1 Green, Social and Ethical Funds in Europe 2015 Review November 2015 All rights reserved. Reproduction and dissemination of material in this report for educational or other non-commercial purposes are authorised without any prior written permission from Vigeo provided the source is fully acknowledged. Reproduction of material in this report for resale or other commercial purposes is strictly prohibited without written permission of Vigeo.
2 Table of contents 2. Key findings Analysis Number of SRI funds Assets under management Market share Breakdown by asset class Top performing SRI funds About this report The research Objectives Use of this report Definitions Funds domiciliation and coverage About Vigeo
3 Key findings 3.
4 Socially responsible investing: 2015 key data and trends 4. There were 1,204 SRI retail funds in Europe at the end of June Following a consolidation period ( ), a new impressive growth in the number of SRI retail funds has returned. Also assets under management continued to grow (+7%) and reached almost 136 bn at the end of June This represented 1.7% of the overall retail funds market, a slightly smaller proportion than in 2014 (1.8%). France confirms to be the most dynamic market for SRI retail funds, in terms of AUM growth, while other major countries experienced a decline (Belgium -10%, the United Kingdom -7% and Germany -5%).
5 Analysis 5.
6 Number of SRI retail funds in Europe 6. Source: Vigeo (2015)
7 Number of SRI retail funds per country 7. Source: Vigeo (2015)
8 Number of SRI retail funds in Europe 8. At the end of June 2015, there were 1,204 green, social and ethical funds domiciled in Europe. The market confirms its growth, recording a +26% funds in comparison with France, Belgium, the Netherlands, Switzerland, Germany and the United Kingdom account for 81% of total SRI retail funds. Almost all markets record an increase in number of funds offered: some minor adjustments are present in Belgium (-8%), Germany (-2%) and the United Kingdom (-15%), while a relevant increase takes place in the Netherlands (+108%) and France (+33%). Eastern countries present for the moment only a few number of funds.
9 Assets in the SRI retail funds industry 9. Source: Vigeo (2015)
10 SRI funds assets per country 10. Source: Vigeo (2015) Source: Vigeo (2015)
11 SRI retail funds assets in Europe 11. Source: Vigeo (2015)
12 SRI retail funds assets in Europe 12. SRI retail fund assets under management continued their steady growth: +7% for the second year in a row, reaching almost 136 bn. Trends per country are mixed: France and the Netherlands show a growth (+4% and +7% respectively), while other major countries experienced a decline (Belgium -10%, the United Kingdom -7% and Germany -5%). All small markets gained new assets (Spain +19%, Austria +17%, Italy +2.5%). The four largest markets (France, UK, Switzerland, the Netherlands) confirm their leadership, accounting for 68% of European assets. France was confirmed as the largest European SRI retail market (35% of the total) and is characterised by a high proportion of fixed income funds. The UK remained in second place (15%), outstripping other countries.
13 Share of SRI funds in the European retail funds market 13. Source: Vigeo (2015)
14 Market share of SRI funds in selected countries 14. Source: Vigeo (2015)
15 Market share of SRI retail funds 15. In aggregate, SRI funds represented 1.7% of the overall European retail funds market*, a slightly slower percentage than in 2014 (1.8%). The Netherlands retains the highest country market share for SRI retail funds (16.3%), even if decreasing. This confirms Belgium ranking 2 nd (9.3%) in terms of penetration of SRI funds in the retail funds market. * % of total UCITS assets in Europe cf slide 24
16 SRI retail funds: breakdown by asset class 16. Source: Vigeo (2015)
17 SRI retail funds: breakdown by asset class 17. Equity funds (52% of the total) still outweigh fixed income funds (27%) and balanced funds (21%). However their share has not yet reached again the 2007 record of 67%. The breakdown of SRI funds by asset class varies greatly across Europe: The share of equity component is still prevalent in most countries, except for Austria, Germany, France and Italy, where they weight between 27% and 37% of total SRI assets. Sweden (85%), the UK (76%) and the Netherlands (69%). In figures, equity funds are still the large majority (619 funds out of 1,204).
18 Top performing SRI funds in Europe 18. The next table lists the top 5 funds based on one-year performance and compares funds returns with their peer groups average. The table does not aim to give information about fund managers abilities, as the ranking includes funds investing in different financial instruments/markets whose performances cannot be therefore compared. The table gives a general indication of the best performances achieved by European SRI funds during the last 12 months. By price the Asia Allocation funds classify as the most expensive (TER 3.4% on average), while the GBP Government Bond category emerges as the cheapest (0.14%).
19 Top performing SRI funds in Europe (one-year returns, end of June 2015) 19. Asset Management Company Legal & General Fund Name Country Category FCPE Solidaire Epargne Soliditas FR Eurozone Large-Cap Equity 1y Fund Perf 1y Cat Perf Hixance am Octalfa 360 Enjeux d'avenir C FR Sector Equity Other 29.3 NA Federal Finance Gestion Federal Actions Ethiques I A/I FR France Small/Mid-Cap Equity Storebrand Asset Management AS Delphi Nordic NO Nordic Equity La Française des Placements CMNE Participation Actions Euro FR Eurozone Flex- Cap Equity Source: Vigeo (2015), elaboration on Morningstar data; returns calculated using Euro as base currency.
20 About this report 20.
21 The research 21. Since 1999, this is the 15 th edition of the report Green, social and ethical funds in Europe, a publication that has rapidly become a benchmark in the field of SRI in Europe. This report was prepared in September-November 2015 by in cooperation with Simonetta Bono and Federico Pezzolato put together the data.
22 The objectives of the research 22. The research questions for the report can be summarised as follows: What is the size of the assets under management in green, social and ethical funds in Europe? How many funds are available to the retail market? How much does it cost to invest in these funds? How have they performed relative to their traditional peers? What are the main trends of the industry and what can we expect in the future? The key objectives of this continuous research on SRI funds in Europe are: To provide professionals, the media and the general public with key figures and trends for green, social and ethical funds in Europe To provide high quality services to SRI professionals, CSR managers with companies and financial advisors
23 Use of this report 23. This report is intended to serve the following users: Managers of financial institutions already engaged in socially responsible or ethical investing, Managers of financial institutions that are considering incorporating social screening in their portfolios or launching green or ethical funds, Managers of corporations willing to improve their understanding of trends in socially responsible investing, Policy makers who are interested in identifying appropriate policy instruments to stimulate financial institutions and business managers to address issues related to social responsibility.
24 Definitions 24. The report covers green, social and ethical funds operating in Europe as of June 30, The analysis covers: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Lithuania, the Netherlands, Norway, Poland, Portugal, Slovenia, Spain, Sweden, Switzerland and the United Kingdom. A fund has to meet all these conditions in order to be eligible for the analysis The funds considered in this report: All use ethical, social or environmental screening for stock and bond issuers selection, All are marketed as socially responsible investment products, All are available to the public (retail funds). UCITS is used in the same sense as for The European Fund and Asset Management Association (EFAMA) Statistical Releases: publicly offered openend funds investing in transferable securities and money market funds. However, the data are not fully comparable, as this report includes some life insurances and pension funds complying with our definitions and some of the countries (even if with a marginal weight on the total assets managed in Europe) considered in EFAMA statistics are not considered by this research. Assets under management are as at June 30 th, 2015, as well as exchange rates.
25 Fund domiciliation and coverage 25. When reading this report it is important to consider the method applied for the allocation of products to countries. To avoid double counting, the survey takes into account the country where the asset management firm is based e.g. when a fund is domiciled in Switzerland and also sold in Germany, it is considered to be a Swiss fund. This approach can create a bias when assessing the size of a national market (that does not correspond to the assets managed by domiciled funds). Luxembourg SICAVS have normally been allocated to the country where the parent company of the fund retailer is located. While Vigeo has done its best to cover all the funds in a comprehensive manner, some funds may have been missed. More funds could have been launched since the collation of the information for this report. While there are some limitations in this research, the report and the database provide a reliable picture of the size of the market, of the diverse situation in various European countries, of the approach to fund management, and of the criteria used.
26 Vigeo 26.
27 Vigeo 27. Founded in 2002 and led by Nicole Notat, Vigeo is the leading European expert in evaluating corporate social responsibility through six domains: environment, human rights, human resources, community involvement, business behavior, and corporate governance. Vigeo offers two types of services through two business brands: Vigeo rating the way to responsible investment offers a broad range of products and services to investors and asset managers who seek a sustainable and responsible performance of their investments on more than issuers: companies, regions and states; Vigeo enterprise the way to responsible management works directly with organizations of all sizes from both public and private sectors, conducts global CSR audits and benchmarks, supports teams and integrates CSR/SRI criteria into business functions and strategic operations. Vigeo Rating s research meets high quality standards and has been externally certified to the Arista standard since 2009, a quality standard for SRI research.
28 28. Simonetta Bono Business Development Manager T: M: Federico Pezzolato Senior CSR auditor & consultant T: M: Les informations contenues dans ce document sont strictement confidentielles et ne sauraient être divulguées à des tiers. Toute exploitation sans l'autorisation écrite et préalable de Vigeo des textes, images, graphiques, méthodes et bases de données présentés dans ce document et protégés par les dispositions des Livres I et III du Code de la propriété intellectuelle est sanctionnée civilement et pénalement.
Green, Social and Ethical Funds in Europe 2012 Review December 2012 All rights reserved. Reproduction and dissemination of material in this report for educational or other non-commercial purposes are authorised
Quarterly Statistical Release May 2016, N 65 This release and other statistical releases are available on Efama s website (www.efama.org) Trends in the European Investment Fund Industry in the First Quarter
Quarterly Statistical Release February 2016, N 64 This release and other statistical releases are available on Efama s website (www.efama.org) Trends in the European Investment Fund Industry in the Fourth
Quarterly Statistical Release September 2014, N 58 This release and other statistical releases are available on efama s website (www.efama.org) Trends in the European Investment Fund Industry in the Second
AMADEUS http://amadeus.bvdep.com/ip AMADEUS: Analyse MAjor Databases from EUropean Sources - A financial database of 4 million European companies, including Eastern Europe MODULE. General AMADEUS contains
EBA Report High Earners 2010 and 2011 data High Earners 2010 and 2011 data Contents 1 Introduction 3 2 Template 4 3 2010 data 5 4 2011 data 15 2 Introduction Directive 2010/76/EC (CRDIII) introduced the
Hungary s labour market indicators continue to improve Employment rate higher again in Hungary According to the latest data, the positive trend regarding growth in the number of people in employment has
ALTERNATIVE INVESTMENTS Trends in the market for investments in real estate Grand Hôtel Stockholm 27 April 2016 Stephen Ryan Research Manager 2 INREV European Association for Investors in Non-Listed Real
NOTE: IMMIGRATION TO CANADA 1928-1971 RANK COUNTRY OF ORIGIN TOTALS 1 United Kingdom * 1152415 2 United States of America 527346 3 Italy 471940 4 Germany 370641 5 Netherlands 185664 6 Poland 117244 7 Greece
NEW PASSENGER CAR REGISTRATIONS BY ALTERNATIVE FUEL TYPE IN THE Quarter 4 2015 Alternative fuel vehicle (AFV) registrations: +20.0% in 2015; +21.1% in Q4 In the fourth quarter of 2015, total alternative
BENCHMARKING OF APPROVED HIGHER RATIOS 2014 DATA Benchmarking of approved higher ratios Benchmarking of approved higher ratios under Article 94(1)(g)(ii) of Directive 2013/36/EU 3 Introduction and legal
Employee eligibility to work in the UK This document details legal requirements that apply to ALL new members of staff All employers in the UK are legally bound to comply with the Asylum and Immigration
CEIOPS-DOC-06/05 Rev.1 Report on the Possibility for Insurance Companies to Use Hedge Funds 1 December 2005 1. Introduction The purpose of this survey is to gather information at Community level on the
Asset Management in Europe: Facts and Figures EFAMA s Second Annual Report April 2009 Table of Contents 1 Key Findings... 3 2 Key Figures at end 2007... 4 3 Introduction... 5 3.1 The EFAMA s Annual Asset
ERASMUS+ MASTER LOANS Erasmus+ Master Loan: opening up access to more affordable lending for cross-border studies The Erasmus+ programme makes it possible for students who want to take a full Masters level
Morningstar Research Expenses in Nordic Investment Funds in a European Context Author: Nikolaj Holdt Mikkelsen, CFA Content Executive Summary 3 About the Analysis 5 Definition of Ongoing Charge 7 Characteristics
NASDAQ LadderRite USD Corporate Bond Indexes OVERVIEW NASDAQ LadderRite USD Corporate Bond Indexes are diversified, laddered bond portfolios. Each NASDAQ LadderRite USD Corporate Bond Index tracks a diversified
Insurance corporations and pension funds in OECD countries Massimo COLETTA (Bank of Italy) Belén ZINNI (OECD) UNECE, Expert Group on National Accounts, Geneva - 3 May 2012 Outline Motivations Insurance
FTSE Global Bond Index Series FTSE GLOBAL BOND INDEX SERIES The FTSE Global Bond Index Series is a series of fixed income indices covering the principal government bond markets and selected corporate markets.
Gini Coefficient The Gini Coefficient is a measure of income inequality which is based on data relating to household s disposable income. A Gini Coefficient of zero indicates perfect income equality, whereas
40 THE EUROPEAN INVESTMENT FUND AND THE EVIDENCE OF THE UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS) MARKET Prof. Ioan TRENCA, PhD Junior Assist. Cristina CURUŢIU University
54/2012-4 April 2012 February 2012 compared with January 2012 Volume of retail trade down by 0.1% in euro area Down by 0.4% in EU27 In February 2012 compared with January 2012, the volume of retail trade
IAB Europe AdEx Benchmark 2014 Daniel Knapp, IHS Eleni Marouli, IHS About the study A meta analysis of online ad spend in Europe GROSS NET RATECARD Revenue Billed Revenue Billed No Agency commissions Campaigns
Exercise 39 The Euro At the end of this exercise you will: Know how the Euro was named Know the countries using the Euro Be able to name all the Euro notes Be able to name all the Euro coins Be able to
Future of European Consumer Finance A joint Eurofinas Roland Berger Survey Highlights of 1st Edition Cascais 15 October 2015 118 companies participated to the first Eurofinas - Roland Berger Survey - representing
Q&A for changes to Vanguard s Ireland-domiciled fund range As we broaden our presence in Europe, we are able to enhance our product suite by reducing costs and introducing a new share class structure designed
Right to Work in the UK Guidance Notes: Sections 15-25 of the Immigration, Asylum and Nationality Act 2006 requires all employers in the United Kingdom (UK) to make basic document checks on every person
OEE Observatoire de l'epargne Européenne ZEW Zentrum für Europäische Wirtschaftsforschung GmbH Current Trends in the European Asset Management Industry Lot 1 Service Contract ETD/2005/IM/G4/97 Report Zentrum
Funding Measures CMB Issuance in Hungary Presentation by Rita Mayer, Director FHB Land Credit and Mortgage Bank 5 December 2002 Content I. Introduction II. Mortgage Banking in Hungary III. The Hungarian
Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000
4 Distribution of Income and Wealth 53 54 Indicator 4.1 Income per capita in the EU Indicator defined National income (GDP) in per capita (per head of population) terms expressed in Euro and adjusted for
Letter prices in Europe Up-to-date international letter price survey April 2015 14th edition 1 Summary This is the fourteenth time Deutsche Post has carried out a study, drawing a comparison between letter
13 th Economic Trends Survey 13 th Economic Trends Survey of the Architects Council of Europe 13 th Economic Trends Survey Breakdown of responses COUNTRY ANSWERS France 1464 Belgium 399 Spain 365 Italy
ASSET MANAGEMENT SURVEY 214-15 INDUSTRY OVERVIEW Asset Management in the UK 214-215 The Investment Association Annual Survey SUMMARY September 215 i THE INVESTMENT ASSOCIATION CONTENT ENQUIRIES Ruth Meade,
The Legal Protection Insurance Market in Europe October 2013 The Legal Protection Insurance Market in Europe October 2013 In its latest publication RIAD, the International Association of Legal Protection
EUROPEAN SEMESTER THEMATIC FICHE SMALL AND MEDIUM-SIZED ENTERPRISES' ACCESS TO FINANCE Thematic fiches are supporting background documents prepared by the services of the Commission in the context of the
Luxembourg s role in the global fund market February 2012 Agenda 1. Introduction : Global Fund Market 2. Cross-border distribution trends 3. Main fund domiciles Introduction: Global Fund Market Evolution
Use of the BIS international banking statistics FSB Data Gaps Workshop Basel 2-3 May 2012 Patrick McGuire Monetary and Economics Department Bank for International Settlements 1 Primary uses of BIS data
Sky Europe The Ipsos Affluent Survey: Europe The Ipsos Affluent Survey: Europe what is it? The Ipsos Affluent Survey: Europe (formerly called the EMS ) is a survey of the most affluent people within Europe.
Registered country information Vanguard Investment Series plc and Vanguard Funds plc The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.
July 2015 As of the end of June 2015 over 62% of the weight of the world stock market capitalization consisted of non-u.s. companies. The largest companies in many industries are in fact internationally
The Mutual Fund Industry Worldwide: Explicit and Closet Indexing, Fees, and Performance Martijn Cremers, Miguel Ferreira, Pedro Matos and Laura Starks 1 The value of active management Academic evidence
92/2015-27 May 2015 Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU In the European Union (EU), household electricity prices 1 rose by
Projected Population of Scotland (2008-based) Figures Contents Figure 1 Estimated population of Scotland, actual and projected, 1951-2083 Figure 2 Births and deaths, actual and projected, Scotland, 1951-2033
PRESS RELEASE Frankfurt, May 2007 DWS Analysis of international mutual fund markets in year 2006 1 : Worldwide fund assets reach record volume of euro 15.8 trillion Positive market environment and ongoing
TURNOVER OF FOREIGN EXCHANGE AND DERIVATIVES MARKET IN HONG KONG Hong Kong retained its seventh position in the global foreign exchange market and eighth position taking into account over-the-counter (OTC)
The European Bakery Products Market - 2nd Edition As a well established and staple product sector, it would appear that there is little scope for growth within the European bakery products market. While
An Introduction to FleetCor Technologies A Leading Global Provider of Fleet Cards and Specialty Payments to Businesses March 2012 Safe Harbor Provision This presentation contains statements that express
Leading Macroeconomic Indicators: International Experience in Calculating & Using these Indicators Presentation for the Economic Committee of the National Assembly Hanoi, August 15, 2012 Sanjay Kalra IMF
Ad-Hoc Query on residence permits cards and stickers Requested by SE EMN NCP on 9 th April 2014 Compilation produced on 2 nd June 2014 Responses from Austria, Belgium, Bulgaria, Czech Republic, Estonia,
Analysis of statistics 215 January 216 ECHR Analysis of Statistics 215 Table of Contents Overview of the Court s statistics in 215... 4 A. Number of new applications... 4 B. Applications disposed of judicially
THE FUTURE OF THE EUROPEAN INJECTION MOULDING INDUSTRY Published: January 2006 A multiclient proposal from AMI Consulting M082: The Future of the European Injection Moulding Industry 1 TABLE OF CONTENTS
Price Research, Price Differences in Europe Products of H&M, Zara, C&A and Body Shop May 2009 Executed by the European Consumer Centres Network (ECC-Net) Introduction The European Consumer Centre Network
ERASMUS+ MASTER LOANS Erasmus+ Master Loan: opening up access to more affordable lending for cross-border studies The Erasmus+ programme makes it possible for students who want to take a full Master's-level
May 2009 Retirement Income/Annuities Around the World What US Policy Makers Might Learn Barbara Marder, Baltimore Global Defined Contribution Consulting Leader www.mercer.com 1 Comparison of annuity markets
THOMSON REUTERS LIPPER EUROPEAN FUND FLOWS REPORT: SEPTEMBER 2015 Please attribute the content to Detlef Glow, Lipper s head of EMEA research and the author of this report. Date of issue: October 19, 2015
PATIENTS W.A.I.T. INDICATOR 2010 Report based on EFPIA s database (first EU marketing authorisation in the period 2007-09) EXECUTIVE SUMMARY The Patients W.A.I.T. Indicator shows, for new medicines with
DSF POLICY BRIEFS No. 34/ September 2014 New Evidence on the Home Bias in European Investment Dirk Schoenmaker, Duisenberg school of finance Chiel Soeter, Duisenberg school of finance Abstract The introduction
6 Social Welfare Payments Indicator 6.1 Indicator 6.2 Unemployment Benefits Compared to Earnings (OECD countries) Unemployment Benefits Compared to Earnings in the Republic of Ireland and the United Kingdom
LATVIA S PENSION SYSTEM: CURRENT SITUATION AND FUTURE PROSPECTS Monika Queisser Directorate for Employment, Labour and Social Affairs, OECD Demographic challenges Major demographic trends in Latvia Declining
The Community Innovation Survey 2010 (CIS 2010) THE HARMONISED SURVEY QUESTIONNAIRE The Community Innovation Survey 2010 FINAL VERSION July 9, 2010 This survey collects information on your enterprise s
CEE Insurance the story of uneven recovery May 2014 Andreea Moraru, Senior Banker, EBRD Table of content 1. EBRD Mission and Operations 2. Insurance and Financial Services at EBRD 3. Prospects and Challenges
IAB Adex Benchmark 2012 Daniel Knapp, IHS Electronics & Media ABOUT THE STUDY 2 3 A meta-analysis of online ad spend in Europe GROSS NET RATECARD Revenue Billed Revenue Billed No Agency commissions Campaigns
EUROPEAN UNION Past trends The total fertility rate in the 15 countries that presently constitute the European Union was on a rising curve until 196-65, when it attained 2.69 births per woman. Since 1995,
Patents and prior art searches Politecnico di Torino Ing. Marco CAMOLESE Turin, 12 March 2014 Ing. Marco Camolese Italian and European Qualified Patent Attorney Italian and European Trademark and Design
Brochure More information from http://www.researchandmarkets.com/reports/2876228/ Electricity, Gas and Water: The European Market Report 2014 Description: The combined European annual demand for electricity,
Employment by Economic Activity Short Term Indicators of the Labour Market Employment Trends through 2nd Quarter 2013 Department of Statistics Contents Methodological Note 2 Summary of Employment Trends
Expenditure and Outputs in the Irish Health System: A Cross Country Comparison Paul Redmond Overview This document analyzes expenditure and outputs in the Irish health system and compares Ireland to other
Eurobarometer INNOBAROMETER 2015 - THE INNOVATION TRENDS AT EU ENTERPRISES REPORT Fieldwork: February 2015 Publication: September 2015 This survey has been requested by the European Commission, Directorate-General
47 th Census of World Casting Production Dividing Up The Global Market Annual global casting production has shown continued growth since exceeding prerecession levels in 2011. a modern casting staff report
MEMO/07/586 Brussels, 14 December 2007 The European Research Council awards its first grants The ERC is a major innovation within the European research system, and is established under the European Union
DG TAXUD 95/2010-28 June 2010 Taxation trends in the European Union EU27 tax ratio fell to 39.3% of GDP in 2008 Steady decline in top corporate income tax rate since 2000 The overall tax-to-gdp ratio 1
Flash Eurobarometer THE ROLE OF PUBLIC SUPPORT IN THE COMMERCIALISATION OF INNOVATIONS REPORT Fieldwork: January February 2014 Publication: May 2014 This survey has been requested by the European Commission,
EUROPEAN COMMISSION MEMO Brussels, 12 November 2014 SMEs access to finance survey 2014 This memo outlines the results of a survey undertaken by the European Commission to provide policy makers with evidence
Determining OAS and GIS eligibility for people who come to Canada as adults 2OAS and GIS eligibility Determining OAS and GIS eligibility for people who come to Canada as adults Are you close to age 65,
Bankruptcy Systems and In-court Reorganisation of Firms, 2010 Content: 1. Perception of the Bancruptcy System... 2 2. Perception of In-court Reorganisation... 4 3. Perception of Creditor Committees, Fast