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For over twenty years, our unchanged investment philosophy for the global strategies we manage has been to own high quality companies with the potential to successfully compound over the long term. These companies compound by steadily growing while sustaining their high returns on operating capital. As investors, we persistently look to identify material risks or opportunities to this compounding, including environmental, social and governance (ESG) factors.
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Built on 25 years' heritage of Quality investing, Global Sustain is our high-conviction, ESG-integrated global equity portfolio that is strong on engagement, light on carbon and built on quality.
Strong on engagement1
We engage directly — and often — with the management of companies we own. This includes systematic engagement with management on progress towards decarbonisation targets.
Read our latest Engage report >
Read more on our Carbon Transition Engagement Programme >
and Engagements
Light on carbon2, 3
Global Sustain is a low carbon intensity portfolio, with just 20% of the carbon footprint of an average company in the MSCI AC World Index.
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CO2E/$M Sales2
Built on quality2,4
We seek sustainably high return businesses that can compound over time. Global Sustain, like our other global strategies, is a leader on quality relative to the peer universe.
Watch our High Quality, Low Carbon Investing video
Global Sustain versus ESG Peers
The value of the investments and the income from them can go down as well as up and an investor may not get back the amount invested.
Source: Factset, MSCI ESG, Trucost data, Morgan Stanley Investment Management.
1 All interactions between International Equity Team portfolio managers and company management or non-executive board members from January 1, 2021 – December 31, 2021 where material E, S, or G factors discussed. Data updated semi-annually.
2 Trucost data as of December 31, 2021 for the Morgan Stanley Global Sustain representative account. Updated semi-annually.
3 Trucost defines a portfolio's carbon intensity as the carbon emissions (Scope 1 and 2) of a portfolio per $1 million invested or per $1 million of portfolio companies' sales. The portfolio-level statistics show the weighted average carbon intensity (WACI). Global Sustain seeks to achieve a greenhouse gas (GHG) emissions intensity that is significantly lower than that of the reference universe (which is defined, only for the purposes of comparing GHG emissions intensity, as companies of the MSCI AC World Index).
4 Quality ratios are historical; valuation ratios shown are for the next 12 months. ROOCE (Return on Operating Capital Employed) = EBITA (Earnings Before Interest, Taxes and Amortization) / PPE (Property, Plant, Equipment) + Trade working capital (excludes goodwill) last twelve months (LTM), Ex-Financials. EBIT Margin Stability is (1-(std deviation)/mean)) 10 year average. Free cash flow yield is a financial ratio that measures a company's operating free cash flow minus its capital expenditures per share and dividing by its price per share. Free cash flow yield ratio is calculated by using the underlying securities of the fund. Data as of December 31, 2021, updated semi-annually.
5 Funds included in peer group analysis: 30 largest global equity investment funds from FactSet and Morningstar databases with ESG, Environmental or Ethical focus, as defined by Morningstar, and where ESG considerations are reflected in the name of the fund.
1 All interactions between International Equity Team portfolio managers and company management or non-executive board members from January 1, 2021 – December 31, 2021 where material E, S, or G factors discussed. Data updated sem-iannually.
2 Trucost data as of December 31, 2021 for the Morgan Stanley Global Sustain representative account. Updated sem-iannually.
4 Quality ratios are historical; valuation ratios shown are for the next 12 months. ROOCE (Return on Operating Capital Employed) = EBITA (Earnings Before Interest, Taxes and Amortization) / PPE (Property, Plant, Equipment) + Trade working capital (excludes goodwill) last twelve months (LTM), Ex-Financials. EBIT Margin Stability is (1-(std deviation)/mean)) 10 year average. Free cash flow yield is a financial ratio that measures a company's operating free cash flow minus its capital expenditures per share and dividing by its price per share. Free cash flow yield ratio is calculated by using the underlying securities of the fund. Data as of December 31 2021, updated semi-annually.
"Global Sustain is my high quality, low carbon portfolio. Dedicated and integrated ESG research is the only way to manage increasingly complex political, social and technological risks."
Vladimir Demine
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4tileBento
The Search for Better Outcomes
Companies faced with a changing world and seeking to deliver better sustainable outcomes must explore their surroundings and seek new information for survival. The International Equity team's Marte Borhaug explores.
Meet the International Equity Team
Led by William Lock
The International Equity team follows a disciplined investment process based on fundamental analysis and bottom-up stock selection.
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Keep abreast of the fast changing world and look ahead for investment opportunities with the team's insight papers and videos.
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How to record ESG company risks and opportunities in a consistent and comparable way? The International Equity Team explains the Material Risk Indicator.
Insta-engagement
Having engaged with company management and their boards for more than 20 years, Bruno Paulson explains why the International Equity team favours meaningful long-term engagement over faddy box-ticking.
ENGAGEMENT REPORT
Engage Spring 2022
The latest edition of Engage, the International Equity Team's semi-annual update on their ESG engagement activity.
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There is no assurance that a portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market value of securities owned by the portfolio will decline. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in this strategy. Please be aware that this strategy may be subject to certain additional risks. Changes in the worldwide economy, consumer spending, competition, demographics and consumer preferences, government regulation and economic conditions may adversely affect global franchise companies and may negatively impact the strategy to a greater extent than if the strategy's assets were invested in a wider variety of companies. In general, equity securities' values also fluctuate in response to activities specific to a company. Investments in foreign markets entail special risks such as currency, political, economic, and market risks. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed markets. Non-diversified portfolios often invest in a more limited number of issuers. As such, changes in the financial condition or market value of a single issuer may cause greater volatility. Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk). ESG strategies that incorporate impact investing and/or Environmental, Social and Governance (ESG) factors could result in relative investment performance deviating from other strategies or broad market benchmarks, depending on whether such sectors or investments are in or out of favor in the market. As a result, there is no assurance ESG strategies could result in more favorable investment performance.
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text:
Conversas sobre a Pluralidade dos Mundos (em francês: Entretiens sur la pluralité des mondes) é um livro de divulgação científica do autor francês Bernard le Bovier de Fontenelle, publicado em 1686.

É uma exposição inicial do pluralismo cósmico, a ideia de que as estrelas são sóis distantes que podem ter seus próprios sistemas planetários, incluindo a possibilidade de vida extraterrestre. O livro é a obra mais famosa de Fontenelle e é considerada uma das primeiras grandes obras do Iluminismo.

Antecedentes
Ao contrário de muitas obras científicas de sua época, Conversas sobre a Pluralidade dos Mundos não foi escrito em latim, mas em francês, tornando-se um dos primeiros livros a tentar explicar teorias científicas em uma linguagem popular. Um precursor disso pode ser visto no livro de 1584 de Giordano Bruno intitulado Sobre o Infinito, o Universo e os Mundos.

Contexto
No prefácio, Fontenelle sugere que a explicação oferecida deve ser facilmente compreendida mesmo por quem não tem conhecimento científico, e se dirige especificamente às leitoras. O livro em si é apresentado como uma série de diálogos entre um galante filósofo e uma marquesa, que passeiam no jardim desta última à noite e contemplam as estrelas. O filósofo explica o modelo heliocêntrico e também reflete sobre a possibilidade de vida extraterrestre.

Recepção
O livro foi muito bem recebido tanto na França quanto em outros lugares, e foi publicado regularmente. Em 1691, Fontenelle foi eleito para a Académie française. A obra de Fontenelle não foi lançada polemicamente contra a visão de mundo da Igreja Católica ou das igrejas protestantes, nem atraiu a atenção, positiva ou negativa, de teólogos ou prelados.

Traduções
A primeira tradução em inglês foi publicada em Dublin, capital da Irlanda, por Sir William Donville ou Domville em 1687, seguida por outra tradução por Aphra Behn em 1688, sob o título A Discovery of New Worlds e uma terceira por John Glanvill mais tarde em 1688. Antiokh Kantemir traduziu para o russo em 1730, embora a tradução só tenha sido publicada em edição censurada em 1740, devido a objeções da Igreja Ortodoxa Russa.

Ligações externas

 Texto completo da edição de 1800 no Google Books (em francês)
 Texto completo da edição de 1803 no Google Books (em inglês)
 Texto completo da edição de 1803 Digitalizado pelo Google, Download grátis em OpenLibrary (em inglês)

Iluminismo
Livros da França
Livros de 1686
!Mais Teoria da História na Wiki (Wikiconcurso de edição)

redpajama_set_name: RedPajamaWikipedia