- Associate Director, Sustainable Investment, Client Platform
Asset classes
Singapore, Individual
Change
The views expressed are those of the author at the time of writing. Other teams may hold different views and make different investment decisions. The value of your investment may become worth more or less than at the time of original investment. While any third-party data used is considered reliable, its accuracy is not guaranteed..
In this replay from the impact panel discussion at the Financial Times 2022 Moral Money Summit Asia, Edwina Matthew, Investment Director, Sustainable Investment APAC, discusses impact investing across public, private and emerging markets.
From 20:00: The respective benefits of listed and unlisted market solutions and why there is a compelling case for both.
From 28:00: The implications of investing in emerging versus developed markets.
From 48:00: The critical importance of broader internal education and industry knowledge-sharing.
We believe the scale of the challenges we face requires impact capital to be mobilised across all markets, and we target opportunities across public, private, developed and emerging markets.
Impact investing in public and private markets: similar but with important nuances
Based on our own impact investment experience since 2015, we believe that both public and private markets have an important role to play in portfolios, but there are some nuances to be aware of. Traditionally, investors have been mainly drawn to public markets for scale — including the ability to scale for a given theme, the market liquidity and the greater company transparency. Investors favouring private markets have tended to do so because of the ability to go deeper in targeting specific issues, groups or geographies, often with a focus on localised issues. Recent innovations are, however, blurring those lines. For instance, in labelled bonds, we are now able to acquire much greater transparency on the outcomes, end-beneficiary and location that an issuer is focused on, while the advent of single-theme solutions means that investors can increasingly become more targeted in public markets as well. These positive developments will, in our view, encourage investors to tap into both public and private markets.
We see two important remaining differences:
Additionality: within an impact framework, additionality is the way in which a targeted positive outcome is delivered to ensure it meets an unmet need that cannot be otherwise delivered. In private markets, investors can play a significant role in fostering that additionality, including potentially taking a seat on the board, while in public markets, this is mainly achieved through engagement, which is an area where we take a very active role. As a first step, however, we seek additionality at the investment stage by concentrating on companies that are providing a product or service that can help fulfil an unmet need such as, for example, the provision of financial services to vulnerable and hitherto excluded groups.
Availability and use of data: while public companies are increasingly able to provide data, even if there are still challenges with the accuracy and quality of the data, private companies have fewer data resources at their disposal. We seek to overcome this challenge by undertaking proprietary research and sharing the resulting insights with portfolio companies as well as by fostering greater research collaboration across the industry.
Grassroots research is crucial in emerging markets
While we apply our impact framework across both developed and emerging markets, we find that there is a somewhat different opportunity set in emerging markets. For instance, in the aftermath of the COVID pandemic, we see a real tilt towards connectivity and health care in Asia. At the same time, the situation on the ground can vary greatly across emerging markets and we think grassroots research — including with end-beneficiary — is critical to identify unmet needs and opportunities and to build a robust impact framework to monitor and measure progress towards set financial and impact goals.
Finally, when looking at impact in the context of emerging markets, we believe investors should not overlook the indirect exposure they can gain through developed companies as many of these now have significant revenue exposure to emerging markets. Many of the products or services they provide may still originate in developed economies, but the impact is increasingly delivered in emerging markets.
Further impact education is critical
In our view, this involves greater internal training for stakeholders across the entire value chain but also more effective knowledge sharing among the industry across the E, S and G components.
Expert
Read next
Showing
of
Insights Posts
Article
3 min
The power of Asia’s dividends
Discover Asia’s quality dividend potential. With diverse income sources, structural tailwinds, and governance reforms at play, Asia offers a compelling mix of income, resilience, and long-term growth potential.
3 min
Article
2026-12-31
Article
7 min
Low tide, sharp eyes: What to pick up
Fixed Income Managers Campe Goodman and Rob Burn share their outlook for credit in 2026 and discuss how investors can reposition for an environment where opportunities are harder to find.
7 min
Article
2026-11-03
Article
5 min
Practical portfolio considerations for a new economic age
Solutions Director Andrew Sharp Paul explores practical portfolio considerations for a new economic age, focusing on quality equities, discerning bonds, and local APAC opportunities.
5 min
Article
2026-12-31
Video
3 min
Rapid Fire Questions with Ross Dilkes
In this edition of “Rapid Fire Questions,” fixed income portfolio manager Ross Dilkes shares his views on the Asia credit market—covering the macro outlook, China’s momentum, the most compelling opportunities across the region, and key risks shaping the next 12 months.
3 min
Video
2026-11-29
Video
5 min
Rapid Fire Questions with Philip Brooks on Asian equities
In this edition of “Rapid Fire Questions,” Philip Brooks, investment director and equity strategist, answers key questions on Asian equities—exploring the structural drivers of the asset class, the traits of quality businesses, and the most compelling quality dividend opportunities today.
5 min
Video
2026-11-30
Article
4 min
Is all that glitters still gold?
Gold has delivered impressive gains thus far in 2025, but what does that say about market risks and the recent strong returns of stocks? Multi-Asset Strategist Nanette Abuhoff Jacobson offers her take on the precious metal and the case for diversification in today’s market.
4 min
Article
2026-11-30
Infographic
2 min
Chart in Focus: Is the Fed rate cut positive for risk?
In this edition of Chart in Focus, we examine how the Fed’s long-awaited interest rate cut may influence risk assets.
2 min
Infographic
2026-10-30
Infographic
2 min
Chart in Focus: What do higher long-end yields mean?
Long-end yields have climbed on concerns over structural growth and fiscal expansion. In this edition of Chart in Focus, we explore how shifting yield curves are reshaping opportunities across asset classes.
2 min
Infographic
2026-09-30
Article
4 min
The long-term rewards of a contrarian approach to European equities
Portfolio Manager Tom Horsey and Investment Director Thomas Kramer explain why viewing European equities through a contrarian lens could help investors to uncover long-term opportunities in a rapidly evolving Europe.
4 min
Article
2026-10-31
Infographic
2 min
Chart in Focus: Fed rate cuts resume — What’s next for investors?
In this edition of Chart in Focus, we explore the Fed’s return to rate cuts after a strategic pause. We examine how this move, alongside diverging central banks paths, could shape the outlook for risk assets.
2 min
Infographic
2026-09-30
Video
3 min
Rapid Fire Questions with Tim Manning
In this edition of “Rapid Fire Questions,” equity portfolio manager Tim Manning offers his views on rates, fiscal policy, tariffs, and AI — and shares why he remains constructive on the US equity market.
By
3 min
Video
2026-09-30
URL References
Related Insights
Past results are not necessarily indicative of future results and an investment can lose value. Funds returns are shown net of fees. Source: Wellington Management
© 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The Overall Morningstar Rating for a fund is derived from a weighted average of the three, five, and ten year (if applicable) ratings, based on risk-adjusted return. Past performance is no guarantee of future results.
The content within this page is issued by Wellington Management Singapore Pte Ltd (UEN: 201415544E) (WMS). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. Information contained on this website is provided for information purposes and does not constitute financial advice or recommendation in any security including but not limited to, share in the funds and is prepared without regard to the specific objectives, financial situation or needs of any particular person.
Investment in the funds described on this website carries a substantial degree of risk and places an investor’s capital at risk. The price and value of investments is not guaranteed. The value of the shares of the funds and the income accruing to them, if any, and may fall or rise. An investor may not get back the original amount invested and an investor may lose all of their investment. Investment in the funds described on this website is not suitable for all investors. Investors should read the prospectus and the Product Highlights Sheet of the respective fund and seek financial advice before deciding whether to purchase shares in any fund. Past performance or any economic trends or forecast, are not necessarily indicative of future performance. Some of the funds described on this website may use or invest in financial derivative instruments for portfolio management and hedging purposes. Investments in the funds are subject to investment risks, including the possible loss of the principal amount invested. None of the funds listed on this website guarantees distributions and distributions may fluctuate and may be paid out of capital. Past distributions are not necessarily indicative of future trends, which may be lower. Please note that payment of distributions out of capital effectively amounts to a return or withdrawal of the principal amount invested or of net capital gains attributable to that principal amount. Actual distribution of income, net capital gains and/or capital will be at the manager’s absolute discretion. Payments on dividends may result in a reduction of NAV per share of the funds. The preceding paragraph is only applicable if the fund intends to pay dividends/ distributions. Performance with preliminary charge (sales charge) is calculated on a NAV to NAV basis, net of 5% preliminary charge (initial sales charge). Unless stated otherwise data is as at previous month end.
Subscriptions may only be made on the basis of the latest prospectus and Product Highlights Sheet, and they can be obtained from WMS or fund distributors upon request.
This material may not be reproduced or distributed, in whole or in part, without the express written consent of Wellington Management.
