D. Kalfon (Sanso is): "The Fed as the ECB is ready to act" find the actors & information that will help you Newsletter Savoir to act

By fashionlifeshopping 08/08/2022 821 Views

Decision -makers.What to expect from the Fed and the ECB, and therefore markets in 2022?

David Kalfon.We approach 2022 with caution.Central banks need to show their credibility and that there is a pilot on the plane.For this, they must act the inflation figures never seen for thirty years.Either they do not react, in which case they risk being caught up by the bond markets with long rates that would blaze and fairly strong market tremors, or they begin to show the teeth, which the Fed does very well, specifying thatThe word "transitional" is no longer suitable for talking about inflation.

The Fed and the ECB want to act in order to fulfill their primary mandate which is controlling inflation and price stability.In the short term, possible Fed announcements will probably shake up the markets but with a long -term control.Once the first jolts have been garnered, we would be rather positive on the markets in a second step.However, health problems make us fear that central banks remain on the defensive and are still waiting for several months before making decisions.

Is the worst behind us in China?

In any case, bad news is already "priced", in particular this famous political risk that has returned to force since last summer.We now know that overnight the Chinese government can reappetence an entire scholarship sector.This deserves lower valuations and a higher risk premium.Does this make it the place where you have to rush to play the rebound?This remains to be seen.On the other hand, we will probably not find the previous valuation levels, due to this game to change politics.

However, we already knew the Chinese intervention power ...

D. Kalfon (Sanso IS) :

At this point no.Tackle in the process of private education and video games sectors, with the cleaning of one or two billionaires of real estate and internet ... it is starting to do a lot

What can we get from COP 26?

Despite some advances concerning, for example, the reduction of methane emissions and the frequency of revision of climatic roadmaps, COP 26 did not make it possible to coincide the concrete political commitments with a trajectory of 1.5 ° or even 2 °.A discrepancy remains between long-term promises and the actions envisaged in the short and medium-term to be able to keep these promises.

What is the philosophy of the Sanso Smart Climate Fund that you just launched to the general public?

This is an investment strategy that we have managed since 2017.Many climate funds have a strong error tracking, far from the reference indices, and finally often used in allowances as "satellite" funds.We have made the bet to create a portfolio core climate fund, with a low tracking error compared to the MSCI World.However, his Active Share is 70 % and he only has 150 portfolio titles.We analyze companies according to two axes.The first is their static exposure to climate risk.The second concerns the dynamic management by the company of this risk.We thus allow ourselves to invest in companies which, although having a significant climate risk, engage in the transition of their model and the transformation of their practices.We do not want to ignore entire sections of the investment world.

We also rely on latest generation carbon data.Depending on the type of indicators analyzed, we have looked for the most relevant supplier and, in some cases, developed our own research tools.To carry out this selection work, we assess the stability of supplier data, the methodologies used, the differences from one service provider to another.On the other hand, we enter the appreciation of more sophisticated measures than the only carbon footprint, for example the brown and green shares of the portfolio, its alignment compared to a 2 ° C trajectory or the exposure of a companyphysical risk.We also measure the impact that the introduction of a carbon tax on business profits would have.This would cost around 2.3 % EBITDA on the MSCI Monde index, where this figure would only be 1.1 % in the portfolio that we build.Extra-financial reporting is therefore extremely rich for this Fund Article 9 SFDR and in the process of labeling ISR.

What about ESG integration more generally at Sanso Is?

When we were joined by the Cedrus Asset Management teams in 2017, we made the choice not to separate the ISR skills from traditional management and applied the responsible approach and ESG criteria to all of our management processes andof our wallets.More than 80 % of the funds in our range are at least article 8.

Tell us about Abraham Maslow ...

We actually launched a year ago a strategy based on companies that provide essential goods or services, meeting the first three levels of the Maslow pyramid: physiological, security and social belonging needs.It seemed interesting to us to go to the third step, which includes the means of communication, in order to integrate less defensive titles and balance the portfolio.The idea is to make it an all -terrain fund.

How do you stand out today as an ASSET Manager?

Support for our customers, a concept that we find in "Investments Solutions", first of all represents an essential point of our identity.The ability to make tailor-made, to support a profession such as CGP, to develop a whole range of tools to meet their needs, such as dedicated funds, controlled management or mandate management, are as manyelements that characterize Sanso is.

Then we do not do ISR today but innovation in the ISR.Sanso IS launched the first due fund having received the ISR label and so far manifies the only neutral Market fund labeled ISR.Our climate fund is particularly distinguished and we are finally working on the subjects of biodiversity.

… Who will be part of your projects?

We are currently trying to draw up an inventory of existing data on biodiversity and their relevance, both financial and extra-financial, in portfolio management.We are in the infancy in terms of available data.On the bond side, and thanks to the arrival of Etienne Gorgeon, we have revitalized our offer and new products are planned for 2022, especially on flexible management.

Interview by Marc Munier

how communication skills will be developed