ESG & Investing
Top ESG Fund Manager Trounces Peers by Hoarding ‘Unloved’ Assets
- Conoco, Valero, Exxon rank as the fund’s biggest investments
- The stocks are ‘a bit controversial’ from an ESG standpoint
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One of this year’s top-performing managers of so-called sustainable funds has relied on assets that aren’t normally associated with environmental, social and governance investing, in a strategy that’s ended up trouncing his peers.
The Eurizon Azioni Energie E Materie Prime (ticker CARENMP@IM) booked a return of 15.7% this year as of Friday, according to data compiled by Bloomberg. Its main holding is ConocoPhillips, followed by Valero Energy Corp. and Exxon Mobil Corp. The three fossil-fuel stocks top a portfolio dominated by energy and raw materials. The Eurizon fund markets itself as a so-called Article 8 product within the EU’s Sustainable Finance Disclosure Regulation, meaning it “promotes” sustainability.