NOTIONS

Investing in a Changing Climate

By Robert Mudra Robert Mudra, CFA investigates how investors will need to adapt to the impacts of a changing climate. Is climate change for real? The short answer is—yes. According to Doug Sisterson, author of ‘How to Change Minds About Our Changing Climate’, about 98% of climate scientists believe that ...
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Recognizing the mutually beneficial path for funds

By Stewart Aldcroft Eagerly awaited in Hong Kong, the Mutual Recognition of Funds has the opportunity boost sales of funds in the city. Stewart Aldcroft investigates what’s on offer. Since July 1 2015, the Mutual Recognition for Funds (MRF) has been in operation. This has been in the planning stage ...
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Fund Passporting Programs in Asia: What Should Investors Expect

By Larry Cao What purposes do these programs serve? One of the advantages investors and investment managers in the US enjoy is that the 50 states are indeed very “united”. Although there are state regulations, the cost of the operating a national firm or to offer products across states in ...
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環境、社會及管治 : 發揮關鍵資訊優勢

需要為你的環境、社會及管治(ESG)項目打強心針嗎?Robert Murda教你個中之道 你的環境、社會及管治(ESG ) 整合項目有相當優勢嗎?如果沒有,你可以讀下去了。大家都心知要在市場上創造alpha值(超越市場水平的回報)並不容易,這取決於技術而非運氣。不過如你再深入了解關鍵之處,你就可找到其他人未必了解透徹的投資機會(及市場失效) 。 Oaktree Capital Management的聯席主席Howard Marks在其叫人嘆為觀止的著作《The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor 》中,把這種知覺思維稱為「雙重思考」(second-level thinking ) 。他指出: 「雙重思考者知道,他們必需在資訊、分析力或同時在兩者上擁有優勢,方可以取得更佳結果。」 可持續投資就是雙重思考的產物。我們首先要找出關鍵性ESG 因素以在資訊上取得優勢。接著我們就必需理解這些資訊如何推動內在價值以及現金流,以設計在客戶投資期間符合其風險及回報期望的投資 策略。 企業可持續發展: 為何關鍵的首個理由 一個好消息是,哈佛大學的研究人員已找到了可持續發展議題的表現和股票表現之間有聯繫的新證據。再者,對關鍵及非關鍵可持續發展因素的研究相區別,也彌補了此前研究的不足。 來 自哈佛商學院的Mozaffar Khan, George Serafeim與Aaron Yoon把他們的研究成果發表在研究報告《Corporate Sustainability: First Evidence on Materiality' (Working Paper 15-0703)》中。他們的最重要發現是所有根據Sustainability Accounting Standards Board (SASB) 框架,被認為在主要可持續議題上表現出色的企業,其年度alpha系數比在這方面表現較遜色的企業高 ...
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Lighting the Way to Carbon Pricing

By Paula DiPerna There is only one purpose to hitchhiking—getting a free ride. Put out your thumb, smile, look innocent, hope, wait. But, zoom! The car does not stop. Most drivers fear strangers, but also most dislike the idea of providing free rides. We leave those hitch-hikers on the road ...
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