Sustainable funds close November with $312.5 billion in assets under management, adding $8.7 billion due to market movement and repurposed/reclassified funds[1]
The net assets of the universe of sustainable funds registered a month-over-month increase to offset some of last month’s decline. The 1,130 sustainable funds ended the month of November with $312.5 billion in net assets under management versus an adjusted $303.8 billion at the end of October. The month-over-month increase is attributable to market movement, estimated to account for $6.6 billion, or an increase of 2.2%, and almost 76% of the net increase for the month. Another $1.7 billion, or 19.5% of the increase, is attributable to repurposed funds, including reclassified funds, involving Wells Fargo and Bridgeway. Finally, only an estimated $482.3 million, or 0.16% relative to October and 5.5% of the November increase, is attributable to net new money. Refer to Chart 1.
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[1] Franklin funds and 3 Hartford ETFs are excluded (TNA=$2,537.0 million) as offering documents do not explicitly reference adoption of sustainable strategies.
[2] BlackRock and iShares, Hartford funds and ETFs and TIAA and Nuveen are each combined into a single fund group; Franklin funds are excluded.