对于许多固定收入投资者来说，社会责任投资（SRI）被认为与核心固定收入战略不相容。SRI投资组合的误解是利基产品，仅对愿意牺牲产量的投资者才能达到大多是无形的社会目标的投资者，在个人和机构投资者中仍然是常见的。亚博赞助欧冠但是，我们认为，SRI投资良好的资格是核心固定收入组合策略，这些策略是基准，该策略是基准，并管理总回报。将SRI标准添加到核心固定收入组合的安全选择过程中，提供了越来越多的投资者，特别是关键“千禧一”人口，想要的 - 一种积极的社会影响 - 在保留长期优惠的可能性。
避免风险
作为额外的益处，利用环境，社会和治理（ESG）指标来评估固定收入证券可以帮助识别信用评级中没有完全捕获的风险，从而帮助投资组合管理人员“避免失败者”被击中“避免失败者”通过低频但高冲击事件。ESG性能是一个良好的指标，一个良好的实体如何 - 它是一个主权政府或公司发行人 - 机构的长期风险。鉴于投资级固定收入市场的组成和结构，长期优惠的关键是识别社会和治理（ESG）指标，以评估固定收入证券可以帮助识别不完全捕获的风险信用评级，从而帮助投资组合管理人员“避免失败者”，以“避免失败者”，该失败者被低频但高影响力击中并避免这些实体表现不佳。我们相信使用ESG标准帮助，并在我们的投资过程中提供竞争优势。ESG专注于许多有可能对自由现金流量产生负面影响和资产负债表完整性的地区，这反过来又具有关于长期固定收入表现的直接影响。相关的环境因素包括气候变化，自然资源使用和废物管理等问题。社会评估类别包括人力资本和产品安全。评估治理标准触及公司治理，商业道德以及政府和公共政策。
利用机遇
这些主题我们分析的基础形式n issuer’s exposure to material risk and its ability to manage that risk. We seek to understand the possible financial implications of that exposure, and to determine whether a particular security is priced correctly given the full spectrum of risk. We use an ESG evaluation process to identify issuers that are leaders in their respective sectors on ESG performance. Strong performance on these criteria is likely to correlate highly with sustainable financial performance over the long term. For corporate issuers, ESG analysis can identify risks that are not overtly apparent in their financial statements or credit rating. Governance issues form only a small component of a credit rating, but in certain instances, as in the case of accounting practices, can be enormously consequential. Social and environmental issues are also important; poor labor relations, accusations of human rights violations and product safety issues can have a meaningful impact on profitability and reputation. Likewise, exposure to climate change issues, air and water pollution, and the use of renewable versus non- renewable resources can also impact a company’s financial performance and, over the long term, its ability to service its debt obligations.ESG criteria can help with analysis of sovereign debt issuers as well. For many investors, sovereign debt is thought of as the least risky area of a portfolio, which magnifies the importance of the risks that sovereign issuers face given their market valuations. Poor governance at the sovereign level can have an important impact on economic activity and growth, which in turn can impact future ratings transitions. Social factors such as health and education standards, infrastructure access as well as political and press freedoms can be important determinants of government stability. Environmental factors such as water scarcity and climate change preparedness can also impact long-term sovereign creditworthiness. While variations in any one area may not impact performance to a noticeable degree, an entity’s collective ESG metrics can be the differentiating factor in forecasting long-run outperformance. As a result, we believe that rather than delivering reduced performance in order to attain stronger ESG metrics, issuers—both corporate and sovereign—that strive to obtain and maintain high ESG ratings are likely to outperform their competitors over the long term. In that way, social responsibility can strengthen, not weaken, a core portfolio.
由斯蒂芬米斯塔托尔，CFA，董事总经理/领导投资组合经理 - 社会选择固定收益TIAA-CREF资产管理
TIAA-CREF资产管理通过以下实体向TIAA-CREF集团提供投资咨询和投资组合管理服务：教师顾问，Inc。，TIAA-CREF Investment Management，LLC和教师保险和AnnuityAssociation®（TIAA®）。教师顾问，Inc。是教师保险和年金协会（TIAA）的注册投资顾问和全资子公司。过去的表现并不能保证将来的结果。请注意，固定的收入投资涉及风险。社会责任的投资计划符合社会标准风险，即由于社会标准排除某些发行人的证券以获取非本质原因的风险，投资者可能会为不使用这些标准的人提供一些可用的市场机会。
©2014教师保险和美国学院退休股票基金（TIAA-CREF），纽约州730个第三大道（TIAA-CREF），NY 10017
