全球-投资策略-全球多资产与ESG策略

Disclosures & Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Issuer of report: HSBC Bank plc View HSBC Global Research at: https://www.research.hsbc.com  We show how to integrate ESG within multi-asset  We also demonstrate that in a multi-asset context, adding ESG indices doesn’t lead to inferior results…  …but in fact improves risk-reward vs traditional equity and bond universes, both for a EUR and USD-based investor ESG at a glance While traditionally seen as primarily relevant for equities, Environmental, Social, and Governance factors are gaining increasing attention in other asset classes such as fixed income. Since mid-2017 we have seen a huge uptick in fund inflows into both fixed income and equity ESG funds. This has continued during COVID-19. Equity and bond indices with ESG/green bond tilts have performed well lately, which may be due to their typically more defensive sector biases. ESG in a multi-asset context Simple return measures cannot categorically determine genuine ‘outperformance’. To evaluate this from a portfolio context, we ran millions of simulations across equities and credit (see chart below for a USD-based investor, for example). In this multi-asset context, it is clear that including ESG can enhance risk-adjusted performance – enabling higher returns for any given level of volatility. This result is true for both USD and EUR-based investors, and also holds during times of broad market stress. Indeed, the defensive nature of ESG indices versus traditional indices should not be overlooked. Finally, incorporating ESG from a multi-asset perspective may differ from bottom-up approaches as the interaction of asset classes presents some challenges. One million portfolio simulations for USD-based ESG indices and non-ESG indices Source: HSBC, Bloomberg Note: * ESG weightings higher refers to simulations where the combined weight of S&P ESG and Barcap US Corp ESG focus exceeds that of the combined weight of the S&P 500 and USD IG credit. The white diamond shows the simulation with the maximum return/risk ratio 24 June 2020 Max Kettner*, CFA Multi-Asset Strategist HSBC Bank plc maximilian.l.kettner@hsbc.com +44 20 7991 5045 Melissa McCallum* Multi-Asset Strategist HSBC Bank plc melissa.mccallum@hsbc.com +44 20 7991 5919 Duncan Toms* Fixed Income & Multi-Asset Strategist HSBC Bank plc duncan.toms@hsbc.com +44 20 7991 3025 Lucy Acton*, CFA ESG Analyst HSBC Bank plc lucy.acton@hsbc.com +44 20 3359 3365 Dominic Kini Credit and Green Bond Strategist HSBC Bank plc dominic.kini@hsbcib.com +44 20 7991 5599 Jayasankar Mallisetty* Associate Bangalore * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/ qualified pursuant to FINRA regulations Multi-Asset & ESG Multi-Asset Global Multi-Asset Strategy Simulation with the highest return/risk ratio Mult