Sobre nosotros
Inversión responsable
Integral a nuestra filosofía de inversión
- La robusta capacidad de análisis integrada en nuestro proceso de inversión representa la piedra angular de nuestro enfoque en IR.
- Nuestro análisis cuenta con el respaldo de calificaciones de IR internas que nos permiten evaluar riesgos y oportunidades relevantes en materia ASG en más de 8.000 compañías de todo el planeta.
- Como gestores activos, el compromiso cobra una vital importancia, y atesoramos un excelente historial en la influencia sobre el cambio positivo mediante la administración y el voto.
- Tenemos una sólida cultura colaborativa que sustenta nuestro análisis y nuestro enfoque de inversión.
En Columbia Threadneedle Investments nos esforzamos por administrar de manera responsable los activos de nuestros clientes, y asignamos el capital dentro de nuestro marco de robusto análisis y buen gobierno corporativo. La integración de los aspectos ambientales, sociales y de gobierno corporativo (ASG) dentro de nuestro análisis dibuja un cuadro más completo de los riesgos y las perspectivas de futuras rentabilidades de todas las oportunidades de inversión.
Análisis
Un profundo análisis de base
Análisis interno
- Administración financiera: Combina cuatro marcos [académicos] independientes que miden la gobernanza financiera prudente a largo plazo con el fin de identificar negocios bien gestionados. Estos marcos ofrecen una visión global sobre el funcionamiento práctico del gobierno corporativo.
- Importancia relativa ASG: Las compañías que gestionan los riesgos ASG están mejor posicionadas para abordar los retos futuros, evitar la obsolescencia técnica y social, y aprovechar las oportunidades comerciales, tanto conocidas como desconocidas. Conforme evolucionan con rapidez las sociedades, los mercados y las normas gubernamentales, las compañías que lideran los parámetros ASG sectoriales más importantes desde el punto de vista financiero deberían hallarse en buena posición para mitigar los riesgos, desarrollar una ventaja competitiva y mantener su negocio a largo plazo.
A portfolio manager’s perspective
Ann Steele, Senior Portfolio Manager, European Equities
A portfolio manager’s perspective
Nicolas Janvier, Portfolio Manager, Threadneedle American Smaller Companies Fund
Literature
Administración
- la relevancia material de una emisión para la compañía,
- el riesgo para nuestros clientes,
- el tamaño de nuestra posición,
- nuestra oportunidad para colaborar
- y nuestra capacidad para materializar un cambio
Cambio climático
- Exposición al estrés hídrico y análisis de riesgos físicos. Estamos ahondando en nuevas fuentes de datos que podrían traducirse en un análisis más pormenorizado del riesgo corporativo. Estamos interesados en evaluar la exposición de las instalaciones y la operativa a los riesgos climáticos físicos. Esto incluye las tormentas tropicales, los incendios forestales, los riesgos de inundaciones y la subida del nivel de los mares
- Emisiones de alcance 3. Hasta hace poco, nuestro análisis se ha centrado en las emisiones de alcance 1 y 2. Sin embargo, hemos empezado a poner la mirada en la exposición de las compañías a las emisiones de alcance 3 con el propósito de fundamentar mejor nuestro análisis de la trayectoria de emisiones.
- Análisis de adaptación dinámica. La forma habitual de evaluar la exposición de las carteras a las emisiones de carbono y al cambio climático es a través de medidas estáticas basadas en la exposición que no consideran la capacidad de adaptación de las compañías al cambio climático. En respuesta a esto, estamos trabajando en modelos económicos que permiten un análisis más prospectivo de la capacidad de adaptación de las compañías.
- Modelización del valor en riesgo climático. A partir de trabajos realizados en la London School of Economics, estamos desarrollando un modelo de valor en riesgo (VaR) climático, que conjuga análisis fundamental ascendente (bottom up) y descendente (top down) con el objeto de crear una cifra VaR nocional. Por ejemplo, utilizando el inmovilizado material para reflejar la magnitud del posible gasto de capital. Un posible enfoque estriba en mostrar la importancia relativa mediante un VaR basado en los flujos de caja.
Somos signatarios participantes en la iniciativa Climate Action 100+ (CA100+). Se trata de un programa basado en un compromiso de colaboración por parte de más de 615 inversores que gestionan activos por valor de más de 55 billones de USD*. La iniciativa trata de garantizar que los mayores emisores de gases de efecto invernadero del planeta adoptan las medidas necesarias frente al cambio climático. Se ha destacado como una de las 12 iniciativas mundiales clave para abordar el cambio climático. Los inversores signatarios de CA100+ se comprometen con las empresas a mejorar la gobernanza del cambio climático, reducir las emisiones y reforzar la comunicación de información financiera relacionada con el clima.
Estrategias de IR
Colaboraciones sectoriales
- Los Principios para la Inversión Responsable (PRI) de las Naciones Unidas. Fuimos signatarios fundadores de estos Principios en 2006, lo que implica que la inversión responsable lleva más de una década siendo un pilar fundamental del negocio.
- Código de Administración del Reino Unido 2020 Este Código, de cuya llevanza se encarga el Consejo de Información Financiera del Reino Unido, establece estrictas normas de administración para quienes invierten dinero en nombre de los ahorradores y pensionistas del Reino Unido, así como para quienes los apoyan. La administración (stewardship) es la asignación, la gestión y la supervisión responsables del capital con el objeto de crear valor a largo plazo tanto para los clientes como para los beneficiarios, lo que se traduce en unos beneficios sostenibles para la economía el medioambiente y la sociedad. Nos convertimos en signatarios del UK Stewardship Code (Código de Administración del Reino Unido) en 2012. En la actualidad, estamos preparando nuestra presentación inicial para el Código de Administración del Reino Unido 2020.
- Investor Stewardship Group. Esta red estadounidense de inversores y gestores de activos promociona las buenas prácticas en materia de administración y gobierno corporativo.
- Carta de Mujeres en el Ámbito de las Finanzas en el Reino Unido. Fuimos el primer gestor de activos en firmar esta carta, cuyos signatarios apoyan el avance de la mujer en los servicios financieros. Estos signatarios también establecen objetivos e implementan estrategias que resultan apropiados para su organización, además de informar sobre el progreso realizado en relación con estos objetivos.
- La introducción de bonos soberanos (gilts) verdes en el Reino Unido. La idea de unos gilts verdes se basa en la creciente emisión de bonos soberanos medioambientales y sociales en todo el planeta. Supone un significativo paso adelante en el desarrollo de un mercado de bonos verdes a escala mundial al mostrar cómo el dinero que se recauda puede, a la misma vez, generar beneficios ambientales, reducir las desigualdades y ayudarnos a adoptar un enfoque de «reconstruir mejor» (build back better).
- Reformas de las finanzas sostenibles en la UE. Participamos de manera notable en grupos de trabajo sectoriales que revisan y responden a las consultas de la UE.
- Pre-Emption Group. Este grupo británico ha desarrollado unas directrices especiales que facilitan la recaudación efectiva del capital durante la crisis de la COVID-19.
Cambio climático: reevaluación de los riesgos de incendios forestales
El «Objetivo 55» de la UE refuerza el enfoque de resultados sostenibles
El mercado de segunda mano se impone a la «moda rápida»
Los combustibles de aviación sostenibles se preparan para el despegue
El mundo en movimiento hacia el ESG
Video: Perspectivas de inversión para 2021
Comprender el Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (en inglés, SFDR)
Reorientar los flujos de capitales hacia las inversiones sostenibles
Generalizar la integración de la sostenibilidad en los procesos de gestión del riesgo
Fomentar la transparencia y el largoplacismo
Artículo 6
productos que integran el riesgo de sostenibilidad en los procesos de inversión y gestión de riesgos.
Artículo 8
productos que promueven características ambientales o sociales e invierten en compañías que demuestran aplicar buenas prácticas de gobierno corporativo.
Artículo 9
productos que tienen un objetivo de inversión sostenible específico y cuantificable.
Hoja de ruta para la implementación
Políticas y divulgación de información
Vea nuestros informes:
Vea nuestras divulgaciones:
A
Adverse impact
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
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.
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Sobre nosotros
Columbia Threadneedle Investments es una de las principales gestoras de inversiones que aplica un enfoque activo y cuenta con un excelente historial de rentabilidad en todas las clases de activos. Nuestro planteamiento de inversión es activo, centrado en el cliente e impulsado por la rentabilidad.
Fondos
Columbia Threadneedle Investments dispone de una amplia gama de fondos de inversión que cubren diversos objetivos de inversión.
Responsabilidad social corporativa
Nuestro objetivo consiste en obtener resultados positivos que satisfagan las necesidades de nuestras partes interesadas, y nos comprometemos a actuar siempre de forma responsable y transparente, velando por los intereses de las personas que nos confían la gestión de sus inversiones.