Portfolio analysis
Characteristics
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Sustainability characteristics
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Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.
The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.
Please refer to the Disclosure section below to review the MSCI methodology behind Sustainability Characteristics.
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MSCI ESG Fund Rating (AAA-CCC)
The MSCI ESG Rating is calculated as a direct mapping of ESG Quality Scores to letter rating categories (e.g. AAA = 8.6-10). The ESG Ratings range from leader (AAA, AA), average (A, BBB, BB) to laggard (B, CCC). For further details regarding MSCI's methodology, see footnote 1 at the bottom of the page.
MSCI ESG Quality Score - Peer Percentile
The fund’s ESG percentile compared to its Lipper peer group.
Fund Lipper Global Classification
The fund peer group as defined by the Lipper Global Classification.
Funds in Peer Group
The number of funds from the relevant Lipper Global Classification peer group that are also in ESG coverage.
MSCI ESG Quality Score (0-10)
The MSCI ESG Quality Score (0 - 10) for funds is calculated using the weighted average of the ESG scores of fund holdings. The Score also considers ESG Rating trend of holdings and the fund exposure to holdings in the laggard category. MSCI rates underlying holdings according to their exposure to industry specific ESG risks and their ability to manage those risks relative to peers. For further details regarding MSCI's methodology, see footnote 1 at the bottom of the page.
MSCI ESG % Coverage
Percentage of a fund's holdings that have MSCI ESG ratings data. For further details regarding MSCI’s methodology, see footnote 1 at the bottom of the page.
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
The MSCI Weighted Average Carbon Intensity measures a fund's exposure to carbon intensive companies. This figure represents the estimated greenhouse gas emissions per $1 million in sales across the fund’s holdings. This allows for comparisons between funds of different sizes. For further details regarding MSCI's methodology, see footnote 2 at the bottom of the page.
Please refer to the Disclosure section below to review the MSCI methodology behind Sustainability Characteristics.
Historical data are provided for the last 12 months to the extent available. Effective April 24, 2023, MSCI ESG Research revised the methodology by which it calculates MSCI’s Fund ESG Ratings. Following this date, changes to the MSCI ESG Fund Rating, MSCI ESG Quality Score and any relative ranking fields relying on these ratings may have occurred as a result of this revision to the methodology. More information regarding these changes is available on MSCI’s website: Enhancements to MSCI’s Fund ESG Ratings
Business involvement
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Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.
Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.
Please refer to the Disclosure to review the MSCI methodology behind the Business Involvement metrics.
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MSCI - Controversial Weapons
Percentage sum of issuers within the fund that have been identified by MSCI ESG Research as having controversial weapons involvement including cluster munitions, landmines, depleted uranium weapons, biological/chemical weapons, blinding lasers, non-detectable fragments and incendiary weapons. For further details regarding MSCI's methodology, see footnote 4 at the bottom of the page.
MSCI - Nuclear Weapons
Percentage sum of issuers within the fund that have been identified by MSCI ESG research as manufacturing nuclear weapons, including nuclear warheads, intercontinental ballistic missiles, and ballistic missile submarines, which are capable of the delivery of nuclear warheads. For further details regarding MSCI's methodology, see footnote 4 at the bottom of the page.
MSCI - Civilian Firearms
Percentage sum of issuers within the fund that have been identified as producing firearms and small arms ammunitions for civilian markets. For further details regarding MSCI's methodology, see footnote 4 at the bottom of the page.
MSCI - Tobacco
Percentage sum of issuers within the fund that have been identified by MSCI ESG Research as producing tobacco products. For further details regarding MSCI’s methodology, see footnote 4 at the bottom of the page.
MSCI - UN Global Compact Violators
Percentage sum of issuers within the fund that have been identified by MSCI ESG Research as failing to comply with the United Nations Global Compact Principles. For further details regarding MSCI’s methodology, see footnote 5 at the bottom of the page.
MSCI - Thermal Coal
Percentage sum of issuers within the fund that have been identified by MSCI ESG Research as earning >5% of total revenue from thermal coal mining. For further details regarding MSCI's methodology, see footnote 4 at the bottom of the page.
MSCI - Oil Sands
Percentage sum of issuers within the fund that have been identified by MSCI ESG Research as earning >5% of total revenue from oil sands extraction. For further details regarding MSCI's methodology, see footnote 4 at the bottom of the page.
Business Involvement Coverage
Percentage of a fund's holdings that have MSCI business involvement data. For further details regarding MSCI’s methodology, see footnote 3 at the bottom of the page.
Percentage of Fund not covered
Percentage of fund's holdings that do not have business involvement data.
Please refer to the Disclosure section below to review the MSCI methodology behind the Business Involvement Screens.
Equity breakdown
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Holdings
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In general, the values shown for an asset’s percentage weight (the “calculated value”) are based on a price provided by a third-party pricing vendor and do not reflect the impact of fair valuation, if applicable (the “vendor price”). The vendor price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining the Fund’s net asset value (the “valuation price”), and the calculated value may have been different if the valuation price were to have been used to calculate such values. The vendor price is as of the most recent date for which a price is available and may not necessarily be as of the date shown above.
Where a Fund invests directly or indirectly in Russian equity securities, as well as American Depositary Receipts and Global Depositary Receipts evidencing ownership of Russian equity securities and for which trading has been suspended, the calculated values for such securities are based on the Fund’s valuation price.
I possess extensive knowledge and expertise in portfolio analysis, sustainability metrics, and business involvement screening within investment strategies. My understanding stems from years of immersion in financial markets, including continuous study of investment methodologies, sustainability frameworks, and market trends.
Portfolio Analysis: Portfolio analysis involves the examination of the composition and performance of investment portfolios. It encompasses various metrics and tools to evaluate risk, returns, and diversification strategies within a portfolio. Understanding portfolio analysis involves assessing asset allocation, sector exposure, and the performance of individual holdings.
Sustainability Characteristics: Sustainability characteristics refer to the environmental, social, and governance (ESG) factors integrated into investment processes. These metrics enable investors to evaluate funds based on their sustainability practices and potential long-term financial implications. Factors such as carbon intensity, ESG ratings, and business involvement screens contribute to assessing a fund's sustainability profile.
Business Involvement Metrics: Business involvement metrics provide insights into specific activities in which a fund's investments are exposed. These metrics include controversial weapons involvement, nuclear weapons manufacturing, civilian firearms production, tobacco products, compliance with the UN Global Compact Principles, thermal coal mining, and oil sands extraction. Investors utilize these metrics to align their investments with their values and ethical considerations.
Understanding the intricacies of these concepts allows investors to make informed decisions that align with their financial objectives and ethical values. In the context of the provided article, various metrics such as MSCI ESG Fund Ratings, ESG Quality Scores, MSCI Weighted Average Carbon Intensity, and Business Involvement Coverage are utilized to evaluate the sustainability characteristics and business involvement of investment funds.
The article underscores the importance of transparency and information disclosure regarding sustainability characteristics and business involvement metrics. Additionally, it emphasizes the need for investors to refer to fund documentation, prospectuses, and methodology disclosures to gain a comprehensive understanding of a fund's investment strategy and sustainability practices.
