大卫·哈里斯，可持续发展的业务负责人，LSEG
It was Rahm Emanuel, President Barack Obama’s chief of staff, who argued in the aftermath of the last great period of market turmoil in 2008 that “you never want a serious crisis to go to waste.”
As policy makers and financial institutions around the world make dramatic and costly moves to address the current crisis, many are also taking aim at the crises of the future.
As the market turmoil caused by the COVID-19 pandemic necessitates institutional investors to review their asset allocations and mandates over the coming months, we expect them to embrace invention, in the form of climate and sustainability-tilted smart beta strategies, or what we refer to as Smart Sustainability. This is set to accelerate the already explosive growth of sustainable investing.
智能测试策略，为投资者提供的承担因素鉴于他们认为这将产生随着时间的推移跑赢低成本手段。而不是基于市值只是跟踪指数，智能测试策略使用一系列预先确定的规则，向倾斜基于特定因素，如价值，质量波动，动量，或收益率的股票投资。
该方法开始较早的市场崩溃后出现。在90年代末和21世纪初的互联网泡沫，科技股高歌猛进更广阔的市场的壮观崩溃前，烧严重许多投资者，包括那些被被动跟踪以及多元化的基准。
这节课最终导致了第一个因素指标得到高度重视机构投资者。ŤHESE是典型的用基本面因素来影响证券的权重依据客观的和一致的规则，不被市场过度繁荣的影响指数“值” -focused索引。这不得不减少在路上了回报，但相当多提供下跌保护，当市场下跌的影响。
在15年左右，因为智能测试版的产品第一次看到了市场的广泛认可，其普及爆炸。在要素基金的资产从$ 565bn在过去五年上涨至$ 1.2tn，根据晨星的数据。我们的市场的年度调查去年发现，首次超过资产所有者的一半（58％）报告配置资产智能测试策略，和欧洲资产所有者的四分之三以上（77％）表示在将ESG考虑到智能测试的兴趣从55％到2018年上升了。
最近，另一种投资方式也人气暴涨：气候风险的整合，以及其他环境，社会和治理（ESG）因素。投资者越来越接受包含在发行人的ESG业绩数据转化为投资的分析可以帮助降低风险，提高收益。
这两种趋势已经走到了一起。我们发现，在过去的几年中，越来越多的机构投资者已经采取措施来整合一定的可持续性参数，通常与气候有关，但有时其他ESG措施，太当他们获得新的智能测试任务的机会。在过去的几年中这已经成为多数，新标准，新的资产所有者的智能测试任务。
这种趋势将明显受益relative outperformance近期COVID-19的抛售过程中的可持续发展指数。
采用最新的很多可持续智能测试策略集中于气候变化。当然，以减少温室气体排放所需的政策，全球气候变暖和影响将是表现为越来越多的公司的主要驱动力。威廉希尔体育但是，我们预计投资者还寻求越来越多地反映在新的智能测试任务的其他因素，包括Sustainable Development Goalsstrategies.
Ťhe COVID-19 pandemic will inform the issues that investors choose to focus on. Social considerations have, in the past, garnered less attention than environmental and governance concerns, but that could change. Resilience will be a growing concern. To date, it has mostly been considered in regard to the low-carbon transition and exposure to physical climate hazards such as flood and drought; issuers’ resilience to a wider range of disruptions will be a priority.
后COVID全球经济的轮廓还没有清晰聚焦。但清楚的是，投资者正在以他们希望如何产生新的正常回报很难看;聪明的可持续发展战略很可能是他们的这样一种日益流行的方法。
订阅我们的博客。
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