ESG/SRI MYTH & REALITY
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1 Justin Reynolds ESG/SRI MYTH & REALITY
2 METHODOLOGY Defining an SRI Investment has always been a challenge. Wind turbine manufacturers are an obvious fit for SRI portfolios, but what about financial firms that take pains to limit waste and contribute little to CO2 emissions? A number of SRI research firms provide detailed screening systems to investors. Ipreo research has identified over 500 funds globally that are specifically dedicated to SRI investment strategies. Few of these funds are limited to pursuing green investments only (such as sustainable energy companies), and instead use a variety of screens to identify companies meeting their requirements. Ipreo s quarterly SRI Leaders Index gives a view across the space, including the companies most widely held by SRI investors, companies with the largest percentage of shares held by SRI funds, the largest SRI funds, and investment firms devoting significant capital to SRI funds. SRI funds are defined as funds that utilise environmental, social, or corporate governance data at any point in its investment process. In order to determine which funds and institutions utilise this data in their overall investment strategy, we focus on fund prospectuses and pay particular attention to signatories of organizations dedicated to responsible investing including UNPRI, CDP, USSIF, EuroSIF, INCR, GIIN, etc. Ipreo has 4 categories within SRI Religious SRI (Environmental) SRI (Social) SRI (Governance) 2
3 TOP HOLDERS, BUYERS AND SELLERS Q ASIAN US LISTED Top Buyers Country Style Turnover Equity Assets ($M) Value ($M) Change ($M) % Portfolio % Portfolio Chg Impax Asset Management, LTD United Kingdom SpecialtyMedium 2, Pax World Management, LLC United States GARP Medium 1, Scottish Widows Investment Partnership, LTD United Kingdom Value Low 80, Bank J. Safra Sarasin AG Switzerland Growth Medium 4, Arcane Capital Advisors Pte., LTD Singapore Growth High Calvert Investment Management, Inc. United States Value Medium Pioneer Investment Management, LTD (Ireland Ireland Growth Medium 9, Tradewinds Global Investors, LLC United States Deep ValHigh 3, Westwood Management Corporation (Texas) United States Yield Medium 11, Cathay Securities Investment Trust Company, LTaiwan Growth Low 8, Top Holders Country Style Turnover Equity Assets ($M) Value ($M) Change ($M) % Portfolio % Portfolio Chg Saturna Capital Corporation United States Value Low 3, Guggenheim Funds Investment Advisors, LLC United States GARP High 4, Aberdeen Asset Managers, LTD (U.K.) United Kingdom Growth Low 105, BlackRock Investment Management (U.K.), LTD United Kingdom Growth Low 332, Dimensional Fund Advisors, L.P. (U.S.) United States Value Low 215, Pax World Management, LLC United States GARP Medium 1, Wellington Management Company, LLP United States Value Medium 351, Calvert Investment Management, Inc. United States Value Medium Storebrand Kapitalforvaltning AS Norway Value Low 8, Impax Asset Management, LTD United Kingdom SpecialtyMedium 2, Top Sellers Country Style Turnover Equity Assets ($M) Value ($M) Change ($M) % Portfolio % Portfolio Chg Premier Fund Managers, LTD United Kingdom Growth Medium 2, Saturna Capital Corporation United States Value Low 3, Beutel Goodman & Company, LTD Canada Value Low 14, Ökoworld Lux S.A. Luxembourg Growth High Pekin Singer Strauss Asset Management United States Value Medium Lyxor Asset Management S.A. France Index High 43, UBS Global Asset Management (Japan), LTD Japan Value Medium Kleinwort Benson Investors Dublin, LTD Ireland Growth Medium 2, KBC Fund Management, LTD Ireland Growth High 3, Guggenheim Funds Investment Advisors, LLC United States GARP High 4,
4 TOP HOLDERS, BUYERS AND SELLERS Q HONG KONG Top Buyers Country Style Turnover Equity Assets ($M) Value ($M) Change ($M) % Portfolio % Portfolio Chg Impax Asset Management, LTD United Kingdom SpecialtyMedium 2, Value Partners, LTD Hong Kong GARP Medium 5, Bank J. Safra Sarasin AG Switzerland Growth Medium 4, Ecofin, LTD United Kingdom AlternatiHigh Aberdeen Asset Managers, LTD (U.K.) United Kingdom Growth Low 105, Thames River Capital, LLP United Kingdom Growth Low 2, Öhman Fonder AB Sweden Growth Low 1, SEB Investment Management AB Sweden Value Medium 21, Dexia Asset Management (Belgium) Belgium Growth Medium 9, Bank Vontobel AG (Asset Management) Switzerland Growth Medium 4, Top Holders Country Style Turnover Equity Assets ($M) Value ($M) Change ($M) % Portfolio % Portfolio Chg Impax Asset Management, LTD United Kingdom SpecialtyMedium 2, Storebrand Kapitalforvaltning AS Norway Value Low 8, Pictet Asset Management S.A. Switzerland GARP Low 49, Value Partners, LTD Hong Kong GARP Medium 5, Dimensional Fund Advisors, L.P. (U.S.) United States Value Low 215, Guggenheim Funds Investment Advisors, LLC United States GARP High 4, TIAA-CREF Investment Management United States Index Low 231, Pioneer Investment Management, LTD (Ireland Ireland Growth Medium 9, Bank Vontobel AG (Asset Management) Switzerland Growth Medium 4, RobecoSAM AG Switzerland Growth High 2, Top Sellers Country Style Turnover Equity Assets ($M) Value ($M) Change ($M) % Portfolio % Portfolio Chg Sumitomo Mitsui Trust Asset Management ComJapan Growth Low 63, RobecoSAM AG Switzerland Growth High 2, Pictet Asset Management S.A. Switzerland GARP Low 49, Deutsche Asset Management (Japan), LTD Japan Growth Very High Allianz Global Investors (Taiwan), LTD Taiwan Growth High 1, Daiwa Asset Management (H.K.), LTD Hong Kong Growth Low Tareno AG Switzerland SpecialtyMedium KBC Fund Management, LTD Ireland Growth High 3, Nomura Asset Management Company, LTD Japan Growth Low 67, Ökoworld Lux S.A. Luxembourg Growth High
5 TOP HOLDERS, BUYERS AND SELLERS Q TAIWAN Top Buyers Country Style Turnover Equity Assets ($M) Value ($M) Change ($M) % Portfolio % Portfolio Chg Allianz Global Investors (Taiwan), LTD Taiwan Growth High 1, RobecoSAM AG Switzerland Growth High 2, First State Investments International, LTD United Kingdom Growth Medium 26, DNB Asset Management (Asia), LTD Hong Kong Growth High Aberdeen Asset Managers, LTD (U.K.) United Kingdom Growth Low 105, Dexia Asset Management (Belgium) Belgium Growth Medium 9, Bank Vontobel AG (Asset Management) Switzerland Growth Medium 4, Schroder Investment Management, LTD United Kingdom GARP Medium 94, Value Partners, LTD Hong Kong GARP Medium 5, Dimensional Fund Advisors, L.P. (U.S.) United States Value Low 215, Top Holders Country Style Turnover Equity Assets ($M) Value ($M) Change ($M) % Portfolio % Portfolio Chg Dimensional Fund Advisors, L.P. (U.S.) United States Value Low 215, First State Investments International, LTD United Kingdom Growth Medium 26, Storebrand Kapitalforvaltning AS Norway Value Low 8, RobecoSAM AG Switzerland Growth High 2, Impax Asset Management, LTD United Kingdom SpecialtyMedium 2, SEB Investment Management AB Sweden Value Medium 21, Credit Suisse AG (Asset Management) Switzerland Value Low 70, Aberdeen Asset Managers, LTD (U.K.) United Kingdom Growth Low 105, DNB Asset Management (Asia), LTD Hong Kong Growth High Allianz Global Investors (Taiwan), LTD Taiwan Growth High 1, Top Sellers Country Style Turnover Equity Assets ($M) Value ($M) Change ($M) % Portfolio % Portfolio Chg Impax Asset Management, LTD United Kingdom SpecialtyMedium 2, Deutsche Asset Management (Japan), LTD Japan Growth Very High Deka Investment GmbH Germany Value Low 28, Jih Sun Securities Investment Trust Enterprise CTaiwan Growth Very High Deutsche Asset & Wealth Management InvestmGermany Value High 53, BNP Paribas TCB Asset Management Company, Taiwan Growth Very High DIAM Company, LTD Japan Growth Low 15, BI Asset Management Fondsmæglerselskab A/SDenmark Growth Medium 4, AMP Capital Investors (New Zealand), LTD New Zealand Growth Low 1, Wellington Management Company, LLP United States Value Medium 351,
6 TOP HOLDERS, BUYERS AND SELLERS Q KOREA Top Buyers Country Style Turnover Equity Assets ($M) Value ($M) Change ($M) % Portfolio % Portfolio Chg Hunter Hall Investment Management, LTD Australia GARP Medium Deutsche Asset Management (Japan), LTD Japan Growth Very High NH-CA Asset Management South Korea Value Medium 1, Bank J. Safra Sarasin AG Switzerland Growth Medium 4, Impax Asset Management, LTD United Kingdom SpecialtyMedium 2, Value Partners, LTD Hong Kong GARP Medium 5, SEB Investment Management AB Sweden Value Medium 21, Dexia Asset Management (Belgium) Belgium Growth Medium 9, Hermes Investment Management, LTD United Kingdom GARP Medium 4, Deutsche Asset & Wealth Management InvestmGermany Value High 53, Top Holders Country Style Turnover Equity Assets ($M) Value ($M) Change ($M) % Portfolio % Portfolio Chg Storebrand Kapitalforvaltning AS Norway Value Low 8, Dimensional Fund Advisors, L.P. (U.S.) United States Value Low 215, First State Investments International, LTD United Kingdom Growth Medium 26, Pictet Asset Management S.A. Switzerland GARP Low 49, RobecoSAM AG Switzerland Growth High 2, Impax Asset Management, LTD United Kingdom SpecialtyMedium 2, NH-CA Asset Management South Korea Value Medium 1, DNB Asset Management (Asia), LTD Hong Kong Growth High SEB Investment Management AB Sweden Value Medium 21, Goldman Sachs Asset Management (Korea), LTDSouth Korea Value High Top Sellers Country Style Turnover Equity Assets ($M) Value ($M) Change ($M) % Portfolio % Portfolio Chg Pictet Asset Management S.A. Switzerland GARP Low 49, RobecoSAM AG Switzerland Growth High 2, Goldman Sachs Asset Management (Korea), LTDSouth Korea Value High MyAsset Investment Management Company, LTSouth Korea GARP Very High Deutsche Asset Management (Asia), LTD Singapore Growth High 1, First State Investments International, LTD United Kingdom Growth Medium 26, KBC Fund Management, LTD Ireland Growth High 3, Lazard Korea Asset Management Company, LTDSouth Korea Value High Thames River Capital, LLP United Kingdom Growth Low 2, BNP Paribas TCB Asset Management Company, Taiwan Growth Very High
7 IPREO SRI BUYS & SELLS Top Companies Bought by SRI Funds Company Ticker Issuer Country Exchange Issuer Micro Industry Name Investor ID Value ($) Value Change YTD % Held Carmat SAS ALCAR_EPA France Euronext-Paris Hospitals and Other Healthcare Facilities 3 209,735, ,777, Expeditors International of Washington, Inc. EXPD_NASD United States NASDAQ Global Market Delivery Services ,859, ,158, C.H. Robinson Worldwide, Inc. CHRW_NASD United States NASDAQ Global Market Railroads Freight ,486, ,146, Motorola Solutions, Inc. MSI_NYSE United States New York Stock Exchange Communications Equipment ,658, ,005, Swedbank AB SWED A_STO Sweden Stockholm Stock Exchange Banks 71 1,128,845, ,061, Newell Rubbermaid, Inc. NWL_NYSE United States New York Stock Exchange Home Furnishings and Fixtures ,752, ,456, Lonestar Resources Limited LNR_ASX Australia Australian Stock Exchange Oil and Gas Exploration and Production 1 77,714, ,714, Xylem, Inc. XYL_NYSE United States New York Stock Exchange Diversified Electrical Equipment ,549, ,561, Exxon Mobil Corporation XOM_NYSE United States New York Stock Exchange Diversified Oil and Gas 52 3,638,654, ,293, Bristow Group Inc. BRS_NYSE United States New York Stock Exchange Air Services ,431, ,280, Iron Mountain, Inc. IRM_NYSE United States New York Stock Exchange Business Support Services ,226, ,894, Roper Industries, Inc. ROP_NYSE United States New York Stock Exchange Industrial Equipment and Components ,844, ,737, GoerTek, Inc _SHE China Shenzen Communications Processing Equipment 3 61,621, ,809, Top Companies Sold by SRI Funds Company Ticker Issuer Country Exchange Issuer Micro Industry Name Investor ID Value ($) Value Change YTD % Held Gilead Sciences, Inc. GILD_NASD United States NASDAQ Global Market Biotechnology 95 1,008,924, ,984, The Charles Schwab Corporation SCHW_NYSE United States New York Stock Exchange Investment Companies ,049, ,993, Google, Inc. CL A GOOG_NASD United States NASDAQ Global Market Internet Software and Services 145 2,643,946, ,118, Teleflex, Inc. TFX_NYSE United States New York Stock Exchange Medical Instruments and Supplies ,973, ,850, Valeant Pharmaceuticals International, Inc. VRX_TSE Canada Toronto Stock Exchange Pharmaceuticals ,815, ,437, Industrial Bank Co., LTD _SHA China Shanghai Stock Exchange Banks 8 7,395, ,312, Life Technologies Corporation LIFE_NASD United States NASDAQ Global Market Medical Instruments and Supplies ,562, ,930, Accenture plc CL A ACN_NYSE Ireland New York Stock Exchange Technology Services ,075, ,964, Ecolab, Inc. ECL_NYSE United States New York Stock Exchange Soaps, Cleaning Supplies, and Cleaning Equi ,392, ,549, Glencore Xstrata plc GLEN_LON Switzerland London Stock Exchange Other Non-Ferrous Metals 37 1,818,907, ,378, Autoliv, Inc. ALV_NYSE Sweden New York Stock Exchange Car, Truck, and other Vehicle Parts ,310, ,575, PepsiCo, Inc. PEP_NYSE United States New York Stock Exchange Soft Drinks Manufacturers 116 1,582,203, ,289, China Everbright International Ltd 257_HKG Hong Kong Hong Kong Stock Exchange Waste Management ,435, ,267, Nike, Inc. CL B NKE_NYSE United States New York Stock Exchange Footwear ,773, ,752, Waste Management Holdings, Inc. WM_NYSE United States New York Stock Exchange Waste Management ,946, ,226,
8 YEAR ON YEAR CHANGES OF MONEY ALLOCATED TO SRI FUNDS Billions Asia Europe North America 8
9 GLOBAL YEAR ON YEAR SRI EUM DEVELOPMENT BY REGION 2007 APAC 1.02% 2010 APAC 2.88% Europe 22.26% North America 43.91% North America 76.72% Europe 53.20% 2013 APAC 0.75% Europe 41.37% North America 57.88% 9
10 GLOBAL YEAR ON YEAR SRI EUM DEVELOPMENT BY REGION Billions North America Europe APAC 10
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