Engine No.1のTotal Value Framework

Engine No.1のTotal Value Frameworkの詳細を書いた、White paper, "A New Way Of Seeing Value"を出しています。

Engine_No._1_Total_Value_Framework.pdf (engine1.com)

3章の最初に

Up until now the thrust of most ESG strategies has been to find the answer to a simple question: are the companies we’re investing in good, or are they bad? By doing this we could exclude sinners—or at least reduce their weight in our portfolios—and enjoy a warm glow of moral satisfaction. But what we couldn’t do was link our values about right and wrong to the source of long-term financial value and profitable investing. 
That’s why we believe that Engine No. 1’s new Total Value Framework is such an important step forward. It’s a data-driven  approach to investing that puts tangible value on a company’s environmental, social and governance impacts and then ties those impacts to long-term financial value creation.

White Paperの中からいくつか図を張り付けておきます。

Positive externality と　negative externality

Total Value Scoreが1(青）はベンチマークを大幅に下回っています。2はベンチマーク並み、3・4・5はアウトパフォーム。2020年中ごろから3がトップ

次のversionではセクター別の分析を行う、ウェイト配分をどう決めていくかをしていくそうです。