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Or the Swiss representative for our ETFs: Société Générale , Zurich Branch, Talacker 50, Box 1928, CH-8021 Zurich, Suisse.

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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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6.investors who have concluded a written discretionary management agreement with an independent asset manager, provided they have not notified in writing that they do not wish to be deemed as qualified investors and provided (i) the independent asset manager in its capacity as financial intermediary is governed by Article 2 para 3 (e) of the Anti-Money Laundering Act of 10 October 1997 (“AMLA”), (ii) the independent asset manager is governed by the code of conduct issued by a specific industry body, such code of conduct being recognized as the minimum standard by the Financial Market Supervisory Authority (FINMA), and (iii) the discretionary management agreement complies with the standards of a specific industry body, such standards being recognized as the minimum standard by FINMA;

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 »).

Société par actions simplifiée (simplified private limited company) with a capital stock of 72 059 696 euros

Nanterre Trade Register N° 419 223 375

APE Number: 6630Z

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.

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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.

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13 Sep 2019

These factors explain the spectacular rise of ESG investing

2019 is the year that ‘ESG’ investing – adding environmental, social, and governance analysis into investment portfolios – hit the mainstream. Whether it’s looking at working conditions or gender diversity, reporting transparency or climate impact, more investors than ever are asking companies tough questions and challenging the ethos of “returns at any cost”.

And companies are responding too. Nearly 200 CEOs of major US firms including Apple, Walmart and Amazon recently stated that shareholder value should no longer be the number one priority, and are refocusing more attention to how they serve their employees, customers and suppliers, as well as the environment and the wider community.1

Today we kick off a series of short articles focusing on the role of ESG in portfolio construction. In this first instalment, we will cover the drivers of this growing shift towards ESG investing.

  • What’s behind ESG’s popularity? What are the trends in this area?
  • How do investors make ESG choices? Where do they get ESG data?
  • Does it make sense to invest in ESG using a passive approach?

What is driving the rise of ESG?

1. Recent financial crises

The global financial crisis of 2007-08, as well as company controversies such as the Volkswagen emissions scandal or BP Deepwater Horizon spill, have demonstrated to investors the risk of focusing on the short term and neglecting shareholder stewardship. In a number of high-profile cases, these scandals have significantly hit share prices and caused ripples throughout financial markets – incentivising investors to screen companies based on ESG practices in future.

2. More climate change awareness

More and more investors acknowledge the scale and potential impact of climate change. The global move towards reducing greenhouse gas emissions and increasing renewable energies will affect investments in all kinds of industries – not just energy. Food production, water provision, forestry and tourism will all be changed by this transition, and investors increasingly understand that supporting low-carbon projects and encouraging sustainable business will be necessary for long-term returns. Many are choosing to be proactive in this area by using ESG screens to direct capital towards change leaders.

3. Regulatory pressure

Professional investors are additionally being pushed by regulators to integrate ESG risk analysis and disclosure into the fiduciary investment process. Most of the world’s largest asset managers are now signatories to the United Nations’ Principles for Responsible Investment (PRI), representing assets under management of $86Trn.2 That’s a huge increase since a decade ago.

PRI Signatory growth2

Chart 1

How can investors make ESG choices in portfolios?

Publicly available ESG information is becoming richer and more extensive, helping analysts assess the performance of companies according to ESG criteria.

For example, under the European Union’s Non-Financial Reporting Directive, from January 2017 all listed EU companies with more than 500 employees have had to disclose in their annual reports a variety of information relating to environmental, social and employee matters, respect for human rights, and corruption.

Specialised ESG databases run by governments, NGOs and academic institutions, as well as proprietary ESG scoring and ratings systems operated by extra-financial agencies, are also helping investors build a much more detailed picture of companies’ ESG performance.

Important recent political initiatives on sustainability are now part of many countries’ national legislation. These include the agreement reached at the 2015 Paris climate change conference, where 195 countries committed themselves to limit global warming to a maximum of 2 percent above pre-industrial levels.

All of this work is increasingly captured in indices, allowing investors to easily buy a basket of companies screened for ESG practices.

What is the best investment approach for ESG?

Although many ESG investors use active stock selection, a passive or index-based investment approach is equally well-suited for ESG. Sustainable indices can be used to express a variety of different investment approaches, including ESG integration, convictions on sustainability, or themes linked to the UN’s SDG framework.

Passive investment strategies have democratised access to the financial markets at a low cost, features that are entirely consistent with a focus on ESG goals. And both passive and ESG investment approaches are data-driven. The index company MSCI estimates that $180bn was allocated to its ESG indices between 2014 and Q2 2019.

Lyxor expects the role of financial indices in the area of sustainable investing to increase further. Benchmarks are now being used by policymakers as instruments to orient investor choices and to re-direct investment flows. And rather than just serving as a way to measure ESG risks, a new generation of ESG benchmarks is being developed to have a measurable impact, such as helping to meet climate transition goals under the Paris COP21 framework.

Read more about passive investing in ESG in our new report.

report cover

Takeaways of part 1

  • ESG’s rise is driven both by bottom-up pressure from asset owners and by top-down policy initiatives.
  • More and more investors now focus on maximising ESG performance subject to risk-return constraints.
  • New ESG benchmarks are developed to have a measurable impact on key global goals.

In the next instalment…

We look at the question of flows:  How much demand is there for active or passive ESG funds? What do ETF flows tell us about ESG demand?

Find out more about Lyxor’s ESG range

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. Capital at risk. Please read our Risk Warning below.

1Source: Forbes, August 2019, Nearly 200 CEOs Say Shareholder Value Isn’t Everything.

2Source: UN PRI, as at end of June 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.

This document is not to be deemed distribution of funds in Switzerland according to the Swiss collective investment schemes act of 23 June 2006 (as amended from time to time, CISA) or any other applicable Swiss laws or regulations.

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. 

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