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免責聲明

1. 一般事項

請細閱以下資料。

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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。


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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。

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13-08-2024 · 市場觀點

Voting report highlights divergence in views toward sustainability

The friction that can occur between investors seeking long-term sustainability and companies facing short-term challenges is highlighted in Robeco’s 2024 Proxy Voting report.

概要

  1. Annual report details voting activity at almost 5,000 company AGMs

  2. Trying to strike a balance between long-term and short-term needs

  3. Case studies explain voting behavior on ESG issues at 24 listed firms

The annual report details how the Active Ownership team voted at nearly 5,000 annual general meetings (AGMs) on a vast range of issues concerning environmental, social and governance (ESG) topics. Of the 56,600 agenda items that were dealt with, at least one vote was cast against management 61% of the time.

Some of the flash points related to a perceived lack of progress on tackling climate change, or resolutions calling for specific targets related to emissions or net-zero commitments. Since these are long-term targets in the face of an uncertain future, it has sometimes created disagreement between shareholders and investee companies on how to deal with immediate short-term challenges.

Earlier in 2024, this dichotomy caused the oil giant ExxonMobil to file a lawsuit blocking a shareholder resolution calling for stricter climate targets. It led to fears that shareholder democracy was under threat, though most differences in vision between investors and companies are settled amicably, and many cases are routinely passed without comment.

voting-report-hightlights-divergence-in-views-toward-sustainability-fig1.jpg

Voting all over the world. Source: Robeco.

Using our powers for good

“Making use of our shareholder rights is an important part of our responsibility toward our clients,” says Michiel van Esch, Head of Voting at Robeco in the introduction to the report. “We actively engage with investee companies around key sustainability risks, impacts and opportunities, and as such we support them in building future-proof business models.”

“We believe that more sustainable corporate behavior results in an improved risk-return profile of our investments. Thus, on behalf of our clients, we use our engagement and voting rights to strengthen corporates’ awareness and approaches toward responsible business conduct.”

The 2024 report explains how voting situations played out under a wide selection of ESG topics, led by Say on Climate votes, in which Robeco voted against management 64% of the time. There are case studies about how ESG issues were dealt with at 24 companies in total, including the high profile ExxonMobil AGM. The vast majority of votes are not done in person, but by proxy.

No more rubber-stamping

“The days when all AGMs passed by quietly with approval rates in the high nineties are behind us,” Van Esch says. “The debates during the AGM season have increasingly become a reflection of issues in the economy and society at large. That also means that many AGM resolutions and the related topics under debate are complex; institutional investors might not agree with each other on a variety of topics, let alone with other stakeholders.”

“At the same time, companies are faced with conflicting messaging from their shareholders. On the one hand, there are shareholders who push for progress on sustainability topics such as biodiversity and human capital, but on the other hand there are also shareholders who are vocally pushing back on these trends.”

“Several larger companies are also openly more critical toward their shareholders. For the shareholder meetings that have been at the center of attention, the debate seems to be getting harsher and more polarized, which generally is not helpful in making progress.”

Reasons to remain optimistic

Yet, there is also plenty to be optimistic about, as companies largely agree that becoming more sustainable is in their own long-term interests. In the era of climate change along with post-Covid social changes, having an active dialogue is essential.

“In the vast majority of cases, the AGM offers the perfect opportunity to discuss progress on the company’s incentive structures, progress on sustainability targets, new nominations to the board and the management team, as well as capital allocation priorities,” Van Esch says.

“Therefore, we continue to actively use our voting rights, engage with investee companies around key environmental risks, impacts and opportunities, and support them in developing future-proof business models.”

Read the full report here


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Important information

The contents of this document have not been reviewed by the Securities and Futures Commission ("SFC") 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 SFC 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. Please refer to the relevant offering documents for details including the risk factors before making any investment decisions. 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.