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The drivers of the costs and performance of ESG funds

ISBN: 9789295202559 ;ISBN: 9295202554

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  • Title:
    The drivers of the costs and performance of ESG funds
  • Subjects: financial market ; financial services ; investment company ; investment policy
  • Description: Investment funds that include environmental, social and governance (ESG) features have grown rapidly over the last years. ESMA recently determined that ESG equity undertakings for collective investment in transferable securities (UCITS), excluding exchange-traded funds, were cheaper and better performers in 2019 and 2020 compared to non-ESG peers. The reasons behind this relative cheapness and outperformance of ESG funds are of particular interest. Understanding the cost and performance dynamics may bring insights for the overall fund industry on how to make funds more affordable and profitable for retail investors. This study builds on past analyses by assessing whether portfolio composition can help to understand the cost and performance differentials between ESG and non-ESG funds. It identifies several differences between the two categories of funds, with ESG funds being more oriented toward large caps and developed economies, and it demonstrates that these factors are correlated with lower ongoing costs. However, even after controlling for fund characteristics and differences in portfolio exposures, ESG funds remain statistically cheaper and better performing than non-ESG peers between April 2019 and September 2021. Further research is thus needed to identify the other factors driving these cost and performance differences.
  • Publisher: Luxembourg: Publications Office
  • Creation Date: 2022
  • Language: English
  • Identifier: ISBN: 9789295202559
    ISBN: 9295202554
  • Source: EU BookShop
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