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Sustainable Index Funds Could Be the Next Big Thing

Sustainable Index Funds Could Be the Next Big Thing

可持續指數基金可能是下一件大事
finviz ·  2020/05/07 19:42

The current economic recession in the U.S. could lead to massive changes in how businesses operate in the future. In the past, economic downturns proved to be disastrous for all business sectors alike. This time around, though, a certain set of companies have weathered the storm better due to the nature of their business operations. For instance, online-oriented companies such as Amazon.com Inc. (NASDAQ:AMZN), Netflix Inc. (NASDAQ:NFLX) and Zoom Video Communications Inc. (NASDAQ:ZM) have turned the dire economic conditions into an opportunity to gain traction. This characteristic will likely lead to dramatic changes in corporate America. The varying impact of the recession is not limited to the financial performance of companies. The investing landscape could also experience dynamic changes as a result of this economic collapse. Sustainable investing is an asset class that could benefit in the long term as a result of these changes.

美國目前的經濟衰退可能會導致未來企業運營方式的巨大變化。過去,事實證明,經濟衰退對所有商業部門都是災難性的。然而,這一次,由於業務運營的性質,某些公司更好地經受住了風暴。例如,面向在線的公司,如亞馬遜. (納斯達克:AMZN)、奈飛。納斯達克(Sequoia Capital:NFLX)和Zoom視頻通訊(納斯達克:ZM)把糟糕的經濟狀況變成了獲得牽引力的機會。這一特點可能會給美國企業界帶來巨大變化。經濟衰退的不同影響並不侷限於公司的財務表現。由於這場經濟崩潰,投資格局也可能經歷動態變化。可持續投資是一種資產類別,可能會因這些變化而長期受益。

SUSA 30-Year Financial Data

Susa 30年財務數據

The intrinsic value of SUSA

蘇薩的內在價值

Peter Lynch Chart of SUSA

彼得·林奇的蘇薩圖表

The soaring popularity of sustainable investing

可持續投資的受歡迎程度飆升

Sustainable investments have grown exponentially since 2012 as investors, economists, analysts and governments have shown a preference to investing money not only to maximize returns, but also to achieve socially accepted values. Companies, on the other hand, have been forced to adopt measures to address adverse developments that could harm society in general. Collectively, these factors have attracted billion-dollar investments since the fallout of the financial crisis.

自2012年以來,可持續投資呈指數級增長,因為投資者、經濟學家、分析師和政府表現出更傾向於投資,不僅是為了最大化回報,也是為了實現社會接受的價值。另一方面,企業被迫採取措施,應對可能對整個社會造成危害的不利發展。總體而言,自金融危機爆發以來,這些因素吸引了數十億美元的投資。

Source: BlackRock.

資料來源:貝萊德.

One of the most important questions is whether these investments are generating attractive returns in comparison to traditional investment vehicles.

最重要的問題之一是,與傳統投資工具相比,這些投資是否產生了誘人的回報。

Sustainable funds outperformed their traditional peers in the first quarter

可持續發展基金第一季度的表現好於傳統同行

Under normal market conditions, investors expect high-growth companies to deliver the best returns. However, when searching for such multi-baggers, it's easy to lose focus and bet on companies that achieve growth through unsustainable measures. In such instances, the value of a portfolio is destined to decline drastically when an external force disrupts the market. This is exactly what has happened this year.

在正常的市場條件下,投資者預計高增長的公司會帶來最佳回報。然而,在尋找這種倍增器時,很容易失去重點,押注於那些通過不可持續的措施實現增長的公司。在這種情況下,當外部力量擾亂市場時,投資組合的價值註定會大幅縮水。這正是今年發生的事情。

Morningstar Research conducted an extensive study into the performance profiles of sustainable and conventional funds in the first quarter to determine which kind of funds are weathering the storm better. They found:

晨星研究對可持續基金和常規基金第一季度的業績概況進行了廣泛的研究,確定哪種基金能更好地經受住這場風暴。他們發現:

"Sustainable index funds are designed as alternatives to conventional index funds across equity markets. Based on a comparison of 26 sustainable index funds with those of conventional index funds covering U.S. stocks, non-U.S. developed-markets stocks, and emerging-markets stocks, 24 of them outperformed the comparable conventional index fund."

可持續指數基金被設計為股票市場常規指數基金的替代品。根據26只可持續指數基金與涵蓋美國股票、非美國發達市場股票和新興市場股票的傳統指數基金的比較,其中24只基金的表現優於可比的傳統指數基金。

According to the published data, 44% of sustainable funds ranked in their category's best quartile, indicating the overall success of this strategy.

根據公佈的數據,44%的可持續基金排名在各自類別的最佳四分位數中,表明這一策略總體上是成功的。

Source: Morningstar.

來源:晨星。

One of the primary drivers of this success was the relatively low exposure of these funds to the energy sector. In the first quarter, oil and gas stocks fell sharply as a result of the massive decline in demand for energy products. The high exposure to the information technology space also played a role as it was one of the best-performing sectors in the first three months of this year.

這一成功的主要驅動力之一是這些基金對能源行業的敞口相對較低。第一季度,由於能源產品需求大幅下降,石油和天然氣庫存大幅下降。對信息技術領域的高敞口也起到了一定作用,因為它是今年頭三個月表現最好的板塊之一。

The best way to invest in companies that embrace sustainable growth principles

投資於遵循可持續增長原則的公司的最佳方式

For investors, finding companies that adhere to environmental, social and governance principles could be a difficult task. They would need to dig deep into the financials of a company to gain an accurate understanding of its business practices and, even then, there's no guarantee of success in this endeavor. The best option, therefore, is to gain exposure through an exchange-traded fund that specializes in sustainable companies. This will help investors improve the diversification of their portfolios as well because the fund would be investing in several companies as opposed to just one.

對於投資者來説,找到遵守環境、社會和治理原則的公司可能是一項艱鉅的任務。他們需要深入研究一家公司的財務狀況,以準確瞭解其商業實踐,即使這樣,也不能保證這一努力取得成功。因此,最好的選擇是通過專門投資可持續發展公司的交易所交易基金(ETF)獲得敞口。這也將有助於投資者改善其投資組合的多元化,因為該基金將投資於幾家公司,而不是隻投資一家公司。

Below is a list of funds investors can choose from to match with their investment objectives, risk tolerance and time horizon.

以下是投資者可根據其投資目標、風險承受能力和時間範圍進行選擇的基金名單。

In the post-recession era, investment analysts are likely to attach premium valuation multiples to companies that adhere to ESG principles as many of these companies have shown resilience in the last few months. On the other hand, it could bring this investment class to the main street as investors finally realize that these opportunities can generate attractive returns as much as a conventional investment could.

在後衰退時代,投資分析師可能會對堅持ESG原則的公司給予溢價估值倍數,因為其中許多公司在過去幾個月表現出了韌性。另一方面,隨着投資者最終意識到這些機會可以像傳統投資一樣產生誘人的回報,它可能會將這一投資階層帶到主要街道上。

Takeaway: secular growth of sustainable investing can be expected in the post-recession period

要點:可持續投資的長期增長在後衰退時期是可以預期的

When it comes to investing, it's often beneficial to identify developing trends early. Investment techniques and asset classes that provide the best returns over a five-year period might fail to deliver attractive returns in the following five years. For example, cable-TV operators delivered stellar returns to investors from 2000 to 2010, but streaming platforms such as Netflix have pushed these once booming companies into a corner over the last several years, leading to disappointing returns. The secular growth of passive investing strategies is another classic example as many of these funds have provided better returns than actively managed funds in the last decade.

談到投資,及早發現發展趨勢往往是有益的。在五年內提供最佳回報的投資技巧和資產類別,可能無法在接下來的五年帶來誘人的回報。例如,有線電視運營商提供了星光燦爛從2000年到2010年,投資者獲得了巨大的回報,但Netflix等流媒體平臺在過去幾年將這些曾經蓬勃發展的公司推到了角落裏,導致了令人失望的回報。被動投資策略的長期增長是另一個經典的例子,因為在過去十年裏,其中許多基金提供了比主動管理基金更好的回報。

Today, sustainable investing is gaining popularity as a strategy that can be relied upon to deliver better returns in comparison to traditional investments when a catastrophic market event occurs. The outperformance in the first quarter will be a wake-up call for portfolio managers to allocate a portion of their clients' assets to sustainable industries in a bid to lower the correlation with the broad market.

如今,可持續投資作為一種策略越來越受歡迎,與傳統投資相比,當災難性的市場事件發生時,可持續投資可以提供更好的回報。第一季度的優異表現將給投資組合經理敲響警鐘,要求他們將客户資產的一部分配置到可持續的行業,以降低與大盤的相關性。

Surprisingly, these strategies have proven their ability to deliver acceptable returns since 2006, but many investors did not notice this until recently. From 2006 to 2018, the MSCI All Country World Index (ACWI) generated lower returns than the Corporate Knights Global 100 Index, which is a proxy for the best global companies that focus on sustainable business operations.

令人驚訝的是,這些策略已經證明瞭他們的能力自2006年以來,它一直在提供可接受的回報,但許多投資者直到最近才注意到這一點。從2006年到2018年,摩根士丹利資本國際全球所有國家指數(ACWI)產生的回報率低於企業騎士全球100指數,後者是專注於可持續商業運營的最佳全球公司的代表。

Source: Visual Capitalist.

資料來源:視覺資本家。

Now that these funds are getting attention from institutional investors, retail investors can focus on gaining exposure to this booming asset class by investing through an exchange-traded fund.

現在,這些基金正受到機構投資者的關注,散户投資者可以通過交易所交易基金(ETF)投資,專注於獲得這一蓬勃發展的資產類別的敞口。

Disclosure: I do not own any stocks or funds mentioned in this article.

披露:我不擁有本文提到的任何股票或基金。

Read more here:

請在這裏閲讀更多內容:

Behind Berkshire's 1st-Quarter Loss

伯克希爾第一季度虧損的背後

BlackRock's Resilience Makes It One of the Best Dividend Stocks Today

貝萊德的韌性使其成為當今最好的分紅股之一

Why Contrarian Investors Should Focus on Small-Cap Stocks

為什麼反向投資者應該關注小盤股

Not a Premium Member of GuruFocus? Sign up for afree 7-day trial here.

不是GuruFocus的高級會員?在這裏報名參加為期7天的試用期。

This article first appeared onGuruFocus.

這篇文章最早出現在GuruFocus上。

SUSA 30-Year Financial Data

Susa 30年財務數據

The intrinsic value of SUSA

蘇薩的內在價值

Peter Lynch Chart of SUSA

彼得·林奇的蘇薩圖表

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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