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Información relevante 

Los Lyxor ETFs presentados en la página web de lyxoretf.com, pueden ser objeto de restricciones en lo que respecta a la inversión por determinadas personas o en determinados países, en virtud de las distintas regulaciones nacionales aplicables a dichas personas o en dichos países. Cualquier persona que acceda a esta página web desde una jurisdicción en la cual se aplican dichas restricciones tiene que informarse al respecto y observar dichas restricciones. Por consiguiente, le corresponde a usted asegurarse de que, efectivamente está autorizado a invertir en los Lyxor ETFs presentados en esta página web. Invirtiendo en estos productos, usted garantiza a Société Générale que está efectivamente autorizado a invertir. Inversores españoles se deben dirigir a www.lyxoretf.es

La información contenida en esta página web no constituye una oferta o invitación para adquirir o vender los productos aquí descritos a personas sometidas a  jurisdicciones donde:

(a) dicha oferta o invitación no esté autorizada;
(b) Lyxor Asset Management no esté cualificada para hacer dicha oferta o invitación;
(c)  sea ilícito hacer dicha oferta o invitación.

Los ETFs referidos en esta página web no han estado y no estarán registrados conforme al U.S Securities Act de1933, por lo tanto, no pueden ser ofertados ni vendidos en los EE.UU sin registro previo o solo en caso de excepción de registro conforme al  al Securities Act. Por consiguiente, los ETFs listados en esta página web no pueden ser vendidos a “U.S persons”, ni transferidos a los Estados Unidos a menos que dicha transacción esté sujeta a los requisitos de registro conforme a la ley Americana.

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La información presentada en esta página web se basa en información de mercado constada en un momento dado que puede variar con posterioridad a su publicación. El valor de reembolso de los Lyxor ETFs puede ser inferior al montante de la inversión inicial. En el peor de los casos, los inversores podrían perder hasta la totalidad de su inversión, por lo que se recomienda a los inversores consultar la sección« factores de riesgo » del folleto del producto. El precio de algunos Lyxor ETFs puede ser sensible a riesgos de tipo de cambio entre la cotización del ETF y/o la divisa del índice y/o la divisa del componente del índice.

Todos los LyxorETFs presentados en esta página web han sido aprobados por la “Autorité des Marchés Financiers (AMF)” y son objeto de un folleto aprobado por la AMF y pasaporteado en la CNMV conforme a la Directiva 2003/71/CE. Dichos folletos están disponibles en esta página Web.

La documentación relativa a los Lyxor ETFs preverá métodos de ajuste y de sustitución para tener en cuenta que consecuencias tendría cualquier suceso extraordinario que afecte a uno o varios de los subyacentes de estos productos.

Antes de invertir en un Lyxor ETF, usted debe hacer su propia valoración del riesgo desde un punto de vista legal, fiscal y  contable, sin depender exclusivamente de la información que le proporcionamos y consultando, si lo estima necesario, sus propios asesores en la materia o cualquier otro asesor independiente.

El inversor de ETFs estará expuesto a los siguientes factores de riesgo: Riesgo de pérdida del capital invertido, al no existir ninguna garantía, como consecuencia de un movimiento desfavorable del Índice de Referencia, Riesgo de que el objetivo de gestión solo se cumpla parcialmente, Riesgo de contrapartida como resultado de la utilización de los instrumentos financieros (OTC) formalizados con un establecimiento de crédito. Se recomienda a los inversores que consulten la sección del folleto antes de invertir.

En la medida en que cumpla con la legislación aplicable, ninguna entidad del Grupo Société Générale acepta responsabilidad alguna por las consecuencias financieras o de cualquier otra naturaleza que resulten de la inversión en este producto.

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How ESG Trend Leaders make a difference


Spices, silks and Chinese porcelain are what most people associate the Dutch East India Company with, but it was also the first company to be targeted by activist shareholders back in the 1600s*. In the four centuries since, shareholders have become much more active and powerful. According to the World Economic Forum, more than 750 companies were targeted by activists in 2016.

Passive investing has also grown over time and some passive funds are now among the biggest shareholders of many public companies. This has led to concerns they may be “silent” when it comes to tackling firms to improve corporate governance and account for ESG factors.

One reason for this is the perception that passive managers lack the power their active counterparts have to offload stocks of companies with poor governance or ESG records. In theory, these companies could still attract investments from passive funds, simply by virtue of their inclusion in a benchmark.  At Lyxor, we may be passive, but we’re not powerless.

 

Leaders, not followers

Our ESG investment platform is founded on two pillars. The first – unique to Lyxor - is made up of four thematic funds designed for investors seeking to make a tangible and specific impact. The second is made up of four newly-launched ESG Trend Leaders, built in partnership with MSCI.

We chose MSCI because their expertise in ESG data gathering and scoring is second to none. They’ve been collecting, cleaning and standardising data on ESG policies, programmes and performance for over 40 years. Using over 1,000 data points from a wide range of public sources, their dedicated ESG team covers approximately 6,400 companies, giving each their own rating.

 

A step further

Using this data, MSCI built broad SRI indices capable of isolating the best-in-class stocks. This approach gives bigger index weightings to companies with the highest scores. Our Trend Leaders go one better by identifying companies with the right ESG profile and then taking into account how that rating changes over time. Those companies striving to improve their ratings are awarded higher scores, meaning they are more likely to be assigned bigger weights.

We know investors are concerned about the kinds of companies they hold in their portfolio, so these indices automatically exclude companies involved in activities with a high potential for negative social and/or environmental impact, including Alcohol, Tobacco, Gambling, Nuclear power and weapons manufacturers. 

The way the indices are composed means we are effectively making positive and active stock picks, which should motivate companies under consideration to improve their ESG ratings and attract investment. The portfolios do differ from their parent indices as the World Trend Leaders example below shows, albeit the top 10 holdings still include familiar names like Microsoft and Facebook. They are also much more diverse than their conventional MSCI SRI counterparts, with each of the indices holding at least twice the stocks (as at end February 2018).

 And this form of passive activism works – MSCI data shows rewarding ESG momentum can improve company performance more than the threat of exclusion or just tilting weightings towards those companies with the best score.

 

How they look – sector exposure for World Trend Leaders vs. MSCI World

chart 1 - how they look

Data as at 30/03/2018. Source: Lyxor International Asset Management, MSCI, Bloomberg

These Trend Leaders enable investors to switch their core allocations in World, Emerging, US or European equities to equivalent allocations with a much better ESG rating in order to have a broadly positive impact on the world around them – all the while achieving similar returns. And they do it all for as little as 0.20% TER. It’s not so much why shouldn’t you make the switch, why wouldn’t you?

 

 

 

 

What they’ve achieved – similar returns

trend leaders

Data as at 30/03/2018. Source: Lyxor International Asset Management, MSCI, Bloomberg

 

Be the difference 

Our own form of activism doesn’t stop there. We are committed to promoting sound governance. We started voting actively in 2015 and now work in tandem with Institutional Shareholder Services, one of the world’s largest proxy organisations, to make our voice heard more often than we otherwise could. They provide customised recommendations on how we should vote, based on our voting policy, but the final decision always rests with us.

We have no intention of being the silent shareholder. We can and will be louder than our active counterparts when it comes to influencing management to act in the best interests of shareholders, society and the environment in the years to come.

 

Why choose Lyxor for ESG?

We are committed to ESG investing and the difference it could make, which is why we’ve been a signatory of the UN’s Principles for Responsible Investment (PRI) since December 2014. We believe in taking action, which is why we vote as frequently as we do and why we work with a third party to ensure our voice will be heard even more. We have the products to match our intentions – including being the only provider in Europe offering ETFs on four of the UN’s Sustainable Development Goals**. Finally, we set standards by transparently publishing the estimated carbon footprint of all our equity ETFs on our website.

All data & opinion: MSCI & Lyxor International Asset Management as at 10 May 2018 unless otherwise stated. Past performance is no guide to future returns. * Wall Street Journal, December 2015 ** Gender Equality, Glean Water and Sanitation, Affordable and Clean Energy, and Climate Action.

Risk Warning

THIS COMMUNICATION IS FOR ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS ONLY

All views and opinions: Lyxor & SG Cross Asset & ETF Research teams as at 3 May 2018 unless otherwise stated. Past performance is no guide to future returns.

This document is for the exclusive use of investors acting on their own account and categorized either as “Eligible Counterparties” or “Professional Clients” within the meaning of Markets in Financial Instruments Directive 2004/39/EC. These products comply with the UCITS Directive (2009/65/EC). Société Générale and Lyxor International Asset Management (LIAM) recommend that investors read carefully the “investment risks” section of the product’s documentation (prospectus and KIID). The prospectus and KIID are available free of charge on www.lyxoretf.com, and upon request to client-services-etf@lyxor.com.

The products mentioned are the object of market-making contracts, the purpose of which is to ensure the liquidity of the products on the London Stock Exchange, assuming normal market conditions and normally functioning computer systems. Units of a specific UCITS ETF managed by an asset manager and purchased on the secondary market cannot usually be sold directly back to the asset manager itself. Investors must buy and sell units on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units and may receive less than the current net asset value when selling them. Updated composition of the product’s investment portfolio is available on www.lyxoretf.com. In addition, the indicative net asset value is published on the Reuters and Bloomberg pages of the product, and might also be mentioned on the websites of the stock exchanges where the product is listed.

Prior to investing in the product, investors should seek independent financial, tax, accounting and legal advice. It is each investor’s responsibility to ascertain that it is authorised to subscribe, or invest into this product. This document is of a commercial nature and not of a regulatory nature. This material is of a commercial nature and not a regulatory nature. This document does not constitute an offer, or an invitation to make an offer, from Société Générale, Lyxor Asset Management (together with its affiliates, Lyxor AM) or any of their respective subsidiaries to purchase or sell the product referred to herein.

Lyxor International Asset Management (LIAM), société par actions simplifiée having its registered office at Tours Société Générale, 17 cours Valmy, 92800 Puteaux (France), 418 862 215 RCS Nanterre, is authorized and regulated by the Autorité des Marchés Financiers (AMF) under the UCITS Directive (2009/65/EU) and the AIFM Directive (2011/31/EU). LIAM is represented in the UK by Lyxor Asset Management UK LLP, which is authorized and regulated by the Financial Conduct Authority in the UK under Registration Number 435658. Société Générale is a French credit institution (bank) authorised by the Autorité de contrôle prudentiel et de résolution (the French Prudential Control Authority).

Research disclaimer

Lyxor International Asset Management (“LIAM”) or its employees may have or maintain business relationships with companies covered in its research reports. As a result, investors should be aware that LIAM and its employees may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see appendix at the end of this report for the analyst(s) certification(s), important disclosures and disclaimers. Alternatively, visit our global research disclosure website www.lyxoretf.com/compliance.

Conflicts of interest 

This research contains the views, opinions and recommendations of Lyxor International Asset Management (“LIAM”) Cross Asset and ETF research analysts and/or strategists. To the extent that this research contains trade ideas based on macro views of economic market conditions or relative value, it may differ from the fundamental Cross Asset and ETF Research opinions and recommendations contained in Cross Asset and ETF Research sector or company research reports and from the views and opinions of other departments of LIAM and its affiliates. Lyxor Cross Asset and ETF research analysts and/or strategists routinely consult with LIAM sales and portfolio management personnel regarding market information including, but not limited to, pricing, spread levels and trading activity of ETFs tracking equity, fixed income and commodity indices. Trading desks may trade, or have traded, as principal on the basis of the research analyst(s) views and reports. Lyxor has mandatory research policies and procedures that are reasonably designed to (i) ensure that purported facts in research reports are based on reliable information and (ii) to prevent improper selective or tiered dissemination of research reports. In addition, research analysts receive compensation based, in part, on the quality and accuracy of their analysis, client feedback, competitive factors and LIAM’s total revenues including revenues from management fees and investment advisory fees and distribution fees.

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