Responsible Investing

Asset managers quietly add ‘ESG’ to portfolios of defense stocks

In the world’s biggest ESG fund class, portfolio managers are getting more comfortable with holding military assets against a backdrop of mounting political pressure and industry profits.
“I have no problem with people investing in weapons companies or stock, but don’t do it under the sort of umbrella of ESG or sustainability, because it’s not. These are products that kill people," says Sasja Beslik, chief investment strategy officer at SDG Impact Japan. | Photo: Jakob Melgaard / Pfa
“I have no problem with people investing in weapons companies or stock, but don’t do it under the sort of umbrella of ESG or sustainability, because it’s not. These are products that kill people," says Sasja Beslik, chief investment strategy officer at SDG Impact Japan. | Photo: Jakob Melgaard / Pfa
By Frances Schwartzkopff, Natasha White and Natalia Drozdiak / Bloomberg

At the end of the third quarter, 1,238 funds claiming to “promote” environmental, social and good governance goals held stocks in the industry classification code Aerospace & Defense, according to Morningstar Inc. data. 

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