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Qualified investors within the meaning of Article 10 of the Swiss Federal Collective Investment Schemes Act of 23 June 2006 (“CISA”) and the Collective Investment Schemes Ordinance of 22 November 2006 (“CISO”) are essentially the following:

1.regulated financial intermediaries such as banks, securities traders, fund management companies and asset managers of collective investment schemes as well as central banks;

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3.public entities and retirement benefits institutions with professional treasury operations;

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5.investors who have concluded a written discretionary management agreement with a regulated financial intermediary as defined in section 1 unless they have declared in writing that they do not wish to be deemed as qualified investors;

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7.high-net-worth individuals who have confirmed in writing to a financial intermediary pursuant to section 1, or to an independent asset manager that meets the requirements described in section 6, that they wish to be considered as qualified investors (“opting-in”) and that they (a) have the knowledge required to understand the risks of the investments based on their individual education and professional experience or based on comparable experience in the financial sector and hold assets of at least CHF 500,000 (b) hold assets of at least CHF 5 million;

8.independent asset managers who fulfill the requirements described in section 6, and confirm that they will use the information on this website that refers to investment funds not approved by FINMA exclusively for clients that are regarded as qualified investors.

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This website is published by Lyxor International Asset Management (« LIAM »).

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Registered Office: 91-93, boulevard Pasteur, 75015 Paris, France

VAT No: FR 504 19223375

Responsibale person for the publication is: Lionel PAQUIN, CEO

Editing director: Nathalie BOSCHAT, Global Head Lyxor Communication (Tel.: +33 1 42 14 83 21; E-Mail: nathalie.Boschat@lyxor.com).


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LIAM is a French investment management company authorized by the Autorité des marchés financiers under the UCITS Directive (2009/65/CE) and the AIFM Directive (2011/31/UE). LIAM is represented in the United Kingdom by Lyxor Asset Management UK LLP, which is authorized and regulated by the Financial Conduct Authority in the UK (FCA reference number 435658). Lyxor AM is a registered Commodity Pool Operator and a Commodity Trading Advisor under the U.S. Commodity Futures and Trade Commission. Lyxor AM is also a member of the National Futures Association.

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Swiss Representative:  Société Générale Paris, Zurich Branch, Talacker 50, P.O. Box 1928, CH-8021 Zurich, Switzerland.

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The information on this website is exclusively intended for qualified investors with residence or domicile in Switzerland. The information on the financial products referred to in this website is expressly not directed to any person in or from any jurisdiction where the publication or availability of such products is prohibited (on grounds of residence, domicile, nationality or otherwise). Accordingly, the information contained herein does not constitute an act of distribution, an offer to sell or the solicitation of an offer to buy any securities to any person or entity in any jurisdiction in which such distribution or offer may not be lawfully made or access to such information is not permitted. Persons subject to local restrictions of this type must refrain from accessing this website. Investors should take advice from their own independent advisors before making an investment decision and should be aware of local laws governing investments. Without limiting the generality of the foregoing, the information in this website is not directed and not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America to or for the benefit of United States persons (being in particular nationals or residents of the United States of America or partnerships or corporations organized under the laws of the United States of America or any state, territory or possession thereof).

The shares are not registered under the U.S Securities Act of 1933 and may not be directly or indirectly offered or sold in the United States (including its territories or possessions) or to or for the benefit of a U.S Person (being a “United State Person” within the meaning of Regulation S under the Securities Act of 1933 of the United States, as amended, and/or any person not included in the definition of “Non-United States Person” within the meaning of Section 4.7 (a) (1) (iv) of the rules of the U.S. Commodity Futures Trading Commission.). No U.S federal or state securities commission has reviewed or approved this document and more generally any documents with respect to or in connection with the fund. Any representation to the contrary is a criminal offence.

Not all of the funds accessible on this website are registered for distribution in or from Switzerland to non-qualified investors. The Swiss Financial Market Supervisory Authority (FINMA) publishes a list of foreign collective investment schemes which are registered for distribution in or from Switzerland on their website. Société Générale Paris, Zurich Branch, Talacker 50, P.O. Box 1928, CH-8021 Zurich, Switzerland., is the representative and paying agent in Switzerland of the funds which are registered for distribution in or from Switzerland and for non-registered funds that are distributed exclusively to qualified investors.

Past performance

Past performance is not a guarantee or a reliable guide to the future. Market and exchange rate movements may cause the capital value of investments, and the income from them, to go down as well as up and the investor may not get back the amount originally invested. Investments in emerging markets may result in higher risks and volatility due to political and economic instability and less developed markets and systems.

Subscriptions for investment in any fund mentioned on the website may only be made on the basis of the relevant prospectus, the simplified prospectus and the Key Investor Information Document ("KIID"), respectively, and the most recent annual financial statements (or semi-annual financial statements if published thereafter).


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The contents of this website are based upon sources of information believed to be reliable. Neither Lyxor International Asset Management nor any other affiliate makes warranty that access to the site will be uninterrupted or error-free, that defects will be corrected, or that viruses or other harmful components will not be transmitted in connection with your use of the website. Lyxor International Asset Management and their affiliates hereby expressly disclaim, to the fullest extent permitted by applicable law and/or regulation, all warranties, express, statutory or implied, regarding the website and any results to be obtained from the use of the website and its contents, including but not limited to all warranties of merchantability, non-infringement, fitness for a particular purpose or use and all warranties arising from course of performance, course of dealing and/or usage of trade or their equivalents under the applicable laws and/or regulations of any jurisdiction. Neither Lyxor International Asset Management , nor any other affiliate warrants or guarantees the accuracy, timeliness, suitability, completeness, or availability of this website or the information or results obtained from use of it.

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08 Jul 2019

ESG Leaders and Laggards – 3 companies in focus

Well over 200 years ago, religious groups such as Quakers and Methodists were already pioneering early forms of Socially Responsible Investing (SRI), shunning businesses related to the likes of slave labour and harmful chemical production.1

In the 1960s, the civil rights movement took centre stage, with prominent figureheads such as Martin Luther King Jr. targeting companies opposing racial equality.2

By the 70s, much of the SRI efforts shifted towards corporate behaviour. Dow Chemical for instance came under heat for its role as the eventual sole provider of napalm in the Vietnam war.3 SRI even helped contribute to the end of Apartheid, thanks to international pressure to avoid investing in companies operating in South Africa.4

Moving on to the 80s and 90s, environmental concerns started gaining traction, from the health risks of fossil fuels to climate change.

ESG today is all about data

These days, popular forms of sustainable investing combine many of these issues through broad strategies with negative and/or exclusionary screens based on certain sectors or companies, as well as “best-in-class” screens focused on companies leading the way on ESG metrics.

Indeed, one of the fastest growing segments of ESG investing is the “best-in-class” approach, with a growth in global AuM of 125% between 2016 and 2018.5 And of the record-breaking €5.3bn of inflows into ESG ETFs in Europe year to date, almost three quarters went to broad “best-in-class” equity strategies.6

One of the main appeals of the “best-in-class” approach is the ability to keep a similar level of risk-adjusted return and sector exposure as non-ESG products. While there is a lingering myth that an ESG aligned portfolio sacrifices returns, it has largely been dispelled – one particular meta study reviewed over 2,000 papers and showed that ~90% of them found a non-negative link between ESG considerations and financial performance.7

Technology and culture have shifted. Today, we have swathes of high-quality data at our disposal thanks to increased disclosures from companies. As a result, sophisticated ETFs are available that can both align with your personal values, and still achieve a similar (if not better) risk/return profile to that of the broad market, with limited tracking error. Our ESG Leaders range is a good example.

MSCI World ESG Trend Leaders vs. parent index – ESG Ratings breakdown8

pie chart

ETFs and ESG share many qualities, daily transparency arguably chief amongst them. On that note, and to better illustrate what really goes on in your portfolio, we shed the light on three companies and their respective ESG profiles. The first two make the cut for our Lyxor MSCI World ESG Trend Leaders (DR) UCITS ETF, while the third one falls short.6


Microsoft Corp. – an ESG “Leader”


Microsoft is an American multinational technology company specialised in the development, manufacturing and licensing of computer software, hardware and related services. Most of you are likely to have used one of their applications over the past week – if not in this very moment! Founded over 40 years ago, it boasts a market cap that recently crossed the $1tn mark.

With a top MSCI ESG Rating of AAA – held for three years running now – Microsoft is the corporate posterchild for what it means to be socially and environmentally responsible. In fact, the company scores so well that MSCI didn’t identify any areas of improvement relative to its peers.10 Unsurprisingly, Microsoft is the largest holding in our Lyxor MSCI World ESG Trend Leaders (DR) UCITS ETF.

One of Microsoft’s major strengths relates to Privacy & Data Security – probably one of the first things that comes to mind in the context of tech firms these days. Factors considered include whether the company’s privacy policies cover all relevant business lines, oversight on policies at board level, employee training on data privacy, and investments made to improve cybersecurity.

Microsoft is also recognised for its strong policies around Corruption & Instability. For a company that does a lot of government work, good business ethics is something you would naturally expect. Another strong point is its environmental considerations. Clean tech innovation lies at the heart of Microsoft, with investments in areas as varied as carbon neutrality, sustainable management of water, energy-efficient data centres, and waste minimisation.11

Fresenius Medical Care AG & Co. – “Average”, but improving

MSCI ESG Rating: BBB (up from BB)9

Fresenius Medical Care is a leading provider of products and services for people with chronic kidney failure. Headquartered in Germany, the company cares for more than 336,000 patients in a global network of more than 3,900 dialysis clinics.

Sustainable growth lies at the core of its strategy. Fresenius assumes a medical responsibility through its “patients first” principle, but also an economic responsibility based on “integrity, sound corporate governance and adherence to compliance principles”.12

Digging into MSCI’s ESG Rating, the company performs well in areas such as Carbon Emissions, Privacy & Data Security, Product Safety & Quality, and Corruption & Instability. Where it significantly underperforms versus its peers however is in Labour Management and Corporate Governance. This puts it just below its industry relative score, earning it an “Average” middle-ranking of BBB.

Worth noting, Fresenius has improved its ESG profile over time, having been upgraded from BB to BBB in its latest review. We believe that a positive change in ESG rating – “ESG trend” – can have a positive impact on share price. Our Lyxor MSCI World ESG Trend Leaders (DR) UCITS ETF takes both ESG rating and ESG trend into account, thereby rewarding the champions of change. So, while Fresenius doesn’t make the cut for the standard MSCI World ESG Leaders index, it does earn its place in our fund.

Mitsubishi Motors Co. – an ESG “Laggard”


Mitsubishi Motors is a Japanese multinational automotive manufacturer. Since October 2016, Mitsubishi has been one third owned by Nissan, and is part of the Renault-Nissan-Mitsubishi Alliance.

With an MSCI ESG Rating of CCC – the worst possible score – Mitsubishi does not qualify for any MSCI ESG Leaders indices. Perhaps not surprising, given its admission in 2016 that it had falsified fuel efficiency tests for the past quarter century, and the ensuing penalties, compensations and lasting reputational damage.

In early 2018, the company announced its recall of about 640,000 cars and SUVs worldwide because of a faulty accessory drive belt. The arrest in November 2018 of Mr. Carlos Ghosn – Chairman of the Renault-Nissan-Mitsubishi Alliance – over concerns around financial misconduct and governance further embroiled the company in controversy.

With regards to its MSCI ESG Rating, poor scores in key areas such as Product Safety & Quality and Corporate Governance meant Mitsubishi Motors was dragged down significantly, giving it a “Laggard” CCC rating.

Find out how you can “back the best” with our ESG Leaders ETFs

This article is for informative purposes only, and should not be taken as investment advice. Lyxor ETF does not in any way endorse or promote the companies mentioned in this article. The ESG Ratings mentioned in this article are determined by MSCI, not Lyxor ETF. Capital at risk. Please read our Risk Warning below.

1Source: Eurosif, European SRI Study 2018.
2Source: Investopedia, https://www.investopedia.com/terms/s/sri.asp
3Source: Bloomberg, https://www.bloomberg.com/news/features/2019-03-20/how-dow-chemical-got-woke
4Source: Journal of Business Ethics, https://www.jstor.org/stable/40785191?seq=1#page_scan_tab_contents
5Source: Global Sustainable Investment Alliance, 2018 Global Sustainable Investment Review.
6Source: Lyxor International Asset Management, Bloomberg, as at 30/06/2019.
7Source: Journal of Sustainable Finance & Investment, ESG and financial performance: aggregated evidence from more than 2000 empirical studies, Friede, Busch and Bassen, November 2015.
8Source: Lyxor International Asset Management, MSCI. Data as at 30/04/2019.
9Source: MSCI, as at June 2019.
10Source: MSCI, as at 31/03/2019.
11Source: Microsoft website, as at 02/07/2019.
12Source: Fresenius Medical Care website, as at 02/07/2019.

Risk Warning​

FOR QUALIFIED INVESTORS ONLY– This document is reserved and must be given in Switzerland exclusively to Qualified Investors as defined by the Swiss Collective Investment Scheme Act of 23 June 2006 (as amended from time to time, CISA).

This document has been provided by Lyxor International Asset Management that is solely responsible for its content.

Multi Units Luxembourg - Lyxor MSCI World ESG Trend Leaders (DR) UCITS ETF - Acc, domiciled in Luxembourg is a collective investment scheme approved by the Swiss Financial Market Supervisory Authority FINMA (FINMA) as a foreign collective investment scheme pursuant to article 120 of the Swiss Collective Investment Schemes Act of 23 June 2006 (as amended from time to time, CISA) for distribution in Switzerland to non-Qualified Investors as defined in the CISA. The above mentioned Exchange Trade Fund (ETF) is listed on the SIX Swiss Exchange.

This document is reserved and must be given in Switzerland exclusively to Qualified Investors as defined by the Swiss Collective Investment Scheme Act of 23 June 2006 (as amended from time to time, CISA).

Financial intermediaries (including particularly, representatives of private banks or independent asset managers, Intermediaries) are hereby reminded on the strict regulatory requirements applicable under the CISA to any distribution of foreign collective investment schemes in Switzerland. It is each Intermediary’s sole responsibility to ensure that (i) all these requirements are put in place prior to any Intermediary distributing any of the Funds presented in this document and (ii) that otherwise, it does not take any action that could constitute distribution of collective investment schemes in Switzerland as defined in article 3 CISA and related regulation.

Any information in this document is given only as of the date of this document and is not updated as of any date thereafter.

This document is for information purposes only and does not constitute an offer, an invitation to make an offer, a solicitation or recommendation to invest in collective investment schemes.  This document is not a prospectus as per article 652a or 1156 of the Swiss Code of Obligations, a listing prospectus according to the listing rules of the SIX Swiss Exchange or any other trading venue as defined by the Swiss Financial Market Infrastructure Act of 19 June 2015 (as amended from time to time, FMIA), a simplified prospectus, a key investor information document or a prospectus as defined in the CISA.

An investment in collective investment schemes involves significant risks that are described in each prospectus or offering memorandum. Each potential investor should read the entire prospectus or offering memorandum and should carefully consider the risk warnings and disclosures before making an investment decision.

Any benchmarks/indices cited in this document are provided for information purposes only.

This document is not the result of a financial analysis and therefore is not subject to the “Directive on the Independence of Financial Research” of the Swiss Bankers Association.

This document does not contain personalized recommendations or advice and is not intended to substitute any professional advice on investments in financial products. 

The Representative and the Paying Agent of the Fund in Switzerland is Société Générale, Paris, Zurich Branch, Talacker 50, 8001 Zurich.

The prospectus or offering memorandum, the key investor information documents, the management regulation, the articles of association and/or any other constitutional documents as well as the annual and semi-annual financial reports may be obtained free of charge from the Representative in Switzerland.

In respect to the units/shares of the Fund distributed in and from Switzerland, place of performance and jurisdiction is at the registered office of the Representative in Switzerland.

Conflicts of interest 

This research contains the views, opinions and recommendations of Lyxor International Asset Management (“LIAM”) Cross Asset and ETF research analysts and/or strategists. To the extent that this research contains trade ideas based on macro views of economic market conditions or relative value, it may differ from the fundamental Cross Asset and ETF Research opinions and recommendations contained in Cross Asset and ETF Research sector or company research reports and from the views and opinions of other departments of LIAM and its affiliates. Lyxor Cross Asset and ETF research analysts and/or strategists routinely consult with LIAM sales and portfolio management personnel regarding market information including, but not limited to, pricing, spread levels and trading activity of ETFs tracking equity, fixed income and commodity indices. Trading desks may trade, or have traded, as principal on the basis of the research analyst(s) views and reports. Lyxor has mandatory research policies and procedures that are reasonably designed to (i) ensure that purported facts in research reports are based on reliable information and (ii) to prevent improper selective or tiered dissemination of research reports. In addition, research analysts receive compensation based, in part, on the quality and accuracy of their analysis, client feedback, competitive factors and LIAM’s total revenues including revenues from management fees and investment advisory fees and distribution fees.

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