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Tuesday 07 February 2023
February 2023 | The massive inflows into ESG funds in recent years have led to market crowding and potentially unreasonable valuation premiums for “ESG Leaders,” or companies with the highest relative ESG ratings. In the US, that group of companies is disproportionately comprised of asset-light, high-growth companies that were able to embrace ESG policies and related disclosures relatively easily. We believe the shift from growth to value will sustain itself for years, and that by incorporating forward-looking ESG analysis, investors can identify future ESG Leaders—or “ESG Improvers”—in the value side of the US stock market.
01 | As the US economy and society continue to evolve, corporates and asset managers are faced with navigating newer environmental, social and governance (ESG) risks, opportunities, and shifting end-investor preferences.
02 | The adoption of sustainable business practices is growing more rapidly than data can dynamically capture, making it critical for investors to identify companies that strengthen their business models by incorporating sustainable practices.
03 | We believe that shifting ESG analysis from a current, high-level ESG snapshot to a forward-looking, bottom-up approach can help investors identify companies that are positioned to profit in the future from their ESG momentum.
Unless otherwise stated, all information contained in this document is from Amundi Asset Management US (Amundi US) and is as of February 6, 2023. Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi US and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results. Amundi Asset Management US is the US business of the Amundi Asset Management group of companies.
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