Responsible investors require data to underpin their stock and sector selections. Regardless of the rating agency, bond ratings for a particular issuer are broadly similar. This is not the case for ESG ratings. Companies with a high score from one rater often receive a middling or low score from another rater. This article examines the extent of, and reasons for, disagreement among the leading suppliers of ESG ratings. The weightings given to each pillar of an ESG rating also vary across agencies. Many asset managers contend that ESG ratings can help investors to select assets with superior financial prospects, and the authors therefore review the investment performance of portfolios and of indexes screened for their ESG credentials. In the authors’ opinion, ESG ratings, used in isolation, are unlikely to make a material contribution to portfolio returns. TOPICS: Equity portfolio management, ESG investing, foundations and endowments, performance measurement, wealth management Key Findings • Data are essential for making investment decisions, and most institutions rely wholly or partly on external providers of ESG data. However, there is minimal correlation between ESG ratings from alternative agencies. • This article explains why different raters’ appraisals diverge. The article also examines whether ESG is associated with subsequent fund or index outperformance. • Over the longest available period, ESG indexes did not outperform the “parent” index from which they are derived. Equally, however, for the two indexes that most closely represent what ESG investors actually do (FTSE4GOOD and MSCI-ESG) there is no evidence of underperformance.

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ESG等级不同

负责任的投资者需要数据来支撑他们的股票和行业选择。无论评级机构如何，特定发行人的债券评级大致相似。ESG评级并非如此。从一个评估者获得高分的公司通常会从另一个评估者那里获得中等或低分。本文探讨了ESG评级的主要供应商之间意见分歧的程度和原因。ESG评级中每个支柱的权重在各个机构中也有所不同。许多资产管理人认为，ESG评级可以帮助投资者选择具有良好财务前景的资产，因此，作者审查了投资组合以及为他们的ESG凭证筛选的指数的投资表现。作者认为，孤立使用的ESG评分，不太可能对投资组合收益做出重大贡献。主题：股权投资组合管理，ESG投资，基金会和捐赠，绩效衡量，财富管理主要发现•数据对于做出投资决策至关重要，大多数机构全部或部分依赖ESG数据的外部提供者。但是，替代机构的ESG评级之间的相关性最小。•本文解释了为什么不同的评估者的评估存在差异。本文还研究了ESG是否与随后的基金或指数表现挂钩。•在最长的可用期限内，ESG指数的表现并未超过其衍生的“父”指数。同样，