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卓麟 · 2023年07月08日

ESG tilt

NO.PZ2022120703000055

问题如下:

Which of the following is most accurate regarding ESG issues in fixed income?

选项:

A.The ESG interests of long-term fixed income and equity investors do not often align B.For sovereign issuers, ESG engagement is a more common approach than applying an ESG tilt C.The probability of successful engagement is higher for private debt investors than for public debt investors

解释:

C is correct because "the greatest opportunity to push for conditions and disclosures around ESG is likely to be pre-issuance. This can be difficult to implement in fast-moving public markets, but is easier to effect in private debt issuance."

A is incorrect because "in almost all cases relating to ESG matters at companies that are going concerns, the interests of long-term investors (whether they are exposed to equity or debt) very much align".

B is incorrect because "the ESG approach usually applied in this asset class sovereign debt is screening or an ESG tilt in the investment process rather than engagement."

本题ESG engagement和ESG tilt的区别是什么呢

1 个答案

王岑 · 2023年07月09日

嗨,从没放弃的小努力你好:


ESG engagement指的是投资者与公司或发行人进行积极、有目的性的互动,以推动其在ESG方面的表现和改进。这种互动可以包括对话、提出要求、分享最佳实践、提供建议等。通过ESG engagement,投资者可以通过对公司的影响来实现可持续性目标,促使公司采取更好的环境、社会和治理实践。

ESG tilt指的是在投资决策过程中,根据特定的ESG指标或评级,对投资组合进行调整。这可能涉及将更多的资金投向表现良好的ESG公司或行业,或将资金转移出表现较差的ESG公司或行业。ESG tilt是一种被 passively managed 的投资策略,主要关注在投资组合层面对ESG因素进行调整,而不是直接与发行人进行互动。

对于主权债务发行人,ESG engagement不如应用ESG tilt策略普遍;而对于私人债务投资者来说,成功的ESG engagement的概率更高。这是因为私人债务投资者在债务发行之前更容易通过ESG engagement来推动条件和披露要求,而公共债务市场上,要在快速变动的市场环境中实施ESG engagement可能更为困难。

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