| Sažetak | Okolišno, društveno i upravljačko ulaganje (eng. environmental, social, and corporate
governance, ESG) relativno je nov pojam na tržištima kapitala, a intenzivnu pažnju dobiva tek
nedavno, kada sve veći broj ljudi od svojih investicija ne očekuje samo profit već i da čine
dobrobit čovječanstvu. Obzirom da je održivo ulaganje još područje u razvoju, različiti pojmovi
unutar ovog područja često se koriste u istom kontekstu, što može dovesti do konfuzije pri
razumijevanju istih. Cilj je rada razjasniti ključne pojmove te utvrditi jesu li ESG fondovi
predvodnici održivog ulaganja s obzirom na ostale fondove unutar skupine održivog ulaganja.
Podaci su prikupljeni s internet stranica kompanija koje se bave upravljanjem investicijama –
BlackRock, Vanguard i Fidelity, te sa servisa Yahoo Finance i Financial Times. Za potrebe
istraživanja kreiran je model klasifikacije održivih fondova na ESG fondove, društveno
odgovorne fondove (eng. socially responsible investment, SRI) i fondove s širokim utjecajem
(eng. impact, IMP) kako bi se isti mogli uspoređivati unutar nadređene skupine održivog
ulaganja. U istraživanje je uključeno 70 održivih fondova, od čega je 36 ESG fondova, 14 SRI
fondova i 20 fondova s utjecajem. Uzorak pokriva razdoblje od 2017. do 2021. godine. U
promatranom razdoblju najveće prinose ostvarili su ESG fondovi s prosječnim godišnjim
prinosom od 16,07%, a najmanje IMP s prosječnim godišnjim prinosom od 13,59%. Nadalje,
najveću standardnu devijaciju imaju IMP fondovi (21,37%), a najmanju SRI (18,30%). ESG
fondovi iskazuju najbolje rezultate, ali očit je problem manipulativnog zelenog marketinga
(eng. greenwashing). Promatrajući Sharpeov omjer ESG fondovi se čine kao predvodnici
održivog ulaganja, no upitni su smisao i cilj ulaganja ovih fondova, jer oni u konačnici dovode
do odluke u koji tip fonda će osoba investirati. |
| Sažetak (engleski) | Environmental, social, and corporate governance (ESG) investment is a relatively new term in
the capital markets, and it has recently received intensive attention when an increasing number
of people expect not only to profit from their investments, but also to make the welfare of
mankind. Considering that sustainable investing is still a developing field, different terms
within this field are often used in the same context, which can lead to confusion when
understanding them. This paper aims to clarify the key concepts and determine whether ESG
funds are the leaders of sustainable investing with regard to other sustainable investing funds.
The data was collected from the websites of investment management companies - BlackRock,
Vanguard and Fidelity, as well as from Yahoo Finance and Financial Times services. For
research purposes, a classification model of sustainable funds into ESG funds, socially
responsible funds (SRI), and impact funds (IMP) was created to compare them within the group.
70 sustainable funds were included in the research, 36 are ESG funds, 14 are SRI funds and 20
are impact funds. The sample covers the period from 2017 to 2021. In the observed period, the
highest returns were achieved by ESG funds with an average annual return of 16.07%, and the
least by IMPs with an average annual return of 13.59%. Furthermore, IMP funds have the
highest standard deviation (21.37%), while SRI has the lowest (18.30%). ESG funds show the
best results, but the greenwashing problem is obvious. Looking at the Sharpe ratio, ESG funds
appear to be the leaders of sustainable investment, but the meaning and goal of these funds are
questionable, as they ultimately lead to the decision in which type of fund to invest. |
