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More Than 110 Investors Discuss How They Plan for the Unexpected

Our economy, society and planet are facing many long-term systemic risks. Institutional investors must respond to challenges such as climate change and technological evolution and plan for the unexpected.

Rather than wait for these trends to become emergencies, investors who begin to tackle them now can start to mitigate the risks they pose to their portfolios and explore ways to capture opportunities that deliver long-term returns.

As a bonus — for both their beneficiaries and portfolios — adopting these investment practices should help build a more resilient economy that considers the future needs of the environment and society in tandem.

虽然听起来很简单,但有一个重要的障碍:许多资产所有者不了解他们如何与同行相对于整合趋势的同行。这是希望从“开发”到“高级”进步的投资者需要基准框架来识别改进的差距和领域。

For many asset owners, the willingness to change and advance is there — but the best practices of advanced investors are not obvious, and measurement tools are limited.

Investors Know There Are Issues to Tackle — But How?

Over the past two years, the World Economic Forum’s research, in collaboration with Mercer, identified six critical risks that sovereign wealth funds, pension plans, endowments, foundations and insurers are most concerned about over the long-term.

在我们的2020年调查中,超过30个资产所有者,总资产占3.4万亿美元 - 投资者的三大趋势是气候变化,低和负利率和技术进化。

Amid the pandemic, many governments and businesses across the globe have made commitments to rebuild the economy in a sustainable way by addressing and adapting to climate-change risks.

Meanwhile, the pandemic has propelled central banks and governments to act together to promote economic stability resulting in expectations of continued low, or even negative, real long-term interest rates.

Our research shows that investors are also concerned about water security, geopolitics and demographic shifts, specifically ageing population growth in Africa and South Asia.. If not well managed, these trends will compound the resulting instability globally, as we see more inequality, populism, protectionism, threats to free trade and natural catastrophes. Investors know there are issues to tackle — the challenge is how to do it?

投资者没有单一测量

To mitigate the major risks that investors face from these systemic trends, institutional investors need to scrutinize, adapt and protect their portfolios, as well as capture opportunities to pursue attractive risk-adjusted returns. Yet, our research shows that many institutional investors have made only some or limited progress on most of these systemic trends.

许多投资者也缺乏对愿景,治理和实施旅程的自我意识,相信它们比他们真正的更先进 - 特别是与同龄人相比。

For example, many believed they were making great progress on tackling climate change risks because they had a responsible investment policy. Yet often the policy was not specific enough from an investment or metrics-tracking perspective to enable implementation, and remuneration was not aligned with the policy’s goals.

因此,许多投资团队没有motivated to evolve their sourcing process or feel accountable to update the policy to make it more actionable.

Advanced asset owners, however, have put in the effort required to integrate the global systemic trends into their strategic decision-making processes, adapting their vision, governance and implementation practices to account for goals, beliefs and stakeholders’ feedback.

From a top-down perspective, senior leadership at advanced asset owners have generally evolved their investment and governance policies to successfully integrate the trends. Bottom-up, advanced asset owners have investment teams that understand the systemic trends and possess the appropriate guidance, incentives and resources to identify and invest into relevant opportunities.

在过去的十个月内与投资界成员进行了超过180次访谈后,它变得明确,系统地和相对措施没有单一的方式,投资者在ESG和其他指标上的进步。所以我们创建了解决方案。

Three Ways to Become an Advanced Investor

  1. 衡量进展

This framework enables investors to measure progress on the key thematic trends identified in our research and see how they are progressing relative to peers.

Investors can use the framework and case studies to ask themselves: “Are we in development mode in addressing these systemic trends? What can we do to be more like the investors that are leading the way?”

Self-assessment will enable investors to be more proactive in addressing these trends, and, importantly, have visibility into areas in which they can amend their approaches to align with best practices and be in a better position to plan for the unexpected.

任何类型的资产所有者都可以使用此框架。即使对于较小的投资者而言,概述的实际步骤仍然是相关的。

资料来源:世界经济论坛

  1. 从高级同行学习

We identified six traits among advanced asset owners:

  • Diversity of thought: Cognitive diversity that draws on varied experiences and specialized expertise to access insightful perspectives
  • Accurate self-assessment: An ability and willingness to draw from internal and external stakeholders to understand and address organizational shortcomings
  • 对战略愿景的承诺:一项共同的信念,即今天行动的行动对长期影响投资组合的因素将导致增强风险调整的回报
  • Commitment to transparency: Clear communication to stakeholders from the board and senior leadership regarding beliefs, vision and objectives so that stakeholders align and contribute towards goal fulfilment
  • Culture of innovation: Development of new expertise, questioning of existing norms and exploration of emerging investment themes and processes
  • 合作愿意:承诺与同行和利益攸关方分享最佳实践,以便行业更快地发展,积极影响法规和政策
  1. In the context of climate change, engage

For climate change, an emerging trend among advanced investors is engagement over negative screening and divestment. This means not completely divesting from certain sectors, such as fossil fuels, but instead pulling out of certain companies that are not taking serious actions to address the energy transition.

但仅一个投资者的行为不会改变整个部门。作为一个大型养老金基金的CIO告诉我们,“当世界周围的世界燃烧时,什么是净零投资组合?“通过采取选择性撤资的方法,投资界可以有效奖励做正确的公司的公司。向这些公司的风险也应受益长期投资者。

Beyond engagement, asset owners are addressing the trends through public and private investments. For instance, sustainable agriculture and renewable energy infrastructure to address climate change or robotics ETFs and cybersecurity funds to gain exposure to technological evolution. The asset owner survey identifies which products investors are considering, such as blue bonds and investments into women- and minority-owned organizations.

资料来源:世界经济论坛

定义目的地

For investors to successfully respond to the long-term, global systemic risks facing the economy, society and planet, our framework can be a helpful resource to assess, plan and empower.

有系统的计划来解决这些复杂趋势,将使投资者能够定位自己以捕捉机会以及减轻重大风险。准确的自我评估和同行协作是旅程的重要组成部分。我们认为,所有资产所有者具有创新文化,思想多样性和对战略视觉和透明度的承诺有能力成为解决趋势的先进。

This piece was originally published in theWorld Economic Forum.

阿什利骑士

Project Fellow of Future of Investing at World Economic Forum

阿什利骑士is a project fellow of the future of investing at World Economic Forum LLC. She is currently representing Mercer as a fellow in New York City. At Mercer, she was most recently responsible for North America’s private debt business and a member of the Sustainable Opportunities Investment Committee.

Fiona Dunsire

Wealth Leader of Growth Markets at Mercer

Fiona Dunsire is a wealth leader of growth markets at Mercer. She is responsible for developing Mercer’s business in retirement and investments across the growth markets of Asia, Middle East, Africa and Latin America.

Maha Eltobgy

Head of Shaping the Future of Investing at World Economic Forum

玛哈埃洛吉是塑造投资未来的主管,也是世界经济论坛执行委员会的成员。她负责论坛的长期投资和基础设施金融领导。

    边缘的日常通讯提供关于企业风险和弹性的新思路。 订阅