” are not sustainable. Morningstar, a firm specializing in investment research and management services, recently issued a fascinating report indicating that investments fell by nearly $3 billion over the last quarter.
Investors pulled $2.7 billion from U.S. sustainable funds in 2023′s third quarter, for a total of $14.2 billion over the past year. “For the first time in recent history, sustainable fund departures outpaced arrivals” in the three months September, Chicago-based researcher Alyssa Stankiewicz wrote. Environmental, social and governance mutual funds and other investment products were created as marketing gimmicks – with no real economic basis – so I never expected them to last. But neither did I expect their whimpering demise so quickly. Some of the largest investment firms are shuttering ESG-labeled funds this year, after spending several years trying to capitalize on increasing and widespread interest in social responsibility.
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