{"id":125943,"date":"2020-04-28T13:16:36","date_gmt":"2020-04-28T11:16:36","guid":{"rendered":"http:\/\/gazdasagportal.hu\/?p=125943"},"modified":"2020-04-28T14:04:47","modified_gmt":"2020-04-28T12:04:47","slug":"fidelity-lefutjuk-a-valsagot-fenntarthatosag-es-piaci-felulteljesites","status":"publish","type":"post","link":"https:\/\/gazdasagportal.hu\/index.php\/fidelity-lefutjuk-a-valsagot-fenntarthatosag-es-piaci-felulteljesites\/","title":{"rendered":"Fidelity: Lefutjuk a v\u00e1ls\u00e1got &#8211; fenntarthat\u00f3s\u00e1g \u00e9s piaci fel\u00fclteljes\u00edt\u00e9s"},"content":{"rendered":"<p><strong>A befektet\u0151k egyetlen eszk\u00f6zt sem k\u00edm\u00e9ltek, amikor r\u00e1j\u00f6ttek, hogy milyen s\u00falyos k\u00f6vetkezm\u00e9nyei lesznek a Covid-19 j\u00e1rv\u00e1ny megf\u00e9kez\u00e9s\u00e9hez sz\u00fcks\u00e9ges gazdas\u00e1gi le\u00e1ll\u00e1snak. 2020 febru\u00e1rj\u00e1t\u00f3l m\u00e1rciusig kialakult az USA t\u00f6rt\u00e9net\u00e9nek leggyorsabb medvepiaca, \u00e9s egyben lezajlott a fenntarthat\u00f3 befektet\u00e9s korszak\u00e1nak els\u0151 \u00e1tfog\u00f3 piaci \u00f6sszeoml\u00e1sa, amelynek sor\u00e1n a Fidelity International elemz\u0151i tev\u00e9kenys\u00e9g\u00e9r\u0151l kider\u00fclt, hogy nagykor\u00fav\u00e1 v\u00e1lt.<\/strong><!--more--><\/p>\n<div class=\"ads-in-post1\"><div id=\"gazdasagportal.hu_fullbanner_wideboard\"><\/div>\r\n<\/div>\n<p><strong>\u00a0<\/strong><\/p>\n<p>A volatilit\u00e1s \u00e1ltal a k\u00fcl\u00f6nb\u00f6z\u0151 k\u00f6rnyezetv\u00e9delmi, t\u00e1rsadalmi \u00e9s v\u00e1llalatir\u00e1ny\u00edt\u00e1si (ESG-) jellemz\u0151kkel b\u00edr\u00f3 v\u00e1llalatokra gyakorolt hat\u00e1s felt\u00e9rk\u00e9pez\u00e9se c\u00e9lj\u00e1b\u00f3l a Fidelity ESG-min\u0151s\u00edt\u0151 rendszere seg\u00edts\u00e9g\u00e9vel hasonl\u00edtott\u00e1k \u00f6ssze t\u00f6bb mint 2600 c\u00e9g teljes\u00edtm\u00e9ny\u00e9t.<\/p>\n<p>Az A-t\u00f3l E-ig tart\u00f3 sk\u00e1la szerinti min\u0151s\u00edt\u00e9s fundament\u00e1lis elemz\u00e9seiken \u00e9s a magukkal a v\u00e1llalatokkal folytatott kommunik\u00e1ci\u00f3 sor\u00e1n szerzett adatokon alapul, \u00e9s a t\u00f6bbi min\u0151s\u00edt\u00e9s\u00fcnkh\u00f6z hasonl\u00f3an itt is a c\u00e9gek fenntarthat\u00f3s\u00e1gi profij\u00e1nak el\u0151re tekint\u0151 \u00e9rt\u00e9kel\u00e9se volt a c\u00e9l. A min\u0151s\u00edt\u00e9s sor\u00e1n jelent\u0151s mennyis\u00e9g\u0171 adatot gy\u0171jt\u00f6ttek, \u00edgy elemezni tudt\u00e1k, hogyan oszlott meg a j\u00f6vedelem a k\u00f6zelm\u00faltban lezajlott \u00f6sszeoml\u00e1s sor\u00e1n az \u00f6t k\u00fcl\u00f6nb\u00f6z\u0151 min\u0151s\u00edt\u00e9si kateg\u00f3ria k\u00f6z\u00f6tt.<\/p><div id=\"gazda-1995165129\" class=\"gazda-tartalomban gazda-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-6t+ed+2i-1n-4w\"\r\n     data-ad-client=\"ca-pub-1959107119989764\"\r\n     data-ad-slot=\"4008251320\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p><strong>A Fidelity kutat\u00e1s\u00e1nak kiindul\u00f3 felt\u00e9telez\u00e9se az volt, hogy a j\u00f3 fenntarthat\u00f3s\u00e1gi jellemz\u0151kkel b\u00edr\u00f3 v\u00e1llalatok vezet\u0151s\u00e9ge el\u0151rel\u00e1t\u00f3bb \u00e9s konzervat\u00edvabb, ez\u00e9rt az ilyen c\u00e9gek jobban ellen tudnak \u00e1llni a piaci v\u00e1ls\u00e1gnak. <\/strong><\/p>\n<p>A be\u00e9rkezett adatok al\u00e1t\u00e1masztott\u00e1k a fenti v\u00e9lem\u00e9nyt. Kider\u00fclt, hogy er\u0151s pozit\u00edv korrel\u00e1ci\u00f3 \u00e1ll fenn egy v\u00e1llalat relat\u00edv piaci teljes\u00edtm\u00e9nye \u00e9s a mostani, z\u0171rzavaros id\u0151szakban kapott ESG-min\u0151s\u00edt\u00e9se k\u00f6z\u00f6tt. Az ESG-min\u0151s\u00edt\u00e9si lista tetej\u00e9n \u00e1ll\u00f3 (A \u00e9s B min\u0151s\u00edt\u00e9s\u0171) c\u00e9gek \u00e1ltal kibocs\u00e1tott r\u00e9szv\u00e9nyek \u00e9s k\u00f6tv\u00e9nyek \u00e1tlagos teljes\u00edtm\u00e9nye ebben a r\u00f6vid id\u0151szakban jobb volt, mint az \u00e1tlagos (C) \u00e9s gyeng\u00e9bb (D \u00e9s E) min\u0151s\u00edt\u00e9s\u0171 t\u00e1rsaik\u00e9, \u00e9s az \u00f6sszef\u00fcgg\u00e9s meglep\u0151en line\u00e1ris volt.<\/p>\n<div class=\"ads-in-post2\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-6t+ed+2i-1n-4w\"\r\n     data-ad-client=\"ca-pub-1959107119989764\"\r\n     data-ad-slot=\"4008251320\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<em>\u201eB\u00e1r tov\u00e1bbra is be kell tartani n\u00e9h\u00e1ny \u00f3vatoss\u00e1gi rendszab\u00e1lyt, p\u00e9ld\u00e1ul nem szabad el kell v\u00e9gezni a b\u00e9ta-korrekci\u00f3t, figyelembe kell venni a hitelmin\u0151s\u00e9get \u00e9s az al\u00e1bbiakban t\u00e1rgyalt hirtelen piaci talpra \u00e1ll\u00e1st, az er\u0151s fenntarthat\u00f3s\u00e1gi tulajdons\u00e1gok \u00e9s a hozamok k\u00f6z\u00f6tti egy\u00e9rtelm\u0171 \u00f6sszef\u00fcgg\u00e9sre vonatkoz\u00f3 bizony\u00edt\u00e9kok alapj\u00e1n a tov\u00e1bbra is hisz\u00fcnk abban, hogy a fundament\u00e1lis elemz\u00e9s r\u00e9szek\u00e9nt az ESG-t\u00e9nyez\u0151ket is felt\u00e9tlen\u00fcl sz\u00e1m\u00edt\u00e1sba kell venni\u201d<\/em> &#8211; mondta el <strong>Al-Hilal Istv\u00e1n, a Fidelity International k\u00f6z\u00e9p-kelet eur\u00f3pai igazgat\u00f3ja.<\/strong><\/p>\n<p><strong>\u00a0<\/strong>A febru\u00e1r 19. \u00e9s m\u00e1rcius 26. k\u00f6z\u00f6tti 36 napban a S&amp;P 500 index 26,9 sz\u00e1zal\u00e9kot esett. Ek\u00f6zben a magas (A vagy B) ESG-min\u0151s\u00edt\u00e9s\u0171 c\u00e9gek r\u00e9szv\u00e9nyeinek \u00e1rfolyama \u00e1tlagosan enn\u00e9l kisebb, m\u00edg a C, D \u00e9s E min\u0151s\u00edt\u00e9s\u0171ek\u00e9 a referenci\u00e1n\u00e1l nagyobb m\u00e9rt\u00e9kben cs\u00f6kkent.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<ol>\n<li><strong> t\u00e1bl\u00e1zat: Aki odafigyel az ESG-re, fel\u00fclteljes\u00edtheti a piacot<\/strong><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"328\"><strong>Fidelity ESG-\u00a0\u00a0\u00a0\u00a0\u00a0 Az \u00f6sszes\u00a0\u00a0\u00a0\u00a0 R\u00e9szv\u00e9ny-\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0R\u00e9szv\u00e9nyhozam min\u0151s\u00edt\u00e9s\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 min\u0151s\u00edtett\u00a0\u00a0\u00a0\u00a0\u00a0 hozam\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0a S&amp;P 500-hoz k\u00e9pest<br \/>\nc\u00e9g%-\u00e1ban\u00a0\u00a0\u00a0 (%)<\/strong><\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td width=\"328\">&nbsp;<\/p>\n<p><strong>A\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>12%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -23,1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 +3,8<\/td>\n<\/tr>\n<tr>\n<td width=\"328\"><strong>B\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>39%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -25,7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 +1,2<\/td>\n<\/tr>\n<tr>\n<td width=\"328\">&nbsp;<\/p>\n<p><strong>C\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>33%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -27,7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -0,8<\/td>\n<\/tr>\n<tr>\n<td width=\"328\">&nbsp;<\/p>\n<p><strong>D\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>14%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -30,7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -3,8<\/td>\n<\/tr>\n<tr>\n<td width=\"328\">&nbsp;<\/p>\n<p><strong>E\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>2%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -34,3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -7,4<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><strong><em>Forr\u00e1s: <\/em><\/strong><em>Fidelity International, 2020. \u00e1prilis<\/em><\/p>\n<p><strong><em>Megjegyz\u00e9s: <\/em><\/strong><em>Az adatok 2689 v\u00e1llalat min\u0151s\u00edt\u00e9s\u00e9b\u0151l sz\u00e1rmaznak.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>A vizsg\u00e1lt volatilis id\u0151szakban a min\u0151s\u00edtett 2689 c\u00e9g k\u00f6r\u00e9ben miden ESG-min\u0151s\u00edt\u00e9si szint az indexhez k\u00e9pest \u00e1tlagosan 2,8 sz\u00e1zal\u00e9kpontnyi r\u00e9szv\u00e9nyteljes\u00edtm\u00e9nynek felelt meg.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u00c1gazati szempontb\u00f3l<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>A piaci \u00f6sszeoml\u00e1s szokatlan k\u00f6r\u00fclm\u00e9nyei \u2013 nevezetesen a hal\u00e1los Covid-19 v\u00edrus terjed\u00e9s\u00e9nek lass\u00edt\u00e1s\u00e1t c\u00e9lz\u00f3, \u00e1tfog\u00f3 gazdas\u00e1gi le\u00e1ll\u00e1s \u2013 miatt egyes \u00e1gazatok jobb teljes\u00edtm\u00e9nyt ny\u00fajtottak m\u00e1sokn\u00e1l, att\u00f3l f\u00fcgg\u0151en, hogy a j\u00e1rv\u00e1ny kit\u00f6r\u00e9se milyen vesz\u00e9lyt jelentett az \u00e9rintett v\u00e1llalkoz\u00e1sok \u00fczletmenet\u00e9re. Az informatikai \u00e9s eg\u00e9szs\u00e9g\u00fcgyi c\u00e9gek defenz\u00edvebben viselkedtek, mint p\u00e9ld\u00e1ul az ipari vagy p\u00e9nz\u00fcgyi szf\u00e9r\u00e1ban m\u0171k\u00f6d\u0151 t\u00e1rsaik. Szinte minden \u00e1gazatban azt tapasztalt\u00e1k a Fidelity szakemberei, hogy az A-E k\u00f6z\u00f6tti min\u0151s\u00edt\u00e9s\u0171 v\u00e1llalatok hozam\u00e1nak megoszl\u00e1sa megfelelt az \u00f6sszes\u00edtett \u00e1tlagnak. Az eg\u00e9szs\u00e9g\u00fcgyben p\u00e9ld\u00e1ul, mely 16%-os cs\u00f6kken\u00e9s\u00e9vel az MSCI index m\u00e1sodik legjobban teljes\u00edt\u0151 \u00e1gazata volt, a megoszl\u00e1s hasonl\u00f3 k\u00e9pet mutat. Az A min\u0151s\u00edt\u00e9s\u0171 ESG-r\u00e9szv\u00e9nyek 12%-ot cs\u00f6kkentek, m\u00edg a B-k 18%-ot, az egyetlen E min\u0151s\u00edt\u00e9s\u0171 r\u00e9szv\u00e9ny pedig 32%-ot. B\u00e1r a C \u00e9s D min\u0151s\u00edt\u00e9s\u0171 eg\u00e9szs\u00e9g\u00fcgyi pap\u00edrok hozama nem k\u00fcl\u00f6nb\u00f6z\u00f6tt, \u00e9s \u00e1tlagosan 20%-ot esett, ezek m\u00e9gis gyeng\u00e9bben teljes\u00edtettek, mint a magasabb min\u0151s\u00edt\u00e9s\u0171 v\u00e1llalatok.<\/p>\n<p>&nbsp;<\/p>\n<ol start=\"2\">\n<li><strong> t\u00e1bl\u00e1zat: Megoszl\u00e1s az eg\u00e9szs\u00e9g\u00fcgyben<\/strong><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"328\"><strong>Fidelity ESG\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Az \u00f6sszes \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 R\u00e9szv\u00e9ny- min\u0151s\u00edt\u00e9s\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0min\u0151s\u00edtett c\u00e9g\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 hozam (%)<br \/>\n%-\u00e1ban<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"328\">&nbsp;<\/p>\n<p><strong>A\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>13%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -12<\/td>\n<\/tr>\n<tr>\n<td width=\"328\"><strong>B\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>44%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0-18<\/td>\n<\/tr>\n<tr>\n<td width=\"328\">&nbsp;<\/p>\n<p><strong>C\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>34%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0-20<\/td>\n<\/tr>\n<tr>\n<td width=\"328\">&nbsp;<\/p>\n<p><strong>D\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>8%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0-20<\/td>\n<\/tr>\n<tr>\n<td width=\"328\">&nbsp;<\/p>\n<p><strong>E\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>1%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0-32<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Forr\u00e1s: <\/strong>Fidelity International, 2020. \u00e1prilis<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>\u00c9rdemes megjegyezni, hogy a korrig\u00e1latlan megoszl\u00e1si minta m\u00e9g mark\u00e1nsabb lehetett volna, ha nem zuhantak volna be az olaj\u00e1rak. A 40%-os zuhan\u00e1s\u00e1val a legrosszab\u00adban teljes\u00edt\u0151 energiaszektor v\u00e1llalatai pontosan ford\u00edtva viselkedtek, mint m\u00e1s \u00e1gazatokban m\u0171k\u00f6d\u0151 t\u00e1rsaik.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>A legjobb ESG-min\u0151s\u00edt\u00e9s\u0171 energetikai c\u00e9gek alulm\u00falt\u00e1k a piacot: 49%-ot zuhantak, m\u00edg a leggyeng\u00e9bb min\u0151s\u00edt\u00e9s\u0171ek 3%-kal jobb teljes\u00edtm\u00e9nyt ny\u00fajtottak az \u00e1gazati \u00e1tlagn\u00e1l.\u00a0 E ford\u00edtott fel\u00e1ll\u00e1st v\u00e9lhet\u0151en az olaj\u00e1rak hirtelen cs\u00f6kken\u00e9se okozhatta (hord\u00f3nk\u00e9nt 20 doll\u00e1rig meg sem \u00e1llt), mert ez a fosszilis energia-hordoz\u00f3kat el\u0151\u00e1ll\u00edt\u00f3 versenyt\u00e1rsaik viszonylagos olcs\u00f3s\u00e1ga miatt al\u00e1\u00e1sta a tiszta energiaforr\u00e1sokat termel\u0151 v\u00e1llalatok r\u00e9szv\u00e9nyeinek teljes\u00edtm\u00e9ny\u00e9t.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>A min\u0151s\u00edt\u00e9sek alakul\u00e1sa<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Amikor a Fidelity elemz\u0151i ESG-min\u0151s\u00edt\u00e9st rendelnek egy-egy v\u00e1llalathoz, azt is jelzik, hogy v\u00e9lem\u00e9ny\u00fck szerint az adott c\u00e9g ESG-teljes\u00edtm\u00e9nye javul, romlik, vagy stabil. Figyelemre m\u00e9lt\u00f3, hogy a v\u00e1llalatok 31%-\u00e1nak kil\u00e1t\u00e1sai javulnak, \u00e9s csup\u00e1n 4%-uk mutat cs\u00f6kken\u00e9st, ami j\u00f3l illusztr\u00e1lja, hogy a c\u00e9gek legfels\u0151bb vezet\u0151s\u00e9ge mennyire komolyan veszi a k\u00e9rd\u00e9st.<\/p>\n<p>&nbsp;<\/p>\n<p>Ami a hozamokat illeti, a roml\u00f3 kil\u00e1t\u00e1sokkal rendelkez\u0151 v\u00e1llalatok a legt\u00f6bb min\u0151s\u00edt\u00e9si kateg\u00f3ri\u00e1ban gyeng\u00e9bben teljes\u00edtetek, mint stabil vagy javul\u00f3 t\u00e1rsaik. Ha egy csoportba soroljuk \u0151ket, akkor r\u00e9szv\u00e9nyeik \u00e1tlagosan 29,6%-ot estek a nagy elad\u00e1si hull\u00e1m sor\u00e1n, szemben a stabil kil\u00e1t\u00e1sokkal rendelkez\u0151 c\u00e9gek 26,5%-os \u00e9s a javul\u00f3 v\u00e1llalatok 27,6%-os cs\u00f6kken\u00e9si r\u00e1t\u00e1j\u00e1val.<\/p>\n<ol start=\"3\">\n<li><strong> t\u00e1bl\u00e1zat: A roml\u00f3 ESG-kil\u00e1t\u00e1sok a teljes\u00edtm\u00e9nyt is rontott\u00e1k<\/strong><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"328\"><strong>Fidelity ESG-\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Az \u00f6sszes\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 R\u00e9szv\u00e9nyhozam <\/strong><\/p>\n<p><strong>min\u0151s\u00edt\u00e9s alakul\u00e1sa\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 min\u0151s\u00edtett c\u00e9g\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (%)<br \/>\n%-\u00e1ban<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"328\">&nbsp;<\/p>\n<p><strong>Javul\u00f3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>31%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -27,6<\/td>\n<\/tr>\n<tr>\n<td width=\"328\"><strong>Stabil\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>65%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -26,5<\/td>\n<\/tr>\n<tr>\n<td width=\"328\">&nbsp;<\/p>\n<p><strong>Roml\u00f3\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong>4%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -29,6<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><strong>Forr\u00e1s: <\/strong>Fidelity International, 2020. \u00e1prilis<\/p>\n<p><strong>Megjegyz\u00e9s: <\/strong>Az adatok 2689 v\u00e1llalat min\u0151s\u00edt\u00e9s\u00e9b\u0151l sz\u00e1rmaznak.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>A piaci b\u00e9ta figyelembe v\u00e9tele<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>A hozamoknak az ESG-min\u0151s\u00edt\u00e9si kateg\u00f3ri\u00e1k k\u00f6z\u00f6tti megoszl\u00e1s\u00e1hoz hasonl\u00f3 jelens\u00e9get figyeltek meg a b\u00e9ta (vagyis a volatilit\u00e1s) \u00e9s a teljes piac mozg\u00e1s\u00e1nak \u00f6sszehasonl\u00edt\u00e1sakor is. Ez azt jelzi, hogy a magasabb ESG-min\u0151s\u00edt\u00e9s\u0171 pap\u00edrok jellemz\u0151en alacsonyabb b\u00e9t\u00e1j\u00faak is, vagyis piaci zuhan\u00e1s idej\u00e9n kevesebbet vesz\u00edtenek az \u00e1rfolyamukb\u00f3l, viszont talpra \u00e1ll\u00e1s idej\u00e9n kevesebbet is nyernek vissza.<\/p>\n<p>&nbsp;<\/p>\n<p>Amikor azt vizsg\u00e1lj\u00e1k, hogy hogyan viselkednek a k\u00fcl\u00f6nb\u00f6z\u0151 min\u0151s\u00edt\u00e9s\u0171 pap\u00edrok egy piaci benchmarkhoz k\u00e9pest, fenn\u00e1ll a vesz\u00e9lye annak, hogy olyan k\u00f6vetkeztet\u00e9seket vonnak le az ESG-vel kapcsolatban, melyek h\u00e1tter\u00e9ben val\u00f3j\u00e1ban a b\u00e9ta \u00e1ll.<\/p>\n<p>Ennek figyelembe v\u00e9tel\u00e9vel lek\u00e9rt\u00e9k a Bloomberg nyers b\u00e9ta-adatait, \u00e9s minden ESG-min\u0151s\u00edt\u00e9si kateg\u00f3ri\u00e1ra kisz\u00e1molt\u00e1k a b\u00e9t\u00e1val korrig\u00e1lt hozamokat is. A kor\u00e1bban megfigyelt megoszl\u00e1s \u00f6sszess\u00e9g\u00e9ben \u00edgy is fenn\u00e1llt. Az A \u00e9s B ESG-min\u0151s\u00edt\u00e9s\u0171 r\u00e9szv\u00e9nyek m\u00e9g \u00edgy is jobb teljes\u00edtm\u00e9nyt tudtak ny\u00fajtani, mint a gyeng\u00e9bb min\u0151s\u00edt\u00e9s\u0171 t\u00e1rsaik, b\u00e1r t\u00e9ny, hogy az egyes szintek k\u00f6z\u00f6tti k\u00fcl\u00f6nbs\u00e9gek cs\u00f6kkentek.<\/p>\n<p>Az itt vizsg\u00e1lt \u00e9rt\u00e9kpap\u00edrok b\u00e9t\u00e1ja t\u00e1g tartom\u00e1nyt \u00f6lel fel: 0,75 \u00e9s 1,5 k\u00f6z\u00f6tt v\u00e1ltozik. A Bloombergt\u0151l sz\u00e1rmaz\u00f3 b\u00e9ta-adatok \u00e1tlaga 1,06 k\u00f6r\u00fcl van, \u00e9s b\u00e1r a Fidelity t\u00f6bb mint 2600 r\u00e9szv\u00e9nyt fel\u00f6lel\u0151, sz\u00e9les mint\u00e1ja eset\u00e9ben egy 1-hez valamivel k\u00f6zelebbi \u00e9rt\u00e9ket v\u00e1rn\u00e1nk, ez nem v\u00e1ltoztat az elemz\u00e9sb\u0151l levont k\u00f6vetkeztet\u00e9sek l\u00e9nyeg\u00e9n.<\/p>\n<p><strong>\u00a0<\/strong><strong>\u00a0<\/strong><\/p>\n<p><strong>Piaci talpra \u00e1ll\u00e1s<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>A k\u00e9p kiss\u00e9 zavarosabb\u00e1 v\u00e1lik, ha az ESG-min\u0151s\u00edt\u00e9sek teljes\u00edtm\u00e9ny\u00e9t egy olyan napon vizsg\u00e1ljuk, amikor a piac hirtelen, mark\u00e1ns javul\u00e1st mutatott.<\/p>\n<p>&nbsp;<\/p>\n<p>Elemezt\u00e9k a r\u00e9szv\u00e9nyek 2020. \u00e1prilis 6-i teljes\u00edtm\u00e9ny\u00e9t \u2013 azon a napon ugyanis a min\u0151s\u00edt\u00e9si univerzumunkban szerepl\u0151 r\u00e9szv\u00e9nyek \u00e1tlagosan 5,7%-kal emelkedtek. E rally sor\u00e1n a megoszl\u00e1si minta teljesen szertefoszlott. Az A min\u0151s\u00edt\u00e9s\u0171 r\u00e9szv\u00e9nyek 5,2%-kal javultak, ami 0,5%-kal maradt el az \u00e1tlagt\u00f3l. Ek\u00f6zben a C \u00e9s D min\u0151s\u00edt\u00e9s\u0171 v\u00e1llalatok r\u00e9szv\u00e9nyei \u00e1tlagosan 5,8%-kal jobb eredm\u00e9nyt mutattak, a leggyeng\u00e9bb ESG-min\u0151s\u00edt\u00e9s\u0171 v\u00e1llalatok pedig az \u00f6sszesn\u00e9l nagyobb m\u00e9rt\u00e9k\u0171 elmarad\u00e1st tan\u00fas\u00edtva \u00e1tlagosan mind\u00f6ssze 4,5%-kal emelkedtek.<\/p>\n<p>&nbsp;<\/p>\n<p>A k\u00f6tv\u00e9nyek ter\u00e9n tapasztalt eredm\u00e9nyek hasonl\u00f3ak a r\u00e9szv\u00e9nyek\u00e9hez. A jobb ESG-min\u0151s\u00edt\u00e9s\u0171 v\u00e1llalatok pap\u00edrjai az \u00e9v elej\u00e9t\u0151l m\u00e1rcius 23-ig korrekci\u00f3 n\u00e9lk\u00fcl \u00e1tlagosan jobban teljes\u00edtettek, mint az alacsonyabb min\u0151s\u00edt\u00e9s\u0171 t\u00e1rsaik\u00e9i<\/p>\n<ol start=\"4\">\n<li><strong> t\u00e1bl\u00e1zat: A tendencia a b\u00e9ta-korrekci\u00f3 ut\u00e1n is megfigyelhet\u0151<\/strong><\/li>\n<\/ol>\n<p>A Fidelity ESG min\u0151s\u00edt\u00e9sei \u00e9s a r\u00e9szv\u00e9nyek teljes\u00edtm\u00e9nye<\/p>\n<p>&nbsp;<\/p>\n<table width=\"692\">\n<tbody>\n<tr>\n<td width=\"99\"><strong>Fidelity ESG-min\u0151s\u00edt\u00e9s<\/strong><\/td>\n<td width=\"99\"><strong>Az \u00f6sszes min\u0151s\u00edtett c\u00e9g%-\u00e1ban<\/strong><\/td>\n<td width=\"99\"><strong>R\u00e9szv\u00e9nyhozam (%)<\/strong><\/td>\n<td width=\"99\"><strong>A FIL univerzum \u00e1tlagos hozam\u00e1hoz k\u00e9pest ny\u00fajtott relat\u00edv teljes\u00edtm\u00e9ny<\/strong><\/td>\n<td width=\"99\"><strong>Nyers b\u00e9ta<\/strong><\/td>\n<td width=\"99\"><strong>B\u00e1val korrig\u00e1lt r\u00e9szv\u00e9nyhozam (%)<\/strong><\/td>\n<td width=\"99\"><strong>\u00d6t\u00e9ves \u00e1tlagos megt\u00e9r\u00fcl\u00e9s<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" width=\"692\"><strong>A<\/strong> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012% \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0-23,1 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a00,93 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0-25,0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a020,5<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" width=\"692\"><strong>B\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>39%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -25,7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,04\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -24,7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17,1<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" width=\"692\"><strong>C\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>33%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -27,7\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-0,7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,09\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -25,4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" width=\"692\"><strong>D\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0<\/strong>14%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -30,7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -3,6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a01,12\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -27,4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,7<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" width=\"692\"><strong>E\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0<\/strong>2%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -34,3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-7,3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a01,10\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -31,2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,3<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><strong>Forr\u00e1s: <\/strong>Fidelity International \u00e9s Bloomberg LP, 2020. \u00e1prilis<\/p>\n<p><strong>Megjegyz\u00e9s: <\/strong>Az adatok 2689 v\u00e1llalat min\u0151s\u00edt\u00e9s\u00e9b\u0151l sz\u00e1rmaznak<\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>K\u00f6tv\u00e9nyek<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><em>Hitel t\u00f6bblethozama<\/em><\/p>\n<p>A 149 darab A min\u0151s\u00edt\u00e9s\u0171 v\u00e1llalat k\u00f6tv\u00e9nyei \u00e1tlagosan -9,23%-os hozamot \u00e9rtek el, szemben a B-min\u0151s\u00edt\u00e9s\u0171ek -13,6%-os \u00e9s a C-min\u0151s\u00edt\u00e9s\u0171\u00adek \u201117,14%-os hozam\u00e1val. A D \u00e9s E min\u0151s\u00edt\u00e9s\u0171 c\u00e9gek k\u00f6z\u00f6tt van n\u00e9mi tolong\u00e1s a -20%-os szint k\u00f6rny\u00e9k\u00e9n, melyet esetleg az ut\u00f3bbi kateg\u00f3ria alacsony (27 c\u00e9gb\u0151l \u00e1ll\u00f3) mintanagys\u00e1ga okozhatott<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Hitelmin\u0151s\u00e9g miatti korrekci\u00f3<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Mint tudjuk, nem minden k\u00f6tv\u00e9ny egyforma. A Fidelity megfigyelte, hogy a jobb ESG-min\u0151s\u00edt\u00e9ssel rendelkez\u0151 v\u00e1llalatoknak eleve alacsonyabb az opci\u00f3s hozamfel\u00e1ra (OAS), ami arra utal, hogy min\u0151s\u00e9gi pap\u00edrjaik vannak, \u00e9s a v\u00e1rakoz\u00e1sok szerint volatilis piaci k\u00f6r\u00fclm\u00e9nyek k\u00f6z\u00f6tt v\u00e1rhat\u00f3an jobban teljes\u00edten\u00e9nek, mint alacsonyabb min\u0151s\u00edt\u00e9s\u0171 t\u00e1rsaik.<\/p>\n<p>&nbsp;<\/p>\n<ol start=\"5\">\n<li><strong> t\u00e1bl\u00e1zat: A jobb ESG-min\u0151s\u00edt\u00e9s\u0171 c\u00e9geknek a hozamfel\u00e1ra is alacsonyabb<\/strong><\/li>\n<\/ol>\n<table>\n<tbody>\n<tr>\n<td width=\"328\">&nbsp;<\/p>\n<p><strong>OAS<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"328\"><strong>A\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>95<\/td>\n<\/tr>\n<tr>\n<td width=\"328\"><strong>B\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>142<\/td>\n<\/tr>\n<tr>\n<td width=\"328\"><strong>C\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>218<\/td>\n<\/tr>\n<tr>\n<td width=\"328\"><strong>D\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>300<\/td>\n<\/tr>\n<tr>\n<td width=\"328\"><strong>E\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>399<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Ha az eredm\u00e9nyeket az egyes kibocs\u00e1t\u00f3k hitelb\u00e9t\u00e1j\u00e1nak kezd\u0151 szintje szerint korrig\u00e1ljuk, akkor a Fidelity ESG-min\u0151s\u00edt\u00e9si kateg\u00f3ri\u00e1kban m\u00e9rt teljes\u00edtm\u00e9ny kev\u00e9sb\u00e9 mark\u00e1ns, de a jobb ESG-min\u0151s\u00edt\u00e9s\u0171 c\u00e9gek \u00e1ltal kibocs\u00e1tott k\u00f6tv\u00e9nyek m\u00e9g mindig jobb teljes\u00edtm\u00e9nyt mutattak, mint az alacsonyabb min\u0151s\u00edt\u00e9st kapott t\u00e1rsaik k\u00f6tv\u00e9nyei.<\/p>\n<p><em>Hitel t\u00f6bblethozama (min\u0151s\u00e9ggel korrig\u00e1lt)<\/em><\/p>\n<p>E sz\u00e1m\u00edt\u00e1s c\u00e9lj\u00e1b\u00f3l a kezd\u0151 \u00e1tlagos hitelszpredj\u00fck alapj\u00e1n \u00f6t csoportba (kvintilisbe) sorolt\u00e1k a pap\u00edrokat, \u00e9s kisz\u00e1m\u00edtott\u00e1k az \u00f6sszes lehets\u00e9ges kvintilis\/ESG-min\u0151s\u00edt\u00e9s kombin\u00e1ci\u00f3 \u00e1tlagos hitelszpredj\u00e9t, majd \u00e1tlagolt\u00e1k az egyes kvintilisek szerepl\u0151inek hitelszpredj\u00e9t, \u00edgy A-t\u00f3l F-ig minden min\u0151s\u00edt\u00e9si szinthez kaptak egy-egy konkr\u00e9t \u00e9rt\u00e9ket. Alacsony sz\u00e1muk miatt az elemz\u00e9sben nem szerepeltek az E min\u0151s\u00edt\u00e9s\u0171 \u00e9s legmagasabb hitelmin\u0151s\u00edt\u00e9s\u0171 kvantilis pap\u00edrjai.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p>A k\u00f6zelm\u00faltban bek\u00f6sz\u00f6nt\u00f6tt piaci volatilit\u00e1s megd\u00f6bbent\u0151 m\u00e9rt\u00e9k\u0171 volt. A piaci v\u00e1ls\u00e1gokra adott term\u00e9szetes reakci\u00f3k\u00e9nt a befektet\u0151k a befektet\u00e9si horizont alacsonyabbra alak\u00edt\u00e1s\u00e1ra \u00e9s a v\u00e1llalati t\u00fal\u00e9l\u00e9s r\u00f6vid t\u00e1v\u00fa k\u00e9rd\u00e9seire \u00f6sszpontos\u00edtanak, \u00e9s h\u00e1tt\u00e9rbe szor\u00edtj\u00e1k a k\u00f6rnyezeti fenntarthat\u00f3s\u00e1got, a r\u00e9szv\u00e9nyesek \u00e9rdekeit \u00e9s a v\u00e1llalati ir\u00e1ny\u00edt\u00e1st \u00e9rint\u0151, hosszabb t\u00e1v\u00fa aggodalmakat.<\/p>\n<p>Azonban ez a r\u00f6vid t\u00e1v\u00fa gondolkod\u00e1s r\u00f6vidl\u00e1t\u00f3nak is mondhat\u00f3. A Fidelity kutat\u00e1sa azt mutatja, hogy ami eleinte v\u00e1logat\u00e1s n\u00e9lk\u00fcli elad\u00e1si hull\u00e1mnak t\u0171nt, az val\u00f3j\u00e1ban nagyon is k\u00fcl\u00f6nbs\u00e9get tett a v\u00e1llalatok k\u00f6z\u00f6tt aszerint, hogy mennyi figyelmet szentelnek az ESG k\u00e9rd\u00e9seinek.<\/p>\n<p>&nbsp;<\/p>\n<p><em>\u201eMindez al\u00e1t\u00e1masztja azt a v\u00e9lem\u00e9ny\u00fcnket, mely szerint az, ha egy v\u00e1llalat odafigyel a fenntarthat\u00f3s\u00e1g k\u00e9rd\u00e9seire, alapvet\u0151en <\/em><em>meghat\u00e1rozza a vezet\u0151s\u00e9ge \u00e9s v\u00e1llalatir\u00e1ny\u00edt\u00e1sa min\u0151s\u00e9g\u00e9t. E k\u00e9t t\u00e9nyez\u0151 a v\u00e1ls\u00e1goknak sikeresebben ellen\u00e1ll\u00f3 v\u00e1llalatokat eredm\u00e9nyez, melyek jobban meg tudj\u00e1k ragadni a k\u00edn\u00e1lkoz\u00f3 lehet\u0151s\u00e9geket, amikor a gazdas\u00e1gi \u00e9let \u00fajb\u00f3l beindul. Elemz\u00e9s\u00fcnk eredm\u00e9nye azt is bizony\u00edtja, hogy az ESG-t nagyon is \u00e9rdemes fontos szempontk\u00e9nt figyelembe venni az akt\u00edv portf\u00f3li\u00f3kezel\u00e9s sor\u00e1n<\/em>\u201d- teszi hozz\u00e1 <strong>Al-Hilal Istv\u00e1n.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Fontos t\u00e1j\u00e9koztat\u00e1s<\/strong><\/p>\n<p>Ezt az anyagot m\u00e9dia\u00fcgyn\u00f6ks\u00e9gk\u00e9nt\/\u00fajs\u00e1g\u00edr\u00f3k\u00e9nt kapta meg. Az anyag kiz\u00e1r\u00f3lag h\u00e1tt\u00e9rinform\u00e1ci\u00f3k\u00e9nt szolg\u00e1l. A tartalom \u00e1t\u00edr\u00e1sa az \u00d6n felel\u0151ss\u00e9ge, hacsak egy\u00e9b meg\u00e1llapod\u00e1s nem t\u00f6rt\u00e9nt.<\/p>\n<p>Ezek az anyagok hivat\u00e1sos befektet\u0151knek sz\u00f3lnak. Mag\u00e1nbefektet\u0151k ne alapozzanak r\u00e1juk befektet\u00e9si d\u00f6nt\u00e9seket.<\/p>\n<p>Ezeket az anyagokat csak t\u00e1j\u00e9koztat\u00e1s c\u00e9lj\u00e1b\u00f3l k\u00f6z\u00f6lj\u00fck, \u00e9s csak a c\u00edmzettk\u00e9nt szerepl\u0151 jogi vagy term\u00e9szetes szem\u00e9lynek sz\u00f3l.<\/p>\n<p>A befektet\u00e9sek \u00e9rt\u00e9ke cs\u00f6kkenhet \u00e9s n\u0151het is, \u00e9s el\u0151fordulhat, hogy a befektet\u0151k nem kapj\u00e1k vissza a teljes befektetett \u00f6sszeget. A m\u00faltbeli teljes\u00edtm\u00e9ny nem jelzi el\u0151re megb\u00edzhat\u00f3an a j\u00f6v\u0151beli hozamokat.<\/p>\n<p>Ezek az anyagok nem sz\u00e1m\u00edtanak hivatalos k\u00f6zlem\u00e9nynek, a Fidelity befektet\u00e9skezel\u00e9si szolg\u00e1ltat\u00e1sainak ig\u00e9nybe v\u00e9tel\u00e9re sz\u00f3l\u00f3 felh\u00edv\u00e1snak vagy aj\u00e1nlatnak, vagy b\u00e1rmely \u00e9rt\u00e9kpap\u00edr vagy befektet\u00e9si term\u00e9k megv\u00e1s\u00e1rl\u00e1s\u00e1ra vagy elad\u00e1s\u00e1ra sz\u00f3l\u00f3 aj\u00e1nlatnak vagy b\u00e1rmely ilyen aj\u00e1nlat elfogad\u00e1s\u00e1ra sz\u00f3l\u00f3 felh\u00edv\u00e1snak.<\/p>\n<p>A Fidelity nem \u00e1ll\u00edtja, hogy a jelen anyag tartalma minden f\u00f6ldrajzi t\u00e9rs\u00e9gben felhaszn\u00e1lhat, vagy hogy az itt t\u00e1rgyalt tranzakci\u00f3k vagy szolg\u00e1ltat\u00e1sok minden joghat\u00f3s\u00e1g vagy orsz\u00e1g ter\u00fclet\u00e9n b\u00e1rmely befektet\u0151 vagy egy\u00e9b f\u00e9l sz\u00e1m\u00e1ra hozz\u00e1f\u00e9rhet\u0151ek, \u00e9rt\u00e9kes\u00edthet\u0151k vagy ig\u00e9nybe vehet\u0151k .<\/p>\n<p>A befektet\u0151k vegy\u00e9k figyelembe, hogy az itt k\u00f6z\u00f6lt n\u00e9zetek esetleg m\u00e1r nem aktu\u00e1lisak, \u00e9s hogy azok alapj\u00e1n a Fidelity esetleg m\u00e1r meghozta a sz\u00fcks\u00e9ges int\u00e9zked\u00e9seket. Az itt k\u00f6z\u00f6lt n\u00e9zetek csak az itt megjel\u00f6lt napon \u00e9rv\u00e9nyesek, \u00e9s el\u0151zetes \u00e9rtes\u00edt\u00e9s n\u00e9lk\u00fcl v\u00e1ltozhatnak.<\/p>\n<p>A jelen anyagot a Fidelity International \u00e1ll\u00edtotta \u00f6ssze, \u00e9s el\u0151zetes enged\u00e9ly n\u00e9lk\u00fcl nem sokszoros\u00edthat\u00f3 \u00e9s terjeszthet\u0151.<\/p>\n<p>A jelen anyag nem az Egyes\u00fclt \u00c1llamokban tart\u00f3zkod\u00f3 szem\u00e9lyeknek sz\u00f3l (akik nem is cselekedhetnek a jelen k\u00f6zlem\u00e9nyben foglaltak alapj\u00e1n), \u00e9s csak az olyan joghat\u00f3s\u00e1gok ter\u00fclet\u00e9n bel\u00fcl tart\u00f3zkod\u00f3 szem\u00e9lyeknek sz\u00e1ntuk, amelyekben az \u00e9rintett alapok forgalmaz\u00e1si enged\u00e9llyel rendelkeznek, vagy ahol ilyen enged\u00e9lyre nincs sz\u00fcks\u00e9g. A Fidelity nem jogosult arra, hogy K\u00edna kontinent\u00e1lis ter\u00fclet\u00e9n befektet\u00e9si alapokat vagy term\u00e9keket kezeljen, illetve forgalmazzon, vagy hogy ott \u00e9l\u0151 szem\u00e9lyeknek befektet\u00e9skezel\u00e9si vagy -tan\u00e1csad\u00e1si szolg\u00e1ltat\u00e1sokat k\u00edn\u00e1ljon.<\/p>\n<p>A jelen anyagban szerepl\u0151 inform\u00e1ci\u00f3kat mindenki saj\u00e1t kezdem\u00e9nyez\u00e9s\u00e9re olvassa el, \u00e9s saj\u00e1t maga felel\u0151s a vonatkoz\u00f3 helyi t\u00f6rv\u00e9nyek \u00e9s jogszab\u00e1lyok betart\u00e1s\u00e1\u00e9rt, \u00e9s ki kell k\u00e9rnie saj\u00e1t befektet\u00e9si tan\u00e1csad\u00f3inak v\u00e9lem\u00e9ny\u00e9t. A jelen anyagban harmadik felekt\u0151l sz\u00e1rmaz\u00f3 tartalom is szerepelhet, mely a Fidelity egyetlen v\u00e1llalat\u00e1val sem kapcsolatban \u00e1ll\u00f3 v\u00e1llalatokt\u00f3l sz\u00e1rmazik (\u201eHarmadik felekt\u0151l sz\u00e1rmaz\u00f3 tartalom\u201d). A Fidelity nem vett r\u00e9szt a Harmadik felekt\u0151l sz\u00e1rmaz\u00f3 tartalom el\u0151k\u00e9sz\u00edt\u00e9s\u00e9ben, elfogad\u00e1s\u00e1ban vagy szerkeszt\u00e9s\u00e9ben, \u00e9s sem kifejezetten, sem hallgat\u00f3lagosan nem aj\u00e1nlja vagy helyesli azt.<\/p>\n<p>A Fidelity International annak a v\u00e1llalatcsoportnak a neve, mely az \u00c9szak-Amerik\u00e1n k\u00edv\u00fcli, meghat\u00e1rozott joghat\u00f3s\u00e1gok ter\u00fclet\u00e9n term\u00e9keket k\u00edn\u00e1l\u00f3 \u00e9s szolg\u00e1ltat\u00e1sokat ny\u00fajt\u00f3 glob\u00e1lis befektet\u00e9skezel\u00e9si szervezetet alkotja. A Fidelity \u00e9s a Fidelity International n\u00e9v, a Fidelity International logo \u00e9s az F embl\u00e9ma a FIL Limited bejegyzett v\u00e9djegyei. A Fidelity csup\u00e1n t\u00e1j\u00e9koztat\u00e1st ny\u00fajt k\u00fcl\u00f6nb\u00f6z\u0151 term\u00e9kekkel \u00e9s szolg\u00e1ltat\u00e1sokkal kapcsolatban, de nem ad befektet\u00e9si tan\u00e1csokat, \u00e9s nem tesz az egy\u00e9ni k\u00f6r\u00fclm\u00e9nyeken alapul\u00f3, szem\u00e9lyre sz\u00f3l\u00f3 javaslatokat.<\/p>\n<p>Eur\u00f3p\u00e1ban kiadja a Financial Conduct Authority \u00e1ltal bejegyzett \u00e9s fel\u00fcgyelt FIL Investments International (FCA regisztr\u00e1ci\u00f3s sz\u00e1ma: 122170), a CSSF (Commission de Surveillance du Secteur Financier) \u00e1ltal bejegyzett \u00e9s fel\u00fcgyelt FIL (Luxembourg) S.A., \u00e9s a FIL Investment Switzerland AG.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>ED20-125 MKAT8616<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A befektet\u0151k egyetlen eszk\u00f6zt sem k\u00edm\u00e9ltek, amikor r\u00e1j\u00f6ttek, hogy milyen s\u00falyos k\u00f6vetkezm\u00e9nyei lesznek a Covid-19 j\u00e1rv\u00e1ny megf\u00e9kez\u00e9s\u00e9hez sz\u00fcks\u00e9ges gazdas\u00e1gi le\u00e1ll\u00e1snak. 2020 febru\u00e1rj\u00e1t\u00f3l m\u00e1rciusig kialakult az USA t\u00f6rt\u00e9net\u00e9nek leggyorsabb medvepiaca, \u00e9s egyben lezajlott a fenntarthat\u00f3 befektet\u00e9s korszak\u00e1nak els\u0151 \u00e1tfog\u00f3 piaci \u00f6sszeoml\u00e1sa, amelynek sor\u00e1n a Fidelity International elemz\u0151i tev\u00e9kenys\u00e9g\u00e9r\u0151l kider\u00fclt, hogy nagykor\u00fav\u00e1 v\u00e1lt.<\/p>\n","protected":false},"author":1001006,"featured_media":103667,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[146,19],"tags":[],"_links":{"self":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts\/125943"}],"collection":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/users\/1001006"}],"replies":[{"embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/comments?post=125943"}],"version-history":[{"count":1,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts\/125943\/revisions"}],"predecessor-version":[{"id":125944,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts\/125943\/revisions\/125944"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/media\/103667"}],"wp:attachment":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/media?parent=125943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/categories?post=125943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/tags?post=125943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}