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Seb beloe

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  • - Not just about ethical screens. - ESG (or SRI) analysis which I use essentially as synonyms been around for c. 30yrs (Henderson launched first fund in 1977) - Has advanced in a series of ‘waves’ - First two waves are focused on issues from a normative point of view exclusively. - First wave was indeed focus on ethical screens – largely driven by religious groups and was focused on excluding certain controversial industries (gambling, tobacco, armaments etc) - Second wave focused on the environmental and social issues across all sectors and sought to differentiate btwn companies within sectors on basis of their management of social and environmental issues – but looking at this purely from a normative perspective and not linking this back to financial performance – i.e. screening out companies with poor environmental performance on the basis that it is ‘bad’ from a moral point of view and not considering whether this has any bearing on financial performance Third and Fourth wave are not focused on environmental and social issues from a moral perspective but from a perspective that these issues do increasingly play through into financial performance - third wave was in many ways the inverse of the first – focused on actively identifying social or environmental themes that are subject to structural growth drivers. Companies providing ‘solutions’ to social/environmental challenges Finally, - Fourth wave is focused on analysing environmental, social and governance issues as a way of trying to gain additional insights into how particular companies are likely to perform financially.