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octobre 25, 2024

Encouraging Positive Sustainability Alignment in the Securitized Market

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octobre 25, 2024

Encouraging Positive Sustainability Alignment in the Securitized Market


Insight Article

Encouraging Positive Sustainability Alignment in the Securitized Market

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octobre 25, 2024

 
 

KEY TAKEAWAYS:

  • MS INVF Global Asset Backed Securities Focused Fund promotes positive contributions to the UN Sustainable Development Goals (SDGs)
  • Rigorous screening to increase investments in securitizations promoting ESG characteristics, and exclude those that don’t
  • Integrating ESG factors in multiple stages of the transaction
  • Leveraging proprietary ESG scoring methodology to tackle securitized ESG data gaps
 
 

Our team believes that Environmental, Social and Governance (ESG) considerations are an essential component to investing in securitized markets, and that a thoughtful ESG integration approach can result in better performance and encourage positive outcomes for the environment and society. Recognizing the securitized market’s lack of high quality and consistent ESG data, such as carbon emissions data, that may be more prevalent in other asset classes, in 2018 we became one of the first asset managers to develop a proprietary sustainability ESG rating framework. Given the success we have had with our global approach to securitized investing and our ESG rating framework, we recently launched a more ESG-targeted Global Asset Backed Securities Focused Fund (‘the Fund’) in January 2024 that leverages this framework to implement its three primary aspects of ESG integration, depicted in Display 1.

While many existing ESG-oriented securitized investment funds focus on just one ESG characteristic (i.e. environmental or social), the Fund invests across all sectors and geographies and considers environmental, social and governance implications for each deal. As an Article 8 Fund, it is recognized by the EU Sustainable Finance Disclosure Regulation “SFDR” (please see the Fund’s website disclosure) as a product that promotes environmental or social characteristics and is bound to integrate sustainability into its investment process.

 
 
DISPLAY 1
 
Three Pillars of ESG Integration
 

Source: Morgan Stanley Investment Management, October 2024

 
 

Our “Best-in-Class” ESG screening, a core aspect in the Fund’s security selection process, is based on three key steps, as presented in Display 2:

  1. In-depth analysis of the specific E, S, G characteristics of each deal and the issuer;
  2. Scoring of the deal on a 1-5 scale, with 5 being best, based on its overall ESG profile; and
  3. Mapping of the positively and negatively scored deals to the applicable United Nations Sustainable Development Goals (“SDGs”), for consistent tracking and reporting of a portfolio’s overall sustainability alignment.
 
 
DISPLAY 2
 
MSIM Securitized Sustainability Framework
 

This represents how the portfolio management team generally implements its investment process under normal market conditions. The content of this publication has not been approved by the United Nations and does not reflect the views of the United Nations or its officials or Member States. See https://www.un.org/sustainabledevelopment/sustainable-development-goals for more details on the Sustainable Development Goals. Individual funds and client accounts operating within the strategy may have specific ESG-related goals and restrictions. Please refer to governing documents of individual vehicles to understand their binding ESG criteria.

 
 
DISPLAY 3
 
Key ESG Factors In Securtized Analysis
 
 
 
  1. ESG Analysis at the Deal-level
    Our analysis begins by identifying the key E, S or G risks and opportunities across all levels of the securitization structure for every deal we assess. This involves taking into account the nature of the underlying loans, borrowers, properties or assets, as well as the ESG profile of loan originators, servicers and issuers. Due to wide variations in the structures of mortgage- and asset- backed securities, ESG considerations can take different forms, as presented in Display 3, and we believe they can be directly linked to credit performance, potentially impacting risk-adjusted returns both positively and negatively.
  2. Our Securitized ESG Scoring
    Based on the analysis presented above, MSIM assigns an ESG score ranging from 1-5, 5 being best, to each deal. ESG scores are then applied to all tranches in a deal, based on the rationale that ESG factors are consistent throughout the entire debt structure. Some exceptions could apply.
 
 
DISPLAY 4
 
Portfolio’s Positive Alignment with the UN SDGs
 

Source: Morgan Stanley Investment Management. Represents the percentage of the Fund holdings aligned against the UN SDGs. As of 8/23/2024

 
 

We view most residential, commercial and consumer lending to have a neutral ESG profile, which translates to average ESG scores of 3 across our investment universe. We take a conservative approach in this regard, by assigning a score of 3 to standard responsible lending practices, with the thesis that responsible lending should be interpreted as a baseline, while scores of 4 or 5 are reserved for lending practices and/or assets and loans with outsized positive environmental or social characteristics. This is the case, for example, with buildings that have particularly robust LEED certifications (e.g. Gold or above, or equivalent), which would be associated with a score of 4.

The Fund only invests in securitizations that it considers to be best-in-class on ESG matters, which translates to ESG scores of 3, 4, or 5 within our Framework. By doing so, the Fund maintains a tilt towards positive sustainability-aligned investments, and excludes any securitizations linked to negative factors such as severe breaches of consumer protection standards and fraud.

  1. Mapping SDG Alignment
    The third and final step of our framework involves mapping the securitized portfolio to the SDGs as an indication of its positive or negative sustainability alignment. This is done by linking positively and negatively scored deals to the respective SDG Target, and then aggregating the total contribution at the SDG Goal level.1 For example, CMBS backed by certified green buildings contribute to SDG Target 7.3 – “Double the global rate of improvement in energy efficiency”, while solar panel ABS have a positive association with SDG Target 7.2 – “Increase substantially the rate of renewable energy in the global energy mix”. Together, these investments count towards overall portfolio alignment with SDG Goal 7 – “Affordable and Clean Energy”.

    Given the nature of underlying loans and assets, we find that most of our securitized portfolio’s positive environmental contributions align with SDGs 7, 9 and 13 on clean energy, sustainable industry and infrastructure, and climate action (specifically in terms of reducing carbon emissions). Our positive social contributions tend to align with SDGs 3, 4, 10 and 11 on social wellbeing, and access & affordability of essential services. Display 4 presents the mapping of the Fund’s holdings to the UN SDGs.
 
 
DISPLAY 5
 
Putting it all together: Example of an ABS Security Deal
 
 
 

Conclusion
Putting these steps all together, our ESG evaluation of each of the Fund’s investments is robust and comprehensive, as exemplified by the ABS deal presented in Display 5. Overall, we believe the Fund presents a compelling investment opportunity given its unique ESG-focused securitized offering, attractive risk- adjusted yields and strong total return potential. Our research-driven approach provides a flexible architecture to the integration of ESG factors into the investment process which we continue to evolve and enhance with the aim of maximizing financial returns for our clients while contributing to positive sustainability outcomes.

 
 

There are 17 Sustainable Development Goals that are supported by 169 Targets in aggregate. The Targets help determine whether the Goals are met by defining measurable milestones under each Goal.

As of December 2022

 
gregory.finck
Co-head of Mortgage and Securitized
Mortgage & Securitized Team
 
anuj.gulati
Global Head of Fixed Income ESG Strategy & Research
Fixed Income Team
 
erin.glenn-profile
Vice President
 
 
 
 

Risk and Reward Profile

The fund may be impacted by movements in the exchange rates between the Fund’s currency and the currencies of the fund’s investments. The value of bonds are likely to decrease if interest rates rise and vice versa. The value of financial derivative instruments are highly sensitive and may result in losses in excess of the amount invested by the Sub-Fund. Issuers may not be able to repay their debts, if this happens the value of your investment will decrease. This risk is higher where the fund invests in a bond with a lower credit rating. The fund relies on other parties to fulfill certain services, investments or transactions. If these parties become insolvent, it may expose the fund to financial loss. Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs. There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities. There are increased risks of investing in emerging markets as political, legal and operational systems may be less developed than in developed markets. Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment. The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives. Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investor’s reference currency and the base currency of the investments.

 
 

Applications for shares in the Fund should not be made without first consulting the current Prospectus and the Key Information Document (“ KID”) or Key Investor Information Document (“ KIID”), which are available in English and in the official language of your local jurisdiction at morganstanleyinvestmentfunds.com or free of charge from the Registered Office of Morgan Stanley Investment Funds, European Bank and Business Centre, 6B route de Trèves, L-2633 Senningerberg, R.C.S. Luxemburg B 29 192.

Information in relation to sustainability aspects of the Fund and the summary of investor rights is available at the aforementioned website.

If the management company of the relevant Fund decides to terminate its arrangement for marketing that Fund in any EEA country where it is registered for sale, it will do so in accordance with the relevant UCITS rules.

INDEX INFORMATION

The Bloomberg U.S. Mortgage Backed Securities (MBS) Index: tracks agency mortgage backed pass-through securities (both fixed-rate and hybrid ARM) guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The index is constructed by grouping individual TBA-deliverable

MBS pools into aggregates or generics based on program, coupon and vintage. The index is unmanaged and does not include any expenses, fees or sales charges. It is not possible to invest directly in an index. “Bloomberg®” and the Bloomberg Index/Indices used are service marks of Bloomberg Finance

L.P. and its affiliates, and have been licensed for use for certain purposes by Morgan Stanley Investment Management (MSIM). Bloomberg is not affiliated with MSIM, does not approve, endorse, review, or recommend any product, and does not guarantee the timeliness, accurateness, or completeness of any data or information relating to any product.

DISTRIBUTION

This material is only intended for and will be only distributed to persons resident in jurisdictions where such distribution or availability would not be contrary to local laws or regulations. It is the responsibility of any person in possession of this material and any persons wishing to make an application for Shares in pursuant to the Prospectus to inform themselves and observe all applicable laws and regulations of any relevant jurisdictions. MSIM, the asset management division of Morgan Stanley (NYSE: MS), and its affiliates have arrangements in place to market each other’s products and services. Each MSIM affiliate is regulated as appropriate in the jurisdiction it operates. MSIM’s affiliates are: Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Calvert Research and Management, Eaton Vance Management, Parametric Portfolio Associates LLC, and Atlanta Capital Management LLC.

In the EU, MSIM materials are issued by MSIM Fund Management (Ireland) Limited (“FMIL”). FMIL is regulated by the Central Bank of Ireland and is incorporated in Ireland as a private company limited by shares with company registration number 616661 and has its registered address at 24-26 City Quay, Dublin 2, DO2 NY19, Ireland.

Outside the EU, MSIM materials are issued by Morgan Stanley Investment Management Limited (MSIM Ltd) is authorised and regulated by the Financial Conduct Authority. Registered in England. Registered No. 1981121. Registered Office: 25 Cabot Square, Canary Wharf, London E14 4QA.

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Dubai: MSIM Ltd (Representative Office, Unit Precinct 3-7th Floor-Unit 701 and 702, Level 7, Gate Precinct Building 3, Dubai International Financial Centre, Dubai, 506501, United Arab Emirates. Telephone: +97 (0)14 709 7158).

This document is distributed in the Dubai International Financial Centre by Morgan Stanley Investment Management Limited (Representative Office), an entity regulated by the Dubai Financial Services Authority (“DFSA”). It is intended for use by professional clients and market counterparties only. This document is not intended for distribution to retail clients, and retail clients should not act upon the information contained in this document.

This document relates to a financial product which is not subject to any form of regulation or approval by the DFSA. The DFSA has no responsibility for reviewing or verifying any documents in connection with this financial product. Accordingly, the DFSA has not approved this document or any other associated documents nor taken any steps to verify the information set out in this document, and has no responsibility for it. The financial product to which this document relates may be illiquid and/or subject to restrictions on its resale or transfer. Prospective purchasers should conduct their own due diligence on the financial product. If you do not understand the contents of this document, you should consult an authorized financial adviser.

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For Registered Securities, please be advised: The securities being offered are foreign. Shareholder rights and obligations are those of the issuer’s home jurisdiction. Shareholders and potential investors should inform themselves on what those rights and obligations are and how to exercise them. CMF supervision of the securities is limited to information requirements in Rule 352, overall supervision is conducted by the foreign regulator in the issuer’s home jurisdiction. Public information available for the securities is exclusively that required by the foreign regulator and accounting principles and auditing rules might differ to those applicable to Chilean issuers. The provisions on Article 196 of Law 18.045 are applicable to all parties involved in the registration, deposit, transaction and other acts associated with the foreign securities ruled by Title XXIV of Law 18.045.

Applications for Fund interests in the sub-fund mentioned herein should not be made without first consulting the current Prospectus, Key Information Document (“KID”) or Key Investor Information Document (“KIID”), Annual Report and Semi-Annual Report (“Offering Documents”), or other documents available in your local jurisdiction which is available free of charge from the Registered Office European Bank and Business Centre, 6B route de Trèves, L-2633 Senningerberg, R.C.S. Luxemburg B 29 192.

For Non-Registered Securities, please be advised: THE SECURITIES INCLUDED IN THIS DOCUMENT ARE NOT REGISTERED IN THE FSR AND OFFERS REGARDING SUCH SECURITIES WILL BE CONDUCTED SUBJECT TO GENERAL RULE N°336 OF THE CMF, BEGINNING AT THE DATE OF THIS DOCUMENT. THESE ARE FOREIGN SECURITIES AND THEIR ISSUER IS UNDER NO OBLIGATION TO PROVIDE PUBLIC DOCUMENTS IN CHILE. THE SECURITIES ARE NOT SUBJECT TO THE SUPERVISION OF THE CMF AND CANNOT BE PUBLICLY OFFERED. THEREFORE, THIS DOCUMENT AND OTHER OFFERING MATERIALS RELATING TO THE OFFER OF THE INTERESTS IN THE FUND DO NOT CONSTITUTE A PUBLIC OFFER OF, OR AN INVITATION TO SUBSCRIBE FOR OR PURCHASE, THE FUND INTERESTS IN THE REPUBLIC OF CHILE.

Please contact your local Distributor or the person who provided this document for information on the registration status of specific securities.

Peru: The Fund is a sub Fund of the Morgan Stanley Investment Funds, a Luxembourg domiciled Société d’Investissement à Capital Variable (the “Company”) is registered in the Grand Duchy of Luxembourg as an undertaking for collective investment pursuant to Part 1 of the Law of 17th December 2010, as amended. The Company is an Undertaking for Collective Investment in Transferable Securities (“UCITS”). If the Fund and the interests in the Fund have been registered in Peru under Decreto Legislativo 862: Ley de Fondos de Inversión y sus Sociedades Administradoras as amended; under Decreto Legislativo 861: Ley del Mercado de Valores (the “Securities Market Law”) as amended, and under the Reglamento del Mercado de Inversionistas Institucionales approved by Resolución SMV N°021-2013-SMV/01 as amended by the Resolución de Superintendente N°126-2020-SMV/02 (the “Reglamento 1”) and Resolución de Superintendente N°035-2021-SMV/02 (the “Reglamento 2”), and are being offered to institutional investors only (as defined in article 8 of the Securities Market Law) under the special public offering directed exclusively to the institutional investors under the Reglamento 1 and Reglamento 2, then the interests in the Fund will be registered in the Section “Del Mercado de Inversionistas Institucionales” of the Securities Market Public Registry (Registro Público del Mercado de Valores) maintained by the Superintendencia del Mercado de Valores (SMV), and the offering of the Fund interests in Peru only to institutional investors will be subject to the supervision of the SMV, as well as any transfers of the Fund interests shall be subject to the limitations contained in the Securities Market Law and the regulations issued thereunder mentioned before, under which the Fund interests may only be transferred between institutional investors under Article 27 of the Reglamento 1 and Reglamento 2. If neither the Fund nor the interests in the Fund have been and will not be registered in Peru under Decreto Legislativo 862 and under Decreto Legislativo 861 referenced above, nor they will be subject to a public offering directed to institutional investors under the Reglamento 1, and will be offered to institutional investors only (as defined in article 8 of the Securities Market Law) pursuant to a private placement, according to article 5 of the Securities Market Law,the interests in the Fund will not be registered in the Securities Market Public Registry maintained by the SMV, and the offering of the Fund interests in Peru to institutional investors nor the Fund will be subject to the supervision of the SMV, and any transfers of the Fund interests shall be subject to the limitations contained in the Securities Market Law and the regulations issued thereunder mentioned before, under which the Fund interests may only be transferred between institutional investors. Applications for Fund interests in the sub-fund mentioned herein should not be made without first consulting the current Prospectus, Key Information Document (“KID”) or Key Investor Information Document (“KIID”), Annual Report and Semi-Annual Report (“Offering Documents”), or other documents available in your local jurisdiction which is available free of charge from the Registered Office European Bank and Business Centre, 6B route de Trèves, L-2633 Senningerberg, R.C.S. Luxemburg B 29 192.

IMPORTANT INFORMATION

EMEA: This marketing communication has been issued by MSIM Fund Management (Ireland) Limited (“FMIL”). MSIM FMIL is regulated by the Central Bank of Ireland and is incorporated in Ireland as a private company limited by shares with company registration number 616661 and has its registered address at 24-26 City Quay, Dublin 2, DO2 NY19, Ireland.

This material contains information relating to the sub-funds of Morgan Stanley Investment Funds, a Luxembourg domiciled Société d’Investissement à Capital Variable. Morgan Stanley Investment Funds (the “Company”) is registered in the Grand Duchy of Luxembourg as an undertaking for collective investment pursuant to Part 1 of the Law of 17th December 2010, as amended. The Company is an Undertaking for Collective Investment in Transferable Securities (“UCITS”).

Applications for shares in the sub-funds should not be made without first consulting the current Prospectus, Key Information Document (“KID”) or Key Investor Information Document (“KIID”), Annual Report and Semi- Annual Report (“Offering Documents”), or other documents available in your local jurisdiction which is available free of charge from the Registered Office European Bank and Business Centre, 6B route de Trèves, L-2633 Senningerberg, R.C.S. Luxemburg B 29 192. In addition, all Italian investors should refer to the ‘Extended Application Form’, and all Hong Kong investors should refer to the ‘Additional Information for Hong Kong Investors’ section, outlined within the Prospectus. Copies of the Prospectus, KID or KIID, the Articles of Incorporation and the annual and semi- annual reports, in German, and further information can be obtained free of charge from the representative in Switzerland. The representative in Switzerland is Carnegie Fund Services S.A., 11, rue du Général-Dufour, 1204 Geneva. The paying agent in Switzerland is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva. The material has been prepared solely for informational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. Investors should be aware that a diversified strategy does not protect against a loss in a particular market.

Any index referred to herein is the intellectual property (including registered trademarks) of the applicable licensor. Any product based on an index is in no way sponsored, endorsed, sold or promoted by the applicable licensor and it shall not have any liability with respect thereto. The Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark.

All investments involve risks, including the possible loss of principal. The material contained herein has not been based on a consideration of any individual client circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavourable as well as favourable, in the value of that investment and, in turn, the value of the Fund. Investment in the Fund concerns the acquisition of units or shares in a fund, and not in a given underlying asset such as building or shares of a company, as these are only the underlying assets owned.

The information contained in this communication is not a research recommendation or ‘investment research’ and is classified as a ‘Marketing Communication’ in accordance with the applicable European or Swiss regulation. This means that this marketing communication (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research.

MSIM has not authorised financial intermediaries to use and to distribute this material, unless such use and distribution is made in accordance with applicable law and regulation. MSIM shall not be liable for, and accepts no liability for, the use or misuse of this material by any such financial intermediary. If you are a distributor of the Morgan Stanley Investment Funds, some or all of the funds or shares in individual funds may be available for distribution. Please refer to your sub-distribution agreement for these details before forwarding fund information to your clients.

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This material may be translated into other languages. Where such a translation is made this English version remains definitive. If there are any discrepancies between the English version and any version of this material in another language, the English version shall prevail.

 

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