ESG+C® Factsheet - Q2 2023


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 Q2 2023 across four dimensions: environmental, social, governance, and culture.

Portfolio Highlights

In Q2 2023, 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

  • Vinamilk became the first dairy company to join Vietnam’s commitment to net zero emissions by 2050. Two units have already achieved net zero emissions.


Top 3 most reported Sustainable Development Goals (SDG)⁶

3. Good Health And Well-Being
13 out of 16
8. Decent Work & Economic Growth
11 out of 16
4. Quality Education
11 out of 16

Portfolio Highlights

  • Hitit realised its social responsibility project “Rackets Up” in the field of sports with children affected by the earthquake in Kahramanmaraş.
  • Park Systems opened its new Application Center for Advanced Nano Science Research in Shanghai.


Portfolio Highlights

  • Mavi appointed a female independent board member, who previously served as chief marketing officer for Arcelik.
  • Persistent Systems appointed an independent board member. Dr. Ranade is a Vice-Chancellor and a former member of the Board of Management at the Gokhale Institute of Politics and Economics.


Glass Door Portfolio Score


Portfolio Highlights

  • EPAM Systems was recognised among Newsweek's list of Top 100 Most Loved Workplaces for the third consecutive year.
  • Hitit was honored with a Special Jury Award at IATA's Diversity and Inclusion Awards.


1. The engagement breakdown is for Q2 2023 and is based on 169 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 CarbonDisclosure 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 13 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 RelationsProfessional: 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 of22 available scores among the portfolio.

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