Strategie d’investimento

L'importanza dei fattori ESG per gli investitori obbligazionari

Christian Stracke, Global Head of Credit Research, explains how and why PIMCO analyses Environmental, Social and Governance (ESG) factors in our investment process.

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Christian Stracke, Global Head of Credit Research: Over the years there have been enough examples of where ESG has made all the difference in the world to bond investing.

Shots of an oil spill on the ocean and people cleaning up oil on a beach.

Probably the best example and the one that focused the mind the most was the Macondo incident in the Gulf of Mexico, where that was such an environmental disaster.

The company that was responsible for that had a long-term track record of workplace safety incidents. And so understanding that track record really did help to inform how that company was taking risks that could become catastrophic in nature.

And it's only natural that a good credit analyst would look at all of the risks that a company is taking, and understand if there is an environmental risk to what the company's doing, if the company is actively overly-aggressive on the social front.

Then governance in particular, whether there's good or bad governance, whether there's full or weak transparency. Those are the kinds of things that naturally any good credit analyst would look at.

Text on screen: Robust credit research includes analysis of ESG risks

  • Environmental impact
  • Climate change planning
  • Supply chain practices
  • Business conduct
  • Governance structures
  • Reporting transparency

In more recent years we've made it more of a formal and explicit approach.

Shots of PIMCO employees working.

An actual extra part of our research notes is dedicated to ESG, to really concentrate and focus the analysts to make sure that they are explicitly thinking about these risks and then expressing and summarizing those risks for portfolio managers so they can understand that themselves.

Shots of PIMCO employees working.

And as that has evolved over time we've hired a number of credit analysts dedicated to ESG

Text on screen: PIMCO has hired dedicated ESG credit analysts and engagement specialists

Shots of an oil rig and workers working on it.

and also, importantly, to then do outreach and engagement with companies, to say to companies, "These are the things that we're looking for. These are the changes we want to see you make to make us more confident in lending to you."

We have rolled out a scoring system of companies by their ESG risks, so that not only do we have a PIMCO internal credit rating, but we also have an ESG score, so that PMs can understand, portfolio managers can understand not just what is the risk that this company pays me back or not, but also in what way is the company taking ESG risks, and how does that inform the investment decision.

For more information visit pimco.com

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Cancella
Tina Adatia
Global and Core Fixed Income Product Strategist
Berdibek Ahmedov
Product Strategist, Strategie Globali e Real Return
Del Anderson
Analista del credito
Robert Arnott
Fondatore e presidente, Research Affiliates
Meredith Block
ESG Research Analyst
Erin Browne
Portfolio Manager, Multi-Asset Strategies
Esteban Burbano
Fixed Income Strategist
Grover Burthey
Gestore strategie ESG
Stephen Chang
Gestore, Asia
Pramol Dhawan
Gestore, mercati emergenti
Joachim Fels
Consulente economico globale
David Fisher
Co-Responsabile Strategic Accounts
Adam Gubner
Portfolio Manager, Distressed Debt
Daniel H. Hyman
Co-responsabile della gestione dei portafogli di titoli ipotecari di agenzie
Daniel J. Ivascyn
Group Chief Investment Officer
Mark R. Kiesel
CIO Credito Globale
Ryan Korinke
Responsabile globale della sostenibilità
Kaboo Leung
Nicola Mai
Responsabile della ricerca sul credito sovrano in Europa
Samuel Mary
ESG Research Analyst
Scott A. Mather
CIO U.S. Core Strategies
Mohit Mittal
Portfolio Manager, Investment Grade Credit
Alfred T. Murata
Portfolio Manager, Mortgage Credit
Adriano Nelli
Executive Vice President e Head of the Global Wealth Management Italy
Lupin Rahman
Responsabile credito sovrano dei Mercati Emergenti
Steve A. Rodosky
Gestore, titoli di Stato USA, agenzie e futures
Emmanuel Roman
Chief Executive Officer
Marc P. Seidner
CIO Strategie non tradizionali
Emmanuel S. Sharef
Gestore, Esperto di analisi
Candice Stack
Responsabile della gestione della clientela, Americhe
Kimberley Stafford
Responsabile globale strategia di prodotto
Christian Stracke
Responsabile globale della ricerca sul credito
Geraldine Sundstrom
Portfolio Manager, Asset Allocation EMEA
Richard Thaler
Professore emerito e titolare della cattedra in scienze economiche e comportamentali presso la Booth School of Business della University of Chicago
Jessica K. Tom
Analista del credito senior
Eve Tournier
Head of European Credit Portfolio Management
John Valtwies
Investment Due Diligence Group
Jamie Weinstein
Gestore, Responsabile delle strategie Corporate Special Situations
Tiffany Wilding
Economista per il Nord America
Christopher J. Brightman
Chief Investment Officer, Research Affiliates
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