Victoria Leggett
Head of Impact Development
投资今天，塑造明日
瑞联通过投资于走在可持续发展最前线的创新公司，以在长期带来经风险调整回报率和发挥正面影响力。
影响力投资寻求在带来具竞争力的财务回报时，对社会和环境产生可衡量的利益。通过配置资本给为全球最迫切的挑战提供解决方案的公司，影响力投资旨在创造正面的转变和增长资产。瑞联影响力投资策略专注于物色创新企业，这些公司具备条件受益于包括监管改革、颠覆性科技和消费者需求转变的三大趋势。瑞联特有的 影响力投资方式，能够开发这些将在长期创造财务和非财务价值的机会，同时对转型至更可持续发展的未来作出贡献。
影响力投资的经济机会亮丽
把握推动可持续发展的增长动力
瑞联深信，今天已经坐言起行应对最关键问题的公司，将有条件在未来实现理想的投资回报和为社会带来正面成果。我们的影响力投资组合旨在纳入具备以下特质的公司：提供创新解决方案的供应商（对象通常是传统行业），而其产品和服务促进广大经济以应对环境和社会的挑战。
尽管我们的影响力策略大体上偏向于增长型资产，但推动这些增长的动力与在传统投资组合中的资产截然不同。我们识别了三大基本支柱，支持瑞联影响力投资策略在长远持续增长：
- 创新: 我们寻求投资于因为拥有先进可持续技术和作业而享有竞争优势及颠覆市场潜力的创新企业。
- 监管改革: 关于碳排放和资源效益等的法规逐步收紧，将利好提供可持续发展解决方案的公司。
- 消费者需求: 消费者逐步偏好对环境和社会负责任的产品及服务，为看重影响力的公司之产品及服务带来需求。
借着聚焦于这些长远趋势，瑞联旨在物色不受短期经济周期影响的增长良机。故此，瑞联影响力投资策略有条件在长远带来佳绩，并且引发正面的转变。
瑞联的策略性投资方式
瑞联影响力投资策略立足于以下四种相辅相成的投资方式：
瑞联影响力投资团队通过影响力平台，让在不同地域精于不同主题的专家济济一堂、集思广益，以提升我们启发意念的能力。影响力平台由瑞联影响力投资委员会（Impact Investment Committee）监督，每季度举行两次会议，另有由董事会成员担任主席的独立影响力咨询委员会（Impact Advisory Board）督导，该委员会每年举行三次会议。
由英国剑桥大学可持续领袖学院的投资领袖组（CISL）提供研究资料，瑞联的主题框架将联合国可持续发展目标（SDG）的其中15项目标，融入六大可投资主题，使我们能够集中力量于上市股票有望发挥最显著的影响之范畴。
瑞联自有开发的IMAP系统是我们研究和衡量被投公司影响力之核心，通过从意向性（Intentionality）、重要性（Materiality）、额外性（Additionality）及潜力（Potential）的四大准则，以评核企业现时的影响力强度和未来的潜在影响，从而确保我们可以不偏不倚地，只投资于真正带来不一样的公司。
对瑞联来说，与企业进行议合计划并不仅是投资程序的其中部分，而是我们投资操作的核心。我们不会依赖发出问卷或将责任外发给其他团队，而是由投资组合经理和分析师直接与公司管理层持续对话。这种亲力亲为的方式，使我们能够对相关公司建立更深层和独到的见解，并有利于我们推动正面转变。
瑞联企业议合计划以下列几种方式进行：
- 通过我们的企业议合计划枉架进行系统性企业议合计划（Systematic engagement）
- 针对特定事宜定向地直接与企业进行议合计划（Targeted engagement） 以应对挑战
- 结集其他投资者倡议和工作组等的力量，合力推展企业议合计划（Collaborative engagement）
这些工作促进民间、公营和非营利组织之间的合作，是多个利益关系者协力推动体系转变的深层次承担。通过结合深度基本面研究、积极拥有权和组成合作伙伴，瑞联寻求为客户带来具吸引力的财务回报，以及在实体世界产生可衡量的影响力。
瑞联影响力投资策略
- 覆盖所有市值股份，放眼全域以发掘所有投资良机。
- 主动投资比率（active share）超过90%，印证我们只选投资确信度的股份之坚持，投资目标是把握来自创新、监管改革以及消费者需求转变的三大增长支柱之机遇，以在长期带来佳绩 。
- 减低投资于潜在搁浅资产之风险，并且避开问题丛生的行业，从而保障投资者的利益。
- 由此构成的集中型组合投资周转率低且投资期长 ，在肯担当和富耐心的资本之支持下，能够发挥最大的影响力。
实至名归
最佳ESG投资基金：自然资本（ESG投资大奖，2024）*
*过去绩效并非现在或未来结果的指引。
“为安全、稳定和繁荣的世界奠定良好根基，需要公营和民间部门携手合作，这就是瑞联影响力投资策略在此中担当的角色，协助引导资金直接投资于具前瞻性的项目，这不仅在现在便带来回报，也为后世产生效益。”
投资淡谈
Frequently asked questions about impact investing.
生物多样性修复与减缓气候变化的课题息息相关，两者有一些重叠，但并不存在相互的关系：当我们保护生物多样性时（例如实施保育法例和保护物种等），通常有利于减缓气候变化，但未必是反之亦然。
- 影响力投资把握来自创新、监管改革和消费者需求转变而带来的长远独特增长动力。
- 减低投资于搁浅资产的风险。
- 这些资产同样是全球股市必选的投资，也可以是与任何全球基金或交易所交易基金（ETF）混合投资的理想方案。
市场风险是投资于新兴市场的重要风险，但在选股时，我们首要确保投资组合妥善分散投资于不同的地域。就日常操作来说，我们将宏观元素整合于我们对企业财务的评审之中。至于在投资组合的层面，我们评估在所投资的市场中之宏观情况，并在留意到风险时限制投资量。
瑞联团队
影响力投资团队运用其对广阔地域和多元化主题的投资专业，在全球识别最具吸引力力的影响力投资机会。每位团队成员都身兼投资组合经理、分析师或启发意念者的角色，以为瑞联所有影响力投资策略作出贡献。投资团队的投资分布发达和新兴市场，通过解决方案为本的方式促进实现联合国SDG。
投资团队：概要和数据
- 团队成员合计经验超过200年
- 所管理的所有投资策略根据欧盟《可持续金融披露规定》(Sustainable Finance Disclosure Regulation, SFDR)被分类为须符合第9条披露规定
- 持有投资期通常介乎 3–5 年，反映我们以长线为本
18.12.2024
Building Bridges battles sustainable finance headwinds
From 9–12 December, Building Bridges attracted over 3,000 professionals from banks, insurance companies, big corporations, governments, international organisations, NGOs and academia for more than 70 plenary sessions, discussions, and workshops. Combined with over 6,000 viewers online, attendance at the 2024 edition of Switzerland’s leading sustainable finance event reached a record high.
10.12.2024
From regulation to innovation: the dynamic universe of biodiversity investments
In the three years since the launch of our biodiversity strategy, the investment landscape has undergone significant transformations, particularly in the realm of biodiversity and nature finance.
18.11.2024
COP29: will AI be mentioned in the final text?
Artificial intelligence has been discussed at previous climate conferences: as early as 2021 in Glasgow, there were discussions about both the benefits of AI, and the probable need for additional resources to power it.
18.10.2024
Biodiversity COP16: Turning the talk into the walk
Ahead of COP16, the UBP Biodiversity Committee met in the David Attenborough Building in Cambridge to discuss expectations of the event with their two partner organisations, the Cambridge Conservation Initiative (CCI) and the Peace Parks Foundation.
10.09.2024
Nature-positive: a game-changer for economies and societies
We explore the importance of nature in our economies and societies – the concept of 'nature-positive', and how businesses can contribute to this global societal goal – in our interview with Dr Noëlle Kümpel, Senior Advisor at BirdLife International.
04.09.2024
Measuring biodiversity net gain
As part of its partnership with Peace Parks Foundation, UBP is guided by their expertise in biodiversity measurement and applies this knowledge when engaging with the corporate sector. The aim is to help companies learn from the conservation specialists and disclose more accurate data on nature.
28.08.2024
Summer wellness programme at UBP Hong Kong
Our CSR Team in Hong Kong organised a “Summer of Wellness” programme for colleagues – an initiative that demonstrates UBP's commitment to fostering a culture of health and well-being, not only within the organisation but also in the local community.
25.08.2024
The cost of transition: what are the implications of tariffs?
In a bid to preserve their own industries and reduce their dependency on China, the US and EU recently raised trade barriers against Chinese companies, sparking concerns about the cost and pace of the West’s energy transition. The debate is complex, and environmental and social externalities are a crucial part of it.
12.07.2024
Sustainability: an increasingly important consideration for wealth management
In early 2023, Nicolas Barben was appointed UBP’s Group Head of ESG Solutions within the Wealth Management division. We spoke to him about the role of regulation, the evolution of client interest in sustainability, and the performance of sustainable solutions, as well as his top priorities.
Glossary
Impact investing is an investment made with the intention of generating a positive social and/or environmental impact alongside financial returns. It exists across a diverse range of asset classes and geographies. Underlying investment candidates should demonstrate a clear “intentionality” within their business model.
Biodiversity is the variety of life on earth at all levels, from genes to ecosystems, plants and animals.
- About 25% of our assessed plant and animal species are threatened by human actions, with a million species facing extinction within a matter of decades.
- Pollination, water quality, and disease control are three examples of the services an ecosystem can provide.
Biodiversity is an essential part of natural capital and is directly or indirectly linked to other forms of capital in our economic system. USD 44 trillion of economic value generated each year is moderately or highly dependent on nature, which is more than 50% of global GDP, according to a World Economic Forum report.*
*World Economic Forum, New Nature Economy Report Series, 14 July 2020.
ESG (environmental, social and governance) is a term which outlines the key non-financial considerations investors can integrate into their investment process.
- Environmental: climate change, resource use, waste management, pollution
- Social: working conditions, employee relations, community involvement
- Governance: remuneration levels, board diversity, corporate structure, tax strategy
The incorporation of these factors is argued to be of key importance both for highlighting opportunities and for avoiding unnecessary risk. Therefore, ESG is an integral part of a responsible investment strategy and a tool for potentially enhancing long-term value.
Responsible investment is evolving from an investment niche to an established, mainstream approach. It has seen substantial growth in recent years due to increasing interest from both institutional and individual investors. Globally, total assets committed to sustainable and responsible investment strategies have grown significantly faster than the market (+25% between 2014 and 2016) and now represent 26% of professionally managed assets.