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One Fund, Three Names and Lots of Questions for ‘ESG’

From “impact” to “ESG” to “sustainable,” a BlackRock fund rebrands and rebrands again—and millions flow in.

BlackRock headquarters in New York.

BlackRock headquarters in New York.

Photographer: Jeenah Moon/Bloomberg
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The first was billed as an “impact” investment, the second as an “ESG” investment and the third as “sustainable” investment.

In fact, those three BlackRock Inc. mutual funds started out as the same fund—one that was marketed and re-marketed under different names at different times as Wall Street sold the idea of investing with a social purpose.