Jessica Matthews Global Head of Sustainable Investing, J.P. Morgan Private Bank
Eli Fadil Sustainable Investment Associate, J.P. Morgan Private Bank
有效的 ESG 整合策略，有望為投資組合帶來創造真正可持續回報的渠道。實際上，根據哈佛商學院一項研究結果發現，重大ESG指標的高效表現成為了推動投資回報的主要元素，而且事實證明非重大因素不能預測未來的回報表現.1 。我們將於本文深入探討ESG整合策略能夠提供穩定一致回報的方法和原因所在，闡釋通過這些策略如何幫助您實現個人財務目標。
1 《公司的可持續發展：判斷重大因素的重要證據》(“Corporate Sustainability: First Evidence on Materiality.”) ，作者Mozaffar N. Khan,、George Serafeim和Aaron Yoon哈佛商學院論文編號第15-073份，2015年3月。
2 2.《ESG快速調查報告》(“ESG Flash Survey”)，摩根大通資本顧問團隊，2020年12月。
3 3.《ESG投資基礎：ESG如何影響股票估值、風險和回報表現》(“Foundations of ESG Investing: How ESG Affects Equity Valuation, Risk, and Performance”)，作者Guido Giese、 Linda-Eling Lee、Dimitris Melas、Zoltán Nagy 和Laura Nishikawa，《投資組合管理雜誌》(Journal of Portfolio Management)第 45 (5) 69-83期，2019年7月。
4 4. MSCI ESG研究報告和巴克萊研究報告，每月數據自2009年8月至2016年4月。©2019 MSCI ESG Research LLC。已獲准複製，不可轉發。
5 5. 《ESG投資基礎：ESG如何影響股票估值、風險和回報表現》(“Foundations of ESG Investing: How ESG Affects Equity Valuation, Risk, and Performance”)，《投資組合管理雜誌》(Journal of Portfolio Management)，MSCI (2019年)。
8 《關於缺水問題與半導體行業的八大要點》(“8 Things You Should Know about Water and Semiconductors” )，CWR，2013年7月。
9 《晶片製作需要大量用水，台灣面臨旱災危機》 (“Making Chips Requires Lots of Water and, Gulp, Taiwan has a Drought”)，彭博，2021年2月。
10 FactSet。數據截至2021年4月27日。台積電未來12個月市盈率為25.5倍，相比之下，部分同業（Tower Semiconductor、ASE Technology、Vanguard和United Microelectronics）的未來12個月市盈率介於13.4倍到21.4倍不等。
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Sustainable investing (“SI”) and investment approaches that incorporate environmental social and governance (“ESG”) objectives may include additional risks. SI strategies, including ESG SMAs, mutual funds and ETFs, may limit the types and number of investment opportunities and, as a result, could underperform other strategies that do not have an ESG or sustainable focus. Certain strategies focused on particular sectors may be more concentrated in particular industries that share common factors and can be subject to similar business risks and regulatory burdens. Investing on the basis of sustainability/ESG criteria can involve qualitative and subjective analysis and there can be no assurance that the methodology utilized, or determinations made, by the investment manager will align with the beliefs or values of the investor. Investment managers can have different approaches to ESG or sustainable investing and can offer strategies that differ from the strategies offered by other investment managers with respect to the same theme or topic. ESG or sustainable investing is not a uniformly defined concept and scores or ratings may vary across data providers that use similar or different screens based on their process for evaluating ESG characteristics. Additionally, when evaluating investments, an investment manager is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the manager to incorrectly assess an investment’s ESG/ SI performance.
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