Las fuerzas ASG se están adentrando en los mercados emergentes a través de la red de bancos centrales que comparten las mejores prácticas, las bolsas que imponen requisitos de divulgación, los reguladores y el lanzamiento de nuevos productos de inversión centrados en emergentes. En esta segunda y última parte de su análisis sobre la relación de estos países con los criterios ASG, el director de investigación temática de DWS, Michael Lewis, aborda la perspectiva de los inversores sobre esta materia.
Desde principios de los años 70, se han publicado unos 2.250 estudios académicos sobre la relación entre ASG y el rendimiento financiero de las empresas. El libro blanco1 publicado por DWS y la Universidad de Hamburgo en 2015 analiza toda esta literatura y revela que, desde una perspectiva regional, el ASG es particularmente efectivo en los mercados emergentes.
La gestora destaca la encuesta realizada por el PRI, que mostró que los inversores minoristas en mercados emergentes parecen estar más comprometidos con los temas ASG que sus contrapartes en el mundo desarrollado. Tras consultar a los titulares de fondos de pensiones en Estados Unidos, el Reino Unido, Francia, Australia, Sudáfrica y Brasil, el estudio reveló que los encuestados en mercados emergentes tenían los niveles más altos de preocupación sobre la quema de combustibles fósiles, el trabajo infantil, la remuneración excesiva de los directores generales y las empresas que utilizan las lagunas fiscales.
El alcance de la inversión responsable también puede deducirse de la cantidad de firmantes del PRI, cuyas obligaciones incluyen el compromiso de incorporar los criterios ASG en el proceso de inversión. Entre los países emergentes, Sudáfrica y Brasil tienen el mayor número de propietarios y gestores de activos firmantes2. A juicio de DWS, esto refleja que muy probablemente estos mercados sean de los primeros en adoptar el ASG en términos de códigos de administración y requisitos de divulgación.
Otra forma de evaluar la adopción local de medidas ASG es examinando los Principios para Seguros Sostenibles de la UNEP FI, una iniciativa que sirve como marco global para que la industria de los seguros aborde los riesgos y oportunidades de los ASG. Aunque la mayoría de las 130 organizaciones firmantes están concentradas en Europa, la participación de los emergentes está a la par con la de América del Norte y los países asiáticos de la OCDE.
Según la gestora, el enfoque típico adoptado por las aseguradoras europeas en la aplicación de una estrategia de inversión sostenible consiste en programas de desinversión -sobre todo en combustibles fósiles-, inversiones en energía sostenible e inversiones de impacto.
Asimismo, DWS apunta que, desde una perspectiva corporativa, la iniciativa RE100 reúne a empresas globales que se comprometen a abastecer el 100% de sus necesidades energéticas a través de energías renovables en el menor tiempo posible y, como tarde, en 2050.
Aunque los firmantes alcanzaron los 204 en octubre de 2019, la lista sigue estando dominada por empresas con sede en los mercados desarrollados, y las de emergentes representan solo el 7%3. “Esto es significativamente inferior a la cuota de participación de los emergentes en otras iniciativas de ASG”, aclara la entidad.
“Prestamos mucha atención a la RE100, ya que la investigación realizada por The Climate Group revela que existe una correlación directa entre las empresas firmantes y las que logran un rendimiento financiero superior a la media”. Este rendimiento superior es independiente del sector en el que opera la empresa y, en opinión de DWS, significa que las empresas RE100 son típicamente líderes en sus respectivos sectores.
“Esperamos que la creciente competitividad de las energías renovables en comparación con las materias primas tradicionales para la generación de energía acelere el compromiso del sector empresarial con esta iniciativa”, señala. En términos de inversión en energía limpia, la región Asia-Pacífico ha representado el 50% de las inversiones globales en renovables cada año desde 2013 y China supone en promedio dos tercios de esta inversión. Por ello, considera que, de todas las empresas de emergentes, las asiáticas son las que están mejor situadas para hacer compromisos aún mayores con la RE100.
1. DWS Research Institute white paper (December 2015). ESG and corporate financial performance
2. RI signatory database (October 2019).
3. RE100 database (October 2019)
DWS and FundsSociety are not affiliated.
For institutional investors only. Further distribution of this material is strictly prohibited.
For institutional investor use and registered representative use only. Not for public viewing or distribution.
Important risk information
Stocks may decline in value. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. The fund invests in commodity-linked derivatives which may subject the fund to special risks. Market price movements or regulatory and economic changes will have a significant impact on the fund’s performance. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. Companies in the infrastructure, transportation, energy and utility industries may be affected by a variety of factors, including, but not limited to, high interest costs, energy prices, high degrees of leverage, environmental and other government regulations, the level of government spending on infrastructure projects, intense competition and other factors. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. See the prospectus for details. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or Deutsche Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
Certain DWS investment products and services may not be available in every region or country for legal or other reasons, and information about these products or services is not directed to those investors residing or located in any such region or country.
The material was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it. It is intended for informational purposes only and it is not intended that it be relied on to make any investment decision. It is for professional investors only. It does not constitute investment advice or a recommendation or an offer or solicitation and is not the basis for any contract to purchase or sell any security or other instrument, or for DWS and its affiliates to enter into or arrange any type of transaction as a consequence of any information contained herein.
Investments are subject to various risks, including market fluctuations, regulatory change, possible delays in repayment and loss of income and principal invested. The value of investments can fall as well as rise and may not recover the amount originally invested at any point in time. Furthermore, substantial fluctuations of the value of the investment are possible even over short periods of time.
DWS and its affiliates do not provide accounting, tax or legal advice and investors should consult their own advisors with respect to their particular circumstances.
For investors in Peru / Argentina / Chile: “Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction neither does it constitute the offer of securities or funds. The offer of any services and/or securities or funds will be subject to appropriate local legislation and regulation.”
Additional disclaimer for Chile: This private offer commences on current date and it avails itself of the General Regulation No. 336 of the Superintendence of Securities and Insurances, currently the Financial Markets Commission. This offer relates to securities not registered with the Securities Registry or theRegistry of Foreign Securities of the Commission for the Financial Markets Commission, and therefore such shares are not subject to oversight by the latter. Being unregistered securities, there is no obligation on the issuer to provide public information in Chile regarding such securities; and these securities may not be subject to a public offer until they are registered in the corresponding Securities Registry.
Additional disclaimer for Peru: The Product(s) have not been registered before the Superintendencia del Mercado de Valores (SMV) and are being placed by means of a private offer. SMV has not reviewed the information provided to the investor. This Prospectus is only for the exclusive use of institutional investors in Peru and is not for public distribution.
For investors in Argentina: Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction neither does it constitute the offer of securities or funds. The offer of any services and/or securities or funds will be subject to appropriate local legislation and regulation.
For investors in Mexico: The funds have not been and will not be registered with the National Registry of Securities, maintained by the Mexican National Banking Commission and, as a result, may not be offered or sold publicly in Mexico. The fund and any underwriter or purchaser may offer and sell the funds in Mexico, to institutional and Accredited Investors, on a private placement basis, pursuant to Article 8 of the Mexican Securities Market Law.
Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction neither does it constitute the offer of securities or funds. The offer of any services and/or securities or funds will be subject to appropriate local legislation and regulation.
For investors in Panama: These securities have not been listed with the Superintendence of the Securities Market and neither has any offering, sale or transaction with them. The listing exemption has been made based on Article 83 (3) of Decree Law No. 1 of July 8, 1999 (Institutional Investors). Consequently the tax treatment established under Articles 269 to 271 of Law Decree 1, dated 8 July 1999, does not apply. These securities do not fall under the supervision of the Superintendence of the Securities Market.
For investors in Uruguay: The sale of the [Products] qualifies as a private placement pursuant to section 2 of Uruguayan law 18,627. The [Products] must not be offered or sold to the public in Uruguay, except in circumstances which do not constitute a public offering or distribution under Uruguayan laws and regulations. The [Products] are not and will not be registered with the Financial Services Superintendency of the Central Bank of Uruguay.
© 2020 DWS Group GmbH & Co. KGaA. All rights reserved. I-072743-1
Por Funds Society, Madrid
