Portfolio Manager
• 市場觀點
Balancing sustainability and returns: What multi-asset investors need to know
Investors and wider society increasingly demand more sustainable investments – but does it come at the cost of returns? Historically, we can show that sustainability has improved multi-asset risk-adjusted returns, which supports the belief that more sustainable companies perform better in the long run, and this feeds through into the returns of mixed equity and corporate bond universes. The question is whether the costs justify the journey.
作者
Client Portfolio Manager
Head of Solutions Research
In this article, Robeco’s Sustainable Multi-Asset Solutions team discusses the impact that integrating sustainability actually has on risk-adjusted returns over the past six years to the end of 2023. We use Robeco’s SDG Framework, mapping out the contributions that companies can make to the Sustainable Development Goals (SDG) as the principle means of ‘defining’ sustainability, and see how this feeds through into returns.
Certainly, some kind of price is paid, as the analysis shows that excluding less sustainable investments from multi-asset portfolios brings greater market deviation against traditional benchmarks. Additionally, the research shows that differing sectors and regions often cause short-term differences in performance due to the various biases that can creep in. But it does prove worthwhile in the medium-term.
And in any event, increasing regulation means investors will have to consider sustainability factors whether they find it convenient or not, making it imperative to understand how to balance sustainability with the returns that are needed by stakeholders over the market cycle.
過往表現未必可作日後業績的準則。投資價值可能會波動。
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Important information
The contents of this document have not been reviewed by the Securities and Futures Commission ("SFC") in Hong Kong. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. This document has been distributed by Robeco Hong Kong Limited (‘Robeco’). Robeco is regulated by the SFC in Hong Kong. This document has been prepared on a confidential basis solely for the recipient and is for information purposes only. Any reproduction or distribution of this documentation, in whole or in part, or the disclosure of its contents, without the prior written consent of Robeco, is prohibited. By accepting this documentation, the recipient agrees to the foregoing This document is intended to provide the reader with information on Robeco’s specific capabilities, but does not constitute a recommendation to buy or sell certain securities or investment products. Investment decisions should only be based on the relevant prospectus and on thorough financial, fiscal and legal advice. Please refer to the relevant offering documents for details including the risk factors before making any investment decisions. The contents of this document are based upon sources of information believed to be reliable. This document is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Investment Involves risks. Historical returns are provided for illustrative purposes only and do not necessarily reflect Robeco’s expectations for the future. The value of your investments may fluctuate. Past performance is no indication of current or future performance.
