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Industry Voice: Fallen Angels the last free lunch
Though caught between two worlds, fallen angels merit a permanent home in a strategic asset allocation. Discover why
BNY Mellon Investment Management
A defining characteristic of markets is that structural alpha opportunities are arbitraged away over time. What if there was an area where market mechanisms actually bolstered a structural alpha opportunity? We think this would be the last free lunch for investors. Welcome to the world of fallen angels investment grade credits that have been downgraded to high yield.
Unlike their namesakes that were expelled from heaven, fallen angels, as represented by the Bloomberg Barclays US High Yield Fallen Angel 3% Capped Index
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Russell Investments has a long history of highlighting the role of environment, social and governance (ESG) factors in adding value to an investment practice (1). In this post, we share three proof points of the value-add associated with ESG awareness and integration, and analyse the importance of considering ESG risks both in the security selection process and the asset manager selection process. Ultimately, we believe that investors who are unaware of ESG and do not integrate ESG into their investment processes may be exposing themselves to additional, unnecessary and possibly unrewarded risks.
Proof point #1: Selecting securities without considering ESG may be risky business