China ESG - Weekly news update: First female consumption fund in China criticised for misleading




First female consumption fund in China criticised for misleading allocations


The first and only female-themed mutual fund in China has elicited concerns from investors about its thematic allocations, with the portfolio investing mainly in power and energy stocks since its launch last year instead of focusing on consumer discretionary stocks such as cosmetics firms as advertised, the Securities Times reports.

Bosera Asset Management launched its Female Consumption-themed Mixed Fund last June targeting China’s growing number of female investors, who the asset manager believes have strong “discretionary spending power” in sectors like the beauty industry, in which the fund planned to invest heavily.

However, the fund, which has attracted Rmb142 million (US$22 million) in assets, appears to have disregarded its publicised investment strategy, with beauty stocks completely absent from the list of top 10 equities held by the portfolio, according to the product’s annual report cited by the publication.


Source: Ignites Asia


S&P Global makes over 9,000 ESG Scores publicly available


S&P Global launched a new public webpage highlighting S&P Global's full suite of environmental, social and governance (ESG) solutions, and for the very first time, access to S&P Global ESG Scores on 9,200 companies. S&P Global ESG Scores are the key factor for selecting companies for the Dow Jones Sustainability Indices (DJSI). The underlying data is also used as one of the analytical tools for a growing series of S&P ESG indices and S&P Global Market Intelligence Portfolio ESG Analytics, as well as being an entry point for the S&P Global Ratings ESG Evaluation.

S&P Global has released two additional levels of ESG information that inform a company’s ESG Scores, providing deeper layers of insights and expanded transparency. An additional 400 data points have been made available for each company, based on their applicability and relevance to informing a company’s overall scoring assessment.


Source: PR NewsWire



Korea's KIC slashes US coal shareholdings by 13% in 2020


South Korea’s sovereign wealth fund, Korea Investment Corporation, cut a significant portion of its investments in U.S.-listed coal stocks last year, although its remaining holdings are still relatively large when compared with other global sovereign funds. By the end of 2020, KIC had reduced its exposure to coal shares in the U.S by 13.4% to US$417 million, The Korea Herald reports, citing the fund's U.S. regulatory filings.


The publication said these stocks are related to firms involved in mining, energy production or energy service providers with a coal share per revenue of 20% or more, as identified by Urgewald, a not-for-profit organisation based in Germany.

Last year, Choi Hee-nam, president and CEO of KIC, voiced his intention to step up responsible investing at the country’s sovereign wealth fund. Also last year, it became a member of One Planet Sovereign Wealth Funds, an international coalition of sovereign asset owners established to integrate ESG criteria into their investments, with a particular focus on climate change.


Source: Ignites Asia



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