Pauline Grange & Jess Williams

Benjamin Disraeli sagte einmal, „Veränderung ist unvermeidlich. Veränderung ist konstant“. Und 2020 war eindeutig ein Jahr der Veränderung.

Die Wiederöffnung der Volkswirtschaften im dritten Quartal in Verbindung mit fortlaufender fiskalpolitischer Unterstützung und anhaltend niedrigen Zinsen weltweit, von denen die Aktienkurse profitieren, verlieh den Märkten nach dem Abverkauf im März weiterhin Auftrieb. Seit Jahresbeginn liegen sie damit nun im Plus.

This issue looks at the increasing importance of 'social' in ESG investing; how some countries are targeting a 'green recovery' from Covid-19; and a look at the sustainable impact highlights of some of our stocks

In recent decades, capitalism’s focus has become one dimensional: to generate financial returns for shareholders with little to no accountability of a corporate’s impact on society and the environment. However, more corporates are broadening their “purpose” to include the impact their operations and products have. This has been referred to as “responsible capitalism”, where all stakeholders are considered in the running of a business – employees, customers, suppliers, communities and the environment, not just shareholders.

This quarter has marked the end of the longest bull market in history after a decade-long recovery since the global financial crisis. Entering 2020, nobody would have predicted the “black swan” event that was to come, providing a lethal shot to both the financial markets and global economies.