、社会和治理)时,投资者有责任帮助这些新兴市场经济体保持增长、改善他们的生活质量、为其公民创造机会、同时鼓励他们减少污染。

         

撇开ESG(环境、社会和治理)的成果不谈,与此方法相关的附加投资价值也是可观的。在今天的市场上,ESG资质较好的公司估值可能更高。通过寻找处于ESG之旅早期阶段的公司,活跃的经理人可以找到机会——只有当公司迅速增长的资历得到实现时,它们才可能吸引到更广泛市场的目光。那些制定了管理政策并参与被投资公司订约的少数被动投资者,在可持续投资组合中可以发挥作用。但对于那些在市场上淘洗被普遍忽视的公司、并准备在ESG问题上着眼长远的价值经理来说,是存在一些诱人的机会的。












English Version


Investing in companies top-rated for environmental, social and governance (ESG) metrics is very often not where the best social outcomes can be made. Indeed, despite much new product in the sustainable investment world allocating capital to today’s ‘best in class’, evidence suggests that the greatest gains are made not when those already best in class improve incrementally, but when today’s less sustainable companies make big step changes in their practices.


By incrementally allocating more capital to them and rewarding those companies who are embracing their journey towards greater sustainability, better outcomes are achievable for society. The downside of this approach is that the ESG scores for portfolios may look less impressive initially because they cannot reflect the work behind the scenes by institutional investors engaging with management teams and pushing sustainability policies further up the agenda.


The same shift in mind-set is required with Emerging Markets. Investors should judge companies according to their peer group and take care not to view them through the filter of western values. As a sector, Emerging Markets is characterized by strong latent economic growth which, though accompanied by greater political and operational risks, promises impressive potential investment returns. Given GDP per capita is far lower in these markets, when it comes to ESG, the onus is on investors to help these economies grow and improve the quality of life and create opportunity for their citizens while also encouraging them to reduce pollution.


ESG outcomes aside, the added investment value associated with this approach is considerable. In today’s market, companies with better ESG credentials are likely to have higher valuations. By seeking out companies early in their ESG journey, active managers can find opportunities - companies which may only otherwise have caught the eye of the wider market once their burgeoning credentials had been realized.


Those few passive investors who have developed policies around stewardship and participate in engagement with investee companies have a role to play in sustainable portfolios. But for value managers who scour the market for companies generally overlooked by the market and who are prepared to take the long view when it comes to ESG, there are some compelling opportunities out there.




该文章转载自雷梭勒家族办公室,如有侵权,敬请告知删除。






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