ESG+C® Factsheet - Q4 2022


Integrating environmental, social and governance (ESG) factors into the investment process has become common over the years, but a crucial and missing component within this is corporate culture. Whilst there is strong evidence showing that ESG leaders outperform their peers, we believe that companies with strong corporate cultures provide an additional driver of outperformance in the long term. This factsheet captures the state of the Mobius Emerging Markets Fund’s portfolio at the end of Q4 2022 across four dimensions: environmental, social, governance, and culture.

Portfolio Highlights

In Q4 2022, we continued to actively engage with our portfolio companies through the use of video conferencing and in-person meetings. The Portfolio Highlights section below displays some of the progress observed during the quarter.


Carbon Disclosure Project Portfolio Company Scores⁴

Portfolio Highlights

  • SINBON introduces Sustainable Carbon Management Platform and Partners with AUO Enviro tech for green transformation.
  • APL Apollo recently announced near and long-term ESG initiatives with the aim to reduce scope 1 and 2emissions per metric ton of production volume by the year 2030.


Top 3 most reported Sustainable Development Goals (SDG)⁶

4. Quality Education
11 out of 13
8. Decent Work & Economic Growth
10 out of 13
9. Industry, Innovation and Infrastructure
9 out of 13

Portfolio Highlights

  • SINBON Electronics was awarded "Learning Superstar" by Commonwealth Learning Center (CWLC) for its effectiveness in promoting internal learning.
  • Vinamilk has been named one of the top 50 sustainable development enterprises in the listed company category for its sustainable development strategy.


Portfolio Highlights

  • EC Healthcare wins “Best in Healthcare Sector” at IR Magazine’s Greater China Awards 2022.
  • eMemory Receives 2022 TSMC OIP Partner of the Year Award for Embedded Memory IP.


Glass Door Portfolio Score


Portfolio Highlights

  • The Glassdoor portfolio score improved from 3.7 to 3.8. This was driven by score improvements of Safaricom, Parade Technologies as well as E Ink Holdings.
  • EPAM was rated as a top employer in several of its locations—including the United States, Germany, Switzerland and Poland—by Glassdoor, Built In, kununu and Great Place to Work.


1. The engagement breakdown is for Q4 2022 and is based on 157 engagements in the fields of environment, social, governance, culture and operations and capital allocation issues.

2. As part of the ESG+C® assessment, four different dimensions are assessed: environmental: entails factors like climate change, natural resources, pollution & waste as well as environmental opportunities; social: refers to factors such as human capital, product liability and social opportunities; governance: refers to the reporting methods, the ownership structure as well as checks and balances; culture: contains factors like the degree of freedom, equality, recruitment, innovation and remuneration.

3. Portfolio companies are assessed on a binary basis whether they do or do not comply with the assessed metric. The number of companies complying with the metric is expressed as a percentage of the portfolio.

4. External CDP Score: The Carbon Disclosure Project increases environmental transparency and accountability of companies and enables progress tracking. The scoring ranges from A, A- to B, B- to C, C- to D, D- and F.

5. Sustainable Development Goals: Out of the 12 portfolio companies reporting on the united nations sustainable development goals, the top 3 goals are selected.

6. The determined company percentages are weighted according to their weight in the portfolio. The weighted average is reported as a percentage of the portfolio.

7. Founder-/Family-owned Companies: Reports the percentage of portfolio companies with the family or founder holding 5% or more.

8. Blockinvestor: Refers to an individual or organization owning a substantial amount of the company’s shares. The hurdle rate is set at 15%.

9. Dedicated Investor Relations Professional: Reports companies as a percentage of the portfolio having appointed an employee responsible for investor relations.

10. External Glassdoor Score: Glassdoor is one of the world’s largest job and recruiting sites providing scores for companies ranging from 0 to 5. The Portfolio score is the average of 22 available scores among the portfolio.

11. Dedicated Sustainability Professional: Reports companies as a percentage of the portfolio having a dedicated employee in charge of the company’s sustainability activities.