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TalkingPoints: How to Engage ESG in More Meaningful Ways

Conseguiram os gestores ativos da América Latina ganhar do mercado nestes tempos tumultuados?

Desempenho superior dos gestores ativos nos fundos brasileiros de títulos de dívida: Habilidade ou distorção dos preços?

InsuranceTalks: How Do Insurance Companies Use Fixed Income ETFs?

¿Lograron los gestores activos de América Latina vencer al mercado en estos tiempos turbulentos?

TalkingPoints: How to Engage ESG in More Meaningful Ways

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Mona Naqvi

Senior Director, Head of ESG Product Strategy, North America

The outperformance of funds that take environmental, social and governance (ESG) issues more seriously than their peers has reinforced why investors might want to integrate these factors into portfolios via the type of tools that S&P Dow Jones Indices has developed.

Encouraged by evidence of the materiality of ESG issues during the Covid-19 led volatility, there is greater appetite for sustainable themes in investor portfolios to align investments with one’s values and potentially generate higher risk-adjusted returns. At the same time, fuelled by greater transparency over how companies act and behave, and also spurred by trends in public opinion towards issues that matter to society as a whole, investors are seeking ways to leverage data and research to gain greater exposure to ESG factors.

Amid these trends, Mona Naqvi, Head of ESG Index Strategy for North America at S&P Dow Jones Indices (S&P DJI), spoke with AsianInvestor to explain the importance of financial materiality and other key ways to assess ESG, to help it be a core building block in portfolio construction.

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Conseguiram os gestores ativos da América Latina ganhar do mercado nestes tempos tumultuados?

A baixa volatilidade e a baixa dispersão fazem mais difícil aos gestores ativos agregar valor. Em outras palavras, espera-se que os ambientes de alta volatilidade e alta dispersão ajudem os gestores ativos a demostrar a sua habilidade. Neste sentido, março de 2020 ofereceu uma oportunidade aos gestores ativos1 no mundo, incluindo os dos mercados da América Latina. Os níveis elevados de dispersão e volatilidade se estenderam até maio de 2020.

Apesar das circunstâncias, a maioria dos gestores ativos de renda variável no Brasil e no Chile perdeu para os seus benchmarks respectivos em 2020. Embora o bom desempenho dos fundos large cap do Brasil mostrado no Scorecard SPIVA da América Latina - Final do ano 2019 tenha continuado nos períodos de um e três anos encerrados em 31 de maio de 2020, no longo prazo não foi bem assim.

Exhibit 1. Did Latin American Active Managers Outperform in This Tumultuous Time?
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Desempenho superior dos gestores ativos nos fundos brasileiros de títulos de dívida: Habilidade ou distorção dos preços?

Os gestores ativos registraram resultados impressionantes na categoria de fundos de títulos de dívida corporativa do Brasil, em que 93,6% deles ganharam do seu benchmark em março de 2020 e 88,2% no primeiro trimestre de 2020. No entanto, se produziram estes resultados por causa de uma habilidade real?

Na verdade, este desempenho superior pode estar relacionado com uma distorção do mercado. Por um lado, os títulos de dívida corporativa do Brasil registraram saídas de capital recorde em março de 2020, o que obrigou os gestores a vender e, portanto, aumentou os spreads e distorceu os preços. Por outro lado, as caraterísticas do benchmark abrem uma janela de distorção: o Anbima Debentures Index representa uma carteira ampla de debêntures que não é necessariamente replicável. O segmento do mercado é particularmente ilíquido e em cenários de tensão como o observado em 2020, o índice pode não refletir o mercado real.

Exhibit 1. Active Managers’ Outperformance in Brazilian Bond Funds.
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InsuranceTalks: How Do Insurance Companies Use Fixed Income ETFs?

With Eric Pollackov, Global Head of ETF Capital Markets, Invesco ETFs

INSURANCETALKS is an interview series where industry thinkers share their thoughts and perspectives on a variety of market trends and themes impacting indexing.

Eric Pollackov is the Global Head of ETF Capital Markets for Invesco ETFs. In this role, Eric proactively develops relationships with sell-side trading desks, implements capital market strategies for Invesco's ETFs, and develops and measures the success of client interaction.

S&P DJI: Tell us a bit about your role at Invesco and how you serve insurers.

Eric: My role puts me at the center of the ETF ecosystem, where I interact daily with ETF trade desks, exchanges, portfolio managers, and various types of clients. Our team’s goal is to provide the most seamless and efficient execution experience when using any of Invesco’s 219 U.S.-listed ETFs.

With insurers increasingly turning to ETFs, my team and I work in partnership with the institutional insurance group to assist clients in understanding the ins and outs of ETF structure, liquidity, and trading. Whether they are buying ETFs for the first time or adding onto established positions, we provide the information clients need to successfully implement their investment views via Invesco’s vast array of ETF product offerings.

S&P DJI: In the past five years, we have seen ETF AUM in insurance general accounts double; as of year-end 2019, insurers held USD 31.2 billion in ETFs. What are some of the scenarios in which insurance companies may be utilizing ETFs, and why?

Eric: ETFs provide cost-efficient, convenient, and nimble access to core and non-core asset classes, yielding a number of potential applications for an insurer’s general account. One primary use case is for manager transitions. ETFs can help insurers maintain exposure to a given asset class or market, while the due diligence and implementation processes are completed on a separate account mandate. A second application is for tactical beta tilting. Tactical beta can take on many forms, but it is traditionally used to overweight or underweight specific risk factors, sectors, or asset classes to capture short-term investment opportunities. Also notable is the use of ETFs as a liquidity sleeve in the general account to complement individual securities or managers. Holding a small liquidity sleeve of ETFs may allow insurers to facilitate cash needs in a cost-efficient way by liquidating ETF shares to raise cash, rather than meddling with core positions in the portfolio.

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¿Lograron los gestores activos de América Latina vencer al mercado en estos tiempos turbulentos?

La baja volatilidad y la dispersión hacen que sea más difícil para los gestores activos agregar valor. En otras palabras, se espera que los ambientes de alta volatilidad y alta dispersión ayuden a los gestores activos a demostrar su habilidad. En este sentido, marzo de 2020 ofreció una oportunidad a los gestores activos1 en todo el mundo, incluyendo los mercados latinoamericanos. Los altos niveles de volatilidad y dispersión se extendieron hasta mayo de 2020.

Pese a las circunstancias, la mayoría de los gestores activos de renta variable en Brasil y Chile no consiguieron superar a sus respectivos benchmarks en 2020. A pesar de que el gran desempeño de los fondos de alta capitalización de Brasil presentado en el Scorecard SPIVA® para América Latina - Cierre de 2019 continuó en los períodos de uno y tres años finalizados el 31 de mayo de 2020, esto no ocurrió en el largo plazo.

Exhibit 1. Did Latin American Active Managers Outperform in This Tumultuous Time?
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