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免責聲明

1. 一般事項

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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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19-05-2022 · 可持續投資難題

SI Dilemma: Is EU Sustainable Finance regulation helping or hurting?

It seems like a good time to take stock of sustainability regulation. It’s now four years since the EU plan for financing sustainable growth was adopted by the European Commission, over one year since the first phase of the Sustainable Finance Disclosure Regulation (SFDR) came into effect, and we’re now right in the middle of implementing the second phase. So, let’s reflect on how this regulation has affected the asset management business so far. What hurdles do we still need to overcome? And is the regulation helping or hurting our ability to manage assets sustainably?

    作者

  • Masja Zandbergen-Albers - Head of Sustainability Integration

    Masja Zandbergen-Albers

    Head of Sustainability Integration

概要

  1. Regulation aims to finance sustainable growth and meet the Paris goals

  2. Still no clarity about what actually constitutes a sustainable investment

  3. It’s still vital to balance sustainability goals and investment performance

From ESG integration to impact investing

Let’s start with the positive aspects. As the regulation is meant to finance sustainable growth in order to reach the Paris Agreement climate goals, its focus is on creating a positive impact. Whereas ESG integration (done for purely financial reasons) has been implemented by many asset managers in the last couple of years, impact investing by thinking about ESG opportunities is often still only applied to small parts of investment portfolios.

The use of the term ‘double materiality’ (financial and societal effects) in the regulation is making the industry needing to think more about the real world impact they are making for the entire book of business. It also requires putting more effort into showing how this real world impact is being achieved. As investors in listed securities, showing this impact is however very difficult.1

Furthermore, a few years ago, the nature of ESG, carbon and other sustainable investment restrictions were communicated to clients, but were often not included in official fund documentation and investment contracts. The regulation is making sure that what asset managers claim they are doing in sustainable investing is also what they actually implement and include in legal documentation.

And if something is added to a legal document, it becomes well controlled in the organization. So, the regulation has sped up the integration of ESG information in data and IT architecture, trading systems and risk management and compliance processes. Finally, sustainability information is being taken seriously!

Leveling the playing field

The regulation seems to be slowly leveling the playing field for sustainable investing in the asset management industry. It is creating a leapfrog effect: asset managers that are currently leading on sustainability need to continue to find new ways of standing out from the crowd. This requires making strategic and proactive choices.

We expect the industry winners to set the tone and take the largest piece of the assets under management pie. The winners will also be able to more easily attract young talent as the younger generation cares more about these issues.

Still no clear definition about what constitutes a sustainable investment

So far, these are the clear positive aspects. A question mark for me is whether the regulation actually sheds more light on the darkness of sustainability acronyms. Defining which economic activities contribute to certain sustainability goals is a smart idea, and the first part of the EU’s Green Taxonomy and the Principal Adverse Impact indicators seem well defined and make sense. However, currently less than 5% of economic activities are defined in the taxonomy, and data on these elements is either still lacking, or is of poor quality.

For other elements of the regulation, such as good governance, sustainable investments and doing no significant harm combined with social safeguards, everyone is coming up with their own approach. So the end-investor will still be comparing apples with pears until these definitions start to converge.

SFDR regulation

SFDR is an evolving set of EU rules aiming to create a level playing field for how sustainable investment strategies are classified by asset managers. It helps to clarify the definition of a ‘sustainable fund’ and combat the growing threat of greenwashing.


概覽​

A balancing act

Another aspect I want to mention is that characterizing an investment strategy as promoting E and S (Article 8), or as having a sustainable objective (Article 9) means there are many hoops to jump through or to report on (e.g. good governance, sustainable investments, Principal Adverse Impacts, taxonomy alignment). If you not only want to report on, but also steer on (part of) these elements, this will mean piling up a number of restrictions on your investment universe.

And our clients select us not only because of our excellent sustainable investing offering, but also based on our investment performance. So, the key here is to balance everything the regulation is asking of us, making sure the choices we make fit with our current leadership position in SI, while keeping our ability to create enough financial value for our clients. It’s a truly delicate balancing act.

Regulation can help, but it is not the end goal

Lastly, let’s make sure that implementing this very large piece of regulation does not keep us from financing sustainable growth, which is what the legislation is actually meant to achieve. For us, this means investing assets in a sustainable and financially sensible way, and being an engaged and active owner of the issuers we invest in.

The legislation puts a large burden of proof on asset managers that are actually implementing sustainable investing over their entire book of business. It is key to not get distracted by drawing up all kinds of disclosures and filling in templates. We need to continue to do research, come up with innovative investment solutions, partner with clients, peers, NGOs and academics and drive change.

Having said this, ultimately, I believe the regulation is pushing the industry not only towards better transparency and comparability, but also towards better practices. What gets measured (and more importantly reported on) will also get done.

I would like to thank Leontine van der Goes our SFDR program manager for her views and input for this column.

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.