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151****3881 · 2024年06月03日

请老师讲解

NO.PZ2024010509000014

问题如下:

An asset owner seeking to hire an investment manager believes that ESG factors are most important for risk management. To implement that belief, the asset manager will most likely suggest a strategy that:

选项:

A.structures the portfolio to replicate an ESG benchmark fund.

B.excludes some companies, sectors, or geographies based on ESG-related factors.

C.overweights the portfolio with companies that exhibit strong performance on related ESG factors.

解释:

B is correct. If an ESG mandate is to focus on risk management, then a possible strategy would be to exclude companies, sectors, or geographies that the investor sees as particularly risky with respect to ESG factors. If value creation were the focus, then the manager might overweight the portfolio with companies or sectors that exhibit strong performance on ESG-related factors they believe are linked to value creation. (Although companies that have good corporate governance often have good ratings for E&S factors as well, that is not always the case, so focusing on only one of the ESG factors would not necessarily reduce the portfolio’s risk.)

没明白,关注ESG,为何要排除?

1 个答案
已采纳答案

净净_品职助教 · 2024年06月03日

嗨,爱思考的PZer你好:


为了管理风险,关注ESG因素的投资者往往会选择排除某些公司、行业或地区,这些被排除的公司或行业在ESG方面可能存在较高的风险。通过排除高风险的ESG因素,可以减少投资组合中的潜在风险,从而更好地保护投资者的利益。

排除策略 (exclusionary screening) 的逻辑在于,通过避免投资于那些在环境、社会和治理方面表现较差的公司,可以减少与这些公司相关的潜在财务风险。例如,一家严重污染环境的公司可能面临更高的法律诉讼风险和监管处罚,这些风险都会对公司的财务表现产生负面影响。通过排除这些公司,投资者可以降低这些风险在其投资组合中的影响。

相反,选项A和C更多关注的是投资组合的结构和价值创造,而不是纯粹的风险管理。因此,对于重点关注风险管理的ESG投资者来说,排除策略是更合适的选择。

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