ESG不是很难归因分析吗？

问题如下：

What is the typical role of the portfolio manager in ESG integration in the portfolio management process?

选项：

A.Perform credit and ESG analysis of the individual security. B.Estimate the security’s intrinsic value based on the security’s earnings growth and ESG cash flow profile. C.Widen the focus of research for security analysis, and understand how ESG factors contribute to risk-adjusted returns in asset allocation.

解释：

C is correct. The role of portfolio managers is often much broader in scope than that of analysts. Using analysts’ recommendations as inputs, portfolio managers often form their own views for a given security and weigh security-specific factors against macro- and microeconomic data, portfolio financial and nonfinancial exposure, and sensitivities to potential shocks. The challenge that portfolio managers face is how to widen the focus of research and datasets largely optimized for security analysis into tools that can better inform portfolio and asset allocation analysis and decision making, particularly in understanding where and how ESG factors contribute to risk-adjusted returns.