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ESG : l’importance du score en matière de durabilité

Bonjour à toutes et à tous, Jeroen Bos aborde dans le CFA Institute Magazine (Mars 2017, Volume 28, numéro 1) un article qui revient sur le classement des fonds d’investissement en matière de durabilité : « Sustainability Scores for Investment Funds ».

 

“How sustainable is your investment fund?” is a question that asset managers hear with increasing regularity. This trend is hardly surprising given the rising use of environmental, social, and governance (ESG) factors in the investment process in recent years, along with the growing number of “sustainable” and “ethical” funds being launched across the industry. In response, investment funds that label themselves as “sustainable” or “ethical” need to demonstrate that they are true to their label. Sustainability ratings for investment funds can show investors which funds are living up to their name and which are not.

In 2016, Morningstar tried to address this question by developing a system for measuring investment funds’ sustainability. Other firms, including MSCI, have followed suit, introducing their own sustainability measures and ratings. These developments help intensify fund managers’ focus on ESG factors and sustainability. At the same time, such measures should be approached with caution. They can fail to capture certain aspects of sustainability (such as intention, engagement, and impact) and often include implicit biases regarding such factors as size and normalization. Drawing conclusions about investment funds’ sustainability from a holdings-based scoring model is more difficult than it might seem and should be done with care.

 

À la prochaine…

Ivan Tchotourian