hongkongzh
Embracing the sustainability revolution in the world of investing

Embracing the sustainability revolution in the world of investing

09-05-2022 | 投資觀點

What does the deep shift to sustainability mean for asset owners and asset managers? Victor Verberk tackles the question in his opening address at the Top1000 Funds conference. This is an extract from his speech.

  • Victor  Verberk
    Victor
    Verberk
    CIO Fixed Income and Sustainability

Speed read

  • Sustainable investing is developing rapidly across the entire investment industry
  • Climate, biodiversity and human rights are some of the central issues in Robeco’s strategy
  • Investors now focusing on improved societal well-being in addition to risk-adjusted returns

Change has always been a feature of investments. But my sense is that we are currently in the process of a deep shift in how the industry operates. Although sustainable investing is not new – we at Robeco have been doing it for more than a quarter of a century – the phenomenon is now developing rapidly and is being embedded across the entire industry, globally.

A growing number of investors and asset owners now have a strong focus on critical topics such as climate, biodiversity and human rights. These issues are central in Robeco’s strategy. They align with our objectives as an investor seeking risk-adjusted returns, and at the same time they contribute to improved well-being in society. We call this double materiality.

To illustrate these points, consider the key themes of climate and decarbonization – and their implications for investing.

透過電郵月報緊貼可持續投資的最新發展
訂閱

Practical steps towards net zero

Many asset owners and asset managers have made the commitment to net zero and we’re now at the very practical stage of working out what this means for how we make our investment decisions, how we look at stocks and bonds, the type of people we should employ, and what data and toolkits we need.

To be frank, none of us knows what the exact route will be to get to net zero. We only know the direction. This uncertainty has some key implications for investors. It means we need to get comfortable with operating with unknowns, and with imperfect foresight. Further, more than ever, we need to trust our specialists to keep a close eye on what the science and the data tell us about climate. In Robeco's case, our climate strategist, climate specialist and SI research team support this process.

It also means we need to work hard to gain more data – data that is forward-looking rather than backward-looking and stale; and data that is reliable and not estimated. Gathering the right data will require a huge commitment – both intellectually and financially. It means we need to invest in IT resources, tooling and SI specialists. To this end, we have expanded our SI Center of Expertise, which works in close collaboration with our investment teams and members of the wider Robeco organization. The Center of Expertise includes an SI data strategist and a team of data specialists who scrutinize the SI data, methodologies and perform deep-dive statistical checks to ensure data quality.

In terms of Robeco contributing to the move to net zero, we have identified six key actions, with the aim of decarbonizing our activities, accelerating the transition and promoting climate-aligned investing.

Within this framework of actions, Robeco will follow a trajectory of decarbonizing credit and equity portfolios by 7% year on year, to align our investments with the goals of the Paris Agreement. We have developed software and tooling that allows every portfolio manager to track the carbon footprint of their portfolio and of each holding, and to assess how their portfolio decarbonizes over time. We also aim to be net zero in our operations by 2050.

How will we do this? We need to employ all the tools at our disposal, and we need to collaborate. Active ownership is a prime tool for us in ensuring that the companies in our portfolios reduce their emissions. This will require a multi-pronged approach that targets all the relevant stakeholders. We therefore also call on governments to fulfil their role in this. We collaborate with clients, peers and other relevant stakeholders, and where needed we apply pressure. This year we sent over 130 letters to the CEOs of the largest emitting companies in our investment universe, and we will be voting against the relevant directors of more than 300 companies for their lack of climate action.

The role of carbon markets

Another important consideration as we follow a decarbonization pathway is the role of carbon markets and carbon offsetting. While we are well aware of the risks in carbon markets, they are an essential component of a future net-zero economy. There will be residual emissions in industries like cement and chemicals, so by definition we need negative-emission technologies and carbon offsets. Estimates show that the use of carbon markets, whether through free market forces or using mandates, could halve the costs of implementing the Paris Agreement.

Here, too, Robeco is hard at work, and intends to provide guidance to clients on the use of carbon credits in net-zero strategies. We will also monitor the development of carbon credits as an asset class and will innovate with carbon-neutral product offerings.

Climate investing comes down to careful stock picking

For seasoned investors, sustainable investing is an exciting world. In this, the most important aspect is to assess which part of climate change is priced by markets.

For example, in the case of the EU Green Deal, which entails plans to introduce import tariffs and carbon policies over time, markets are starting to price these developments. This means there will be winners and losers in the short term, as markets respond to regulatory developments and other changes.

And that's the exciting aspect of climate and markets. It's not a theoretical exercise; it really comes down to the discipline of stock picking. And we consider ourselves to be ideally suited to do this, with our research-based, contrarian approach.

Biodiversity and nature

Another illustration of our methodical approach in sustainable investing is the way in which we are tackling biodiversity and nature. We recently published our roadmap for aligning our investment activities around biodiversity, and have partnered with the WWF Netherlands to promote the integration of biodiversity into asset management. Through the partnership we will engage with clients and other stakeholders in the financial sector to create more awareness of the issue, and to inspire them to integrate biodiversity into their policies.

The partnership gives us the opportunity to leverage the vast scientific knowledge available within WWF. We are co-developing a thematic biodiversity investment strategy, to be launched later this year. Furthermore, we are working on a biodiversity investment framework that will enable us, across all of our investments, to link individual companies to biodiversity impacts. Biodiversity data is robust at a sector level but linking it to companies’ assets and supply chains is a true challenge; for me, this is the holy grail. We therefore enhance the data with KPIs, in the same way as we have done with our SDG framework, where we link companies’ products and services to the SDGs.

A challenging road ahead

We’re on an exciting but challenging road. That’s why our SI Centre of Expertise is embedded within the investment department: it enables us to strike that essential balance between investment and sustainability expertise. This in turn merges into the making of the Portfolio Manager 2.0 – the portfolio manager of the future.

Legislation, product design and client demands will be more complex, scattered and cumbersome. But that’s what we do. We will accommodate that complexity in the way we work and accept that much is still unknown. We understand that being pioneers means going into uncharted territory. Being at the frontier of SI investing means pushing boundaries and continuously learning. We’re committed to doing this, to help contribute to a better future.

Important information

The contents of this document have not been reviewed by any regulatory authority in Hong Kong. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. This document has been distributed by Robeco Hong Kong Limited (‘Robeco’). Robeco is regulated by the Securities and Futures Commission in Hong Kong.
This document has been prepared on a confidential basis solely for the recipient and is for information purposes only. Any reproduction or distribution of this documentation, in whole or in part, or the disclosure of its contents, without the prior written consent of Robeco, is prohibited. By accepting this documentation, the recipient agrees to the foregoing
This document is intended to provide the reader with information on Robeco’s specific capabilities, but does not constitute a recommendation to buy or sell certain securities or investment products. Investment decisions should only be based on the relevant prospectus and on thorough financial, fiscal and legal advice.
The contents of this document are based upon sources of information believed to be reliable. This document is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.
Investment Involves risks. Historical returns are provided for illustrative purposes only and do not necessarily reflect Robeco’s expectations for the future. The value of your investments may fluctuate. Past performance is no indication of current or future performance.

Logo

免責聲明

1. 一般事項

請細閱以下資料。 

此網站由Robeco Hong Kong Limited(「荷寶」)擬備及刊發,荷寶是獲香港證券及期貨事務監察委員會發牌從事第1類(證券交易)、第4類(就證券提供意見)及第9類(資產管理)受規管活動的企業。荷寶不持有客戶資產,並受到發牌條件所規限。荷寶在擴展至零售業務之前,必須先得到證監會的批准。本網頁未經證券及期貨事務監察委員會或香港的任何監管當局審閱。

2. 風險披露聲明

Robeco Capital Growth Funds以其特定的投資政策或其他特徵作識別,請小心閱讀有關Robeco Capital Growth Funds的風險:

  • 部份基金可涉及投資、市場、股票投資、流動性、交易對手、證券借貸及外幣風險及小型及/或中型公司的相關風險。
  • 部份基金所涉及投資於新興市場的風險包括政治、經濟、法律、規管、市場、結算、執行交易、交易對手及貨幣風險。
  • 部份基金可透過合格境外機構投資者("QFII")及/或 人民幣合格境外機構投資者 ("RQFII")及/或 滬港通計劃直接投資於中國A股,當中涉及額外的結算、規管、營運、交易對手及流動性風險。
  • 就分派股息類別,部份基金可能從資本中作出股息分派。股息分派若直接從資本中撥付,這代表投資者獲付還或提取原有投資本金的部份金額或原有投資應佔的任何資本收益,該等分派可能導致基金的每股資產淨值即時減少。
  • 部份基金投資可能集中在單一地區/單一國家/相同行業及/或相同主題營運。 因此,基金的價值可能會較為波動。
  • 部份基金使用的任何量化技巧可能無效,可能對基金的價值構成不利影響。
  • 除了投資、市場、流動性、交易對手、證券借貸、(反向)回購協議及外幣風險,部份基金可涉及定息收入投資有關的風險包括信貨風險、利率風險、可換股債券的風險、資產抵押證券的的風險、投資於非投資級別或不獲評級證券的風險及投資於未達投資級別主權證券的風險。
  • 部份基金可大量運用金融衍生工具。荷寶環球消費新趨勢股票可為對沖目的及為有效投資組合管理而運用金融衍生工具。運用金融衍生工具可涉及較高的交易對手、流通性及估值的風險。在不利的情況下,部份基金可能會因為使用金融衍生工具而承受重大虧損(甚至損失基金資產的全部)。
  • 荷寶歐洲高收益債券可涉及投資歐元區的風險。
  • 投資者在Robeco Capital Growth Funds的投資有可能大幅虧損。投資者應該參閱Robeco Capital Growth Funds之銷售文件內的資料﹙包括潛在風險﹚,而不應只根據這文件內的資料而作出投資。

3. 當地的法律及銷售限制

此網站僅供“專業投資者”進接(其定義根據香港法律《證券及期貨條例》(第571章)和/或《證券及期貨(專業投資者)規則》(第571D章)所載)。此網站並非以在禁止刊發或提供此網站(基於該人士的國籍、居住地或其他原因)的任何司法管轄區內的任何人士為對象。受該等禁例限制的人士或並非上述訂明的人士不得登入此網站。登入此網站的人士需注意,他們有責任遵守所有當地法例及法規。一經登入此網站及其任何網頁,即確認閣下已同意並理解以下使用條款及法律資料。若閣下不同意以下條款及條件,不得登入此網站及其任何網頁。

此網站所載的資料僅供資料參考用途。

在此網站發表的任何資料或意見,概不構成購買、出售或銷售任何投資,參與任何其他交易或提供任何投資建議或服務的招攬、要約或建議。此網站所載的資料並不構成投資意見或建議,擬備時並無考慮可能取得此網站的任何特定人士的個別目標、財務狀況或需要。投資於荷寶產品前,必須先細閱相關的法律文件,例如管理法規、基金章程、最新的年度及半年度報告,所有該等文件可於www.robeco.com/hk/zh免費下載,亦可向荷寶於香港的辦事處免費索取。 

4. 使用此網站

有關資料建基於特定時間適用的若干假設、資料及條件,可隨時更改,毋需另行通知。儘管荷寶旨在提供準確、完整及最新的資料,並獲取自相信為可靠的資料來源,但概不就該等資料的準確性或完整性作出明示或暗示的保證或聲明。 

登入此網站的人士需為其資料的選擇和使用負責。 

5. 投資表現

概不保證將可達到任何投資產品的投資目標。並不就任何投資產品的表現或投資回報作出陳述或承諾。閣下的投資價值可能反覆波動。荷寶投資產品的資產價值可能亦會因投資政策及/或金融市場的發展而反覆波動。過去所得的業績並不保證未來回報。此網站所載的往績、預估或預測不應被視為未來表現的指示或保證,概不就未來表現作出任何明示或暗示的陳述或保證。基金的表現數據以月底的交易價格為基礎,並以總回報基礎及股息再作投資計算。對比基準的回報數據顯示未計管理及/或表現費前的投資管理業績;基金回報包括股息再作投資,並以基準估值時的價格及匯率計算的資產淨值為基礎。 

投資涉及風險。往績並非未來表現的指引。準投資者在作出任何投資決定前,應細閱相關發售文件所載的條款及條件,特別是投資政策及風險因素。投資者應確保其完全明白與基金相關的風險,並應考慮其投資目標及風險承受程度。投資者應注意,基金股份的價格及收益(如有)可能反覆波動,並可能在短時間內大幅變動,投資者或無法取回其投資於基金的金額。若有任何疑問,請諮詢獨立財務及有關專家的意見。 

6. 第三者網站

本網站含有來自第三方的資料或第三方經營的網站連結,而其中部分該等公司與荷寶沒有任何聯繫。跟隨連結登入任何其他此網站以外的網頁或第三方網站的風險,應由跟隨該連結的人士自行承擔。荷寶並無審閱此網站所連結或提述的任何網站,概不就該等網站的內容或所提供的產品、服務或其他項目作出推許或負上任何責任。荷寶概不就使用或依賴第三方網站所載的資料而導致的任何虧損或損毀負上法侓責任,包括(但不限於)任何虧損或利益或任何其他直接或間接的損毀。 此網站以外的網頁或第三方網站皆旨在作參考之用。

7. 責任限制

荷寶及(潛在的)其他網站資料供應商概不就此網站內容或其所載的資料或建議負責,而該等內容、資料或建議可予更改,毋需另行通知。 

荷寶並無責任確保及保證此網站的功能將不受干擾或並無失誤。荷寶概不就有關荷寶(交易)服務電郵訊息的後果承擔任何責任,該等電郵訊息可能無法接收或發出、損毀、不正確接收或發出或並無準時接收或發出。 

荷寶亦不就因登入及使用此網站而可能導致的任何虧損或損毀負責。 

8. 知識產權

所有版權、專利、知識產權和其他財產,以及有關此網站資料的授權均由荷寶持有及獲取。該等權利不會轉授予查閱有關資料的人士。 

9. 私隠

荷寶保證將會根據現行的資料保障法例,以保密方式處理登入此網站的人士的數據。除非荷寶需按法律責任行事,否則在未經登入此網站的人士許可,不會向第三方提供該等數據。 請於我們的私隱及Cookie政策 中查找更多詳情。 

10. 適用法律

此網站受香港法律監管及據此解釋。因此網站導致或有關此網站的所有爭議應交由香港法庭作出專有裁決。  

如果您已閱讀並理解本頁並同意上述免責聲明以及同意荷寶收集和使用您的個人資料,用於私隱及Cookie政策 所列的收集和使用個人資料的目的(包括用於直接推廣荷寶的產品或服務),請點擊“我同意”按鈕。否則,請點擊“我不同意”離開本網站。

我不同意