Morningstar Magazine - February/March 2018 - 22
Dispatches
Global Briefs
TRENDS
The Morningstar Sustainability Atlas: Europe Sets the Standard
The map shows the Morningstar Sustainability Scores of Morningstar country indexes. The scores indicate how well
companies in the indexes are managing sustainability issues. Nordic and eurozone countries dominate the top two quintiles.
Portugal scores highest at 65.1. At 45.2, the United States is one of the lowest-scoring developed markets. Some
emerging markets are leaders, with Colombia (57.2) recently moving into the top quintile. Taiwan (52.1) is the top Asian
market, while China (39.2) and Russia (36.4) remain global laggards.
36.4-43.0
46-49.6
44.0-47.3
Norway 57.8
50.5-55.5
56-0-65.1
Finland 59.4
Russia 36.4
Sweden 57.7
Denmark 61.0
Canada 47.7
Netherlands 60.0
China 39.2
Hungary 54.8
South Korea 48.0
United States 45.2
Portugal 65.1
France 57.5
Japan 47.4
Brazil 48.3
Taiwan 52.1
Colombia 57.2
Singapore 41.8
Australia 52.4
South Africa 49.6
Sources: Morningstar, Sustainalytics. Data as of 11/30/2017.
The Sustainability Score incorporates each market's underlying Environmental, Social, and Governance scores, as well as its Controversy score.
Source: Morningstar. Data as of 11/30/2017
PIMCO Builds on
Its Strengths
AMERICAS
United States
It's been more than three years since co-founder
and CIO Bill Gross left PIMCO in September
2014. One of the key questions that followed was
whether the firm would see a change to its
22
Morningstar February/March 2018
investment process under new leadership. At a
high level, the answer is no: The basic contours of
PIMCO's investment process haven't changed.
PIMCO still has a primary investment committee
that meets four times a week and sets top-down
guidelines for portfolio managers. It also holds
secular and cyclical economic forums in which the
broader investment team distills, analyzes,
and debates long-term and near-term strategy. The
investment committee's membership, which was
altered between the January 2014 resignation of
Mohamed El-Erian and Gross' departure later that
year to incorporate newly promoted deputy
CIOs, continues to balance macroeconomic experts
and fundamental bond-pickers.
That said, Dan Ivascyn-who effectively replaced
Gross as head of PIMCO's investment team-has
focused on identifying ways to improve the
process driving behemoths such as PIMCO Total
Return PTTRX, as well as the firm's more
specialized funds. That's meant adjustments to the
overall investment committee framework. As a
Table of Contents for the Digital Edition of Morningstar Magazine - February/March 2018
Contents
Morningstar Magazine - February/March 2018 - Cover1
Morningstar Magazine - February/March 2018 - Cover2
Morningstar Magazine - February/March 2018 - 1
Morningstar Magazine - February/March 2018 - 2
Morningstar Magazine - February/March 2018 - Contents
Morningstar Magazine - February/March 2018 - 4
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