the staff of the Ridgewood blog
Ridgewood NJ, several decades of stock market evidence that social-investment funds typically underperform the market.
ESG funds are portfolios of equities and/or bonds for which environmental, social and governance factors have been integrated into the investment process.
The NJ State Investment Council (SIC), which oversees the Division of Investment, adopted its Environmental, Social and Governance (ESG) Policy in 2018. The policy recognizes that material ESG factors are an important component of a comprehensive investment management strategy, and an analysis of these factors should be applied by the Division in connection with the investment and evaluation of the Pension Fund’s assets.
In fact most large ESG funds trail market benchmark.
According to the analysis:
The 10 largest ESG funds by assets have all posted double-digit losses, with eight of them falling even more than the S&P 500’s 14.8% decline. The laggards include BlackRock Inc.’s $20.7 billion iShares ESG Aware MSCI USA exchange-traded fund (ESGU) and Vanguard Group’s $5.9 billion ESG US Stock ETF (ESGV).
It’s obvious why these ESG funds have lost so much money this year. They have steered clear of investing in fossil fuels – companies like Exxon and ConocoPhillips – at the very time these traditional oil and gas stocks have soared in value.
When BlackRock CEO Larry Fink has been asked why he is putting politics ahead of his fiduciary duty to his investors, he has indignantly replied that “ESG investing yields higher returns” .
North Carolina’s state treasurer has called for the ouster of BlackRock BLK +0.50% CEO Larry Fink over the asset manager’s stance on environmental, social, and governance investing. Florida Governor Ron DeSantis banned state pension funds from screening for ESG risks. Texas is seeking to isolate financial firms it says are hostile toward the fossil-fuel industry.
Not usually and especially not in 2022. ESG merely puts the political biases of the big fund managers above the financial returns of the investors.
One of the worst-performing WSG funds has been Vanguard. They just announced this week they are getting out of the ESG business.
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my energy fund at vanguard has performed well
go woke… go broke
How much money does the village have invested.
We wonder how much cash they have on hand just in case of an emergency. Anyone know???
ESG oriented ‘investing’? Is it really investing? If it is, it is NOT for public retirement funds.
The NJ State Investment Council (SIC), which oversees the Division of Investment, adopted its Environmental, Social and Governance (ESG) Policy in 2018. The policy recognizes that material ESG factors are an important component of a comprehensive investment management strategy, and an analysis of these factors should be applied by the Division in connection with the investment and evaluation of the Pension Fund’s assets.
this quote is right from the The NJ State Investment Council , they oversee the pension funds in NJ
It’s just another way for unelected billionaires to try and make an end run around democratic mechanisms for their goal of neo-feudalism.
Doesn’t sound very business-friendly of you.
If you voted for a democrat they promote esg, voters get what they deserve
Lmao 100
jokes on you
you voted for all these idiots , man up now you going to lose your pension
Based blog owner. Subbed
try English
How are all of these ESG funds not prosecuted for failing to act in a way to maximize shareholder profit (see eBay v. Newmark) ?