Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Cemig's ESG as "Strong", in line with its "Strong" Environmental score, while the Social and Governance scores are "Adequate". Controversies are "Immaterial" and Disclosure is "Strong".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We view Cemig's ESG as "Strong", in line with its "Strong" Environmental score, while the Social and Governance scores are "Adequate". Controversies are "Immaterial" and Disclosure is "Strong". 

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Cemig's ESG as "Strong". The company has a "Strong" Environmental score, with "Adequate" Social and Governance pillars. The Environmental pillar carries the highest weightage, given that Cemig's generation comes entirely from renewable sources. Controversies are "Immaterial" and Disclosure is "Strong".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We view Cemig's ESG as "Strong". The company has a "Strong" Environmental score, with "Adequate" Social and Governance pillars. The Environmental pillar carries the highest weightage, given that Cemig's generation comes entirely from renewable sources. Controversies are "Immaterial" and Disclosure is "Strong". 

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Cemig's ESG as "Strong". The company has a "Strong" Environmental score, and "Adequate" scores for the Social and Governance pillars. The Environmental pillar carries the highest weightage, given that 100% of Cemig's generation comes from renewable sources. Controversies are "Immaterial" and Disclosure is "Strong".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We view Cemig's ESG as "Strong". The company has a "Strong" Environmental score, and "Adequate" scores for the Social and Governance pillars. The Environmental pillar carries the highest weightage, given that 100% of Cemig's generation comes from renewable sources. Controversies are "Immaterial" and Disclosure is "Strong". 

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

Utilities are the smallest sector allocation among global EM managers.  Average weights stand at 1.45%, or underweight -0.41% versus the <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets" target="_blank" data-smartkarma-citation="entities:438:1" rel="noopener">iShares MSCI Emerging Markets (EEM US)</a> portfolio.  Only 66.8% of the EM funds in our analysis have any exposure at all, with 29.5% positioned as overweight.<a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> and <a href="https://www.smartkarma.com/entities/china-longyuan-power-group-corp-ltd" target="_blank" data-smartkarma-citation="entities:14215:1" rel="noopener">China Longyuan Power Group Corp (916 HK)</a> are the few brightspots in an otherwise very lightly held sector.With continued underperformance of the MSCI EM Utilities sector, a weight in the benchmark MSCI Emerging Markets index of sub 2% and an average active fund weight of 1.45%, EM managers must question whether Utilities stocks have a place in EM portfolios at all.

Utilities are the smallest sector allocation among global EM managers.  Average weights stand at 1.45%, or underweight -0.41% versus the iShares MSCI Emerging Markets (EEM US) portfolio.  Only 66.8% of the EM funds in our analysis have any exposure at all, with 29.5% positioned as overweight.ENN Energy (2688 HK) and China Longyuan Power Group Corp (916 HK) are the few brightspots in an otherwise very lightly held sector.With continued underperformance of the MSCI EM Utilities sector, a weight in the benchmark MSCI Emerging Markets index of sub 2% and an average active fund weight of 1.45%, EM managers must question whether Utilities stocks have a place in EM portfolios at all.

Brazil

Companhia Energetica de Minas Gerais- CEMIG generates, transmits, and distributes electricity in the Brazilian State of Minas Gerais.  Cemig serves industrial, commercial, residential, and rural customers.  The Company generates electricity primarily through hydroelectric plants.

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Cia Energetica Minas Ger-Prf (CMIG4 BZ)

Cemig - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Cemig's ESG as "Strong", in...

Lucror Analytics

Cemig - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Cemig's ESG as "Strong"....

Lucror Analytics

Cemig - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Cemig's ESG as "Strong"....

Lucror Analytics

EM Utilities: Bailing Out

With continued underperformance of the MSCI EM Utilities sector, EM managers must question whether Utilities stocks have a place in EM portfolios...

Steven Holden

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