American investors are growing less enamored with investment funds that market themselves as focused on environmental, social, and governance (ESG) goals.
21 Apr 2023
American investors are growing less enamored with investment funds that market themselves as focused on environmental, social, and governance goals. A report on Friday from analysts at Bank of America said that although ESG equity funds outperformed their benchmarks in the first three months of the year, in part because of the surge in tech stocks, March saw the largest outflows on record since 2015. Some $14 billion flowed out of ESG funds.“Waning interest in ESG amid political friction, and a shift to more defensive strategies ahead of an expected recession are likely drivers,” the bank said in a note to clients.
Global ESG stock funds saw outflows of around $11 billion in March, the first global decline of the year. Year-to-date the ESG funds have added around $7.7 billion.
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