{"id":3184,"date":"2019-08-13T10:27:38","date_gmt":"2019-08-13T17:27:38","guid":{"rendered":"https:\/\/dev.darsky.com\/dalton\/?p=3184"},"modified":"2019-08-13T10:27:39","modified_gmt":"2019-08-13T17:27:39","slug":"why-is-esg-important-in-emerging-markets","status":"publish","type":"post","link":"https:\/\/dev.darsky.com\/dalton\/why-is-esg-important-in-emerging-markets\/","title":{"rendered":"Why is ESG important in emerging markets?"},"content":{"rendered":"\n<p>Dalton Investments LLC (\u201cDalton\u201d\nor \u201cwe\u201d) utilizes a value investment approach that seeks to invest in companies\nwith sound, sustainable businesses, operated by managements whose interests are\naligned with shareholders. Client portfolios are built one security at a time;\neach security being selected on its own merits, through rigorous bottom-up\nfundamental analysis that starts with a checklist of questions, including those\nspecific to Environmental, Social, and Governance (\u201cESG\u201d) issues.&nbsp; We believe that taking a holistic approach to\nrisk assessment for each individual company, particularly for those operating\nin emerging markets where corporate governance is less developed and the rule\nof law less well-established, can, to some degree, potentially mitigate risk\nand, according to some studies, may help to generate superior long-term\nrisk-adjusted returns.&nbsp; <\/p>\n\n\n\n<p>Our process does not begin by\nexcluding companies based on environmental or social risks. Rather, Dalton\u2019s\ninvestment team includes ESG risk criteria in its evaluation of emerging market\ncompanies, focusing on governance issues (including board composition,\nmanagement compensation, dividend policies, capital allocation and\ncontroversies), social issues (including labour policies, product quality and\nsupplier code of conduct), and environmental issues (including emissions and\nwaste policies, resource management and sustainability goals). Dalton\nsupplements its ESG research with a dedicated, third-party ESG specialist, who\nprovides independent analysis.<\/p>\n\n\n\n<p>Additionally, Dalton takes an\nactive stewardship role as an owner of its portfolio companies. Many of our\nportfolio companies are run by entrepreneurs whose focus on long-term success\nis accompanied by sound ESG policies. But where possible and when deemed beneficial\nto our investors, Dalton actively engages with company management seeking to\npromote positive change on ESG matters, particularly governance issues.&nbsp; We believe that dialogue with investee\ncompanies on both a private and a public basis are ways to add value to our\ninvestment process.<\/p>\n\n\n\n<p>On the following pages, we outline\na review of a range of the existing, externally-published studies on ESG\ninvesting and discuss their assistance in shaping our process.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The\nrelationship between ESG and financial performance <\/h2>\n\n\n\n<p>In developing our understanding of the\npotential or possible relationship between ESG factors and financial\nperformance, our team has reviewed numerous studies by leading academic\ninstitutions and professional entities.&nbsp;\nPlease note, however, that no representations or warranties, either\nexpressed or implied, can be made as to the data and analysis provided in the\nfollowing studies. The data analysis has been prepared by the respective\nauthors and entities, and Dalton has not verified any of the studies\nindependently.&nbsp; The views and opinions\nexpressed in the studies are those of the authors and do not necessarily\nreflect the opinion of Dalton.<\/p>\n\n\n\n<p>The following studies have been instrumental\nin shaping our thinking in the areas of ESG:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li> Corporate sustainability: first evidence on materiality<sup>1<\/sup><\/li><li>The impact of a corporate culture of sustainability on corporate behaviour and performance<sup>2<\/sup><\/li><li>Sustainable investing: establishing long-term value and performance<sup>3<\/sup><\/li><li>Do social responsibility screens matter when assuring mutual fund performance?<sup>4<\/sup><\/li><\/ol>\n\n\n\n<p>The study Sustainable Investing:\nEstablishing Long-Term Value and Performance published by Deutsche Bank in 2012\nis of particular interest because it is a meta study that consolidated over 100\npublished research papers on ESG and performance and risk. The study makes the\nfollowing conclusions:89% of the studies that Deutsche Bank examined show companies with high ESG ratings exhibit market-based outperformance, while 85% show accounting-based outperformance (e.g., higher return on assets, return on equity).<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li> 100% of the academic studies agree that companies with high ratings for corporate social responsibility and ESG factors have a lower cost of capital in terms of debt (loan and bonds) and equity.  <\/li><li> 89% of the studies that Deutsche Bank examined show companies with high ESG ratings exhibit market-based outperformance, while 85% show accounting-based outperformance (e.g., higher return on assets, return on equity). <\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><a>Market performance<\/a><\/h2>\n\n\n\n<p>Over\nthe past decade, in response to growing investor need for transparent\ninformation on ESG performance, MSCI Inc. developed a range of ESG indices to\nprovide measurable performance track records of leading companies in the ESG\nspace, using its own ESG risk assessment methodology. <\/p>\n\n\n\n<p>One such example is the MSCI Emerging Markets\nESG Leaders Index<sup>5<\/sup>, a capitalisation weighted index that provides\nexposure to companies with high ESG performance relative to their sector\npeers.&nbsp; The index was established in September\n2007 by MSCI Inc.<\/p>\n\n\n\n<p>Please note that Dalton has not independently\nverified or reviewed any of the constituents in, or the data used in creating,\nthe MSCI Emerging Markets ESG Leaders Index and that Dalton makes no claims,\npromises or guarantees about the accuracy, completeness or adequacy of the\nconstituents in the index or the underlying data that MSCI Inc. may have used\nin creating the index.&nbsp; <\/p>\n\n\n\n<p>Through the end of April 2019, the MSCI\nEmerging Markets ESG Leaders Index had outperformed the broad MSCI Emerging\nMarkets Total Return Index by 3.7% per annum.&nbsp;\nIt achieved this outperformance with lower overall standard deviation of\nreturns (17.0% vs 18.0% over the past ten years) and consequently had a higher\nSharpe Ratio since inception (0.31 vs. 0.15).<\/p>\n\n\n\n<p style=\"text-align:center\">MSCI Emerging Markets ESG Leaders Index <\/p>\n\n\n\n<p style=\"text-align:center\">(Cumulative Index Performance Sep. 2007 \u2013 Apr.\n2019)<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1008\" height=\"441\" src=\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/08\/MSCI-1.png\" alt=\"\" class=\"wp-image-3185\" srcset=\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/08\/MSCI-1.png 1008w, https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/08\/MSCI-1-300x131.png 300w, https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/08\/MSCI-1-768x336.png 768w\" sizes=\"auto, (max-width: 1008px) 100vw, 1008px\" \/><\/figure>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><\/tr><tr><td>Source: MSCI                     <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\">Our approach to ESG <\/h2>\n\n\n\n<p>Based\non our research on ESG, we have made the following changes to more formally\ninclude ESG factors into our investment process:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li> We expanded our existing 4-Mantra approach6 to specifically include ESG items in our due diligence checklist.<\/li><li>We added a dedicated, third-party ESG specialist to supplement our existing research into companies.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">Our ESG process <\/h2>\n\n\n\n<p>Our\nESG research specialist adopts the following approach in assessing ESG in\nexisting and prospective investments.<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Review relevant corporate and sustainability disclosures <\/li><li>Analyse available ESG data sets <\/li><li>Check for controversies and legal disputes<\/li><li>Check for fraud using proprietary accounting fraud analysis tool<\/li><li>Prepare company ESG report for investment team<\/li><li>Engage with investee companies where necessary <\/li><\/ol>\n\n\n\n<p>The ESG report also assigns a\nsubjective ESG ranking of A, B, C or D, where A = high quality practices, B =\nmoderate quality practices, C = low quality practices, and D = requesting a\nseparate, additional ESG review by the analyst team.<\/p>\n\n\n\n<p>Within the overall assessment,\nour ESG specialist provides a qualitative assessment of the company\u2019s risk as\nit relates to ESG, accounting, litigation and any other relevant risks that may\npotentially impair earnings.&nbsp; The qualitative\nassessment may lead our investment team to further engage with the company,\nfrom an ESG perspective.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How our ESG process\ndiffers from third-party vendors (<em>e.g.<\/em>, MSCI, Asset4, Sustainalytics)<\/h2>\n\n\n\n<ol class=\"wp-block-list\"><li>We\ndo not use ESG as a screen, rather we integrate ESG into our investment\napproach.<\/li><li>Our\napproach is not biased by market capitalization.<\/li><li>Our\napproach places a greater emphasis on alignments of interest and corporate\ngovernance.<\/li><li>When\ndeemed appropriate, we directly engage with companies on ESG matters, with a\nfocus on governance issues, and have clearly defined voting policies.<\/li><li>Our\nprocess incorporates the use of accounting fraud tools to raise red flags to\nthe overall efficacy of the financials.&nbsp; <\/li><\/ol>\n\n\n\n<p>______________________________________________________________<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li> Khan, Serafeim and Yoon (2016). \u201cCorporate Sustainability: First Evidence on Materiality.\u201d The Accounting Review. Vol. 91, no. 6 (November): 1697-1724.<\/li><li>Eccles, Ioannou and Serafeim (2012). \u201cThe Impact of a Corporate Culture of Sustainability on Corporate Behavior and Performance.\u201d The Harvard Business Review. Working Paper 12-035.<\/li><li>Fulton, Kahn, Sharples (2012). \u201cSustainable Investing: Establishing Long-Term Value and Performance.\u201d Deutsche Bank<\/li><li>Briere, Peillex, Ureche-Rangau (2017). \u201cDo Socially Responsibility Screens Matter When Assessing Mutual Fund Performance?\u201d Financial Analysts Journal v73.n3.2. <\/li><li> The MSCI Emerging Markets (EM) ESG Leaders Index, is a capitalization weighted index that provides exposure to companies with high Environmental, Social and Governance performance relative to their sector peers. MSCI EM ESG Leaders Index consists of large and mid-cap companies across 24 Emerging Markets countries. The Index is designed for investors seeking a broad, diversified sustainability benchmark with relatively low tracking error to the underlying equity market. The index is a member of the MSCI ESG Leaders Index series.  Constituent selection is based on data from MSCI ESG Research.  Latest factsheet is available at https:\/\/www.msci.com\/documents\/10199\/c341baf6-e515-4015-af5e-c1d864cae53e.<\/li><li>Dalton\u2019s 4-Mantra approach is focused on investing in good businesses, where there is a significant margin of safety, where there is an alignment of interest to the owner\/operator, and where there is an identifiable a strong track record of reinvesting capital. <\/li><\/ol>\n\n\n\n<p>This document is provided for informational purposes only, and does\nnot constitute a solicitation of any shares in any investment vehicle managed\nby Dalton Investments LLC.&nbsp; Such\nsolicitations can only be made to qualified investors by means of the private\nplacement memorandums, which describe, among other things, the risks of making\nan investment. &nbsp;Additionally, this\npresentation does not constitute investment advice of any kind. &nbsp;<\/p>\n\n\n\n<p>All of the information in this document relating to Dalton\nInvestments LLC or its affiliates (collectively, \u201cDalton\u201d or the \u201cFirm\u201d)\nis communicated solely by Dalton, 1601 Cloverfield Boulevard, Suite 5050 N,\nSanta Monica, CA 90404, regulated by the U.S. Securities and Exchange\nCommission (SEC).&nbsp; (SEC registration does\nnot imply SEC endorsement.)&nbsp; No\nrepresentation or warranty can be given with respect to the accuracy or\ncompleteness of the information, or with respect to the terms of any future\noffer of transactions conforming to the terms hereof. &nbsp;Certain assumptions may have been made in the\nanalysis which resulted in any information and returns\/results detailed herein.\n&nbsp;No representation is made that any\nresults\/returns indicated will be achieved or that all assumptions in achieving\nthese returns have been considered or stated. &nbsp;Additional information is available on\nrequest.&nbsp; Opinions and estimates offered\nconstitute our judgment and are subject to change without notice, as are\nstatements of financial market trends, which are based on market conditions.&nbsp; Unless otherwise indicated, figures presented\nare preliminary, unaudited, subject to change and do not constitute Dalton\u2019s\nstandard books and records.<\/p>\n\n\n\n<p>Please note that neither the\nFunds\/Composites nor the Investment Manager\/Investment Advisor complies with\nthe requirements of the Alternative Investment Fund Managers Directive\n(\u201cAIFMD\u201d) of the European Union. No direct or indirect offering or placement of\nshares by or on behalf of the Funds\/Composites or the Investment Manager may be\nmade to or with investors in member states of the European Union in breach of\neither the applicable requirements under the AIFMD or the private placement\nregime in each relevant member state. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dalton Investments LLC (\u201cDalton\u201d or \u201cwe\u201d) utilizes a value investment approach that seeks to invest in companies with sound, sustainable businesses, operated by managements whose interests are aligned with shareholders. Client portfolios are built one security at a time; each \u2026<br \/><a class=\"read-more\" href=\"https:\/\/dev.darsky.com\/dalton\/why-is-esg-important-in-emerging-markets\/\">read more &gt;<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[15],"tags":[],"class_list":["post-3184","post","type-post","status-publish","format-standard","hentry","category-dalton-insights","wpautop"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why is ESG important in emerging markets? - Dalton Investments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.darsky.com\/dalton\/why-is-esg-important-in-emerging-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why is ESG important in emerging markets? - Dalton Investments\" \/>\n<meta property=\"og:description\" content=\"Dalton Investments LLC (\u201cDalton\u201d or \u201cwe\u201d) utilizes a value investment approach that seeks to invest in companies with sound, sustainable businesses, operated by managements whose interests are aligned with shareholders. 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