Archiv der Kategorie: ESG

Microfinance risk: Picture of money which leads to plant growth

Microfinance risk and more: Researchposting #107

Microfinance risk: 15x new research on publication biases, green innovation, supply chains, biocredits, greenium, ESG ratings and loans, CSR, Kickbacks etc. by Karol Kemper, Ulf Moslener, Nic Schaub, Simon Straumann, Pınar Yeşin et al.

Ecological and social research

Misleading research: Footprint of publication selection bias on meta-analysis in medicine, economics, and psychology by František Bartoš et al as of August 25th, 2022: “… we survey over 26,000 meta-analyses containing more than 800,000 effect size estimates from medicine, economics, and psychology …. The median probability of the presence of an effect in economics decreased from 99.9% to 29.7% after adjusting for publication selection bias. This reduction was slightly lower in psychology (98.9% −→ 55.7%) and considerably lower in medicine (38.0% −→ 27.5%)” (abstract). My comment: There is always bias in research, with my approach, too, but is important to disclose it: 100 research blogposts since 2018 – Responsible Investment Research Blog (prof-soehnholz.com)

Brown innovations: Toxic Emissions and Corporate Green Innovation by Wenquan Li, Suman Neupane, and Kelvin Jui Keng Tan as of Oct. 23rd, 2022 (#264): “Consistent with our main hypothesis, which hinges upon regulatory burden and environmental awareness, we show that high-emission companies produce more green patents of higher quality and value than low-emission firms. … We also find that environmental related green patents mitigate future toxic air releases“ (abstract). My question: Is internal financing sufficient or external capital required to finance these innovations?

Advert for German investors: “Sponsor” my research by recommending my Article 9 fund. The minimum investment is approx. EUR 50 and return and risks are relatively good: FutureVest Equity Sustainable Development Goals R – DE000A2P37T6 – A2P37T: I focus on social SDGs and midcaps and use best-in-universe as well as separate E, S and G minimum ratings.

Please go to page 2 (# indicates the number of SSRN downloads on December 7th):

Engagement test illustrated by picture of Hummingbird and water pipe by Pixabay

Engagement test (Blogposting #300)

The background

Engagement test: I am skeptical regarding the effectiveness of shareholder voting and engagements (compare Divestments bewirken mehr als Stimmrechtsausübungen oder Engagement | SpringerLink and Impact Investing mit Voting und Engagement? (Opinionpost #194) – Responsible Investment Research Blog (prof-soehnholz.com).

Nevertheless, I wanted to try an engagement myself. The starting point was a call with a Linkedin contact in April 2022. He mentioned a German engagement startup and introduced me to its founder, David Hamel. David and I talked on May 3rd, 2022 and David suggested to review the portfolio of my investment fund (FutureVest Equity Sustainable Development Goals R – DE000A2P37T6 – A2P37T) for engagement opportunities.

My fund

For my fund, I select 30 stocks globally almost only according to sustainability criteria. I use strict activity and country exclusions and high requirements for environmental, social and governance (ESG) best-in-universe ratings. This means that I do not look for the best ecological, social and governance ratings in pre-defined industries (best-in-class approach), but for the best ESG rated stocks globally across all industries. In addition, I try to include only companies which are best aligned with one or more of the Sustainable Development Goals of the United Nations (SDG).

More focused and therefore often smaller companies can have a better fit with my approach than diversified companies. Unsurprisingly, the median capitalization of the stocks in my portfolio is only slightly higher than 10 billion USD, meaning that a significant part of my stocks are so-called small- or midcaps.

The targets and topics of my engagement test

David’s startup, DeRisk.earth, tries to identify existing engagements as well as potential new engagement topics for stock listed companies worldwide. When I sent David my portfolio, he found no current engagements on any of the stocks by major activists or asset managers. That was to be expected, though, since statistics from MSCI show that for more than 70% of the almost 9000 Stocks in the MSCI ACW IMI Index there are no known active engagements of large asset managers (Net-Zero Alignment: Engaging on Climate Change – MSCI). Also, I try to select the best stocks according to environmental, social and governance ratings. Therefore I did not expect to find many engagements for my portfolio companies.

Comparing different data sources, all of the stocks in my portfolio showed good ESG scores. Nevertheless, David recommended to start an engagement with an US water utility and infrastructure company to try to even further improve that company. The reason for this recommendation was that the company was subject to litigation claims due to a chemicals spill.

My subsequent own analysis of that company made me suggest CO2 improvement, too, and in addition the use of ESG criteria for supplier selection and a supplier ESG improvement program.

The first contacts

On May 30st, we wrote our first Email to the head of investor relations of American Water Works (Amwater) with our suggestions. I mentioned that through the German mutual fund which I advise I only held shares of approximately three hundred thousand US Dollars.

Three weeks later, we received an answer and started an exchange of Emails. To support our proposals we referred to two research studies: Do Scope 3 Carbon Emissions Impact Firms’ Cost of Debt? by Ahyan Panjwani, Lionel Melin, and Benoit Mercereau as of Oct. 17th, 2022  and Making supply-chain decarbonization happen | McKinsey).

Amwater informed us that the learnings from the chemical spill as well as employee education topics were already covered by their Environmental Policy and their educational activities for employees. Therefore, we focused on other points and made our proposal regarding CO2 emissions more concrete. We specifically asked for “clear GHG emission targets, including separately disclosed scope 1, 2 and 3 emissions and their alignment with the Paris Agreement” and “comprehensive ESG-evaluation … of all major suppliers and clear minimum ESG-standards for new suppliers and for retention of existing suppliers”. 

First results of my engagement test

On October 31st, Amwater publicly announced new targets: “By 2035, reduce absolute scope 1 and scope 2 emissions by 50% (2020 baseline). Achieve net zero scope 1 and scope 2 emissions by 2050. First time disclosure of scope 3 emissions”.

On November 9th, we had a videocall with two investor relations representatives, one of them focusing on ESG matters. In this call, we repeated our suggestion to set concrete scope 3 reduction goals. We also proposed to use water companies and not utilities overall as benchmarks. In addition, we suggested improved supplier codes of conduct, ESG evaluations especially for CO2-critical suppliers for fuels, energy and capital goods and supplier ESG audits.  We further exchanged views on topics such as ESG- and climate data and data providers and greenwashing risks. We also agreed to continue our discussions.

Engagement test conclusion

It is very likely that Amwater would have made these public announcements without our input. On the positive side, the direct exchange of information and opinion potentially helped us and perhaps also the company to better understand obstacles towards more sustainability.

In general, shareholder engagement can only focus on a very select number of topics out of the many, which could be improved by almost all companies. And to measure the effects of engagements and the attribution to any one investor seems to be very difficult.

It is probably much more effective to hope that (the leaders of) companies are intrinsically motivated to significantly improve their sustainability. Engagement can very likely be much more effective with such companies than with ESG-skeptics. Also, strict regulation for all market participants may lead to more sustainability. Nevertheless, this case encouraged me to continue testing further engagements.

Disclaimer

Diese Unterlage ist von Soehnholz Asset Management GmbH erstellt worden. Die Erstellerin übernimmt keine Gewähr für die Richtigkeit, Vollständigkeit und/oder Aktualität der zur Verfügung gestellten Inhalte. Die Informationen unterliegen deutschem Recht und richten sich ausschließlich an Investoren, die ihren Wohnsitz in Deutschland haben. Sie sind nicht als Verkaufsangebot oder Aufforderung zur Abgabe eines Kauf- oder Zeichnungsangebots für Anteile des in dieser Unterlage dargestellten Fonds zu verstehen und ersetzen nicht eine anleger- und anlagegerechte Beratung. Anlageentscheidungen sollten nur auf der Grundlage der aktuellen gesetzlichen Verkaufsunterlagen (Wesentliche Anlegerinformationen, Verkaufsprospekt und – sofern verfügbar – Jahres- und Halbjahresbericht) getroffen werden, die auch die allein maßgeblichen Anlagebedingungen enthalten. Die Verkaufsunterlagen werden bei der Kapitalverwaltungsgesellschaft (Monega Kapitalanlagegesellschaft mbH), der Verwahrstelle (Kreissparkasse Köln) und den Vertriebspartnern zur kostenlosen Ausgabe bereitgehalten. Die Verkaufsunterlagen sind zudem im Internet unter www.monega.de erhältlich. Die in dieser Unterlage zur Verfügung gestellten Inhalte dienen lediglich der allgemeinen Information und stellen keine Beratung oder sonstige Empfehlung dar. Die Kapitalanlage ist stets mit Risiken verbunden und kann zum Verlust des eingesetzten Kapitals führen. Vor einer etwaigen Anlageentscheidung sollten Sie eingehend prüfen, ob die Anlage für Ihre individuelle Situation und Ihre persönlichen Ziele geeignet ist. Diese Unterlage enthält ggf. Informationen, die aus öffentlichen Quellen stammen, die die Erstellerin für verlässlich hält. Die Erstellerin übernimmt keine Gewähr oder Garantie für die Richtigkeit und/oder Vollständigkeit dieser Informationen. Die dargestellten Inhalte, insbesondere die Darstellung von Strategien sowie deren Chancen und Risiken, können sich im Zeitverlauf ändern. Einschätzungen und Bewertungen reflektieren die Meinung der Erstellerin zum Zeitpunkt der Erstellung und können sich jederzeit ändern. Es ist nicht beabsichtigt, diese Unterlage laufend oder überhaupt zu aktualisieren. Sie stellt nur eine unverbindliche Momentaufnahme dar.

Brille als Bild für den Beitrag German ESG criticism

German ESG criticism: Researchposting 103

German ESG criticism: 14x new research on climate costs, circular economy, infrastructure, ESG, SDG, ratings, transitions, asset allocation, factor investing, REITs and private equity by Elizabeth Pollman, Bernd Scherer, Michael Grote et al.

Social and ecological research

Huge climate costs: The Global Costs of Extreme Weather That Are Attributable to Climate Change by Rebecca Newman and Ilan Noy as of Nov. 3rd, 2022 (#13): “Extreme Event Attribution (EEA), a methodology that examines the degree to which anthropogenic greenhouse gas emissions had changed the occurrence of specific extreme weather events … We find that US$ 143 billion per year, of the costs of extreme events during the last twenty years, is attributable to anthropogenic climatic change. … other approaches use macroeconomic modelling embedded within climate models in various types of Integrated Assessment Models (IAM). … evidence that suggests that most IAMs are substantially under-estimating the current economic costs of climate change“ (abstract).

Circular Economy segmentation: Startups and Circular Economy Strategies: Profile Differences, Barriers and Enablers by Wim Van Opstal and Lize Borms as of October 18th, 2022 (#27): “In this paper we presented results from the first survey on circular startups that allows for multivariate statistical analyses … business-to-business and business-to-government markets can be considered as frontrunner markets for circular business models and supporting services for the circular economy. Circular startups mostly consider sustainability and circularity as a comparative advantage, while activities like maintenance and repair, and sharing production means are less often explicitly considered as circular economy activities. … Barriers and enablers vary significantly depending on the circular strategies that are applied …“ (p. 17).

Advert for German investors: “Sponsor” my free research e.g. by buying my Article 9 fund. The minimum investment is around EUR 50. FutureVest Equity Sustainable Development Goals R – DE000A2P37T6 – A2P37T: I focus on social SDGs and midcaps and use best-in-universe as well as separate E, S and G minimum ratings (compare ESG plus SDG-Alignment mit guter Performance: FutureVest ESG SDG – Responsible Investment Research Blog (prof-soehnholz.com))

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Unsustainable Bonds: Naturbild von Andres Dressler zur Illustration

Unsustainable bonds? Researchposting 102

Unsustainable bonds? 20x new research on climate risk, real estate, health, Trump, carbon credits, CDS, bank loans, bonds, interest rates, ESG indexing, pensions, gender, infrastructure, private equity, investment apps, ESG fintechs, climate AI by Roland Fuess, Tabea Bucher-Koenen, Paul Pudschedl, Markus Leippold et al.

Social and Ecological Research: Unsustainable bonds?

Longer hot: 800,000 Years of Climate Risk by Tobias Adrian, Nina Boyarchenko, Domenico Giannone,  Ananthakrishnan Prasad, Dulani Seneviratne, and Yanzhe Xiao as of September 9th, 2022 (#22): “… we study how climate evolves over the past 800,000 years … We find that the temperature-CO2 dynamics are non-linear, so that large deviations in either temperature or CO2 concentrations take a long time to correct … even conditional on the net-zero 2050 scenario, there remains a significant risk of elevated temperatures for at least a further five millennia” (p. 26/27).

Reduce green incentives? The Low-Carbon Rent Premium of Residential Buildings by Angelika Brändle, Roland Füss, Jörg Schläpfer, and Alois Weigand as of September 22nd, 2022 (#53): “The operation of residential real estate accounts for a large part of worldwide greenhouse gas emissions …. we analyze 39,791 rental contracts from 2,438 residential properties in the Switzerland … our results suggest that apartments in low-carbon buildings have higher net rents compared to dwellings which emit more carbon emissions. … the higher willingness-to-pay for low-carbon housing is not decisively driven by a tenant’s higher preference for living in an environmentally-friendly apartment. … based on capitalization rates from 432 transactions, we suggest that the market value is on average higher for carbon neutral apartment properties due to lower expected risk premiums. … incentive structures for sustainable housing have to be carefully evaluated by policy makers as higher market values of low-carbon buildings compensate investors for cutting CO2 emissions” (p. 17/18).

Advert for German investors: “Sponsor” my free research e.g. by buying my Article 9 fund. The minimum investment is around EUR 50. FutureVest Equity Sustainable Development Goals R – DE000A2P37T6 – A2P37T: I focus on social SDGs and midcaps and use best-in-universe as well as separate E, S and G minimum ratings.

For my approach to this blog see 100 research blogposts since 2018 – Responsible Investment Research Blog (prof-soehnholz.com)

For more current research please go to page 2 (# indicates the number of SSRN downloads on November 1st):

ESG regulation: Das Bild von Thomas Hartmann zeigt Blumen in Celle

ESG regulation and more (Researchblog #101)

ESG regulation: >15x new research on climate, regulation, (un)sustainable funds, SDGs, greenium, ESG reporting, voting, wealth, buy-and-hold, private equity, private real estate and AI by Roman Inderst, Andreas Hoepner et al.

Ecological and social and governance research: ESG regulation

Climate-heuristics: Harnessing the power of communication and behavior science to enhance society’s response to climate change: A white paper for comment by Edward Maibach, Sri Saahitya Uppalapati, Margaret Orr, and Jagadish Thaker as of October 5th, 2022 (#181): “… we provide an evidence-based heuristic for guiding efforts to share science-based information about climate change with decisionmakers and the public at large. … We .. also provide a second evidence-based heuristic for helping people and organizations to change their climate change-relevant behaviors, should they decide to. These two guiding heuristics can help scientists and other to harness the power of communication and behavior science in service of enhancing society’s response to climate change” (abstract).

Advert for German investors: “Sponsor” my free research e.g. by buying my Article 9 fund. The minimum investment is around EUR 50. FutureVest Equity Sustainable Development Goals R – DE000A2P37T6 – A2P37T: I focus on social SDGs and midcaps and use best-in-universe as well as separate E, S and G minimum ratings.

For my approach to this blog see 100 research blogposts since 2018 – Responsible Investment Research Blog (prof-soehnholz.com)

For more current research please go to page 2 (# indicates the number of SSRN downloads on October 25th):

Picture of a tree as symbol for the title stewardship

Stewardship etc. (Researchblog #100)

Stewardship: >20x new research on inequality, biodiversity, ESG incidents, carbon credits and indexing, greenium, stewardship, gender, social taxonomy, withdrawals and art investing by authors such as Florian Berg, Laurens Swinkels and many more

Social and Ecological Research: Stewardship

Arguments for climate action: ‚It Makes No Difference What We Do‘: Climate Change and the Ethics of Collective Action by Jonathan Crowe as of Oct. 5th, 2022 (#7): “It has become progressively more difficult to deny the existence of anthropogenic climate change as the scientific evidence has mounted …. Those who are opposed to such action sometimes justify their stance by suggesting that even though climate change is real and dangerous, there is no obligation to do anything further about it, because this would be futile … I argued that (1) everyone has a duty to do their share for the global common good, which entails combating climate change; (2) even micro-contributions to climate change plausibly create a moral responsibility to counteract their effects; (3) in any case, we would still have a duty to combat climate change even if, contrary to the evidence, this made no difference whatsoever to the outcome; (4) this result can be explained by appealing to the fact that not doing one’s share constitutes a kind of individual and collective self-harm” (p. 13). My comment: This is in line with my approach, see e.g. Absolute and Relative Impact Investing and additionality – Responsible Investment Research Blog (prof-soehnholz.com)

Advert for German investors: “Sponsor” my free research e.g. by buying my Article 9 fund. The minimum investment is around EUR 50. FutureVest Equity Sustainable Development Goals R – DE000A2P37T6 – A2P37T: I focus on social SDGs and midcaps and use best-in-universe as well as separate E, S and G minimum ratings.

Please go to page 2 (# indicates the number of SSRN downloads on October 18th):

Heidebild für Investors drive ESG Researchbeitrag

Investors drive ESG (Researchblog #99)

Investors drive ESG: >10x new research on climate spillovers, plastic, supply chains, bribes, gender, credit, ESG, behavioral finance, hedge funds, art investments and Bitcoin by Luc Renneboog, Planet Tracker et al.

Ecological and social topics

Costly climate spillovers: Stress Testing the Global Economy to Climate Change-Related Shocks in Large and Interconnected Economies by Yeu Jin Jung, Camilo E. Tovar, Yiqun Wu, and Tianxiao Zheng as of October 4th, 2022 (#3): “Our simulations show that an extreme climate change-related shock in large and interconnected economies could have a systemic economic and financial impact on the global economy. … global losses as measured by the decline in global aggregate international reserve could reach $ 1.8 trillion. … these losses would be equivalent to nearly four times the size of the bailout packages for Greece, Portugal, and Ireland during European debt crisis. … ensuring an adequate use of domestic macroeconomic policies and support from the global financial safety net … can reduce the global reserve losses due to the climate change-related shock, by more than a half, to about $ 800 billion” (p. 21/22).

Advert for German investors: “Sponsor” my free research by buying my Article 9 fund. The minimum investment is around EUR 50. FutureVest Equity Sustainable Development Goals R – DE000A2P37T6 – A2P37T: With my most responsible stock selection approach, I focus on social SDGs and midcaps and use best-in-universe as well as separate E, S and G minimum ratings (compare Konzentration und SDG-Fokus gut: Meine 9 Monats Performance 2022 – Responsible Investment Research Blog (prof-soehnholz.com)).

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Hängendes Faultier als Bild für negative Performance zum Titel Konzentration und SDG

Konzentration und SDG-Fokus gut: Meine 9 Monats Performance 2022

Konzentration und SDG: In den ersten 9 Monaten 2022 haben meine Portfolios zwar absolut schlecht, aber in vielen Fällen relativ gut performt.

ETF-Portfolios: Nachhaltige ETFs oft ähnlich wie aktive traditionelle Fonds

Das nicht-nachhaltige regelbasierte Weltmarkt ETF-Portfolio hat in den ersten 9 Monaten 2022 -14,2% verloren. Das ist leicht besser als aktive Mischfonds, die etwa -14,7% verloren haben. 2021 war der Vorsprung mit +17,9% gegenüber +9,5% noch erheblich höher. Das ebenfalls nicht-nachhaltige Alternatives ETF-Portfolio hat mit -12,6% (+35,8% in 2021) etwas besser als traditionelle Aktienindizes (-13,2% für einen globalen Aktienindex-ETF) abgeschnitten.

Das relativ breit gestreute ESG ETF-Portfolio schneidet in den ersten 9 Monaten 2022 mit -14,3% sehr ähnlich wie das traditionelle Weltmarktportfolio und wie aktive Mischfonds ab. In 2021 war es mit +12,2% aber nennenswert besser als aktive Mischfonds.

Das ESG ETF-Portfolio ex Bonds hat in den ersten 9 Monaten 2022 -19,4% verloren. Traditionelle Aktien-ETFs lagen mit -13,2% erheblich besser (2021 +21,4% und +25,4%). Traditionelle aktive Aktienfondsmanager waren mit -17,4% ebenfalls etwas besser (2021 +23,2%). Das ESG ETF-Portfolio ex Bonds Income rentierten mit -18,5% (2021: +23%) erheblich schlechter als aktive traditionelle Dividendenfonds mit -7,9% (+26,3%). Dagegen hat sich das ESG ETF-Portfolio ex Bonds Trend mit -3,5% (2021: 16%) wiederum viel besser als aktive Mischfonds gehalten (-14,7% und +9,5% in 2021).

Das ESG ETF-Portfolio Bonds (EUR) hat in den ersten neun Monaten 2022 mit -13,2% etwas besser abgeschnitten als traditionelle Anleihe-ETFs (-14,3%), nachdem die Performance in 2021 mit -2,8% vergleichbar war.

Das aus thematischen Aktien-ETFs bestehende SDG ETF-Portfolio hat in den ersten 9 Monaten mit -14,2% (2021: +11,9%) etwas schlechter als traditionelle Aktienindizes (-13,2%) abgeschnitten. Das SDG ETF-Trendfolgeportfolio hat mit -4,6% (2021: +7,5%) dagegen viel besser performt als aktive Mischfonds.

Pure ESG und SDG Aktienportfolios: Konzentration und SDG sind relativ gut

In den ersten 9 Monaten 2022 hat das aus 30 Aktien bestehende Global Equities ESG Portfolio mit -17% (2021: +19,8%) nennenswert schlechter abgeschnitten als traditionelle Aktien-ETFs (-13,5%) aber besser als das erheblich stärker diversifizierte ESG ETF-Portfolio ex Bonds (-19,4%). Gegenüber aktiv gemanagten traditionellen Fonds (-17,4% nach +23,2% im Vorjahr) ist die Rendite aber etwas besser. Das aus nur aus 5 Titeln bestehende Global Equities ESG Portfolio hat mit -17,4% etwas vergleichbar abgeschnitten. Aber mit den +32,1% aus 2021 liegt es weiter hervorragend im Performancevergleich.

Das Infrastructure ESG Portfolio hat -12,5% verloren (2021: +6,3%) und liegt damit weiter stark hinter traditionellen Infrastrukturportfolios (-3,5% für aktive Fonds und +1% für ETFs) zurück. Das liegt vor allem daran, dass Infrastruktur für und Energieerzeugung mit fossilen Energieträgern ausgeschlossen sind.

Der Real Estate ESG Portfolio hat in den ersten 9 Monaten 2022 -30,4% (+22,9% in 2021) verloren. Das ist ähnlich wie traditionelle passive Immobilienaktienportfolios (-30%).

Das Deutsche Aktien ESG Portfolio hat in den ersten neun Monaten 2022 -33,8% (+21% in 2021) verloren. Das ist schlechter als vergleichbare traditionelle passive Benchmarks (-30,8%) bzw. aktive Fonds (-28,9%). Zusammen mit dem Vorjahr liegt mein nachhaltiges Portfolio im Renditevergleich aber auf einem ähnlichen Niveau.

Das auf soziale Midcaps fokussierte Global Equities ESG SDG hat -13,1% erzielt (+22% in 2021), also erheblich besser als andere globale Aktienportfolios. Das Global Equities ESG SDG Trend Portfolio konnte mit -7,6% (+14,5% in 2021) wesentlich besser abschneiden als traditionelle Mischfonds, nachdem es auch im Vorjahr schon vorne lag. Das Global Equities ESG SDG Social Portfolio wurde erst am 21. Januar gestartet und wird deshalb in diesem Vergleich noch nicht berücksichtigt, die ersten Monate sind jedoch relativ betrachtet sehr gut gelaufen.

Mein FutureVest Equity Sustainable Development Goals R Fonds, der am 16. August 2021 gestartet ist, hat in den ersten 9 Monaten 2022 -13% verloren und liegt damit ebenfalls im Wettbewerbsvergleich gut, vor allem im Vergleich zu anderen aktiv gemanagten Aktienfonds. Das gilt auch für die Volatilität von 14% und den maximalen zwischenzeitlichen Verlust von 13,8% (vgl. auch Mein Artikel 9 Fonds: Noch nachhaltigere Regeln – Responsible Investment Research Blog (prof-soehnholz.com)),

Fazit

Vereinfacht zusammengefasst haben meine konzentrierten direkten Aktienportfolios (vgl. 30 stocks, if responsible, are all I need – Responsible Investment Research Blog (prof-soehnholz.com) besser als vergleichbare ETF-Portfolios rentiert. Und nachhaltige Portfolios haben zwar schlechter als traditionelle ETF-Portfolios, aber vergleichbar mit aktiv gemanagten traditionellen Fonds performt. Im Einzelnen rentierten das Infrastruktur- und das Deutsche Aktienportfolio relativ schlecht. Relativ gut waren dagegen die Trendfolge und die SDG Portfolios sowie mein FutureVest Fonds.

Anmerkungen:

Die Performancedetails siehe www.soehnholzesg.com und zu allen Regeln und Portfolios siehe Das Soehnholz ESG und SDG Portfoliobuch. Benchmarkquelle: Medianfonds relevanter Morningstar-Peergruppen (Eigene Berechnungen).

ESG End: Heidefoto von Maria Schuetz als Illustration

ESG End? (Researchblog #98)

ESG End? >10x new research on tourism, waste, health, emerging markets, greenium, ESG ratings,  impact investments, investment frameworks, AI, buyouts and venture capital by Alex Edmans, Timo Busch, Uwe Walz, Christian Thier and others

Social and Ecological research

Dirty vacations: Dirty Dance: Tourism and Environment by Serhan Cevik as of September 26th, 2022 (#7): “… international tourism has a statistically and economically significant effect on CO2 emissions in a relatively homogenous panel of 15 tourismdependent Caribbean countries over the period 1960–2019. … an increase of 10 percent in the number of international visitors is associated with an increase of as much as 8 percent in CO2 emissions …. The negative impact of tourism on environmental quality occurs through several channels in Caribbean countries including carbon-intensive energy production and consumption of material resources in accommodation, transportation and other tourist activities, and changes in land use associated with tourism-related investments” (p. 13).

Advert for German investors: “Sponsor” my free research by buying my Article 9 fund. The minimum investment is around EUR 50. FutureVest Equity Sustainable Development Goals R – DE000A2P37T6 – A2P37T: With my most responsible stock selection approach I focus on social SDGs and midcaps and use best-in-universe as well as separate E, S and G minimum ratings (see ESG plus SDG-Alignment mit guter Performance: FutureVest ESG SDG – Responsible Investment Research Blog (prof-soehnholz.com))

Please go to page 2 (# indicates the number of SSRN downloads on September 27th):

Heidebild als Illustration für Proven Impact Investing

Proven Impact Investing? (Researchblog #97)

Proven impact investing: >10x new research on work, midlifes, climate impact, ESG reporting, impact investments, engagement, indexing, client advisors, risk measurement, real estate, fractional shares, stablecoins

Ecological and social research

More homework: Working from home around the world by Cevat Giray Aksoy, Jose Maria Barrero, Nicholas Bloom, Steven J. Davis, Mathias Dolls, and Pablo Zarate as of September 19, 2022 (#13): “… we survey full-time workers who finished primary school in 27 countries as of mid 2021 and early 2022. … first, that WFH averages 1.5 days per week in our sample, ranging widely across countries. Second, employers plan an average of 0.7 WFH days per week after the pandemic, but workers want 1.7 days. Third, employees value the option to WFH 2-3 days per week at 5 percent of pay … employer plans for WFH levels after the pandemic rise strongly with WFH productivity surprises during the pandemic” (abstract).

Advert: “Sponsor” my free research by buying my Article 9 fund. The minimum investment is around EUR 50. FutureVest Equity Sustainable Development Goals R – DE000A2P37T6 – A2P37T: With my most responsible stock selection approach I focus on social SDGs and midcaps and use best-in-universe as well as separate E, S and G minimum ratings (see ESG plus SDG-Alignment mit guter Performance: FutureVest ESG SDG – Responsible Investment Research Blog (prof-soehnholz.com))

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