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FAANG bets that wiped out ESG returns may bite again in 2023

ESG investors holding on to so-called FAANG stocks with the hope that 2023 will right some of this year’s wrongs may be in for a nasty surprise.

Facebook parent Meta Platforms Inc., Amazon.com Inc., Apple Inc., Netflix Inc. and Google parent Alphabet Inc. dominate some of the biggest ESG funds and are a big reason they’ve underperformed this year. Over the past 12 months, the MSCI World Information Technology Index has slumped about 26%, with Amazon down more than 45% and Meta having lost two-thirds of its value.

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