Some of the world’s most cynical investors may finally be coming around to climate change.
As clients prepare to reward and punish managers on their green credentials, more hedge funds are taking note and taking action — from planting avocado trees to dumping coal assets. It’s been a rapid change of heart: Just over a year ago, fewer than 4 in 10 hedge funds felt that environmental, social and governance factors were becoming more important.
Current leader of the pack is Chris Hohn. When the TCI boss held his annual investor day at the Mandarin Oriental hotel in New York last summer, a clue to the strategic path ahead for the feared activist’s firm was offered by the menu: a feast of vegan treats and not a slice of meat in sight. Paris-based Lyxor Asset Management, which manages almost $188 billion of investments and offers hedge fund strategies, is pulling out of firms that are heavily exposed to thermal coal. So far, it has divested about $385 million. Cliff Asness’ AQR Capital Management runs $10 billion in low-carbon portfolios, while more than 80% of its $186 billion of assets use ESG-related trading signals.
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