SRI/ESG Trends and Developments
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1 SRI/ESG Trends and Developments Moody s Investors Service/Breckinridge Capital Advisors Henry Shilling, Moody s Investors Service Robert Fernandez, CFA, Breckinridge Capital Advisors November 18, 2015
2 Objectives Provide a primer on SRI/ESG trends and developments and a case study on the integration of ESG factors into fixed income investing strategies 1. SRI/ESG trends and developments 2. How Moody s Investors considers ESG risks in ratings, research and analysis 3. Green bonds update 4. Breckinridge Capital Advisors framework for integrating ESG risks within the fixed income sector Key areas of focus: SRI gains traction; mainstream investors taking stock of environmental, social and governance (ESG) factors in equity investing and beginning to focus on fixed income While market is still small and evolving, green bonds attract media attention and have the potential to gain momentum Breckinridge Capital Advisors integrates ESG factors into fixed income investing strategies: A case study SRI/ESG Trends and Developments/2
3 SRI/ESG TRENDS AND DEVELOPMENTS SRI/ESG Trends and Developments/3
4 Sustainable, responsible and impact (SRI) investing Exclusionary strategies: Alcohol, tobacco, firearms, gambling, sex related, nuclear power, fossil fuels, etc. Divestiture strategies: Apartheid, fossil fuels. Impact: (1) Intentionally seek to create financial return and positive social & environmental impact, (2) Ability to measure results. SUSTAINABLE INVESTING STRATEGIES ESG integration: (1) Factoring ESG risks and opportunities, (2) Evaluate alongside other metrics and considerations. Thematic investing: Emphasizing expectations for growth in ESG/sustainability related sectors. Shareholder advocacy/engagement: (1) Use of ownership clout to advocate for stronger ESG stewardship policies and practices, (2) Dialogue, proxy voting, shareholder resolutions. SRI/ESG Trends and Developments/4
5 How are ESG Factors Defined? Although there is not one clearly defined set of ESG factors, a number of different sources list similar sets of considerations or indicators. The significance of these factors will vary across different business lines and sectors. Factor Environmental Social Governance Considerations/indicators Renewable vs. nonrenewable energy, greenhouse gas emissions (GHG), water/ air/ chemical pollution, resource depletion, biodiversity loss, hazardous waste disposal Human rights, labor standards, supply chain management, worker diversity & equal opportunity, health & access to medicine, community outreach Anti-corruption, bribery, shareholder rights, board structure & diversity, executive compensation & benefits, board leadership & independence, audit independence Source: United Nations Principles for Responsible Investing, European Union, CFA Institute SRI/ESG Trends and Developments/5
6 SRI investing drivers/trends SRI Worldwide Assets = $21 trillion High number, but trend is clear. $13.2 trillion in 2012, up 61%. SRI US assets = $6.6 trillion, up $2.9 trillion since 2012 or 76%. Worldwide SRI Assets US SRI Assets $ trillions; Source: 2014 Sustainable Investment Review SRI/ESG Trends and Developments/6
7 Worldwide SRI investments by strategy type SRI/ESG Trends and Developments/7
8 Key drivers/considerations Elevated sensitivities to climate risks Climate change poses a huge risk to global stability. The challenges currently posed by climate change pale in significance compared with what might come. The farsighted amongst you are anticipating broader global impacts on property, migration and political stability, as well as food and water security. SRI/ESG investing trends PRI signatories Source: Mark Carney Speech September 29, 2015 The U.S. faces significant and diverse economic risks from climate change. The signature effects of human-induced climate change rising seas, increased damage from storm surge, more frequent bouts of extreme heat all have specific, measurable impacts on our nation's current assets and ongoing economic activity. Source: Risky Business July 2015 Legg Mason s Chief Financial Officer Pete Nachtwey: 14% of the total assets of its various affiliate firms are now invested in ESG/socially responsible investment strategies or just over $80bn. The share of ESG assets under management has been steadily growing at Legg Mason over the past few years, from 13% in 2014 and 9.9% in Source: Legg Mason CSR 2015 SRI/ESG Trends and Developments/8
9 SRI drivers/trends Climate change/global warming/social concerns Social media Public pension funds Millennials COP21 NGO initiatives PRI Principles Academic Research Rules, regulations and clarifications Financial crisis Integrated reporting/csr reporting/sasb ESG ratings SRI/ESG Trends and Developments/9
10 SRI mutual funds and ETFs SRI Mutual Funds and ETFs SRI mutual funds and ETFs have attracted almost $90 billion in assets as of December 31, Of this sum, $86 billion is accounted for by mutual fund assets, or 0.6% of total long term mutual fund assets under management. Observation: In contrast to overall reported SRI growth numbers, SRI index mutual funds and ETFs net assets have not changed much in the last year or two. SRI Index Funds and ETFs 44 SRI type index funds and ETFs are offered in the US as of 12/31/2014. These have attracted some $7 billion in assets under management. The top 5 funds account for $3.2 billion or 46% of assets. Total Net Assets ($ Fund/ETF billions) Vanguard FTSE Social Index Inv. PowerShares Water Resources ETF Vanguard FTSE Social Index I ishares MSCI KLD 400 Social Guggenheim S&P Global Water ETF SRI/ESG Trends and Developments/10
11 MOODY S on ESG Risks in Credit Ratings SRI/ESG Trends and Developments/11
12 How does Moody s incorporate ESG risks into long-term credit ratings? Our ratings and research of issuers and sectors consider ESG risks with material credit implications Captured when ESG risks are likely to affect the probability of default and recoveries. Our research highlights ESG issues that we view as material to the outlook for a given sector or industry Recent examples: Risk of carbon reduction policies on non-financial corporates, including utilities, drought risks in California, India and São Paulo, and global anti-bribery and corruption efforts. We reflect ESG considerations in our holistic assessment of credit risk for rated entities ESG considerations are explicitly scored factors in some rating methodologies. In most sectors, however, ESG risks are captured in other factors business profile and financial strength. ESG considerations are rarely the main driver of credit outcomes Broader rating factors, such as financial strength of a given issuer will typically form a more important part of the credit assessment. SRI/ESG Trends and Developments/12
13 GREEN BONDS UPDATE SRI/ESG Trends and Developments/13
14 Background on the Green Bond Market Green Bond Issuance Volume Per Year $36.6B +73% $0.8B $0.4B $0.9B $4.0B $1.2B $3.1B $11.0B $7.3B % % % # of Deals: % % % % Q CRA Coverage of Green Bond Market 2014 Second Opinion Coverage 2014 Breakdown of Volume by Issuer Type 12% 5% 5% 5% 91% 93% 68% 14% 69% 13% 33% 44% MIS S&P Fitc h CICERO Vigeo DNV Other Bank Muni Supranational ABS Corporate SRI/ESG Trends and Developments/14
15 Green Bond Investors Corporate issued Green Bond Investors as of 1H2014 ABS issued Green Bond Investors, Toyota % ABS issued Green Bond Investors, Solar City 2013» Some others include: State Street Global Advisors, TIAA-CREF, CalSTRS, AP4, Mirova, Everance, Bank of America Merrill Lynch, and ACTIAM. Clean Energy Investors as of 1H2014 Development Bank issued Green Bond Investors, World Bank 2013» Municipality issued green bond investors include but not limited to: Barclays, Trillium, and State of California. Source: Bloomberg New Energy Finance, Bloomberg Terminal. SRI/ESG Trends and Developments/15
16 2015 Moody s Corporation, Moody s Investors Service, Inc., Moody s Analytics, Inc. and/or their licensors and affiliates (collectively, MOODY S ). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES ( MIS ) ARE MOODY S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY S ( MOODY S PUBLICATIONS ) MAY INCLUDE MOODY S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. 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To the extent permitted by law, MOODY S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY S IN ANY FORM OR MANNER WHATSOEVER. 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It would be dangerous for retail clients to make any investment decision based on MOODY S credit rating. If in doubt you should contact your financial or other professional adviser. For Japan only: Moody's Japan K.K. ( MJKK ) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody s SF Japan K.K. ( MSFJ ) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ( NRSRO ). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. SRI/ESG Trends and Developments/16
17 Breckinridge Capital Advisors Overview Robert Fernandez, CFA Director of ESG Research The Firm Founded in 1993 Offices in Boston (headquarters) and San Diego Independently owned Registered Investment Advisor High-grade fixed income strategies The Team 54 Employees as of 10/19/15 24 Investment Professionals 7 Portfolio Managers (PM), 4 Traders, 13 Member Credit Research Team Assets and Clients $22.5 Billion AUM as of 9/30/15 Tax-Efficient, Government Credit and Sustainable Strategies Breckinridge Capital Advisors 1
18 Investment Philosophy Striking the Right Balance Between Managing Risk and Pursuing Returns Grounded in our mandate to preserve capital, Breckinridge seeks to incrementally improve risk-adjusted returns with rigorous bottom-up credit research, opportunistic trading and the seasoned judgement of our portfolio management team. Breckinridge Capital Advisors 2
19 Breckinridge: ESG Integration in Fixed Income ESG Integration Why Risk Mitigation Better understanding of our borrowers Longer-term horizon PRI Commitment How Internal Frameworks Proprietary Scores & Ratings Leverage Technology Corporates Informed by MSCI & other leading ESG researchers Analyze reputation & governance risk Examine Bloomberg ESG data for trends Evaluate CSR quality Municipals Sector based Informed by STAR Communities, CERES & AASHE Analyze data from US Census, FBI, EPA & others Evaluate sustainability initiatives Breckinridge Capital Advisors 3
20 Corporate: ESG Research Approach Category Indicator Key Issues Weighting Environmental Sustainalytics Research MSCI IVA Bloomberg Newsweek Green Rankings Subjective Assessment Environmental Liabilities Carbon Emissions Waste Management 30% Social Governance Sustainalytics Research MSCI IVA Bloomberg UN Global Compact Subjective Assessment Sustainalytics Research MSCI IVA Bloomberg Subjective Assessment Labor Management Human Capital Issues Supply Chain Management Transparency Board Independence Compensation Analysis 30% 30% S1-S4 Reputation Ethisphere Corporate Equality Index Carbon Disclosure Project (CDP) Sustainalytics Controversy Score MSCI ESG Impact Monitor Brand Management Stakeholder Assessment Legal/Regulatory Risk 10% *Examples are for illustrative purposes only and data shown represents a sample of factors considered. Breckinridge Capital Advisors 4
21 Municipal: ESG Research Approach Category Sample Indicator City & County Environmental Air Quality Long-Term Planning Qualitative Assessment School District Higher Education Community College Water and Sewer Public Utility Social Governance Population Change GINI (Income Distribution) Qualitative Assessment Degree of Disclosure Executive Governance Qualitative Assessment S1-S4 Hospital State Economy Employment Sector Diversity Trend in Median Income Qualitative Assessment *Examples are for illustrative purposes only and data shown represents a sample of factors considered. Breckinridge Capital Advisors 5
22 ESG Security Selection Universe Investment grade corporates, municipals, governments and supranationals Credit Approved List Fundamental analysis identifies issuers with credit and structural characteristics consistent with providing income and capital preservation ESG Approved List ESG analysis identifies issuers with above average ESG profiles and municipal bonds that fund essential purposes Portfolio The portfolio is constructed of bonds which have strong credit profiles, well-managed ESG risks, potentially, an impactful or mission-aligned use of proceeds, all while retaining good investment value. Breckinridge Capital Advisors 6
23 Green Bond Market Update Issuance in 2015 Likely to Surpass Corps & Local Governments Driving Growth (Annual Green Bond Issuance by Issuer Type) US$ billion (bars) No of issues (line) US $ Equivalent (Billions) * Energy/Utililty Companies Corporate/Banks Other Govt / Agency / Local Government Sovereign (KfW) Multilateral Development Banks (MDB) Source: Bloomberg, World Bank and public sources Source: Bloomberg, World Bank and public sources 1. Moody s Approach to Assessing ESG Risks in Ratings and Research, September 8, Breckinridge Capital Advisors 7
24 Breckinridge s ESG Solution Additive to our research process Aims to improve risk-adjusted return Separate Account Competitive fees Customized mandates available Breckinridge Capital Advisors 8
25 Disclaimer The material in this presentation is prepared for our clients and other interested parties and contains the opinions of Breckinridge Capital Advisors. Nothing in this document should be construed or relied upon as legal or financial advice. An investor should consult with an investment professional before making any investment decisions. Factual information is believed to be accurate, taken directly from sources believed to be reliable, such as the US government, official financial reports, academic articles, and official trade organizations. However, none of the information should be relied on without independent verification. Breckinridge Capital Advisors 9
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