SRI Studies
Leading expert of the French SRI market
Novethic's SRI studies focus on an issue raised by a specific asset class or the integration of ESG criteria into new financial sectors. As the only source of analytical and statistical information on the French SRI market, Novethic provides the information that investors need to make informed decisions on their ESG investments, and guides SRI fund managers in enhancing their transparency and management processes.
Nos études sont également disponibles en français
Analysis
Working papers
Published on a quarterly basis, Novethic's working papers focus on an issue raised by a specific asset class or the integration of ESG criteria into new financial sectors.
| Norm-based exclusions: how responsible investors handle controversial companies |
In this research Novethic analyses the investment policies of around thirty French and Northern European investors and draws up the major trends of norm-based exclusions practices which consists in excluding from portfolios companies that have been called into question because they have violated international conventions on social or environmental issues. Even it is gradually gaining ground in France, the process still involves a very limited number of companies.
Release date: January 2012
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| Overview of extra-financial rating agencies |
The extra-financial ratings market has developed considerably over the past fifteen years. A growing number of agencies have cropped up, while others have disappeared. Which are these agencies? What methodology are they using? What services do they offer? What investment universe are they covering? Here are key questions the Novethic review of extra-financial rating agencies is answering.
Release date: September 2011
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| Shareholder engagement: A promising SRI practice |
Shareholder engagement refers to investors' stance on ESG issues, requiring that the companies in which they invest improve their long-term practices. The study analyses the various approaches, motivations and challenges encountered by investors that support shareholder engagement.
Release date: February 2011
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| SRI: How to rate and select governments |
Focusing on the extra-financial rating of governments, this working paper presents a mixed assessment, three years following the publication of the first Novethic study on SRI bond funds. The extra-financial rating of governments has not advanced as far as that of companies. Cautious investors are limited to bonds issued by European countries.
Release date: May 2010
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| Achieving investment objectives through ESG integration |
Over the past few years, the integration of Environmental, Social and Governance (ESG) issues has, similarly to the SRI market, considerably developed in mainstream management. However, the extra-financial requirements imposed on assets subject to ESG integration are not as strict as those imposed on SRI funds; practices can also vary widely from one manager to another. In this paper, Novethic analyses the links between SRI and ESG integration, as well as their scope and practices, to better differentiate the two approaches.
Release date: March 2010
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| Where do private equity Businesses stand on the integration of ESG issues? |
In addition to presenting the main initiatives promoted by private equity investors, this working paper provides recommendations on the inclusion of Environmental, Social and Governance (ESG) issues in the various segments of private equity.
Release date: July 2009
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| Islamic finance and SRI: Any crossover? |
SRI and Islamic finance are fast-growing investment approaches with at least two points in common: they both apply extra-financial criteria in their management strategies and have sparked interest as development opportunities in France and in the UK. As the first funds combining both strategies are being launched, Novethic examines the potential crossover between SRI and Islamic finance.
Release date: May 2009
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| The challenges facing SRI money market funds |
SRI money market assets increased six-fold in 2008. While fund managers boast their reliability, their level of transparency varies and is, on the whole, limited.
Release date: March 2009
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Studies
Initially comprised of equity funds, SRI investments have gradually diversified.
Novethic dedicates a study to a new product category once it has grown large enough to allow for adequate analysis.
| What role for environmental funds within SRI? |
Novethic publishes the second edition of its environmental funds study. It assesses the degree to which close to 200 European funds take SRI criteria into account. While the number of funds is growing and environmental themes are becoming more specific, results show that only 29% of the sample adopts a structured SRI approach in tracking ESG performance and stock selection.
Release date: November 2008
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| Mapping a Viable Approach to SRI Fixed-Income |
The SRI fixed-income approach first emerged in Europe several years ago. Today, there are roughly thirty fixed-income SRI funds which remain relatively unknown. This study examines key issues relating to the growth of these funds by determining who carries out extra-financial analysis, and by considering how investors seize public or supranational responsibility stakes.
Release date: February 2007
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SURVEYS
Novethic conducts surveys of different types of investors to better understand their expectations and knowledge of the integration of Environmental, Social and Governance (ESG) criteria into various management approaches.
| European Asset Owners: ESG perceptions and Integration Practices |
This year, more than 250 asset owners' across 11 countries were surveyed on the incorporation of Environmental, Social and Governance (ESG) criteria into asset management. Managing a total of EUR 4,540 billion, these investors have gradually integrated the notion of ESG risks, although responsible investment is defined very differently from one country to another.
Release date: November 2011
Previous surveys:
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| Where do long-term investors stand on responsible investment debates? |
This study aims to analyse how members of the Long-Term Investors Club perceive the links between long-term investing and responsible investment. It relies on a brief overview of existing academic literature, an analysis of the Club’s key principles and statements, and a survey of its members.
Release date: November 2011
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| Do GPs integrate ESG in France? |
This survey, conducted with the support of KKR and in partnership with the AFIC Sustainable Development Club, CDC Entreprises and FSI France Investissement, interviews 74 firms representative of the private equity market in France, on their integration practices of Environmental, Social and Governance (ESG) criteria.
Release date: June 2011
Previous surveys:
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| Companies' Outlook on SRI Employee Savings Plans |
With the support of AXA, Novethic and Altedia IC present the findings of the first SRI study of French companies' intentions regarding employee savings invested in SRI funds. The study provides an overview of French companies' perception of and prospects for putting in place SRI employee savings plans.
Release date: June 2008
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Statistical data
| Annual Study of the French SRI Market |
This annual review of French fund managers on the SRI market is used to measure the market in all of its aspects (funds, mandates, employee savings schemes, and overall integration into management).
Previous studies:
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