Having been positive in all but two months in the preceding four and half years, it’s clear this is a barren period for the most ESG-conscious portfolios.
Given that assets in Article 9 funds are mostly active, this chimes with the wider slump being felt by active players. However, Article 9 funds had, until recently, proven resilient to outflows experienced across the rest of the European asset management industry.
Flows into passives have not been enough to offset outflows from active and in total €14bn has come out over the past nine months – a period in which passive funds mustered only €2.1bn of incoming capital.