瑞信-全球-投资策略-全球ESG研究：有影响力的想法-2019.11.7.pdf

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1、GlobalESGResearch:IdeaswithImpact7November2019EquityResearchEuropeResearchAnalystsEugeneKlerkRichardKersleyOliverIsaac+442078834678+442078880313+442078888753eugene.klerk@credit-suisse.comrichard.kersley@credit-suisse.comoliver.isaac@credit-suisse.comDISCL

2、OSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawa

3、rethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.TableofcontentsExecutivesummary3IdeaswithImpactsummary4CompanypagesAcuityBrands5HyundaiMob

4、is20AIAGroup6InformaGroup21AshteadGroup7Ingersoll-RandPlc22ASMLHoldings8JohnsonMatthey23Bouygues9NovoNordiskA/S24Carsales.com.au10ParkerHannifinCorporation25CrownHoldings11Pernod-Ricard26CSPCPharmaceutical12RenesasElectronics27Cummins13SchneiderElectric28

5、DassaultSystemes14Sony29Dentsply-Sirona15Straumann30EatonCorp16StrykerCorp.31GreeElectric17EsteeLauder32Halma18VFCorporation33HoneywellInternational19Visa34Appendix35ESGmetricselectionandcalculation36Disclosures37IdeaswithImpactNov20192ExecutiveSummaryKey

6、ObservationsWelaunchourGlobalESGStrategyProductwithaframeworkfocusedonImpactinvesting.InSustainableInvestmentStrategies,weanalyse10themesthatofferbroadexposuretotheSustainableDevelopmentGoalsasdefinedbytheUNanduseCreditSuisseHOLT®toidentifythemosttimelyin

7、vestmentopportunitiesacrossthem.Responsibleinvestingmatters:InourprimeronTheABCsofESG,wearguethatthecurrentUS$30trnofAUMgloballylinkedtoESGissettogrowfurtherduetotighterregulation,greaterinvestorengagement,increasedconsumerpressureandimprovingreturns.Them

8、ostoftenusedESGstrategytodatehasbeen‘exclusionscreening’;however,momentumtowardsImpactandSustainablestrategiesisgreatest.Ourinvestmentframework:UsingHOLT,weassessourthemesonQuality,MomentumandBusinessSustainability.