Hard blow for “green” financial products, which are increasingly present in the savings offer.
Funds that make their allocations according to environmental, social or governance (ESG) criteria, the big winners of the Covid, have suffered particularly this year.
The war in Ukraine, the surge in the cost of energy and the surge of rate fever have hurt them particularly.
“In such a troubled period, virtue does not necessarily pay off,”
notes Jean-Paul Raymond, director of the analysis company Quantalys.
This is evidenced by the collapse of the Stoxx Europe 600 ESG index (-17%), which excludes the least virtuous European companies (tobacco, coal, armaments, etc.) from its rating, compared to the Stoxx Europe 600 (-10%).
In France, the CAC 40 ESG (-11%) did less well than the CAC 40 (-8%).
ESG funds rely heavily on growth stocks, companies with a bright future, but little or no profitability and above all highly indebted.
“But the outbreak of…
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