“‘These results suggest that innovation-related assets rather that social capital investments offer the greater immunity to sudden, unanticipated market declines,’ the authors wrote.”
(COMMENTARY] I believe I understand the study’s main contention. However, ESG funds generally are full of ‘innovation-related assets.’ Such assets frequently have high ESG ratings too! That’s why the ESG funds outperformed.
Academics Attack ESG for Failure to Outperform During Crisis, by Amy Whyte, August 20, 2020, Institutional Investor, USA.