在表面上，负责任的投资和高收益债券可能似乎很少。在资产课程充满信用评级的资产阶级，潜在较弱的治理模型，以及暴露于较少环保的公司，似乎高收益债券和ESG目标不能共存。虽然存在挑战，但高产和负责任的投资不需要互斥。事实上，一项研究密集型过程可以帮助揭示垃圾邦德兰的吸引人的机会创造一个best-in-class strategy。我最近和Kevin Bakker, Co-Head of High Yield, Aegon Asset Management US, to understand how investors can pursue ESG-related goals in a dedicated high yield strategy.
High-yield issuers generally aren’t thought of as the most ESG-friendly group of companies. In addition, ESG investing tends to mean different things to various asset managers. What does an ESG-based approach to high-yield investing mean to you? Are you simply excluding the bad actors?
您是正确的 - ESG术语是复杂的，并且有多种责任投资的口味。对于CONTECT，在AEGON资产管理下，我们将负责任的投资景观分段为四个主要类别：排他性，最可持续，可持续性主题和影响投资。除了专用负责任的策略之外，管理人员还可以在我们的传统产品中集成ESG因素。
排他性策略使用负面筛选，以避免如您所提及的糟糕演员。这是一种方法，即高产管理人员可以用来杂草 - 甚至整个部门或行业 - 弱势ESG概况。然而，我们认为，对具有强大或改善ESG型材的公司来说，在分配资金的价值更有价值。换句话说，在ESG上选择“最佳”高产公司和经济基础。我们发现关于基于ESG的高收益率的有趣方法是，投资组合可以向具有固体ESG型材的公司倾斜，同时也提供有吸引力的投资机会。
要清楚，我们不会孤立地查看ESG因素。考虑公司的财务状况至关重要，并且不容忽视贸易的经济学。结合ESG因子可以帮助我们更好地了解投资风险，并有效地评估市场是否适当地定价风险。毕竟，我们始终专注于满足客户对竞争性绩效结果的期望。
如何向更有利的ESG配置文件倾斜？什么区别了一家公司与一个强大的ESG型材，一个弱者的一个弱者？
To help identify good and bad ESG profiles, we categorize issuers into five buckets depending on the level of ESG-related risk. Companies with strong ESG profiles tend to have robust governance practices and are finding ways to operate in more environmentally and socially friendly ways. Further, some high-yield companies might be leaders in sustainable business practices.
例如，让我们看看金属和采矿部门的下游铝生产商。在表面上，您可能想知道该公司如何环保。但是如果他们为汽车和运输行业提供铝，那么何时何地支持更加省油的车辆和减少温室气体的转变？如果公司是铝产品可持续生产和回收的行业领导者，该怎么办？这些是良好的可持续业务目标和实践。
如果我们向下移动ESG频谱，具有改进或低风险ESG型材的公司也可能是有吸引力的投资候选人。一家公司今天可能不是ESG领导者，但他们可能会有令人欣赏的政策，以减轻大多数ESG风险 - 例如，是一个是产品质量和安全的行业领导者，也是利用绿色建筑机会。
在翻盖方面，ESG简介的公司可能有很高的治理问题或参与环境或社会因素对公司信用基本面带来物质风险的商业实践。考虑一份教育贷款经理和服务机构，以财务产品争议涉及涉嫌欺骗性商业惯例，在服务学生贷款中。如果在这个例子中，本公司还为诉讼提出了企业行为问题，主张公司增加了客户的债务负担，与社会因素相关的风险已上升到ESG考虑因素对公司的信誉有所影响的观点。
In a best-in-class approach, investment candidates must meet both our ESG and economic thresholds to be considered for the portfolio. To pursue performance-based objectives and responsible investment goals, we cannot focus exclusively on ESG without considering the economic return prospect of the underlying bond.
进行评估，似乎第三方ESG数据将是重要的。近年来，高产公司的ESG数据如何发展？
Research providers today cover more issuers than in the past, and companies are disclosing more ESG-related information. That said, methodologies are often complex and contradictory. In short, we don’t rely solely on third-party data. To obtain a holistic view of a company’s risk/reward profile, we believe it’s critical to combine internal viewpoints with external research to formulate a proprietary view on the issuer’s ESG profile and creditworthiness.
哪些部门或行业具有自然低的ESG相关风险？
Consumer discretionary, financials, technology, telecom, and real estate – at a sector level. However, in a best-in-class approach, we believe it’s important to look at what companies are doing to specifically mitigate or alleviate ESG-related risks. There are companies operating in industries historically thought of as “good ESG” sectors that have significant risks. For example, traditional pharmaceutical companies are generally viewed positively for creating drugs that improve human health. However, the high-yield market has several companies that have been under pressure for following a less altruistic business model. Several high-yield issuers have been following a business model of slashing R&D and drastically increasing prices on critical drugs to boost margins. In addition, several of these same issuers are under fire for their role in the opioid crisis, including accusations of knowingly fulfilling fraudulent scripts. So, an industry viewed as having low ESG risk doesn’t necessary translate into all companies within that industry having strong ESG profiles.
Along the same lines, which sectors tend to have weak ESG profiles?
能源行业是相当有争议的从一个ESG perspective. Specifically, the independent energy industry is dominated by exploration and production companies with high ESG concerns. Environmental effects of oil and gas production are numerous, and many issuers also have a history of questionable health and safety practices, as well as weak governance issues driven by founding partners and private equity involvement.
ESG concerns are also elevated in the metals and mining sector, and chemicals industry. With metals and mining, extracting minerals involves myriad environmental risks related to disturbing the natural environment. Farther downstream, smelting these materials into steel and aluminum is highly carbon intensive. From a social perspective, health and safety is a concern given the high rates of injuries and fatalities in the industry. For the chemicals industry, carbon emissions are elevated for upstream petrochemical companies. Chemical safety is more of a concern for the downstream specialty chemical businesses given the potential negative health aspects of many products.
Negative screening can help eliminate the more obvious culprits, but we believe the real value in ESG investing goes beyond basic negative screening to identify companies with better practices or improving ESG profiles. Keep in mind that not all companies within a sector are created equal, so excluding an entire sector is not a viable solution. That’s why we look for companies that have a well-articulated ESG strategy and have solid governance practices. For example, some natural gas producers may have better ESG profiles relative to oil companies. And midstream pipeline companies tend to have more efficient and safer delivery methods than transporting commodities via rail. Another example: steel production using scrap input to an EAF furnace carries a much smaller environmental footprint than a company using iron ore, met coal, and a blast furnace.
对高产债券投资的最佳方法有潜在的限制吗？
You could have a persistent bias against certain industries, such as energy, particularly if they make up a large component of the underlying index. Likewise, an ESG-based approach to high yield could result in a slight up-in-quality bias. Generally speaking, companies rated CCC or below tend to be smaller and have a greater percentage of private equity involvement. All things being equal, higher private equity involvement tends to lead to weaker governance profiles.
It’s also important to note that while the focus on stronger ESG profiles may result in a slightly more concentrated portfolio with modestly higher tracking error, ample opportunities remain to build a diversified high yield portfolio.
让我们谈谈房间里的大象 - 表现。您希望积极的ESG投资组合倾斜是否会影响性能结果？
We view ESG factors as a risk management tool and a potential alpha source. For many companies, we find that it’s quite challenging to analyze the future profitabilitywithoutconsidering ESG factors. In other words, if we analyzed financial metrics only, we could be ignoring key risks or opportunities that could affect the issuer’s creditworthiness or the sustainability of their business model. Studies are now linking poor ESG credentials to higher rates of defaults. A recent study by Bank of America cited that 90% of bankruptcies in the S&P 500 between 2005 and 2015 could have been avoided if environmental and social scores were considered in the five years prior. By integrating ESG factors, we think it’s possible to identify risks under the surface that could help mitigate default losses.
想想债券投资的基础知识。在一天结束时，我们正在寻找产生收入加上潜在资本升值的机会，同时选择发行人，偿还债务债务的最高可能性。如果公司的业务损害环境并提出了高风险的诉讼，那么这些环境考虑不会增加您的财务风险吗？或者让我们说一家公司从事不公平的劳动惯例 - 这不会影响他们的商业模式的长期风险？公司治理较差的情况如何 - 并非增加了公司遇到财务困难的可能性？
简单地说，我们认为ESG因素会影响盈利能力。管理其业务与这些因素的公司更有可能在长期内拥有可持续的商业模式和可持续的现金流量。从那个角度来看，我们相信具有更好ESG简介的公司可能会越优于ESG实践的弱化，导致ESG因素是长期alpha的潜在来源。
Disclosure
Past performance is not indicative of future results. The information contained in this article is for informational purposes only and should not be considered investment advice or a recommendation of any particular security, sector, strategy or investment product. The article contains the current opinions of the firm and is accurate as of the date of the article. Such opinions are subject to change without notice. The firm is under no obligation, expressed or implied, to update the material contained herein.
所有investments contain risk and may lose value. Socially responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized, or judgment exercised by any company of Aegon Asset Management will reflect the beliefs or values of any one particular investor. There is no guarantee that socially responsible investing (SRI) products or strategies will produce returns similar to traditional investments.
提到的具体部门不代表Aegon美国我们寻求投资的所有部门。不应该假设这些部门的证券投资是或将是有利可图的。
Investments in high yield bonds may be subject to greater volatility than fixed income alternatives, including loss of principal and interest, as a result of the higher likelihood of default. Value of these securities may also decline when interest rates increase.
This article contains forward-looking statements which are based on the firm's beliefs, as well as on a number of assumptions concerning future events, based on information currently available, and are subject to change without notice. These statements involve certain risks, uncertainties and assumptions which are difficult to predict. Consequently, such statements cannot be guarantees of future performance and actual outcomes and returns may differ materially from statements set forth herein.
AEGON资产管理US is a US-based SEC registered investment adviser and is also registered as a Commodity Trading Advisor (CTA) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). Aegon Asset Management US is part of Aegon Asset Management, the global investment management brand of the Aegon Group.