Incorporating environmental, social and corporate governance (ESG) factors improves outcomes for corporate bond investors, according to a report from JP Morgan Asset Management.The asset manager found that ESG scores could enhance portfolio outcomes via lower drawdowns, reduced portfolio volatility and, in some cases, marginally increased risk-adjusted returns.Although its study showed that using ESG scores improved gross portfolio returns for all categories of corporate bonds, this only held true for investment grade corporate debt once transaction costs were accounted for.The study involved back-testing portfolios of investment grade, high yield and emerging market debt, comparing their benchmarks with a portfolio constructed using MSCI ESG scores. The asset manager also set out to find out whether ESG scores differed from traditional agency credit ratings, and said the study suggested that MSCI scores were “additive” to traditional credit ratings.“The contingent liabilities related to ESG issues are not necessarily factored into rating agencies’ assigned ratings,” said Lovjit Thukral, vice president for global fixed income, currency and commodities (GFICC) at the asset manager and report co-author with Bhupinder Bahra, co-head of the quantitative research group for GFICC.According to Thukral and Bahra, the study showed that MSCI’s ‘E’, ‘S’, and ‘G’ scores were generally not related to one another or to credit agency ratings. In the investment grade segment, the governance score was negatively related to credit agency ratings.Another result of the study was that ESG benchmarks (of issuers covered by MSCI) had an inherent quality bias in terms of the performance metrics.In 2017, Hermes Investment Management found that there was a significant relationship between companies’ ESG credentials and their credit spreads. It recently turned its attention to ESG risks in sovereign bond markets, as did BlueBay Asset Management.Rating agencies have moved to more clearly demonstrate how ESG considerations feed into their credit analysis in response to pressure from investors.
RelatedPosts Live stream Premier League, La Liga, Serie A on Showmax Pro this weekend Juve’s Pirlo gamble makes new Serie A season the most open for years Pirlo bags UEFA coaching badge Unai Emery has emerged as a potential candidate for the manager’s role at AC Milan for next season, according to Sky Sports Italia. The future of current boss Stefano Piolo, who took over from Marco Giampaolo after a disastrous start to the season, is yet to be sorted and Milan are considering other options for their backroom team. A role as director of football could be offered to either Ralph Rangnick or Luciano Spalletti, but the former is also in contention for the coaching position. If Emery was to be appointed, it would mark a reunion with former Arsenal CEO Ivan Gazidis, who appointed the Spaniard at the Emirates in 2018. Milan currently sit seventh in Serie A after a turbulent campaign, three points off the European qualification spots. Former Valencia, Sevilla and Paris Saint-Germain boss Emery has been out of work since being sacked by Arsenal in November.— Tags: AC MilanRalph RangnickSerie ASky Sports ItaliaUnai Emery
Press Association Christian Benteke has warned Liverpool there is more to come after admitting he is finally fighting fit. The revitalised Aston Villa striker has scored nine goals in his last eight games for club and country ahead of Sunday’s FA Cup semi final with the Reds. Benteke ruptured his Achilles 12 months ago and returned for Villa in October but admitted he came back too soon. The hitman appreciated the chance the Scot gave him by bringing him to Villa in 2012 but admitted his frustration as he struggled to rediscover his best form. He said: “I am not that guy who is going to complain. I understood the situation. “It was frustrating because I knew that I could do better. Every time after the game I said to myself ‘I can do better.’ It was frustrating to play a game with no chances, so I go back home with two feelings, because I’m happy because I can play without being injured, but frustration because I have no chances. “I know that I’m a good player. It’s just I have to show it.” Villa return to Wembley for the first time in five years and Benteke insisted they must make the final. He added: “I think when you play a semi-final you want to get to the end. You can’t say you’re just happy to be there even if you lose, you want to go until the end.” But after rediscovering his form, including a hat-trick in last week’s 3-3 draw with QPR, the Belgium international believes he can get even better. He said: “I still think I can do more, in everything. I can’t say I’m happy to be there now, I want to do more and more and more. “I’m scoring at the moment and now I play the way I want to play. Now I have more chances and I’m fully fit, that’s why I’m happy. “First, I came back early from my injury, so I worked hard to be back on the pitch. “I think I was a little bit tired in my body but now I am feeling very good. So that’s why I am performing now. “Before I didn’t get enough service and I wasn’t fit enough. I knew I would need time to be fit again. The confidence of the team was a little low so it was hard for everyone, so I can understand.” The 24-year-old scored the winner in Saturday’s 1-0 victory at Tottenham which lifted Villa six points above the bottom three. His form is a turnaround under Tim Sherwood after scoring just three times before the Villa boss’ arrival and he was also dropped towards the end of ex-manager Paul Lambert’s reign.
JEFF SCHORFHEIDE/Herald photoLast weekend, the Wisconsin men’s hockey team was thrown abruptly into the opening of the 2008-09 season. Facing No. 1 Boston College and then-No. 7 New Hampshire was not the easiest way to start the year.Things won’t be getting much easier for the Badgers (0-2) this weekend as they travel to Denver to face the No. 4 Pioneers (1-0).The two teams have a bit of history behind them. It was this past January when UW’s Matthew Ford appeared to score a goal with fractions of a second remaining. But referee Randy Schmidt viewed the replay and disallowed the goal, saying time had expired.As bitter as the situation may have been then, goaltender Shane Connelly said he and the team have put it behind them.“I think everyone’s moved on from that,” Connelly said.Even if they’ve moved on, that’s not to say that game is completely forgotten.“You always remember from last year Ford’s goal that got disallowed,” sophomore forward Patrick Johnson said.Instead, it may be a more recent meeting between these two schools that could add intensity to the weekend series — if any additional incentive was needed. Wisconsin ousted Denver from last year’s NCAA playoffs with a 6-2 win at the Kohl Center in late March. The win kept UW alive but ended DU’s season.“They could be using that for motivation,” Connelly said. “I just think the natural element of two WCHA teams starting league play is enough motivation for anybody.”While Connelly is in his second year between the pipes for the Badgers, the Pioneers have a new man in net after the graduation of goalie Peter Mannino. Sophomore Marc Cheverie has assumed that role for the Pioneers and stopped 23 of the 25 shots he faced in DU’s opening weekend win against Notre Dame.For the Badgers, putting the puck on the net to pressure the young netminder will be the goal.“Just fire shots on him; that’s all you can do,” Johnson said. “See where he’s weak and see where you can tire him out.”On the offensive side of the puck, Denver boasts a potent scoring attack, led by Tyler Bozak, whose 34 points were a team high a year ago. The Pioneers lost Brock Trotter, a 13-goal scorer last season, but they return junior Rhett Rakhshani (28 points).“They’re highly offensive,” Connelly said. “They’re talented all over, but they’ve got a lot of forwards who can put the puck in the net. They’re dangerous on the attack.”For a unit that gave up 10 goals in its first two games, Wisconsin knows it needs to shore up its defense.“Our ‘D’ meetings we had before the season started, we don’t want to give up two or three goals a game, so that was definitely something we took note of,” sophomore defenseman Ryan McDonagh said. “We have to look at what happened on each play and learn from it and make sure everybody’s on the same page.”Part of the defensive struggles in the opening weekend may have been a result of inexperience. Three freshmen blueliners — Jake Gardiner, Ryan Little and Eric Springer — all saw action in at least one of the two games. While all three contributed offensively, there were lapses on the other end that Connelly knows will improve with time.“Everyone knew we were young and there were going to be some mistakes, but at the same time, I thought there were some good strides,” Connelly said. “We really looked like the better team and the more experienced team at times during the game. Our youth showed against two upperclassmen-filled teams.”UW’s freshmen don’t have the luxury of being eased into the WCHA season by playing a handful of exhibition games. Instead, they’ve been thrown right into the fire, having just one week to prepare.“It’s a tough place to play in their first weekend of college hockey,” Connelly said. “They have a ton of talent. I trust that they’re going to get better. We just need to be patient.”After Denver, Wisconsin returns home to take on Minnesota. Then, they’re back on the road against North Dakota. Not an easy first month in any sense, but the Badgers are just fine with how the schedule is set up.“We want to see where we’re at right now,” McDonagh said. “We’re playing right next to these top teams in the league, so we want to continue to get better and start winning these games.”
0Shares0000Germany players react after a missed chance during their last Group F match against South Korea. PHOTO/FIFAKazan, Russia, Jun 27- Germany crashed out of the World Cup on Wednesday after a stoppage-time VAR-assisted goal from Younggwon Kim and a late second by Son Heungmin earned South Korea a famous 2-0 win.The Germans needed to beat Korea by two clear goals in their final group F match at Kazan stadium to advance to the last 16. But Joachim Loew’s men wasted a series of chances in a tense match that saw a pale version of the world champions become the fourth holders of the title this century to be sent packing at the first hurdle.Germany’s team of superstars could only look on in shock in the final minutes of the match as US referee Mark Geiger called for the video assistant referee to intervene after the unmarked Kim had bundled his shot past Germany ‘keeper Manuel Neuer from a corner early in stoppage time.The goal was awarded because Toni Kroos’ touch had played him onside, and minutes later Germany were 2-0 down after Neuer ran up the pitch in a desperate attempt to get a goal.A long punt upfield saw Tottenham forward Son chase a clearance to fire into an empty net.-First timeIt means Germany, the four-time champions who had competed in the past 16 editions of the World Cup, fail to make it past the first hurdle of the tournament since 1938.Germany coach Joachim Loew caused a surprise by leaving midfield attacking stalwart Thomas Mueller on the bench for the first time since 2012 after his underwhelming displays against Mexico and Sweden.But by the end of a frustrating opening half, Loew was left desperately studying his options.Germany suffered the first of several scares after South Korea won a free kick on the quarter hour when Sami Khedira’s boot connected with the head of Jung Wooyoung.From 30 yards out, it should have been fodder for World Cup-winning goalkeeper Manuel Neuer, but after fumbling Jung’s dipping drive Neuer scrambled desperately to clear as Son raced to pounce.Germany spurned a series of chances soon afterwards.Marco Reus, who hit a crucial leveller in the 2-1 win over Sweden, saw his drive deflected and Mesut Ozil saw his effort deflected off a Korean boot and out for a corner, after which goalkeeper Hyeonwoo Jo smothered desperately when Goretzka’s header found Hummels trying to pounce on the loose ball.-Mario Gomez inGermany resumed with more urgency after the interval, but despite edging closer when Loew introduced Mario Gomez just before the hour the big Stuttgart striker headed straight at Jo from Kimmich’s cross.Striker Timo Werner then met another Kimmich ball from the left byeline with a right-foot volley that skewed agonisingly wide of Jo’s upright.Germany urgency was not matched by their normal efficiency and soon legs started to tire.Loew played his final card when he introduced Mueller for Leon Goretzka.But the late changes failed to spark Germany into life as Korea hung on for a famous win that, unfortunately for the impressive Asians, saw them bow out after Sweden beat Mexico 3-0.0Shares0000(Visited 1 times, 1 visits today)
Former Punjab minister Sikander Singh Maluka was booed, and saw shoes and bottles hurled at him during a sports tournament in Melbourne on April 8, SBS Punjabi reported. Maluka has been involved in run-ins with the Sikh diaspora earlier, and was stopped by the Canadian police from entering a meeting venue in Abbotsford following protests by the Sikhs in 2015.The Shiromani Akali Dal politician from India, who was invited as the chief guest at the Kings International Kabaddi Cup at Errington Reserve in St Albans, Melbourne, was met by angry protesters at the venue once again. Videos of the incident posted on social media show demonstrators throwing shoes and water bottles towards the stage where Maluka was seated, asking him to “go back.”The fracas began during the semi final match between Australia and Pakistan. “The match was on when Sikh men began raising slogans against Maluka. Bottles were thrown towards the stage, someone also hurled a shoe in the direction [of Maluka],” Charanjit Singh, a journalist present at the site, told SBS Punjabi.The stage was covered with fence from all sides, Singh said. “But the most disturbing thing is, someone also threw a metal clamp used to hold the fence together towards the spectators and it could have caused very serious harm to anyone it struck,” he added.Maluka, who is the president of Punjab Kabaddi Association and chairman of All India Circle Style Kabaddi, was escorted out of the venue under police protection.The anger against Maluka stems from an incident in 2015, when he asked people to celebrate Diwali, after Sikh groups had called for a Black Diwali to protest against the alleged sacrilege of Guru Granth Sahib at Bargari in Kotkapura, Punjab. The anger against him gained more fuel when he attended a function in December 2016 at Rampura Phool where the pattern of Sikh prayer was copied in a controversial manner.Maluka, however, denied that shoes were hurled at him during the event, and said that the protest was due to some fight between the kabaddi clubs. “No shoe was hurled on me, there was some sloganeering, but it had no political motive, rather two kabaddi clubs of Melbourne had some tussle with each other and hence persons from other club came to spoil the atmosphere,” he said, the Indian Express reported.The tournament organizers believe the protest was “preplanned,” according to SBS Punjabi.“There were just a handful of people who had planned this protest in advance and they filmed it as well,” Shammi Singh, one of the organizers, was quoted by the website as saying. “The start of the final match was delayed but Maluka stayed until it started and left as he had to be somewhere else,” he said.One man was detained by the police and later released, according to reports. Related ItemsMelbourneSikander Singh MalukaSikh diaspora