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Five perspectives on ESG in bond investing
Sarah Leshner Carvalho
Fixed Income Investment Analyst
Denis Tolkachev
Fixed Income Investment Analyst
Kirstie Spence
Portfolio Manager
Danny Jacobs
Fixed Income Investment Analyst
Mandeep Saini
Fixed Income Investment Analyst

Shining a light on ESG in bond investing


Equity investors often take the spotlight when it comes to discussing and considering environmental, social and governance-related (ESG) developments. An ownership stake often fuels interest in the company’s strategic plans, while proxy voting confers the opportunity to vote on key decisions.


What is not so widely discussed is that, as lenders, bond investors can also have distinctive and insightful perspectives on ESG. Furthermore, bond investors operate in an investment universe that includes types of issuers that don’t exist for investors in public equities, such as privately held firms and governments.


Against this backdrop, five of our fixed income investment professionals share their experiences of considering and discussing material ESG matters with issuers.


From emissions disclosures to employee safety and the potential financial benefits of good governance, these five perspectives shine a light on how ESG integration can shape long-term investment thinking.



Sarah Leshner Carvalho is a fixed income investment analyst at Capital Group with research responsibility for Latin American non-financial corporates. She has 16 years of investment industry experience and has been with Capital Group for four years. She holds an MBA from the Wharton School and an MA in international studies from the University of Pennsylvania. She holds a bachelor's degree in psychology, also from the University of Pennsylvania. Sarah is based in New York.

Denis Tolkachev is a fixed income investment analyst at Capital Group with research responsibility for oilfield services, the exploration and production sector, environmental companies, construction machinery and paper & packaging. He has 13 years of investment industry experience and has been with Capital Group for seven years. Earlier in his career at Capital, he also covered energy, auto suppliers and truck manufacturing. He holds an MBA from Columbia Business School and a bachelor’s degree in finance and accounting from Ohio State University. Denis is based in New York.

Kirstie Spence is a fixed income portfolio manager at Capital Group. She has 27 years of investment industry experience, all with Capital Group. She holds a master’s degree with honours in German and international relations from the University of St. Andrews, Scotland. Kirstie is based in London.

Danny Jacobs  has research responsibility for autos and European insurers. He has 14 years of industry experience and has been with Capital Group for eight years. He holds a bachelor’s degree in economics and finance from the University of York. He also holds the Chartered Financial Analyst® designation. Danny is based in London.

Mandeep Saini is a fixed income investment analyst at Capital Group with research responsibility for investment-grade chemicals, U.S. insurance, diversified manufacturing and aerospace. He has 20 years of investment experience and has been with Capital Group for seven years. Earlier in his career at Capital, he also covered paper & packaging and construction machinery. He holds an MBA from the Stern School of Business at New York University and a bachelor’s degree in economics from Rutgers College, graduating summa cum laude. Mandeep is based in New York.


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Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates. All information is as at the date indicated unless otherwise stated. Some information may have been obtained from third parties, and as such the reliability of that information is not guaranteed.

Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.