關於我們

負責任投資

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Integral to our investment philosophy

長期以來,負責任投資(RI)始終是我們投資研究及決策不可或缺的一部分;廣義而言,更是我們經營理念的一部分。負責任投資的理論基礎非常清晰:擁有面向未來的可持續業務模式的企業更具備為所有利益相關者(包括股東)傳遞價值的潛力。作為聯合國負責任投資原則(PRI)創始簽署方之一,我們十多年來始終將負責任投資作為我們業務的重要支撐。
  • 我們的RI方法的核心在於,貫穿整個投資過程的強大研究能力。
  • 我們的研究以專有RI評級作為支撐,使得我們有能力評估全球逾8000家企業的重大ESG風險和機會。
  • 作為一家積極型基金管理公司,社會參與十分重要,我們在通過管理和投票影響積極變化方面擁有良好記錄
  • 我們有著堅實的合作文化,是支撐我們研究及投資方法的基石
  • 我們為尋求更加積極推動ESG標準或實現特定可持續成果的客戶提供一系列專門的RI投資策略, 包括我們的創新社會債券專营權。
PRI rating ZH
天利投資致力成為客戶資產的可靠管家,在穩健的研究框架內并通過良好的管理方法分配其資金,。在投資研究中納入環境、社會及管治(ESG)標準,可以更加全面地瞭解所有投資機會的風險及未來回報前景。

研究

深度研究基礎
我們認為,負責任投資研究屬基礎研究。我們進行原創的、具有前瞻性的獨立研究,旨在為客戶帶來長期穩定的回報。
我們的投資組合經理在判斷投資公司的可持續性及長期價值創造時,會考慮ESG因素的累加洞察力。在投資過程中納入這些ESG因素,有利於投資組合經理們在投資決策時有更廣泛的考量基礎。
我們的專有RI評級系統反映了我們以數據為導向、以證據為基礎的投資方法,為投資團隊提供了強大的負責任投資框架,用於評估全球愈8000家企業的ESG重大風險和機會。除專有分析外,我們的RI分析師還會進行獨立可持續性主題研究,提輸出多個部門的投資洞察——形成更為全面的投資機會視角。
RI factors ZH
協作促進決策
我們專業的RI分析師是我們全球研究團隊的重要組成部分,并共享一條匯報線。我們的研究文化紮根股權、固定收入、房地產、宏觀及數據科學團隊中,他們不斷協作并在全公司範圍分享洞察。通過這種協作,我們的投資決策和管理活動的信息更加靈通,識別重大機會及挑戰從而保護客戶利益及客戶委託的資金也更加輕鬆。
機會與風險識別:主題法
除量化評級外,我們的RI分析師還會進行針對與ESG和其他可持續性因素對公司、行業和主題展開定性分析。我們專注于17項聯合國可持續發展目標(UNSDGs)中我們認為對投資最為重要的八項。我們的主題研究探究諸如能源轉換、人力資本開發及碳排政策等投資者主題。此項主題研究一般以投資為重點,並從RI的角度突出行業及公司的風險和機會。
Thematic approach UN SDGs

查看我们最新的负责任投资季度报告:

PDF

Q1 2021 RI Report (Retail)

查看以往报告:

PDF

Q4 2020 RI Report (Retail)

PDF

Q3 2020 RI Report (Retail)

PDF

Q2 2020 RI Report (Retail)

專有解析

評估重大風險和機會
作為一家積極型資金管理公司,我們必須考慮各種可能對客戶資產構成風險或增加其價值的因素。
自2018年運營以來,我們的專有評級為我們的投資團隊提供了強大的ESG框架,也增強了對全球逾8000家企業的分析。評級有利於識別并評估常規分析無法捕捉到的潛在重大風險和機會——因此成為基礎研究工具包中至關重要的組成部分。

管理

促進變革
我們的資金管理活動加深了我們對風險和機遇的了解,影響著我們為客戶提供長期可持續價值創造的能力。
我們遵守全球多個盡職管理準則,包括《英國盡職管理守則》——我們是該守則的「一級」資產管理者簽署方,以及《投資者管理小組原則》。
社會參與:納入所有資產登記的投資洞察
我們致力於獲得更加深入的研究洞察,並與公司建立良好關係,影響變革。我們認為,社會參與有助於研究和投資:它可以探查發展拐點和長期發展趨勢;也會對公司的ESG風險管理及其可持續性帶來影響。
在決定是否參與時,我們將考慮以下幾個因素:
  • 發行對公司的重大影響
  • 給客戶帶來的風險
  • 持有規模
  • 合作機會
  • 以及我們影響變化的能力
Meeting
我們會在每次參與會議之前設定明確的目標,並定期對其跟蹤。我們會在全球範圍內,在全司上下傳播此類監督過程中產生的研究和分析結果。
代理投票:幫助客戶發聲
我們在公司會議中積極投票。我們認為,這是釋放批准公司管理、管治、委員會和策略的許可(或其它)的最有效方式,也是積極推動正向變化的一種方式。我們對所有市場的客戶進行投票,對我們所有的資金和向我們授權的客戶進行投票。在投票時考慮所有相關因素,以選出最佳的長期經濟成果。
我們每年會在近6500個股東會議上進行代表投票,跨70個國家。

氣候變化

不斷發展的氣候洞察
我們在研究和管理過程中都會考慮氣候因素——包括社會參與和代理投票。我們優先考慮對投資具有重大影響的氣候變化問題。例如,氣候問題對公共事業、化石燃料、化學行業都有著重要經濟意義,因此我們也在這類情況下尤為細緻地對氣候變化進行評估。
在評估氣候變化及重大氣候風險時,我們借鑒了可持續發展會計標準委員會「SASB」制定的重要性框架,以及有關氣候財務信息披露建議「TCFD」的披露標準。我們還與CDP「前稱碳披露項目」合作,這是一家幫助公司報告其環境影響的非營利新組織。
Climate change

行業合作

簽署方和加入方:聯合促進負責任投資
我們參與行業工作小組和倡議,以促進負責任投資的價值。
我們還簽署加入各種準則和組織,表明我們對負責任投資的承諾,包括:
  • 聯合國負責人投資原則(PRI)。我們於2006年簽署該原則,是創始簽署方之一。也就是說,十年多來,負責任投資是我們開展業務的重要支柱。
Signatory of PRI logo
  • 《英國盡職管理守則》。該守則由英國財務報告委員會負責維護,為機構管理者管理其持有股權規定了許多公認原則。《守則》通過這些原則,提高了機構投資者與公司間的互動質量。提高了治理效率,並增加了股東們經過風險調整後的長期回報。
  • 投資人管理小組. 這一美國投資人及資產經理組織,促進了資本管理和公司治理的良好實踐。
ISG logo
  • 英國金融行業女性憲章. 我們是率先簽署的資產管理人。簽署者將努力促進金融服務行業女性的發展。他們還設定了相關目標并實施了適合其組織的策略,并匯報這些目標的進展。
倡議:傳遞利益
我們在多個主題和政策倡議上均展開了合作,包括:
  • 英國綠色證券的引入。綠色證券的理念以全球不斷發行的環境和社會主權債券為基礎。它展現了所籌資金如何能夠同時帶來環境效益,減少不平等并幫助我們進行更好的社區重建,是標誌全球綠色證券市場發展的重要一步。
Initiatives arrows

Glossary

A

Adverse impact

The main, potential negative effects on sustainability factors in investments based on criteria defined by European regulators.

Aggregate sustainability risk exposure

The overall sustainability risk faced by a company or portfolio, taking account of a range of issues such as climate risk and ESG factors.

B

Best-in-class​

Best-in-class strategies try to make their portfolios better on ESG issues and/or carbon characteristics by excluding certain investments deemed negative in that respect or including certain investments deemed positive in that respect.

C

Carbon footprint

The carbon emissions and carbon intensity of a portfolio, compared with its investment universe (benchmark). The benchmark might be, for example, companies in the FTSE 100.

Carbon intensity

A company’s carbon emissions, relative to the size of the business. This allows investors to compare the company’s carbon efficiency with its competitors』.

Climate risk

The risk that an investment’s value could be harmed by climate issues such as global warming, energy transition and climate regulation. Investors normally assess climate risk by looking at carbon footprint data, climate adaptation risk, physical risk and stranded assets.

Climate adaptation risk

See Transition Risk.

Controversies

A company’s operational failures or everyday practices that have severe consequences for workers, customers, shareholders, wider society and the environment. Examples are poor employee relations, human rights abuses, failure to follow regulations, and pollution. Controversies help to indicate the quality of a company.

Corporate governance

The way that companies are organised and led. We look at how well companies are sticking to good practices set out in Corporate Governance Codes, which vary from country to country. Corporate governance is also part of the 『G』 in ESG. In this context Governance may focus on the operational and management practices relating to social and environment aspects of the business.

Corporate Social Responsibility (CSR)

A company’s approach to (and engagement with) its stakeholders and the communities it operates in, reflecting its responsibility towards people and planet.

D

Decarbonisation

The reduction of the carbon emissions associated with a region, country, industry or organisation. It can also refer to the reduction of the carbon emissions associated with a fund’s investments.

Divestment

The opposite of investment. In other words, either reducing or exiting an investment. We divest if we think the potential risks of investing in a company outweigh the potential returns. This may be because we have lost confidence in a company’s leadership, strategy, practices or prospects .

E

Engagement

Talking to members of the board or management of a company – a two-way process that we might initiate, or the company might initiate. We use engagement to understand companies better. We also use it to give feedback, offer advice and seek changes – including change relating to ESG and climate risk. Engagement also means consulting with government and collaborating with other investors to influence policy and shape debate.

Environmental

The 「E」 in ESG. This covers a focus on significant environmental risks and their management. In a climate change context it is a focus on the risks associated with a business having to adapt to climate change requirements or the physical impacts of climate change. We also look at companies』 environmental opportunities due to changing consumer demands, policy changes, technology and innovation.

ESG

Short for environmental, social and governance. Investors consider companies』 ESG risks and how well they are managed. To do this, we use the Sustainability Accounting Standards Board (SASB) framework. Considering ESG gives us a different perspective on how good an investment might be.

ESG integration

Always taking account of ESG issues when assessing potential investment opportunities and monitoring the investments in a portfolio.

ESG ratings

Many investment managers use external providers, such as MSCI, to rate companies on their ESG practices. Each provider has its own way of doing things, so ESG scores can vary radically from one provider to another. We run our own ESG system to rate companies. This is based on 77 standards, each for a different industry, produced by the Sustainability Accounting Standards Board.

Ethical investing

An ethical approach excludes investments that conflict with the client values and ethics that a fund is seeking to reflect. There are many different activities or issues that people prioritise as ethical. Common examples include tobacco, adult entertainment, controversial weapons, coal or activities that contravene religious social teaching.

Exclusion

Excluding companies from a portfolio. Exclusions can also be used to set minimum standards or characteristics for inclusion of investments in portfolios. Fund managers may exclude entire industries (e.g. tobacco), companies involved in ethically questionable activities (e.g. gambling), companies that fail to meet certain ESG standards, and companies with a bad carbon intensity.

F

Fundamental analysis/research

Using research to work out the true value of an investment, rather than its current price. Many factors contribute to this, including responsible investment factors. Responsible investment helps us understand the quality of a company, its scope to develop and improve (e.g. in response to climate transition) and its prospects (through making money from responding to sustainability issues). Even if a company is good, it is unlikely to offer good investment returns if this is already reflected in the share price.

G

Green bonds

Debt issued by companies or governments, with the money raised earmarked for green initiatives such as building renewable energy facilities.

Greenwashing

Insincere approaches to climate change and other ESG issues by companies, including investment management firms. For example, an investment manager may label a fund as an ESG fund, even if it does not adopt ESG integration in practice.

I

Impact investing

Investing in companies and projects that aim to achieve a positive impact for people and the planet, as well as earning a financial return. For example, investing in affordable housing.

International Labour Organisation (ILO)

A United Nations agency, often abbreviated to 「ILO」, that sets international standards for fairness and safety at work. The ILO standards are commonly used by investors to assess how serious a corporate controversy is.

M

Materiality

An ESG issue is 「material」 if it is likely to have a significant positive or negative effect on a company’s value or performance.

N

Norms-based screening

Screening investments for potential controversies by looking at whether a company follows recognised international standards. We consider standards including the International Labour Organisation standards, the UN Guiding Principles for Business and Human Rights and the UN Global Compact. Specialist RI funds may exclude companies that do not meet these standards.

P

Physical risk

The physical risks of climate change for businesses, such as rising sea levels, water shortages and changing weather patterns.

Portfolio tilts

Investment industry jargon for having more of something in a portfolio than the benchmark, or less of it. In responsible investment it usually means having more companies in a portfolio that have better ESG credentials or are less exposed to climate risk than there is in the benchmark. The tilt is measured as the overall exposure to a specific type of investment in a portfolio compared to that in the benchmark.

Positive inclusion/screening

Seeking companies that have good ESG practices or that help the world economy be more sustainable. Also used as an alternative to 「best-in-class「. The opposite of exclusion.

Principles for Responsible Investment

Often shortened to PRI. A voluntary set of six ethical principles that many investment companies have agreed to adopt. Principle 1, for example, is: 「We will incorporate ESG issues into investment analysis and decision-making processes.」 The PRI was sponsored by the United Nations. Columbia Threadneedle is a founding signatory, and has attained the top A+ headline rating for its overall approach for the sixth year running.

Proxy voting

Voting on behalf of our clients at company general meetings to show support of their practices and approach – or to show our dissent. We put our voting record on our website within seven days of the vote.

R

Responsible Investment (RI)

The umbrella term for our approach towards managing our clients』 money responsibly. This includes the integration of ESG factors, controversies, sustainability opportunities and climate risks into our investment research and engagements with companies, to inform our investment decisions and proxy voting.

Responsible Investment Ratings

Mathematical models created by our responsible investment analysts that provide an evidence-based and forward-looking indication of the quality of a business and its management of risk.

S

Scope 1, 2 and 3 emissions

The building blocks used to measure the carbon emissions and carbon intensity of a company. Under an international framework called the Greenhouse Gas Protocol these are divided into Scope 1, 2 and 3 emissions. Scope 1 emissions are generated directly by the business (e.g. its facilities and vehicles). Scope 2 covers emissions caused by something a company uses (e.g. electricity). Scope 3 is the least reliable because it is the hardest to measure. It covers other indirect emissions generated by the products it produces (e.g. from people driving the cars a company makes).

Screened funds

Funds that use screens to exclude companies that do not meet their ethical criteria, ESG expectations, carbon intensity or controversy standards.

Social

The 「S」 in ESG. Investors analyse social risks and how these are managed. This includes a company’s treatment of its employees and its human rights record for other people outside the company (e.g. in the supply chain). It also refers to a company’s commercial opportunities in responding to changing consumer demands, policy changes or technology and innovation (e.g housing, education or healthcare).

Social bonds

Bonds issued to raise money for a socially useful purpose, such as education or affordable housing. Social bonds follow the standards set by the International Capital Market Association (ICMA) and appoint independent external reviewers to confirm the money raised will be used appropriately.

Socially Responsible Investing (SRI)

A form of ethical investment that attaches particular importance to avoiding harm to people or the planet, from the investments being made.

Stewardship

A catch-all term to describe the actions taken to look after our clients』 money. It commonly involves both engagement with companies, to develop a proper understanding of business developments, issues and potential concerns; and proxy voting to support or oppose issues at company general meetings.

Stranded assets

A variety of factors can lead to the risk of assets becoming stranded, such as new regulations or taxes (e.g. carbon taxes or changes in emission trading schemes) or changes in demand (e.g. impacts on fossil fuels, resulting from the shift towards renewable energy). Stranded assets risk having their value written down, impacting the value they have in a company’s accounts.

Sub-advisor

When one investment management company hires another investment management company to manage one of their funds, the hired company is the sub-advisor. Sub-advisors are sometimes used in responsible investment if they have specialist knowledge of this field that does not exist in-house.

Sustainability Accounting Standards Board

Often referred to as 「SASB」, this is a non-profit organisation that sets standards for the sustainability information companies should communicate to their investors. It has produced 77 sets of industry-specific global standards. SASB looks for sustainability issues that are financially significant to a particular industry.

Sustainability risk

An environmental, social or governance risk that could hit the value of an investment.

Sustainable Development Goals (SDGs)

A set of 17 policy goals set out by the United Nations, which aim for prosperity for all without harming people and the planet. Each goal has a number of targets. For example, Goal 2 is Zero Hunger and Target 2.3 is to double the productivity and incomes of small-scale food producers. Companies can contribute to the SDGs by making products or services that help achieve at least one of the 17 goals.

Sustainable investing

Investing in a way that recognises the need for and supports balanced social, environmental and economic development for the long term.

T

Task Force on Climate-related Financial Disclosures (TCFD)

The Task Force on Climate-Related Financial Disclosures was set up by the World Bank to help companies communicate their climate risks and opportunities and how they manage them. The TFCD sets out a framework for communicating how management considers climate risks, its strategy for responding to climate change, risk management arrangements and the types of risk covered. The TCFD says companies should, for example, explain how their business strategies would cope in different temperature scenarios. From 2022 companies listed on the UK stock market will have to follow the TCFD’s recommendations for disclosing climate risks.

EU SFDR (Sustainable Finance Disclosure Regulation)

This forces funds to communicate how they integrate sustainability risk and consider adverse impacts. For funds promoting environmental or social characteristics or that are targeting sustainability objectives, additional information will need to be communicated.

The EU Taxonomy

Often called the 「Green Taxonomy」. This is the EU’s system for deciding whether an investment is sustainable. Investments must contribute to one or more environmental objectives and meet the detailed criteria required for each activity or product that contributes to this. Investments must not do significant harm to any of the objectives. They must also meet minimum standards in business practices, labour standards, human rights, and governance.

Thematic investing

Researching global trends, or 「themes」, to identify investments that will either benefit from changing needs or be impacted by them. Common themes are climate change and technological innovation. Often combined with sustainable investing, which looks at these trends but with an additional focus on the environmental or social implications of themes.

Transition risk

The potential risks faced by companies as society transitions towards alignment with the Paris Agreement to limit global warming. This is the risk that a company is so invested in certain incompatible operations and assets that it is uneconomical to transition to align with the Paris Agreement.

U

UN Global Compact (UNGC)

The world’s largest sustainability initiative. The UNGC sets out a framework based on Ten Principles for business strategies, policies and practices, designed to make businesses behave responsibly and with moral integrity. Companies can volunteer to sign the Compact, and can be struck off by the UN for breaking it. The Compact is commonly used by investors to assess how serious controversies are.

UN Guiding Principles for Business and Human Rights

A framework for companies to prevent human rights abuses caused by their activities. Commonly used by investors to assess the severity of companies』 human rights failures.

其他主題

投資方針

天利的文化精髓在於完全專注並信賴團隊力量,藉此實現非凡成績,不斷跑贏大市。

投資實力

我們奉行主動式投資方法,以客戶為先,致力追求卓越的投資表現。

我們的基金

天利旗下擁有全面的投資基金產品,可滿足各種不同的投資目標。