Donokane
2021-09-09
Currency Camouflage!
Funds Go Green, but Sometimes in Name Only<blockquote>基金走向绿色，但有时形同虚设</blockquote>
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In some cases, the rebranding has been in name only.</p><p><blockquote><b>公司正在将陷入困境的资金转向绿色，以将大量现金转化为可持续投资。</b>基金公司正在将其过时的投资产品重新命名为绿色产品，希望从涌入可持续产品的现金中攫取一部分。在某些情况下，品牌重塑只是名义上的。</blockquote></p><p> Last year, companies that manage mutual funds and exchange-traded funds rebranded a record 25 funds as sustainable, according to Morningstar. They say these funds have adopted investment strategies that utilize data on companies’ environmental, social and governance performance to pick stocks. Since 2013, fund companies have rebranded 64 funds, which had $35 billion in assets as of June.</p><p><blockquote>据晨星公司称，去年，管理共同基金和交易所交易基金的公司将创纪录的25只基金更名为可持续基金。他们表示，这些基金采用了利用公司环境、社会和治理表现数据来挑选股票的投资策略。自2013年以来，基金公司已对64只基金进行了更名，截至6月，这些基金的资产达350亿美元。</blockquote></p><p> The American Century Fundamental Equity Fund is now theSustainable Equity Fund, the USAA World Growth Fund is theUSAA Sustainable World Fundand the Putnam Multi-Cap Growth Fund is now thePutnam Sustainable Leaders Fund. Assets for all three are up since the rebrandings.</p><p><blockquote>美国世纪基本股票基金现在是可持续股票基金，USAA世界增长基金是USAA可持续世界基金，普特南多股增长基金现在是普特南可持续领袖基金。自品牌重塑以来，这三家公司的资产都有所增加。</blockquote></p><p> Many of these funds are actively managed and were experiencing chronic outflows prior to rebranding, said Morningstar Head of Sustainability Research Jon Hale. “You have big fund companies with an inventory of funds, a lot of which aren’t really attracting assets anymore, saying ‘OK, here’s this new investment trend happening; what do we do?’” Mr. Hale said.</p><p><blockquote>晨星公司可持续发展研究主管乔恩·黑尔(Jon Hale)表示，其中许多基金都是积极管理的，并且在品牌重塑之前经历了长期资金外流。“大型基金公司拥有大量基金，其中许多不再真正吸引资产，他们会说‘好吧，这种新的投资趋势正在发生；我们该怎么办？’”黑尔先生说。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0deca5624c07ced40f8886918a46f2ff\" tg-width=\"763\" tg-height=\"517\" width=\"100%\" height=\"auto\">The shift is akin to a car company freshening up a tired model. Actively managed funds, which are run by stock pickers, have been losing investor cash for years. Similar funds with a sustainable label have been raking in money, according to Morningstar.</p><p><blockquote>这种转变类似于一家汽车公司更新一款陈旧的车型。由选股者管理的主动管理型基金多年来一直在损失投资者现金。晨星公司表示，带有可持续标签的类似基金一直在赚大钱。</blockquote></p><p> Of the 64 rebranded funds, 35 were suffering from investor withdrawals in the three years before they went green, according to a Wall Street Journal analysis of Morningstar data. At 13 of the funds, investors began putting in cash again. At 45, new cash plus the rising stock market have boosted overall assets.</p><p><blockquote>根据《华尔街日报》对晨星数据的分析，在64只更名基金中，有35只在走向绿色之前的三年内遭受了投资者撤资。其中13只基金的投资者开始再次投入现金。45，新增现金加上股市上涨提振了整体资产。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b07f0afeb7e76ae9503bbb0f58f57345\" tg-width=\"747\" tg-height=\"525\" width=\"100%\" height=\"auto\">The $1.5 billion USAA Sustainable World Fund holds nearly $100 million in shares of 47 fossil-fuel companies, according to data from shareholder advocacy group As You Sow, the most of any repurposed fund. Last year, Victory Capital Management Inc. changed the fund’s name from USAA World Growth Fund.</p><p><blockquote>根据股东权益组织As You Sow的数据，价值15亿美元的USAA可持续世界基金持有47家化石燃料公司近1亿美元的股票，是所有重新调整用途的基金中最多的。去年，Victory Capital Management Inc.将该基金的名称从USAA World Growth Fund更名为。</blockquote></p><p> A disclosure was added to the fund’s prospectus noting ESG ratings are considered but fund managers may disagree with a raters’ conclusion. The Sustainable World Fund continued to hold shares of companies such as mining firmRio TintoPLC and purchased shares in oil-and-gas companies after rebranding.</p><p><blockquote>该基金的招股说明书中添加了一项披露，指出会考虑ESG评级，但基金经理可能不同意评级者的结论。可持续世界基金继续持有矿业公司力拓等公司的股票，并在品牌重塑后购买了石油和天然气公司的股票。</blockquote></p><p> “We believe incorporating ESG considerations into a portfolio should be an input under a larger mosaic of considerations any manager evaluates to achieve a well-balanced, diversified portfolio,” said Mannik S. Dhillon, president of VictoryShares & Solutions, an investment adviser for USAA.</p><p><blockquote>USAA投资顾问VictoryShares&Solutions总裁Mannik S.Dhillon表示：“我们认为，将ESG考虑因素纳入投资组合应该是任何经理为实现平衡、多元化的投资组合而评估的更大考虑因素中的一个输入。”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b0dbd18a17b1632df436a855a968ed74\" tg-width=\"750\" tg-height=\"536\" width=\"100%\" height=\"auto\">Investors had been pulling cash out of American Century Investment’s Fundamental Equity Fund for years before its 2016 rebranding. Three years later and under a new name, the Sustainable Equity Fund brought in a net $1.7 billion.</p><p><blockquote>在2016年更名之前，投资者多年来一直从American Century Investment的基本股票基金中提取现金。三年后，以新名称命名的可持续股票基金带来了17亿美元的净收入。</blockquote></p><p> “To us, that was an affirmation that we made the right changes,” said American Century Vice President Joe Reiland. “The performance was getting better, the investment community was more interested in investing sustainably and it made us more marketable to clients.”</p><p><blockquote>“对我们来说，这是对我们做出正确改变的肯定，”美国世纪副总裁乔·雷兰德说。“业绩越来越好，投资界对可持续投资更感兴趣，这使我们对客户更有市场。”</blockquote></p><p> The fund beat the S&P 500 over the past five years and boasts its portfolio companies emit 67% fewer greenhouse gases than the index, according to the fund’s sustainability report. The fund dumped shares of 12 firms during the transition includingExxon MobilCorp.while adding electric-vehicle makerTeslaInc.</p><p><blockquote>根据该基金的可持续发展报告，该基金在过去五年中击败了标普500，并以其投资组合公司的温室气体排放量比该指数少67%而自豪。该基金在转型期间抛售了包括埃克森美孚公司在内的12家公司的股票，同时增持了电动汽车制造商特斯拉公司。</blockquote></p><p> It keptConocoPhillips,even though it is a big greenhouse-gas emitter, because it was shifting more toward sustainability, Mr. Reiland said. “After analyzing the two, ConocoPhillips was demonstrating the ability to become an ESG leader over Exxon,” Mr. Reiland said.</p><p><blockquote>雷兰表示，尽管康菲石油公司是一个温室气体排放大国，但它保留了康菲石油公司，因为它正在更多地转向可持续发展。“在分析了这两者后，康菲石油公司展示了超越埃克森美孚成为ESG领导者的能力，”雷兰先生说。</blockquote></p><p> Other companies frequently dumped by rebranded funds were oil-and-gas producerDevon EnergyCorp., tobacco firmPhilip Morris InternationalInc.and aerospace companiesGeneral DynamicsCorp.andBoeingCo., according to a Journal analysis of constituents of 43 funds with historical data.</p><p><blockquote>根据《华尔街日报》对43只具有历史数据的基金成分的分析，其他经常被更名基金抛弃的公司包括石油和天然气生产商德文能源公司、烟草公司菲利普莫里斯国际公司以及航空航天公司通用动力公司和波音公司。</blockquote></p><p></p><p> Rebranded funds typically bought tech companies such as chip makerTexas InstrumentsInc.and software makerCadence Design SystemsInc.One reason sustainable funds have done well is because technology companies have trounced energy stocks in the past few years. Nearly 70% of 286 sustainable funds ranked in the top half of their performance category last year, according to Morningstar.</p><p><blockquote>更名后的基金通常会收购芯片制造商德州仪器(Texas InstrumentsInc.)和软件制造商Cadence Design SystemsInc.等科技公司。可持续基金表现良好的原因之一是科技公司在过去几年中击败了能源股。根据晨星公司的数据，去年286只可持续基金中有近70%在其业绩类别中排名前一半。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d72cd6458ddd8969b6e5d5eaa8001530\" tg-width=\"743\" tg-height=\"524\" width=\"100%\" height=\"auto\">Assets in Putnam Investments’ Putnam Multi-Cap Growth and Multi-Cap Value funds were hovering near their lowest point since the early 2000s when the company rebranded both funds.</p><p><blockquote>Putnam Investments旗下的Putnam Multi-Cap Growth和Multi-Cap Value基金的资产徘徊在2000年代初该公司更名以来的最低点附近。</blockquote></p><p> Assets of the rechristened Putnam Sustainable Leaders Fund rose by 66% to $6.5 billion as of this June. ThePutnam Sustainable Future Fundgrew its assets by 93% to $649 million, according to the Journal’s analysis. Both funds have outperformed their benchmarks and the S&P 500 in the past three years after periods of mixed performance prior to rebranding.</p><p><blockquote>截至今年6月，更名后的普特南可持续领袖基金的资产增长了66%，达到65亿美元。根据《华尔街日报》的分析，普特南可持续未来基金的资产增长了93%，达到6.49亿美元。在品牌重塑之前经历了一段时间的表现好坏参半后，这两只基金在过去三年中的表现均优于基准和标普500。</blockquote></p><p> The Sustainable Future Fund underwent the most dramatic change, shifting 75% of its portfolio to focus on sustainable firms, according to Putnam’s head of sustainable investing, Katherine Collins. “There are a wide range of approaches that folks are taking in developing sustainable funds, and for Putnam it was pretty far into the heavy-lift side of things.”</p><p><blockquote>普特南可持续投资主管凯瑟琳·柯林斯(Katherine Collins)表示，可持续未来基金经历了最戏剧性的变化，将75%的投资组合转向专注于可持续发展公司。“人们在开发可持续基金方面采取了多种方法，对于普特南来说，这已经是相当困难的事情了。”</blockquote></p><p> Stocks in energy firms like ConocoPhillips were dropped, and renewable-resource firms were added such as solar-panel makerSunrunInc.,which was a top contributor to the fund’s 2020 performance.</p><p><blockquote>康菲石油公司等能源公司的股票下跌，太阳能电池板制造商SunrunInc.等可再生资源公司的股票上涨，该公司是该基金2020年业绩的最大贡献者。</blockquote></p><p> “We’re happy not just with the numbers but with how those numbers have been generated,” Ms. Collins said.</p><p><blockquote>“我们不仅对这些数字感到满意，而且对这些数字的产生方式感到满意，”柯林斯女士说。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Funds Go Green, but Sometimes in Name Only<blockquote>基金走向绿色，但有时形同虚设</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFunds Go Green, but Sometimes in Name Only<blockquote>基金走向绿色，但有时形同虚设</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-09-09 20:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p> <b>Companies are turning their struggling funds green to capture the flood of cash into sustainable investments.</b> Fund companies are rebranding their out-of-fashion investment offerings as green, hoping to grab a portion of the cash pouring into sustainable products. In some cases, the rebranding has been in name only.</p><p><blockquote><b>公司正在将陷入困境的资金转向绿色，以将大量现金转化为可持续投资。</b>基金公司正在将其过时的投资产品重新命名为绿色产品，希望从涌入可持续产品的现金中攫取一部分。在某些情况下，品牌重塑只是名义上的。</blockquote></p><p> Last year, companies that manage mutual funds and exchange-traded funds rebranded a record 25 funds as sustainable, according to Morningstar. They say these funds have adopted investment strategies that utilize data on companies’ environmental, social and governance performance to pick stocks. Since 2013, fund companies have rebranded 64 funds, which had $35 billion in assets as of June.</p><p><blockquote>据晨星公司称，去年，管理共同基金和交易所交易基金的公司将创纪录的25只基金更名为可持续基金。他们表示，这些基金采用了利用公司环境、社会和治理表现数据来挑选股票的投资策略。自2013年以来，基金公司已对64只基金进行了更名，截至6月，这些基金的资产达350亿美元。</blockquote></p><p> The American Century Fundamental Equity Fund is now theSustainable Equity Fund, the USAA World Growth Fund is theUSAA Sustainable World Fundand the Putnam Multi-Cap Growth Fund is now thePutnam Sustainable Leaders Fund. Assets for all three are up since the rebrandings.</p><p><blockquote>美国世纪基本股票基金现在是可持续股票基金，USAA世界增长基金是USAA可持续世界基金，普特南多股增长基金现在是普特南可持续领袖基金。自品牌重塑以来，这三家公司的资产都有所增加。</blockquote></p><p> Many of these funds are actively managed and were experiencing chronic outflows prior to rebranding, said Morningstar Head of Sustainability Research Jon Hale. “You have big fund companies with an inventory of funds, a lot of which aren’t really attracting assets anymore, saying ‘OK, here’s this new investment trend happening; what do we do?’” Mr. Hale said.</p><p><blockquote>晨星公司可持续发展研究主管乔恩·黑尔(Jon Hale)表示，其中许多基金都是积极管理的，并且在品牌重塑之前经历了长期资金外流。“大型基金公司拥有大量基金，其中许多不再真正吸引资产，他们会说‘好吧，这种新的投资趋势正在发生；我们该怎么办？’”黑尔先生说。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0deca5624c07ced40f8886918a46f2ff\" tg-width=\"763\" tg-height=\"517\" width=\"100%\" height=\"auto\">The shift is akin to a car company freshening up a tired model. Actively managed funds, which are run by stock pickers, have been losing investor cash for years. Similar funds with a sustainable label have been raking in money, according to Morningstar.</p><p><blockquote>这种转变类似于一家汽车公司更新一款陈旧的车型。由选股者管理的主动管理型基金多年来一直在损失投资者现金。晨星公司表示，带有可持续标签的类似基金一直在赚大钱。</blockquote></p><p> Of the 64 rebranded funds, 35 were suffering from investor withdrawals in the three years before they went green, according to a Wall Street Journal analysis of Morningstar data. At 13 of the funds, investors began putting in cash again. At 45, new cash plus the rising stock market have boosted overall assets.</p><p><blockquote>根据《华尔街日报》对晨星数据的分析，在64只更名基金中，有35只在走向绿色之前的三年内遭受了投资者撤资。其中13只基金的投资者开始再次投入现金。45，新增现金加上股市上涨提振了整体资产。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b07f0afeb7e76ae9503bbb0f58f57345\" tg-width=\"747\" tg-height=\"525\" width=\"100%\" height=\"auto\">The $1.5 billion USAA Sustainable World Fund holds nearly $100 million in shares of 47 fossil-fuel companies, according to data from shareholder advocacy group As You Sow, the most of any repurposed fund. Last year, Victory Capital Management Inc. changed the fund’s name from USAA World Growth Fund.</p><p><blockquote>根据股东权益组织As You Sow的数据，价值15亿美元的USAA可持续世界基金持有47家化石燃料公司近1亿美元的股票，是所有重新调整用途的基金中最多的。去年，Victory Capital Management Inc.将该基金的名称从USAA World Growth Fund更名为。</blockquote></p><p> A disclosure was added to the fund’s prospectus noting ESG ratings are considered but fund managers may disagree with a raters’ conclusion. The Sustainable World Fund continued to hold shares of companies such as mining firmRio TintoPLC and purchased shares in oil-and-gas companies after rebranding.</p><p><blockquote>该基金的招股说明书中添加了一项披露，指出会考虑ESG评级，但基金经理可能不同意评级者的结论。可持续世界基金继续持有矿业公司力拓等公司的股票，并在品牌重塑后购买了石油和天然气公司的股票。</blockquote></p><p> “We believe incorporating ESG considerations into a portfolio should be an input under a larger mosaic of considerations any manager evaluates to achieve a well-balanced, diversified portfolio,” said Mannik S. Dhillon, president of VictoryShares & Solutions, an investment adviser for USAA.</p><p><blockquote>USAA投资顾问VictoryShares&Solutions总裁Mannik S.Dhillon表示：“我们认为，将ESG考虑因素纳入投资组合应该是任何经理为实现平衡、多元化的投资组合而评估的更大考虑因素中的一个输入。”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b0dbd18a17b1632df436a855a968ed74\" tg-width=\"750\" tg-height=\"536\" width=\"100%\" height=\"auto\">Investors had been pulling cash out of American Century Investment’s Fundamental Equity Fund for years before its 2016 rebranding. Three years later and under a new name, the Sustainable Equity Fund brought in a net $1.7 billion.</p><p><blockquote>在2016年更名之前，投资者多年来一直从American Century Investment的基本股票基金中提取现金。三年后，以新名称命名的可持续股票基金带来了17亿美元的净收入。</blockquote></p><p> “To us, that was an affirmation that we made the right changes,” said American Century Vice President Joe Reiland. “The performance was getting better, the investment community was more interested in investing sustainably and it made us more marketable to clients.”</p><p><blockquote>“对我们来说，这是对我们做出正确改变的肯定，”美国世纪副总裁乔·雷兰德说。“业绩越来越好，投资界对可持续投资更感兴趣，这使我们对客户更有市场。”</blockquote></p><p> The fund beat the S&P 500 over the past five years and boasts its portfolio companies emit 67% fewer greenhouse gases than the index, according to the fund’s sustainability report. The fund dumped shares of 12 firms during the transition includingExxon MobilCorp.while adding electric-vehicle makerTeslaInc.</p><p><blockquote>根据该基金的可持续发展报告，该基金在过去五年中击败了标普500，并以其投资组合公司的温室气体排放量比该指数少67%而自豪。该基金在转型期间抛售了包括埃克森美孚公司在内的12家公司的股票，同时增持了电动汽车制造商特斯拉公司。</blockquote></p><p> It keptConocoPhillips,even though it is a big greenhouse-gas emitter, because it was shifting more toward sustainability, Mr. Reiland said. “After analyzing the two, ConocoPhillips was demonstrating the ability to become an ESG leader over Exxon,” Mr. Reiland said.</p><p><blockquote>雷兰表示，尽管康菲石油公司是一个温室气体排放大国，但它保留了康菲石油公司，因为它正在更多地转向可持续发展。“在分析了这两者后，康菲石油公司展示了超越埃克森美孚成为ESG领导者的能力，”雷兰先生说。</blockquote></p><p> Other companies frequently dumped by rebranded funds were oil-and-gas producerDevon EnergyCorp., tobacco firmPhilip Morris InternationalInc.and aerospace companiesGeneral DynamicsCorp.andBoeingCo., according to a Journal analysis of constituents of 43 funds with historical data.</p><p><blockquote>根据《华尔街日报》对43只具有历史数据的基金成分的分析，其他经常被更名基金抛弃的公司包括石油和天然气生产商德文能源公司、烟草公司菲利普莫里斯国际公司以及航空航天公司通用动力公司和波音公司。</blockquote></p><p></p><p> Rebranded funds typically bought tech companies such as chip makerTexas InstrumentsInc.and software makerCadence Design SystemsInc.One reason sustainable funds have done well is because technology companies have trounced energy stocks in the past few years. Nearly 70% of 286 sustainable funds ranked in the top half of their performance category last year, according to Morningstar.</p><p><blockquote>更名后的基金通常会收购芯片制造商德州仪器(Texas InstrumentsInc.)和软件制造商Cadence Design SystemsInc.等科技公司。可持续基金表现良好的原因之一是科技公司在过去几年中击败了能源股。根据晨星公司的数据，去年286只可持续基金中有近70%在其业绩类别中排名前一半。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d72cd6458ddd8969b6e5d5eaa8001530\" tg-width=\"743\" tg-height=\"524\" width=\"100%\" height=\"auto\">Assets in Putnam Investments’ Putnam Multi-Cap Growth and Multi-Cap Value funds were hovering near their lowest point since the early 2000s when the company rebranded both funds.</p><p><blockquote>Putnam Investments旗下的Putnam Multi-Cap Growth和Multi-Cap Value基金的资产徘徊在2000年代初该公司更名以来的最低点附近。</blockquote></p><p> Assets of the rechristened Putnam Sustainable Leaders Fund rose by 66% to $6.5 billion as of this June. ThePutnam Sustainable Future Fundgrew its assets by 93% to $649 million, according to the Journal’s analysis. Both funds have outperformed their benchmarks and the S&P 500 in the past three years after periods of mixed performance prior to rebranding.</p><p><blockquote>截至今年6月，更名后的普特南可持续领袖基金的资产增长了66%，达到65亿美元。根据《华尔街日报》的分析，普特南可持续未来基金的资产增长了93%，达到6.49亿美元。在品牌重塑之前经历了一段时间的表现好坏参半后，这两只基金在过去三年中的表现均优于基准和标普500。</blockquote></p><p> The Sustainable Future Fund underwent the most dramatic change, shifting 75% of its portfolio to focus on sustainable firms, according to Putnam’s head of sustainable investing, Katherine Collins. “There are a wide range of approaches that folks are taking in developing sustainable funds, and for Putnam it was pretty far into the heavy-lift side of things.”</p><p><blockquote>普特南可持续投资主管凯瑟琳·柯林斯(Katherine Collins)表示，可持续未来基金经历了最戏剧性的变化，将75%的投资组合转向专注于可持续发展公司。“人们在开发可持续基金方面采取了多种方法，对于普特南来说，这已经是相当困难的事情了。”</blockquote></p><p> Stocks in energy firms like ConocoPhillips were dropped, and renewable-resource firms were added such as solar-panel makerSunrunInc.,which was a top contributor to the fund’s 2020 performance.</p><p><blockquote>康菲石油公司等能源公司的股票下跌，太阳能电池板制造商SunrunInc.等可再生资源公司的股票上涨，该公司是该基金2020年业绩的最大贡献者。</blockquote></p><p> “We’re happy not just with the numbers but with how those numbers have been generated,” Ms. Collins said.</p><p><blockquote>“我们不仅对这些数字感到满意，而且对这些数字的产生方式感到满意，”柯林斯女士说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/funds-go-green-but-sometimes-in-name-only-11631179801?mod=markets_lead_pos5\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/funds-go-green-but-sometimes-in-name-only-11631179801?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117582991","content_text":"Companies are turning their struggling funds green to capture the flood of cash into sustainable investments.\n\nFund companies are rebranding their out-of-fashion investment offerings as green, hoping to grab a portion of the cash pouring into sustainable products. In some cases, the rebranding has been in name only.\nLast year, companies that manage mutual funds and exchange-traded funds rebranded a record 25 funds as sustainable, according to Morningstar. They say these funds have adopted investment strategies that utilize data on companies’ environmental, social and governance performance to pick stocks. Since 2013, fund companies have rebranded 64 funds, which had $35 billion in assets as of June.\nThe American Century Fundamental Equity Fund is now theSustainable Equity Fund, the USAA World Growth Fund is theUSAA Sustainable World Fundand the Putnam Multi-Cap Growth Fund is now thePutnam Sustainable Leaders Fund. Assets for all three are up since the rebrandings.\nMany of these funds are actively managed and were experiencing chronic outflows prior to rebranding, said Morningstar Head of Sustainability Research Jon Hale. “You have big fund companies with an inventory of funds, a lot of which aren’t really attracting assets anymore, saying ‘OK, here’s this new investment trend happening; what do we do?’” Mr. Hale said.\nThe shift is akin to a car company freshening up a tired model. Actively managed funds, which are run by stock pickers, have been losing investor cash for years. Similar funds with a sustainable label have been raking in money, according to Morningstar.\nOf the 64 rebranded funds, 35 were suffering from investor withdrawals in the three years before they went green, according to a Wall Street Journal analysis of Morningstar data. At 13 of the funds, investors began putting in cash again. At 45, new cash plus the rising stock market have boosted overall assets.\nThe $1.5 billion USAA Sustainable World Fund holds nearly $100 million in shares of 47 fossil-fuel companies, according to data from shareholder advocacy group As You Sow, the most of any repurposed fund. Last year, Victory Capital Management Inc. changed the fund’s name from USAA World Growth Fund.\nA disclosure was added to the fund’s prospectus noting ESG ratings are considered but fund managers may disagree with a raters’ conclusion. The Sustainable World Fund continued to hold shares of companies such as mining firmRio TintoPLC and purchased shares in oil-and-gas companies after rebranding.\n“We believe incorporating ESG considerations into a portfolio should be an input under a larger mosaic of considerations any manager evaluates to achieve a well-balanced, diversified portfolio,” said Mannik S. Dhillon, president of VictoryShares & Solutions, an investment adviser for USAA.\nInvestors had been pulling cash out of American Century Investment’s Fundamental Equity Fund for years before its 2016 rebranding. Three years later and under a new name, the Sustainable Equity Fund brought in a net $1.7 billion.\n“To us, that was an affirmation that we made the right changes,” said American Century Vice President Joe Reiland. “The performance was getting better, the investment community was more interested in investing sustainably and it made us more marketable to clients.”\nThe fund beat the S&P 500 over the past five years and boasts its portfolio companies emit 67% fewer greenhouse gases than the index, according to the fund’s sustainability report. The fund dumped shares of 12 firms during the transition includingExxon MobilCorp.while adding electric-vehicle makerTeslaInc.\nIt keptConocoPhillips,even though it is a big greenhouse-gas emitter, because it was shifting more toward sustainability, Mr. Reiland said. “After analyzing the two, ConocoPhillips was demonstrating the ability to become an ESG leader over Exxon,” Mr. Reiland said.\nOther companies frequently dumped by rebranded funds were oil-and-gas producerDevon EnergyCorp., tobacco firmPhilip Morris InternationalInc.and aerospace companiesGeneral DynamicsCorp.andBoeingCo., according to a Journal analysis of constituents of 43 funds with historical data.\nRebranded funds typically bought tech companies such as chip makerTexas InstrumentsInc.and software makerCadence Design SystemsInc.One reason sustainable funds have done well is because technology companies have trounced energy stocks in the past few years. Nearly 70% of 286 sustainable funds ranked in the top half of their performance category last year, according to Morningstar.\nAssets in Putnam Investments’ Putnam Multi-Cap Growth and Multi-Cap Value funds were hovering near their lowest point since the early 2000s when the company rebranded both funds.\nAssets of the rechristened Putnam Sustainable Leaders Fund rose by 66% to $6.5 billion as of this June. ThePutnam Sustainable Future Fundgrew its assets by 93% to $649 million, according to the Journal’s analysis. Both funds have outperformed their benchmarks and the S&P 500 in the past three years after periods of mixed performance prior to rebranding.\nThe Sustainable Future Fund underwent the most dramatic change, shifting 75% of its portfolio to focus on sustainable firms, according to Putnam’s head of sustainable investing, Katherine Collins. “There are a wide range of approaches that folks are taking in developing sustainable funds, and for Putnam it was pretty far into the heavy-lift side of things.”\nStocks in energy firms like ConocoPhillips were dropped, and renewable-resource firms were added such as solar-panel makerSunrunInc.,which was a top contributor to the fund’s 2020 performance.\n“We’re happy not just with the numbers but with how those numbers have been generated,” Ms. Collins said.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1377,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":19,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/883028935"}
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