Measuring the Immeasurable
|
|
- Cecily Marshall
- 6 years ago
- Views:
Transcription
1 DECEMBER 2015 Measuring the Immeasurable Scoring ESG Factors
2 Measuring the Immeasurable Scoring ESG Factors Investors need a comprehensive understanding of key metrics of ESG factors in a portfolio. Evaluating ESG in a Passive Portfolio ESG factors are used in public market portfolios in a variety of ways, with some active managers using ESG factors as an integrated part of their fundamental approach to investing. These investors posit that a focus on companies with better ESG practices, in addition to good financial characteristics, will potentially lead to better risk management or may result in alpha generation. In passive portfolios, 1 however, investors can choose to use ESG factors to better align a portfolio with their values, for example by emphasizing certain characteristics (e.g., companies with better human rights practices, or a higher S score), or de-emphasizing certain characteristics (e.g., companies with lower carbon emissions, or a higher E score). As opposed to active managers, which generally look for financially material ways to integrate ESG factors into their investing process, passive investors are generally looking for financially immaterial ways to integrate ESG factors. When analyzing the ESG score of any passive portfolio, an investor must first identify the key qualities or metrics that
3 he or she wishes to emphasize. While many data providers offer a single ESG score for an individual security, which is a composite of many different individual factors, using such composite metrics to evaluate either a holding or a whole portfolio implicitly assumes a common set of ESG values across investors. What is socially responsible to one investor, however, may not be to another. With databases containing hundreds of different ESG indicators reflecting various corporate attributes, a focused approach to both understanding and then utilizing ESG data can be highly valuable. 2 Given the multitude of ESG indicators, investors have looked to outside sources for guidance in sharpening their perspective. For example, many institutional investors have placed a high degree of focus on the levels of greenhouse gas emissions represented in their investment portfolios, in the wake of industry initiatives such as the Montreal Pledge and the United Nations Environment Program Finance Initiative (UNEP FI), as well as popular movements such as fossil fuel divestment protests. In addition to determining which ESG factors to focus on, investors need to determine how to measure the relative value of a given ESG metric. Three main approaches exist, as investors may compare their ESG score to: (i) peers managing comparable portfolios; (ii) a common benchmark index; or (iii) the investors own history. The appropriateness of each approach depends on an investor s particular situation including, for example, the risk profile of the portfolio, the composition of stakeholders, and any fiduciary obligations. Common ESG Characteristics for Investors ESG is a broad topic, and while fossil fuel-related issues are one of the most common considerations, a variety of other metrics exists across ESG. Other environmental metrics of interest include water usage, renewable energy programs and the existence of a specific environmental policy program. Conventional social and governance criteria include corporate diversity policies, racial and gender diversification among executives and/or the corporate board, as well as explicit human rights and child labor policies, where applicable. It is important to note that both active and passive investors can score the resulting ESG factors of an investment portfolio to determine how the resultant portfolio aligns with his or her values; outcomes-based ESG measurements a portfolio report card is not reserved for purely passive portfolios. Implications for ESG Portfolio Construction As with any investment strategy, investors must first determine their risk and return targets. In an ESG-aware passive portfolio, questions of risk tolerance are critical, as higher levels of concentration and/or tracking error may result from the use of certain ESG metrics to negatively screen or proactively tilt a portfolio. For example, a strategy that sought to own companies sourcing renewable energy would likely be relatively concentrated, whereas a strategy focused on low carbon emissions could consider that metric without sacrificing the option to achieve greater diversification. Additionally, a significant amount of ESG data on companies are self-reported, which leads to meaningful gaps in data availability; some ESG factors are not widely reported enough to sufficiently cover the universe of investable companies in a more diversified approach. For example, while 64% of S&P 500 companies report their carbon emissions, only 12% report the percentage of their energy consumption derived from renewable sources. 3 Another consideration in the design of an ESG portfolio is whether to eliminate specific sectors or to emphasize
4 identifying the best companies within each sector. Some sectors, such as energy, are prone to low overall ESG scores, while others such as technology, may have higher overall scores due to the nature of the underlying business models. An inter-sector approach, which removes low-scoring ESG sectors from the portfolio, ensures exclusion; however, it may lead to additional tracking error from the benchmark. An intra-sector approach, which seeks to select the best ESG companies within each sector, retains exposure to top ESG companies within inherently challenging ESG sectors. An intermediate approach is also possible, whereby a few low-scoring sub-industries, such as coal mining, are eliminated, while the remaining portfolio is constructed using an intra-sector model. As data availability, technology and sophisticated risk management techniques have advanced, it has become increasingly possible for investors to utilize ESG factors to better align their portfolios with their values, while being sensitive to issues of concentration, tracking error and risk. 1. Passive investment: An investment strategy that is tied to a specific index or benchmark, resulting in limited buying and selling actions 2. Sustainalytics 3. CDP. Bloomberg. GSAM PERSPECTIVES ESG EDITION DECEMBER 2015
5 THESE MATERIALS ARE PROVIDED SOLELY ON THE BASIS THAT THEY WILL NOT CONSTITUTE INVESTMENT ADVICE AND WILL NOT FORM A PRIMARY BASIS FOR ANY PERSON S OR PLAN S INVESTMENT DECISIONS, AND GOLDMAN SACHS IS NOT A FIDU- CIARY WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN. PLAN FIDU- CIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL INVESTMENT COURSE OF ACTION. THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO. Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by GSAM and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and GSAM has no obligation to provide any updates or changes. An investment s ESG policy or investment approach may cause it to take risks or eliminate exposures found in other strategies or broad market benchmarks that may cause performance to diverge from the performance of other investments or market benchmarks. United Kingdom and European Economic Area (EEA): This material is a financial promotion and has been approved by Goldman Sachs Asset Management International, which is authorized and regulated in the United Kingdom by the Financial Conduct Authority. Switzerland: For Qualified Investor use only Not for distribution to the general public. This document is provided to you by Goldman Sachs Bank AG, Zürich. Any future contractual relationships will be entered into with affiliates of Goldman Sachs Bank AG, which are domiciled outside of Switzerland. We would like to remind you that foreign (Non-Swiss) legal and regulatory systems may not provide the same level of protection in relation to client confidentiality and data protection as offered to you by Swiss law. Asia Pacific: Please note that neither Goldman Sachs Asset Management International nor any other entities involved in the Goldman Sachs Asset Management (GSAM) business maintain any licenses, authorizations or registrations in Asia (other than Japan), except that it conducts businesses (subject to applicable local regulations) in and from the following jurisdictions: Hong Kong, Singapore, Malaysia, and India. This material has been issued for use in or from Hong Kong by Goldman Sachs (Asia) L.L.C, in or from Singapore by Goldman Sachs (Singapore) Pte. (Company Number: W) and Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: H), in or from Malaysia by Goldman Sachs (Malaysia) Sdn Berhad (880767W) and in or from India by Goldman Sachs Asset Management (India) Private Limited (GSAM India). Australia: This material is distributed in Australia and New Zealand by Goldman Sachs Asset Management Australia Pty Ltd ABN , AFSL ( GSAMA ) and is intended for viewing only by wholesale clients in Australia for the purposes of section 761G of the Corporations Act 2001 (Cth) and to clients who either fall within any or all of the categories of investors set out in section 3(2) or sub-section 5(2CC) of the Securities Act 1978, fall within the definition of a wholesale client for the purposes of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSPA) and the Financial Advisers Act 2008 (FAA),and fall within the definition of a wholesale investor under one of clause 37, clause 39 or clause 40 of Schedule 1 of the Financial Markets Conduct Act 2013 (FMCA) of New Zealand (collectively, a NZ Wholesale Investor ). GSAMA is not a registered financial service provider under the FSPA. GSAMA does not have a place of business in New Zealand. In New Zealand, this document, and any access to it, is intended only for a person who has first satisfied GSAMA that the person is a NZ Wholesale Investor. This document is intended for viewing only by the intended recipient. This document may not be reproduced or distributed to any person in whole or in part without the prior written consent of GSAMA. This information discusses general market activity, industry or sector trends, or other broad based economic, market or political conditions and should not be construed as research or investment advice. The material provided herein is for informational purposes only. This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. Canada: This material has been communicated in Canada by Goldman Sachs Asset Management, L.P. (GSAM LP). GSAM LP is registered as a portfolio manager under securities legislation in certain provinces of Canada, as a non-resident commodity trading manager under the commodity futures legislation of Ontario and as a portfolio manager under the derivatives legislation of Quebec. In other provinces, GSAM LP conducts its activities under exemptions from the adviser registration requirements. In certain provinces, GSAM LP is not registered to provide investment advisory or portfolio management services in respect of exchange-traded futures or options contracts and is not offering to provide such investment advisory or portfolio management services in such provinces by delivery of this material. Japan: This material has been issued or approved in Japan for the use of professional investors defined in Article 2 paragraph (31) of the Financial Instruments and Exchange Law by Goldman Sachs Asset Management Co., Ltd. This material is not intended to cause a direct or indirect acquisition of financial services or securities related services or products in Colombia by any Colombian residents. By receiving and reading this material, Colombian residents who in the future discretionally solicit GSAM services acknowledge and confirm that such future solicitation of services is not related and was not caused by the delivery of this material and was produced as a direct manifestation of interest on GSAM, on an unsolicited basis in accordance with applicable Colombian laws and regulations. Bahrain: This presentation has not been reviewed by the Central Bank of Bahrain (CBB) and the CBB takes no responsibility for the accuracy of the statements or the information contained herein, or for the performance of the securities or related investment, nor shall the CBB have any liability to any person for damage or loss resulting from reliance on any statement or information contained herein. Israel: GS is not licensed to provide investment advice or investment management services under Israeli law. Saudi Arabia: These materials are presented to you by Goldman Sachs Saudi Arabia Company ( GSSA ). GSSA is authorized and regulated by the Capital Market Authority ( CMA ) in the Kingdom of Saudi Arabia. GSSA is subject to relevant CMA rules and guidance, details of which can be found on the CMA s website at South Africa: Goldman Sachs International is an authorized by the Financial Services Board of South Africa as a financial services provider. Diversification does not protect an investor from market risk and does not ensure a profit. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. Tracking Error: Measurement of the consistency or stability of the excess return, calculated as the annualized standard deviation of monthly excess returns, describes how closely a fund s returns resemble those of the benchmark. Diversification does not protect an investor from market risk and does not ensure a profit. Confidentiality No part of this material may, without GSAM s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient Goldman Sachs. All rights reserved. Date of first use: December 1, OTHER.OTU
Asset Retention: the Importance of a Good Defense
GSAM Connect Asset Retention: the Importance of a Good Defense By Vincent Tiseo Many financial advisors are missing a growth opportunity well within their reach: Asset Retention. As advisors plan for 2017,
More informationCLIENT USE ONLY - NOT FOR DISTRIBUTION TO THE GENERAL PUBLIC.
LIBOR Transition 2018 Goldman Sachs does not provide accounting, tax or legal advice. Please note that these materials are for informational purposes only and do not provide any recommendation to buy or
More informationGlobal Fixed Income Weekly
Global Fixed Income Weekly Executive Summary US nonfarm payroll employment rose by 103,000 in March, falling short of consensus expectations by 82,000; the undershoot is likely due to weather effects and
More informationESG and Impact Investing Landscape. Fiduciary Responsibility. The Land Down Under. Measuring the Immeasurable
GSAMPERSPECTIVES.COM DECEMBER 2015 DIGITAL EDITION ESG and Impact Investing Landscape An overview of ESG and impact investing factors and opportunities Fiduciary Responsibility Integrating Environmental,
More informationCarbon Pollution Reduction Scheme Issues for investors
Carbon Pollution Reduction Scheme Issues for investors Andrew Gray Head of Environmental, Social & Governance Research Executive Director, Goldman Sachs JBWere 8 October 2008 ETS Update of where its at
More informationCreating a sustainable core
FOR PROFESSIONAL, INSTITUTIONAL, QUALIFIED AND WHOLESALE INVESTORS/CLIENTS ONLY BLACKROCK IMPACT SCREENS ESG IMPACT Creating a sustainable core Deborah Winshel Managing Director Global Head of Impact Investing
More informationS&P Dow Jones Disclaimer
S&P Dow Jones Disclaimer S&P Dow Jones Disclaimer: The State Street Liquid Private Equity Sector Select Investable Indices (the Index ) is the property of State Street Bank and Trust which has contracted
More informationAnticipating Inflation: An Integrated Multi-Asset Class Approach
Global Portfolio Solutions May 2013 Anticipating Inflation: An Integrated Multi-Asset Class Approach The combination of massive central bank balance sheet expansions and historically low interest rates
More informationGlobal Portfolio Solutions (GPS) Group 2017
Global Portfolio Solutions (GPS) Group 2017 This material is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities.
More informationGS US Equity Absolute Return Portfolio
GS US Equity Absolute Return Portfolio For Investors seeking long-term capital appreciation and attractive risk adjusted returns in a variety of market environments 0311 Key Points The GS US Equity Absolute
More informationFOSSIL FUEL DIVESTMENT: CONSIDERATIONS FOR PRIVATE WEALTH PORTFOLIOS
FOSSIL FUEL DIVESTMENT: CONSIDERATIONS FOR PRIVATE WEALTH PORTFOLIOS NEPC Impact Investing Committee September 2017 INTRODUCTION An increasing number of private clients are contemplating scaling back or
More informationthe road to US energy independence
the road to US energy independence Advances in energy technology are significantly increasing US production volumes but causing bottlenecks and price dislocations. Companies that can help build the necessary
More informationRetirement Decumulation Strategies Next Generation
Retirement Decumulation Strategies Next Generation Bob Boyda Global Head of Capital Markets and Strategy October 30, 2017 Agenda The Canadian Environment Current Approaches to Retirement Decumulation Next
More informationDeveloping Domestic Capital Markets to Finance Innovation Capacity in China and India
Developing Domestic Capital Markets to Finance Innovation Capacity in China and India Sandra Lawson Senior Global Economist Goldman Sachs September 24, 27 China Outpaces India in FDI, But India s Upturn
More informationNikko Asset Management and ARK Invest Partner for Disruptive Innovation Investment Solutions
PRESS RELEASE 4 AUGUST 2017 NIKKO ASSET MANAGEMENT CO., LTD. Nikko Asset Management and ARK Invest Partner for Disruptive Innovation Investment Solutions Nikko Asset Management ( Nikko AM ) today announces
More informationEngagement Report FY2017 ManulifeAM.com
w Engagement Report FY2017 ManulifeAM.com * Chris Conkey President & Chief Executive Officer and Chief Investment Officer, Manulife Asset Management (Public Markets) Foreword At Manulife Asset Management,
More informationAccommodating ESG objectives through factor investing
Invesco Investment Insights Accommodating ESG objectives through factor investing June, 2018 Stephen Quance Director of Factor Investing Asia Pacific Key takeaways Many investors remain unsure how to implement
More informationFossil Fuel Investment and Divestment: Choices for a Responsible Investor
PRESENTATION FOR Fossil Fuel Investment and Divestment: Choices for a Responsible Investor APRIL 2014 Stephanie R. Leighton, CFA Portfolio Manager 617-532-6667 sleighton@trilliuminvest.com Two Financial
More informationNew Paradigm or Same Old?
New Paradigm or Same Old? Megan Greene Chief Economist, Portfolio Solutions Group October 2017 For a discussion of the risks associated with this strategy, please see the Investment Considerations page
More informationInvestment Insight Engage or divest? The carbon debate
November 2015 Kirsten Temple Senior Consultant JANA Kirsten is the Head of JANA s Environmental Social and Governance (ESG) & Socially Responsible Investment (SRI) team. In this role, she is responsible
More informationSustainable Investing
FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION Sustainable Investing Investment Perspective on Climate Risk February 2017 Clients entrust
More information2017 Global Trends in Investor Relations
0 2017 Global Trends in Investor Relations Primacy of Geopolitical Risk Geopolitical risk is still the number one concern for companies globally. Concern is increasing regarding the impact of emerging
More informationFuture World Fund Q&A
For Professional Investors and their Financial Advisers Only. Not to be distributed to or intended for use by Retail Clients. Index Fund launch Future World Fund Q&A Investing for the world you want to
More informationActive Alpha Investing
Active Alpha Investing 23 September 2004 Philip Gardner Head of GSAM Asia ex Japan This material is provided for educational purposes only and we are not soliciting any action based upon it. It does not
More informationTHE STATE OF CLIMATE CHANGE RISK MANAGEMENT BY INSTITUTIONAL INVESTORS
FROM MSCI ESG RESEARCH LLC THE STATE OF CLIMATE CHANGE RISK MANAGEMENT BY INSTITUTIONAL INVESTORS Current Status and Future Trends Short Version* July 2017 Manish Shakdwipee *The full version of this report
More informationCapturing Economic Shifts
Fixed Income August 217 EM Corporate Debt Earning a Place at the Table Jasper Sagoo Executive Director EMD Portfolio Manager Angus Bell Executive Director EMD Portfolio Manager Executive Summary Emerging
More informationFX TCA and Benchmarking
FX TCA and Benchmarking July 7 th 2014 THIS IS SALES AND TRADING COMMENTARY PREPARED FOR INSTITUTIONAL INVESTORS; it is NOT a research report; tax, legal, financial, or accounting advice; or an official
More informationGlobal Select International Select International Select Hedged Emerging Market Select
International Exchange Traded Fund (ETF) Managed Strategies ETFs provide investors a liquid, transparent, and low-cost avenue to equities around the world. Our research has shown that individual country
More informationGuide to Responsible Investing Strategies
2018 Guide to Responsible Investing Strategies CATHOLIC VALUES FOSSIL FREE ESG INTEGRATION Parametric Responsible Investing Strategies Parametric offers a suite of proprietary responsible investing strategies
More informationInterim Management Report of Fund Performance. AGFiQ Enhanced Global ESG Factors ETF
Interim Management Report of Fund Performance AGFiQ Enhanced Global ESG Factors ETF March 31, 2018 Management Discussion of Fund Performance This management discussion of fund performance represents the
More informationRESPONSIBLE INVESTING: THE EVOLUTION OF OWNERSHIP RBC Global Asset Management Responsible Investing Survey Executive Summary
RESPONSIBLE INVESTING: THE EVOLUTION OF OWNERSHIP 2017 RBC Global Asset Management Responsible Investing Survey Executive Summary 2017 Responsible Investing Report Executive Summary Responsible Investing:
More informationMarket Views on the Future Fund
See Appendix A-1 for the Analysts Certification and Other Disclosures Market Views on the Future Fund Stephen Halmarick Director, Co-Head Economic and Market Analysis Citigroup Australia/NZ 27 February
More informationCORPORATE GOVERNANCE & RESPONSIBLE INVESTMENT
2015 ANNUAL REPORT CORPORATE GOVERNANCE & RESPONSIBLE INVESTMENT 2015 Corporate Governance & Responsible Investment Annual Report Contents Message from Daniel E. Chornous, CIO, RBC Global Asset Management...
More informationEFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF ETF.com segment: Equity: Developed Markets Ex-U.S. - Total Market Competing ETFs: EFA, VEA, IEFA, SCHF, SPDW Related ETF Channels: Equity, Size and Style, Developed
More informationMorningstar Portfolio Carbon Metrics Morningstar Portfolio Carbon Risk Score TM Morningstar Low Carbon Designation TM Frequently Asked Questions
? Morningstar Portfolio Carbon Metrics Morningstar Portfolio Carbon Risk Score TM Morningstar Low Carbon Designation TM Frequently Asked Questions Morningstar Research April 30, 2018 Jon Hale, Ph.D., CFA
More informationESG Integration Philosophy
ESG Integration Philosophy At William Blair, we consider environmental, social, and corporate governance (ESG) to be one of many considerations that inform our investment decisions inextricably linked
More informationMarket Correlations: S&P 500
Market Correlations: S&P 500 September 25, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 480-664-1333 djohnson@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www. blog.
More informationGreen Impact Report. Formosa 1. Introduction. Green Impact: Forecast GIG CARBON RATING: AAA
Introduction The Green Investment Ratings (GIR) Team of Green Investment Group Limited ( GIG ) has prepared this report (the Report ) in connection with the Offshore Wind Farm (the Project or ). The GIR
More informationOptions for Your Cash Portfolio
Options for Your Cash Portfolio As regulatory reform has been implemented in the US and is being discussed in Europe, investors must now evaluate their cash investments. Offering liquidity solutions for
More informationDWX SPDR S&P International Dividend ETF
SPDR S&P International Dividend ETF ETF.com segment: Equity: Global Ex-U.S. - High Dividend Yield Competing ETFs: HDAW, VYMI Related ETF Channels: Smart-Beta ETFs, Dividend, Broad-based, ESG, Dividends,
More informationINVESTMENT STEWARDSHIP: ASIA- PACIFIC REGION INCLUDING JAPAN. B U I L D I N G C O N N E C T I O N S for the long term
2 0 1 6 Q4 INVESTMENT STEWARDSHIP: ASIA- PACIFIC REGION INCLUDING JAPAN B U I L D I N G C O N N E C T I O N S for the long term 2 0 1 6 Q4 QUARTERLY REPORT DECEMBER 31, 2016 Table of Contents Engagement
More informationEnvironmental, Social and Governance Policy. A Responsive Data-Driven Approach to Responsible Investing
Environmental, Social and Governance Policy A Responsive Data-Driven Approach to Responsible Investing ESG At QMA, our most abiding mission is to meet and exceed our clients long-term financial goals.
More informationEnvironmental, Social and Governance Investing
NORTHERN TRUST ASSET MANAGEMENT Environmental, Social and Governance Investing Avantika Saisekar ESG Product Specialist 1 NORTHERN TRUST RESPONSIBLE INVESTING OVERVIEW WHO WE ARE AUM PROFILE $65B INNOVATIVE
More informationValue and Profitability Premiums Across Sectors
Professional Use RESEARCH MATTERS Namiko Saito, PhD Senior Researcher Dimensional Fund Advisors September 2018 Value and Profitability Premiums Across Sectors Investors can use information contained in
More informationGlobal Economic Indictors: CRB Raw Industrials & Global Economy
Global Economic Indictors: & Global Economy December 14, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box
More informationConstructing Investor Benchmarks for Responsible Investors
Constructing Investor Benchmarks for Responsible Investors JULIA KOCHETYGOVA Senior Director, Product Management RI Asia Conference Tokyo. March 6, 2014 For Financial Professionals. Not for Public Distribution.
More informationDurban: Deferring tough decisions on climate
Durban: Deferring tough decisions on climate Narrow agreement reached at global climate talks in Durban An agreement to discuss an agreement With the expiration of the Kyoto Protocol looming in 2012, negotiations
More informationDFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014
DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds.
More informationHOW TO BE MORE OPPORTUNISTIC
HOW TO BE MORE OPPORTUNISTIC HOW TO BE MORE OPPORTUNISTIC Page 2 Over the last decade, institutional investors across much of the developed world have gradually reduced their exposure to equity markets.
More informationTEACHERS RETIREMENT BOARD. INVESTMENT COMMITTEE Item Number: 11
TEACHERS RETIREMENT BOARD INVESTMENT COMMITTEE Item Number: 11 SUBJECT: Special Mandate Low Carbon Strategies CONSENT: ATTACHMENT(S): 2 ACTION: X DATE OF MEETING: / 20 mins. INFORMATION: PRESENTER(S):
More informationUS Economic Indicators: Import Prices, PPI, & CPI
US Economic Indicators: Import Prices, PPI, & CPI December 1, 17 Dr. Edward Yardeni 51-97-73 eyardeni@ Debbie Johnson --1333 djohnson@ Please visit our sites at blog. thinking outside the box Table Of
More informationDerivatives Analysis and Structured Products Ideas
Ucap Hong Kong Asset Management Limited Derivatives Analysis and Structured Products Ideas 28 th August 2018 10Y Rates - Global Market Parameters Volatility: Skew Overview Volatility: Global Overview Volatility
More informationMarket Correlations: CRB Raw Industrials Spot Price Index
Market Correlations: Spot Price Index December 15, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 480-664-1333 djohnson@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www.
More informationInvestment Strategies for Reducing Carbon Exposure
Investment Strategies for Reducing Carbon Exposure Chris Gauthier, CFA Stonehearth Capital Management Chief Investment Officer 2018 WHY DIVEST OR REDUCE FOSSIL FUELS IN YOUR PORTFOLIO? Align your investments
More informationFocusing on hedge fund volatility
FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION Focusing on hedge fund volatility Keeping alpha with the beta November 2016 IN BRIEF Our
More informationConsulting Group Perspectives October Michael Deo, CFA Analyst
Consulting Group Perspectives October 2017 Why ESG Investing Makes Sense Environmental, social and governance strategies allow investors to incorporate their principles into portfolios without sacrificing
More information2014 CORPORATE GOVERNANCE & RESPONSIBLE INVESTMENT REPORT VOTING & ENGAGEMENT STATISTICS
2014 CORPORATE GOVERNANCE & RESPONSIBLE INVESTMENT REPORT VOTING & ENGAGEMENT STATISTICS This report provides an overview of BlackRock s global approach to Corporate Governance and Responsible Investment
More informationA green China what you need to know by Ken Hu
A green China what you need to know by Ken Hu January 2018 Going green has emerged as a key component of China s current growth plans as the country sets its sights on addressing pollution concerns and
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2015
DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q2 2017
DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2018
DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q4 2017
DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationMSCI ESG FUND METRICS METHODOLOGY
MSCI ESG FUND METRICS METHODOLOGY MSCI ESG FUND METRICS METHODOLOGY. Executive Summary May 2017 CONTENTS 1 Executive Summary... 3 1.1 MSCI S Approach To Fund Metrics... 3 1.2 MSCI ESG Fund Metrics Features...
More informationTARGET DATE FUNDS: LOOK LONG AND HARD
MFS White Capability Paper Series Focus Month July 2017 2012 Authors TARGET DATE FUNDS: LOOK LONG AND HARD Ryan Mullen MFS Senior Managing Director, Head of Defined Contribution Investments Peter A. Delaney,
More informationIFC / CWDI 2010 Report: Accelerating Board Diversity
IFC / CWDI 2010 Report: Accelerating Board Diversity Comparative Percentages of Women Directors -- Europe Country # of in Survey Percentage of with Women Directors Percent of Women Directors Norway 517
More informationBLACKROCK GLOBAL ETP LANDSCAPE
BLACKROCK GLOBAL ETP LANDSCAPE SEPTEMBER The opinions expressed are as of September 30th and may change as subsequent conditions vary. Summary BlackRock ETP Research A cross-regional team analyzing global
More informationUS Rates Outlook: The Fed s Third Mandate
US Rates Outlook: The Fed s Third Mandate April 2016 Gennadiy Goldberg US Rates Strategist gennadiy.goldberg@tdsecurities.com 1 (212) 827-7180 Lopsided employment picture rapidly improving 2 Wage inflation:
More informationAN INVESTMENT FRAMEWORK FOR SUSTAINABLE GROWTH CAPTURING A BROADER SET OF RISKS AND OPPORTUNITIES INTEGRATING ESG AND SUSTAINABILITY THEMES
AN INVESTMENT FRAMEWORK FOR SUSTAINABLE GROWTH CAPTURING A BROADER SET OF RISKS AND OPPORTUNITIES INTEGRATING ESG AND SUSTAINABILITY THEMES If the rate of change on the outside of an organisation exceeds
More informationMarket Correlations: Expected Inflation in TIPS
Market Correlations: in TIPS April, 8 Dr. Edward Yardeni 56-97-768 eyardeni@ Joe Abbott 7-497-56 jabbott@ Mali Quintana 48-664- aquintana@ Please visit our sites at www. blog. thinking outside the box
More informationMarket Correlations: Brent Crude Oil
Market Correlations: Brent Crude Oil March 6, 2018 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 480-664-1333 djohnson@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at blog.
More informationTempleton Asian Growth ex Japan. Equity Composite
Templeton Asian Equity Product Profile Product Details Strategy Assets $4,835,954,296.20 Inception Date 31/12/2001 Base Currency USD Investment Style Overview Templeton s interest and research in emerging
More informationSolvency II & Absolute Return Investing
Solvency II & Absolute Return Investing May 2018 This document is for investment professionals only and should not be distributed to or relied upon by retail clients. It is only intended for use in jurisdictions
More informationESG AND RESPONSIBLE INVESTMENT PHILOSOPHY
ESG AND RESPONSIBLE INVESTMENT PHILOSOPHY February 2017 AMP CAPITAL ESG AND RESPONSIBLE INVESTMENT PHILOSOPHY 1 AMP Capital is one of Asia Pacific s largest investment managers. We have a single goal in
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing February 7, 1 Dr. Edward Yardeni 1-97-73 eyardeni@ Mali Quintana --1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 3 3 Figure 1. S&P
More informationETFs: Asian Institutions Broaden Applications
Q1 Month 20172015 Cover Headline Here (Title Case) ETFs: Asian Institutions Broaden Applications Cover subhead here (sentence case) CONTENTS 3 Executive Summary 4 New Users, Bigger Allocations 6 The ETF
More informationFTSE All-World ex Coal Index Series
FTSE Russell Factsheet FTSE All-World ex Coal Index Series Data as at: 29 March 2019 bmktitle1 Market participants are increasingly looking to manage carbon exposure in their investments, and reduce write-off
More informationMarket Briefing: Global Markets
Market Briefing: Global Markets July 6, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at blog. thinking outside the box Table Of Contents Table
More informationSolving for Fixed Income
MARKET INSIGHTS Solving for Fixed Income Using Market Insights to achieve better outcomes Q4 2016 SINCE 2004, J.P. MORGAN HAS PRODUCED MARKET INSIGHTS TO HELP INDIVIDUAL INVESTORS UNDERSTAND AND MAKE THEIR
More informationGlobal Property & REIT Quantitative Analysis
Global Property & REIT Quantitative Analysis 4th Quarter 2012 2n S&P Dow Jones Indices Quantitative Analysis Global Property & REIT Page 1 Contents S&P Global Property & REIT 3 S&P Developed Property &
More informationDJSI Diversified Family
DJSI Family RobecoSAM DJSI Family 05/2013 RobecoSAM AG www.sustainability-indices.com www.robecosam.com Investment Rationale The Dow Jones Sustainability Indices (DJSI ) family is an investment solution
More informationUsing Market Insights to discuss Principles of successful long-term investing
Using Market Insights to discuss Principles of successful long-term investing Nandini Ramakrishnan Learning objectives Describe the principles of successful long-term investing Give examples of time tested
More informationChecking the Transmission
Fundamental Equity 2nd Quarter 2017 Global Equity Outlook Checking the Transmission Last quarter, we shared our view that the change in the US administration could lead to progrowth policies with significant
More informationChart 2: Fixed Asset Investment (FAI) Year-over-year % change, 3MMA. Chart 1: China Real GDP Growth 12% QoQ Annualized 70% 10% Infrastructure 50%
Chart 1: China Real GDP Growth 12% 1 YoY QoQ Annualized 8% 6% 4% 2% 1Q11 1Q12 1Q13 1Q14 Source: NBS, FactSet J.P. Morgan Asset Management. Chart 2: Fixed Asset Investment (FAI) Year-over-year % change,
More informationUnderstanding collective investment trusts
Jed Petty, CFA Director of DC Strategies Understanding collective investment trusts Brendan MacKenzie, CFA Business Development Manager Matt McMenamy Business Development Manager About the authors As members
More informationMarket Correlation: Emerging Markets MSCI
Market Correlation: MSCI March 2, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside
More informationAn Analysis of Risk and Return in Fossil Fuel Free Investing
An Analysis of Risk and Return in Fossil Fuel Free Investing Boston Carbon Risk Forum Cambridge, MA September 29, 2014 Leading Brands Worldwide MSCI products include the MSCI Global Equity Indexes, MSCI
More informationENVIRONMENTAL, SOCIAL AND GOVERNANCE RISK ANALYSIS SOLUTIONS
ENVIRONMENTAL, SOCIAL AND GOVERNANCE RISK ANALYSIS SOLUTIONS By the first and only global custodian to become a Signatory of the UN Principles for Responsible Investment TREVOR ALLEN LUGANO, 20/11/2017
More informationGoldman Sachs Asset Management s ( GSAM ) Disclosures Regarding its Compliance with the Principles of The UK Stewardship Code
Goldman Sachs Asset Management s ( GSAM ) Disclosures Regarding its Compliance with the Principles of The UK Stewardship Code Principle 1 Institutional investors should publicly disclose their policy on
More informationMarket Briefing: News Events & Key Markets
Market Briefing: News Events & Key Markets August 5, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 480-664-1333 djohnson@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at
More informationInvestment Opportunities in Global Fixed Income Markets
Investment Opportunities in Global Fixed Income Markets GSAM Insurance Fixed Income May 217 GSAM Insurance Asset Management Key Themes for 217 Economic Backdrop End of the Distortion Monetary to Fiscal
More informationEnvironmental, Social and Governance Issuer Advisory Solutions SUPPORTING GLOBAL ISSUERS TO IDENTIFY AND MEET THE NEEDS OF LONG-TERM INVESTMENT
Environmental, Social and Governance Issuer Advisory Solutions SUPPORTING GLOBAL ISSUERS TO IDENTIFY AND MEET THE NEEDS OF LONG-TERM INVESTMENT Helping You Meet the Demands of an Evolving Landscape $21.4
More informationUcap Hong Kong Asset Management Limited. Weekly Equity Review. 25 th September 2018
Ucap Hong Kong Asset Management Limited Weekly Equity Review 25 th September 2018 Equity Highlights Investment Recommendations Global Leaders Global Leaders Current List Next-Gen Leaders Japanese Global
More informationQEMM SPDR MSCI Emerging Markets StrategicFactors ETF
SPDR MSCI Emerging Markets StrategicFactors ETF ETF.com segment: Equity: Emerging Markets - Total Market Competing ETFs: GEM, FEM, FLQE, MFEM, EMGF Related ETF Channels: Emerging Markets, Multi-factor,
More informationGlobal Themes and Risks
The Goldman Sachs Group, Inc. Goldman Sachs Research Global Themes and Risks April 2013 Abby Joseph Cohen, CFA Goldman, Sachs & Co. 1-212-902-4095 abby.cohen@gs.com Rachel Siu Goldman, Sachs & Co. 1-212-357-0493
More informationImportant Information
Important Information CDP is an independent not-for-profit organization that has been requesting information relating to carbon and climate change on behalf of investors since 2002. Thousands of organizations
More informationIXG ishares Global Financials ETF
ishares Global Financials ETF ETF.com segment: Equity: Global Financials Competing ETFs: DFNL Related ETF Channels: Broad-based, Vanilla, Global, Equity, Financials, Sectors Find more ETFs with our ETF
More informationSUSTAINABLE COMPANIES FOR A BETTER PORTFOLIO
SUSTAINABLE COMPANIES FOR A BETTER PORTFOLIO USING QUALITY AND ESG TO ENHANCE RETURNS By integrating environmental, social and governance (ESG) factors into their portfolios, investors are increasingly
More informationHartford Multifactor Low Volatility Index Methodologies
Hartford Multifactor Low Volatility Index Methodologies Hartford Multifactor Low Volatility International Equity Index Hartford Multifactor Low Volatility US Equity Index LLVINX LLVUSX Version 1.1 dated
More informationEquity Execution Strategies. Issue 35 October 16, When the going gets tough, the algos get going
Equity Execution Strategies Issue 5 October 6, 8 Mark Gurliacci mark.gurliacci@gs.com NY: -57-58 David Jeria david.jeria@gs.com NY: 7--6886 George Sofianos george.sofianos@gs.com NY: --57 Related analysis:
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing February 12, 219 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at blog. thinking outside the box 25 Figure
More information