ESG roundup: Amundi recommends adding ‘improvers’

first_imgSASB is consulting on proposed revisions to two of its foundational standard-setting documents“In September 2019, the Standards Board began projects to revise and update the 2017 Conceptual Framework and Rules of Procedure,” SASB said.“The Board’s decision to undertake these projects was based on the outdated organisational mission statement contained in the existing documents, as well as the Board’s view that the existing documents do not reflect SASB’s global perspective and that they contain outdated assumptions, definitions, and data.”A consultation by the Global Reporting Initiative (GRI) on changes to its “Universal Standards” closes on 9 September. According to the GRI, the “refresh” of the standards includes new disclosures on responsible business conduct, due diligence, human rights and governance; and greater clarity and new guidance on the key concepts of reporting such as ‘impact’ and ‘stakeholder’.In July SASB and the GRI announced a collaboration to show how their respective standards could together form the basis for a globally accepted system or sustainability reporting.Cbus joins net-zero asset owner clubThe Australian building and construction industry pension fund has joined the UN Net-Zero Asset Owners Alliance, the first Australian asset owner to do so. The Alliance now counts 29 members.“Cbus recognises that to decarbonise the global economy in line with the Paris Agreement requires collective action,” said Cbus Super CIO Kristian Fok.The superannuation fund this week also announced it would be targeting an ambitious 45% reduction in absolute portfolio emissions by 2030, and that it had “locked in” a commitment to achieve net zero emissions by 2050.Under a new climate change “roadmap”, Cbus would be developing pathways to achieve its portfolio targets for each asset class, it said.Looking for IPE’s latest magazine? Read the digital edition here. According to Elmgreen and Iaccarino, identifying and extracting value from companies on an upward ESG trajectory was possible as ESG implementation tended to be a slow-moving dynamic.“Investing in ESG-improvers will have a positive fallout on our world in our view,” they added. “In addition, these companies could benefit from the tidal wave of assets waiting to be invested in strong ESG stewards.”€33bn in orders for debut Germany green bondGermany issued its highly anticipated inaugural green bond yesterday, a €6.5bn 10-year deal that drew more than €33bn in orders, according to the country’s federal finance agency.The 0% Green Bund was priced at 104.717%, slightly higher than the secondary market price of the standard bond that is paired with the green bond under the sovereign’s ‘twin bond’ concept. In connection with that the sovereign will increase the size of the conventional twin bond, which was issued in June, on its own books.Welcoming the sovereign’s green bond as a “milestone” for the green bond market, Bram Bos, lead portfolio manager for the asset class at NN Investment Partners, said the asset manager considered the twin bond approach ”a much better option than the concept currently being explored by the Danish government, which is looking to issue separate green labels or stickers which could be attached to any conventional bond”.He said NN IP missed a ’do no harm’ assessment in the government’s green bond framework, but that there were positives, such as the ambition to only allow green hydrogen production in the eligible use of proceeds.Germany is planning to issue a full green bond yield curve. Its next issue is lined up for the fourth quarter, with the finance agency saying that Green Bund would probably come with a five-year maturity.Germany is the third triple-A rated country to start issuing green government bonds, after the Netherlands in 2019 and Sweden earlier this week. Money in passive sustainable funds more than doubles in three yearsThe number of sustainable index mutual funds and exchange-traded funds globally more than doubled over the past three years, as did the money invested in them, according to Morningstar.The firm counted 534 such funds as of 30 June this year and collective assets under management of $250bn (€208bn). New fund launches reached a record 98 over 2019, with 2020 looking set to surpass this based on 84 new entrants in the first half of the year.However, the fixed income segment remains undercultivated, Morningstar said, with European investors having 53 passive bond funds to choose from.As for fees, passive sustainable funds tended to charge higher fees than their plain-vanilla peers but in some European markets investors could choose from an expanding range of options with little or no fee premium.SASB opens for comment on revision proposalsThe Sustainability Accounting Standards Board (SASB) is consulting on proposed revisions to two of its foundational standard-setting documents, issued in early 2017.It said the revisions were designed to further clarify and explain SASB’s approach to standard setting, including its principles, processes, and practices, and were not changing its fundamental approach to, or processes for, setting SASB standards. Investors should look to add to their portfolios corporates that are improving when it comes to environmental, social and governance (ESG) matters, Amundi has said in a research note for clients.“With ESG investing becoming increasingly relevant, it will be key for active investors who look to generate excess returns to detect those opportunities where the ESG premium is not yet priced in fully,” wrote Kasper Elmgreen, head of equities, and Piergaetano Iaccarino, head of equity solutions.“A way to do it, in our view, is moving from a static best-in-class approach to a dynamic and forward-looking one, seeking tomorrow’s ESG leaders.”Targeting what the Amundi specialists referred to as ‘ESG improvers’ could mitigate the risk of an ESG bubble that was possibly emerging from investors’ increasing focus on ESG, they wrote.last_img read more

The Latest: Health officials slam celebrating Napoli fans

first_imgWorld Health Organization assistant director general Ranieri Guerra says he was reminded of Atalanta’s Champions League game with Valencia in February. That match is believed to have been a key factor in why the virus has been so deadly in Bergamo.Guerra says “we can’t allow this.”Deputy Health Minister Sandra Zampa says the celebration amounted to “dangerous behaviour.”Fans in Naples flooded into central piazzas and set off fireworks to celebrate shortly after Napoli beat Juventus in an empty stadium in Rome on Wednesday.Nearly 35,000 people have died in Italy from the coronavirus. The Campania region that includes Naples has accounted for 431 of those deaths. Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___Thousands of Napoli soccer fans who poured into the streets to celebrate the team’s Italian Cup title without social distancing have been criticized by health officials as being “reckless.” Associated Press June 19, 2020center_img ___More AP sports: and The Latest: Health officials slam celebrating Napoli fanslast_img read more

Odds for NASCAR race at Pocono: Expert picks & favorites to win Sunday’s Cup Series race

first_imgOne win, 13 top fives, 19 top 10s; one poleAverage finish of 12.3Harvick can capitalize on his momentum with this weekend’s unique quick turnaround. It’s also tough to bet against the points leader after a streak-busting win. But if you’re looking for reasons why he won’t go back-to-back, maybe look at the need for a two-tire call and the fact Harvick had finished outside the top five in his previous three races overall. Ryan NewmanCareer stats at Pocono:One win, nine top fives, 15 top 10s; two polesAverage finish of 13.2A pure long-shot (130-1) hunch play after touting the chalk, just something to avoid another JGR Toyota. Newman led 13 laps during Stage 3 on Saturday after starting 13th, albeit during a cycle of green-flag stops. Still, he’s moving up to sixth on the starting grid for Sunday after a 15th-place finish. Track position and a short race? Why not? Picking a winner for Sunday’s NASCAR Cup Series race at Pocono Raceway is a little easier after watching the series run 325 miles on Saturday in the first event of a weekend doubleheader at the Tricky Triangle.The top two finishers Saturday, Kevin Harvick and Denny Hamlin, were about 15 seconds ahead of third-place finisher and polesitter Aric Almirola at the checkered flag. They should not be bothered by having to start 20th and 19th, respectively, because of Sunday’s top 20 lineup spots being set by inverse order of Saturday’s results. MORE: Complete starting lineup for Sunday’s race at PoconoFurther, teams will have to run the same cars Sunday that raced Saturday, with mostly minor adjustments, unless they need to go to backup cars if the primary cars sustained too much damage. They’ll have to start at the rear of the field Sunday if they go to backups or make major changes Saturday night. Teams that excelled in Race 1 may find conditions favorable on Sunday, too.Below are the complete Vegas odds to win Sunday’s NASCAR Cup Series race at Pocono, plus our top three picks of drivers who could end up taking the checkered flag.NASCAR race odds to win at PoconoHarvick’s win Saturday was his first at the Tricky Triangle in 39 career races there. The Stewart-Haas Racing driver tied Hamlin with his third win of the season and the Cup Series points lead, and now he has the confidence that comes from finally conquering a track.Hamlin’s team, meanwhile, sounded ultraconfident about its driver’s chances Sunday as the opener drew to a close. “We will win Sunday,” came across on the 11 car’s radio. Hamlin second-guessed himself for his driving strategy on the white-flag lap, but he also acknowledged it would have been difficult to pass Harvick, who grabbed the lead after crew chief Rodney Childers called for a two-tire stop late in the race to gain track position.Below are the complete odds to win Sunday’s NASCAR Cup Series race at Pocono, courtesy of FanDuel Sportsbook.DriverOdds to win Pocono raceKevin Harvick+450Denny Hamlin+500Kyle Busch+600Martin Truex Jr.+1000Brad Keselowski+1100Chase Elliott+1300Ryan Blaney+1300Joey Logano+1500Aric Almirola+2000Erik Jones+2400Kurt Busch+2400William Byron+2400Clint Bowyer+2800Alex Bowman+3100Jimmie Johnson+3100Christopher Bell+7500Matt Kenseth+7500Tyler Reddick+7500Matt DiBenedetto+8500Ricky Stenhouse Jr.+8500Austin Dillon+13000Bubba Wallace+13000Chris Buescher+13000Ryan Newman+13000Cole Custer+15000B.J. McLeod+20000Brennan Poole+20000Corey LaJoie+20000Daniel Suarez+20000Garrett Smithley+20000JJ Yeley+20000James Davison+20000Joey Gase+20000John Hunter Nemechek+20000Josh Bilicki+20000Michael McDowell+20000Quin Houff+20000Ryan Preece+20000Timmy Hill+20000Ty Dillon+20000Recency bias? Yes and no. A top-five car plus late strategy and smart driving equaled a win for Harvick. Hamlin is a five-time winner at the track and is seeking redemption. Almirola led the most laps Saturday (61) but will roll off 18th on Sunday after finishing third because of the inversion of the top 20.The pole position, which for Sunday’s race was awarded to Ryan Preece based on his 20th-place finish, has produced the most Pocono race winners in the Cup Series. Sixteen of the 85 races (18.8 percent) have been won by the driver who started first.Below is the breakdown of wins from varying starting positions in the history of Cup racing at Pocono (85 races through Saturday).Starting positionWinning %Wins1st18.82 percent16Front row30.59 percent26Top 557.65 percent49Top 1071.76 percent61Top 2091.76 percent78Outside top 208.24 percent7The top 10 starters for Sunday’s race at Pocono are as follows: 1. Ryan Preece; 2. Austin Dillon; 3. Kurt Busch; 4. Ricky Stenhouse Jr.; 5. Cole Custer; 6. Ryan Newman; 7. William Byron; 8. Matt DiBenedetto; 9. Ryan Blaney; 10. Matt Kenseth.NASCAR at Pocono expert picksDenny HamlinCareer stats at Pocono:Five wins, 12 top fives, 19 top 10s; three polesAverage finish of 11.6″Guarantee” aside, Hamlin needs to be in this group because of his ability to get around the Tricky Triangle, plus the fact that the 11 was first among the four Toyotas that finished in the top six (Christopher Bell, fourth; Kyle Busch, fifth, and Martin Truex Jr., sixth). Harvick’s Ford ended Toyota’s five-race winning streak at Pocono.Kevin HarvickCareer stats at Pocono:last_img read more