The writer is vice-chair at Oliver Wyman and former global head of financials research at Morgan Stanley
How can an investor make good returns and avoid pitfalls from the energy transition? This is arguably one of the most important and contentious questions in finance today.
It’s been a rough year for funds that focus on environmental, social and governance factors, or ESG. Adverse politics, performance and product design have all weighed on the sector. Once again, investors have learnt the hard way that investing by acronym is never an enduring way to allocate capital.
Many ESG funds suffered a roughly 3 to 4 percentage point underperformance compared with broad equity markets in 2022, according to Oliver Wyman analysis.
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