ESG Equities Fund – 3rd Quarter 2023 Management Report

In the 3rd Quarter 2023 Management Report, we detail the fund’s performance, which was significantly influenced by the increased risk aversion dynamics observed during the period.

We also take this opportunity to review our rationale for avoiding exposure in our portfolio to the fossil fuel sector, which has shown strong performance this year. We understand that it does not align with our environmental responsibility criteria and that its historical profitability is still supported by the non-pricing of the negative environmental externalities generated by its operations.

This balance seems unstable to us, especially considering the different ways in which society is mobilizing to somehow account for these impacts. We prefer to maintain exposure in our portfolio to companies that are on the other side of this discussion, positioned to capture the positive opportunities that the decarbonization process of the economy can generate.

We remain enthusiastic about the opportunity to generate attractive returns for our clients through investment in companies with socio-environmental responsibility.