The Alken Fund Sustainable Europe (ALCSEU1 LX) is up about 9% in the period, compared with an average drop of roughly 9% among similar funds, according to data compiled by Bloomberg. Aside from defense, which represents about 8% of the portfolio, the fund’s gains were driven by its exposure to energy and raw materials.
London-based Alken, which oversees about EUR 1.5bn, in total, is the latest example of an investment manager offering outsized ESG returns by betting on industries that aren’t generally associated with environmental, social or governance goals.
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