摩根士丹利 2025年下半年可持续基金报告Sustainable Reality Positive returns offset outflows during 2H 2025

Morganstanley

INSTITUTEFORSUSTAINABLEINVESTING

SustainableReality

Positivereturnsoffsetoutflowsduring2H2025

AUM

FLOWS

PERFORMANCE

RESTRICTIONSCREENING

TRENDSINPRIVATEMARKETS

METHODOLOGYANDDISCLOSURES

KeytakeawaysforFY2025

AUMinSustainablefundsroseto$4.13trillion

Sustainablefunds’assetsundermanagement(AUM)reachedanewglobalhighof$4.13

trillionattheendofDecember2025,+4.0%fromJune2025,accordingtoMorningstardata.However,Sustainablefundsnow

onlyrepresent6.5%oftotalAUM,downfrom6.8%inJune2025andbelowthepeakof

7.2%inJune2023.

OutflowsfromSustainablefunds,Traditionalfundssawinflows

Inthesecondhalfof2025,Sustainablefundssawoutflowsof-$86.4billion,or-2.4%of

prioryear-endAUM,morethanoffsetting

inflowsfromthefirsthalf.Europe-domiciled

Sustainablefundssawoutflowsin2H2025

forthefirsttime,at-$76.4billion,mostly

drivenbyassetsbeingreallocatedfrompooledsustainabilityfundstobespokesustainabilitymandateswhicharenotcoveredinthe

Morningstardatabase.However,evenasidefromthis,Sustainablefundsstillrecorded

smalloutflowsinthesecondhalf.Incontrast,Traditionalfundssawconsistentinflows

throughouttheyear,with2H2025flowstotalling+2.3%ofprioryear-endAUM.

Sustainablereturnsslightly

belowTraditionalpeers,drivenbygeographicexposure

In2H2025,Sustainablefundsrecorded

medianreturnsof+5.3%,justbehind

Traditionalpeersat+5.5%.Sustainablefundsoutperformedinmostinvestmentareas,butthegroupisrelativelymoreexposedtoGlobalandEuropeinvestmentareasthanTraditionalpeers,andthesegeographiessawweaker

returnsintheperiod.However,Sustainablefundscontinuedtoprovidemodestlymoredownsideprotection,with89%offunds

deliveringpositivereturnsin2H2025

comparedto84%ofTraditionalfunds.

MORGANSTANLEYINSTITUTEFORSUSTAINABLEINVESTING|2026|SUSTAINABLEREALITY:2H20252

MORGANSTANLEYINSTITUTEFORSUSTAINABLEINVESTING|2026|SUSTAINABLEREALITY:2H20253

AUM

FLOWS

PERFORMANCE

RESTRICTIONSCREENING

TRENDSINPRIVATEMARKETS

METHODOLOGYANDDISCLOSURES

AbouttheSustainableRealitySeries

TRACKINGAUM,FLOWSANDPERFORMANCEFORSUSTAINABLEFUNDS

SustainableRealityisalong-runningseriesfromMorganStanley’sInstituteforSustainableInvesting.ItusesMorningstardatatotrackAUM,flowsandperformanceforSustainablefundsincomparisontoTraditionalfundsacrossauniverseof110,000globalfunds.

Forthefirsttime,SustainableRealityalsoincludessomedataonprivatemarketstocomplementtheexistinganalysis.ThisusesPitchBookdatatotrackAUMandfundraisingactivityforImpactfunds.

MEDIANRETURNS

Werefertomedianreturns,

bothbecauseoftheverywiderangeofpotentialoutcomescommonforinvestment

funds,butalsotoreflectthelikelihoodofanindividual

investorselectingafundthatachievesthereturn.ReturnsareshowninUSDterms.

PRIVATEMARKETSDATA

PitchBookidentifiesover

5,000privatemarketfundswhichitsanalystsviewasmakingImpactinvestments.

TERMINOLOGY

“Sustainable”and“Traditional”useMorningstar’sdefinitions.

METHODOLOGY

Forthefull

methodology

,seepage20.

CONTACTUS

Foranyquestionsrelatedtothereport,pleasereachouttotheInstituteforSustainableInvestingteamat

globalsustainability@

.

Togetinsightslikethisreportdeliveredtoyourinbox,subscribetotheInstituteforSustainableInvesting’snewsletter.

SIGNUP

MORGANSTANLEYINSTITUTEFORSUSTAINABLEINVESTING|2026|SUSTAINABLEREALITY:2H20254

AUM

FLOWS

PERFORMANCE

RESTRICTIONSCREENING

TRENDSINPRIVATEMARKETS

METHODOLOGYANDDISCLOSURES

TABLEOFCONTENTS

AUM5

Flows

6

Performance

9

RestrictionScreening

16

TrendsinPrivateMarkets

18

MethodologyandDisclosures

20

MORGANSTANLEYINSTITUTEFORSUSTAINABLEINVESTING|2026|SUSTAINABLEREALITY:2H20255

AUM

FLOWS

PERFORMANCE

RESTRICTIONSCREENING

TRENDSINPRIVATEMARKETS

METHODOLOGYANDDISCLOSURES

AUMinSustainablefundsgrewto$4.13trillion

AUMinSustainablefundsgrewtoarecordhighof$4.13trillionbytheendofDecember2025,+4.0%fromJune2025and+16.3%year-over-year.Thisrepresents6.5%oftotalAUM,downfrom6.8%attheendofJune2025.*TheongoingdeclineasaproportionoftotalAUMismainlydrivenbystrongernetinflowsintotheTraditionalfunduniverse.

7.2%

6.5%

Jun’19Dec’19Jun’20Dec’20Jun’21Dec’21Jun’22Dec’22Jun’23Dec’23Jun’24Dec’24Jun’25Dec’25

6.0%

4.0%

2.0%

0.0%

5.0

4.0

3.0

2.0

1.0

0

SustainableAUMSustainableas%oftotal

SustainableAUM,USDtrn

Source:MorganStanleyInstituteforSustainableInvestinganalysisofMorningstardataasofFebruary5,2026.Notethatalldatapointsarerestatedbasedonthecurrentperiodclassification,whichcanresultinsmallchangestopriorperiodnumbers.

*TheSeptember2025editionofSustainableRealityputSustainablefundAUMat$3.92trillion,6.7%ofprioryear-endAUM.

MORGANSTANLEYINSTITUTEFORSUSTAINABLEINVESTING|2026|SUSTAINABLEREALITY:2H20256

AUM

FLOWS

PERFORMANCE

RESTRICTIONSCREENING

TRENDSINPRIVATEMARKETS

METHODOLOGYANDDISCLOSURES

Sustainablefundssawoutflowsin2H2025,trackingbehindTraditionalpeers

In2H2025,Sustainablefundssawoutflowsof-$86.4billion,or-2.4%ofprioryear-endAUM,morethanoffsettingfirsthalfinflowsof$23.6billion(followingsomerevisionshigher*).For2025overall,Sustainablefundssawoutflowsof-$62.8billion,or-1.8%ofprioryear-endAUM.

AsMorningstar’sdatabasedoesnotcoverbespokemandates,thesechangesregisterasoutflows.**However,evenexcludingthisactivity,Sustainablefundsstillrecordedoutflowsinthesecondhalf,accordingtoMorningstar.

Morningstarnotesthatthemajorityofthe2Houtflowsrelateto

UK-basedfundswhereassetownersreallocatedfrompooledfundstobespokesustainabilitymandateswiththesameassetmanagers.

TraditionalfundsrecordednetinflowsinallfourquarterstoleaveFY2025flowsat+4.3%ofprioryear-endAUM.

Sustainablefundflowsrecordedoutflowsin2H2025

Traditionalfundssawconsistentinflows

25

24

25

23

25

24

25

23

23

24

24

Sustainablequarterlynetflows

(non-cumulative)

3.0%

2.0%

1.0%

0.0%

-1.0%-2.0%

-3.0%

-1.8%

80

60

40

20

0

-20

-40

-60

-80

2Q

3Q

1Q

3Q

3Q

4Q

1Q

2Q

4Q

4Q

2Q

1Q

23

Sustainablequarterlynetflows,USDbn

Quarterlyflowas%ofprioryear-endAUM

23

23

24

24

25

25

25

25

24

23

24

Traditionalquarterlynetflows

(non-cumulative)

+4.3%

2.0%

1.5%

1.0%

0.5%

0.0%

800

600

400

200

0

2Q

3Q

4Q

3Q

4Q

1Q

2Q

3Q

4Q

2Q

1Q

1Q

23

Traditionalquarterlynetflows,USDbn

Quarterlyflowas%ofprioryear-endAUM

Source:MorganStanleyInstituteforSustainableInvestinganalysisofMorningstardataasofFebruary5,2026.

*TheprioreditionofSustainableReality,basedonMorningstardataasofAugust6,2025,put1H2025inflowsat$16.0billion.

**See

GlobalSustainableFundFlows:Q42025inReview|Morningstar

,February3,2026.

MORGANSTANLEYINSTITUTEFORSUSTAINABLEINVESTING|2026|SUSTAINABLEREALITY:2H20257

AUM

FLOWS

PERFORMANCE

RESTRICTIONSCREENING

TRENDSINPRIVATEMARKETS

METHODOLOGYANDDISCLOSURES

Europeoutflowslargelydrivenbyreallocation,NorthAmericaflowsremainednegative

Europe-domiciledSustainablefundsaccountedformostofthe

outflowsin2H2025(-$76.4billion).Thismarksthefirstinstance

ofoutflowsinEurope-domiciledSustainablefunds,although

MorningstarnotesthatalmostalloftheEurope-domiciledoutflowsrelatetoassetsbeingreallocatedfrompooledfundstobespoke

mandates.*

SustainablefundsdomiciledinNorthAmericasawnetoutflows

forthetwelfthandthirteenthconsecutivequarterssinceQ42022(-$3.9billioninQ3and-$3.8billioninQ4).

OnlyAsia-domiciledSustainablefundshadnetinflowsin2H2025,at+0.6%ofprioryear-endAUM,aheadofEuropeat-1.4%and

NorthAmericaat-5.6%.

Europedrovemostofthe2H2025outflows

Sustainablefundquarterlynetflowbyregionofdomicile,USDbn

80

60

40

20

0

-20

-40

-60

-80

1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q

232323232424242425252525

EuropeNorthAmericaAsiaSouthAmericaAfrica

88%ofSustainableAUMisEurope-domiciled

SustainableAUMbydomicile,Dec2025

0%20%40%60%80%100%

3%

88%

9%

EuropeNorthAmericaAsiaOther**

Asia-domiciledflowswerestrongestrelativetoAUM

FY2025netflowsasa%ofprioryear-endAUM

-8%-6%-4%-2%0%2%4%6%8%10%

ALL

FUNDS

Sustainable

Traditional

-1.8%

4.3%

FUNDSBY

REGIONOF

DOMICILE

EuropeNorthAmerica

Asia

-5.6%

-1.4%

0.6%

2.0%

8.2%

7.6%

SustainableFundsTraditionalFunds

Source:MorganStanleyInstituteforSustainableInvestinganalysisofMorningstardataasofFebruary5,2026.

*See

GlobalSustainableFundFlows:Q42025inReview|Morningstar

,February3,2026.

**OtherincludesSouthAmericaandAfrica,whichaccountfor0.08%/0.01%ofAUMrespectively.Notethatafundcanbedomiciledinoneregionbutinvestgloballyorinanotherregion.Investmentareareferstothelatter.

MORGANSTANLEYINSTITUTEFORSUSTAINABLEINVESTING|2026|SUSTAINABLEREALITY:2H20258

AUM

FLOWS

PERFORMANCE

RESTRICTIONSCREENING

TRENDSINPRIVATEMARKETS

METHODOLOGYANDDISCLOSURES

Article8fundssawinflows,outflowscontinuedforArticle9funds

In2025,Article8fundssawinflowsof$527.8billion,or+6.5%ofprioryear-endAUM.ThiswasmostlydrivenbyArticle8fundsclassifiedasTraditionalbyMorningstar,whileArticle8funds

classifiedasSustainableaccountedfor$57.8billionofthetotal(2.7%ofprioryear-endAUM).

Article9fundssawoutflowsof-$23.0billioninFY2025,-6.8%ofprioryear-endAUM.ThismarksninestraightquartersofoutflowsforArticle9funds.

Article8quarterlynetflows(non-cumulative)

2004.0%

+6.5%

1503.0%

1002.0%

501.0%

00.0%

-50-1.0%1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q

232323232424242425252525

Article8—Traditional,USDbnArticle8—Sustainable,USDbn

Article8as%ofprioryear-endAUM

Article9quarterlynetflows(non-cumulative)

3.0%

2.0%

1.0%

0.0%

-1.0%-2.0%-3.0%

-4.0%

25

24

25

24

25

24

25

24

23

23

23

6

4

-6.8%

2

0

-2

-4

-6

-8

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

23

Article9,USDbn

Article9as%ofprioryear-endAUM

Source:MorganStanleyInstituteforSustainableInvestinganalysisofMorningstardataasofFebruary5,2026.See

page14

forafulldefinitionofArticle8andArticle9funds.

1H19

1H23

1H22

2H19

2H20

1H20

2H22

1H21

2H21

1H24

2H23

MORGANSTANLEYINSTITUTEFORSUSTAINABLEINVESTING|2026|SUSTAINABLEREALITY:2H20259

AUM

FLOWS

PERFORMANCE

RESTRICTIONSCREENING

TRENDSINPRIVATEMARKETS

METHODOLOGYANDDISCLOSURES

MedianSustainablefundreturnof+5.3%for2H2025,justbelowTraditionalfundsat+5.5%

Afterrecordingdouble-digitreturnsinthefirsthalf,outperformingTraditionalfunds,themedianreturnforSustainablefundsslowedin2H2025withamedianreturnof+5.3%,slightlybelowTraditionalpeersat+5.5%.Asinpriorperiods,relativeperformancewasmainlyinfluencedbySustainablefunds’over-indexingtoGlobalandEuropeinvestmentregions,whichin2H2025recordedweakerreturnsthanothergeographies.

Sustainablefundssawmedianreturnsof5.3%in2H2025,justbelowTraditionalpeers

5.3%

1H19

1H20

2H21

2H25

5.3%

5.5%

-22

2H19

1H25

12.6%

2H22

2H24

0.4%

1.7%

-130

2H20

1H24

1H21

1H22

2H23

1H23

5.2%

11.4%

-3.7%

-3.5%

20.1%

0.9%

6.8%

-20.0%-15.4%

-463bps

1.8%

6.9%

5.3%

1.8%

bps

bps

bps

bps

bps

bps

bps

bps

bps

bps

bps

bps

Medianreturn—SustainablevsTraditionalfunds

25%

20%

15%

10%

5.5%

5%

0%

2H25

2H24

1H25

-5%

-10%-15%-20%

-25%

4.5%

1.2%

3.9%

0.4%

9.9%

5.3%

0.6%

4.7%

18.6%

9.3%

29

303

153

66

58

-24

143

69

158

154

332

bps

SustainableFundsTraditionalFundsSustainablevsTraditional(bps)

Source:MorganStanleyInstituteforSustainableInvestinganalysisofMorningstardataasofFebruary5,2026.

MORGANSTANLEYINSTITUTEFORSUSTAINABLEINVESTING|2026|SUSTAINABLEREALITY:2H202510

AUM

FLOWS

PERFORMANCE

RESTRICTIONSCREENING

TRENDSINPRIVATEMARKETS

METHODOLOGYANDDISCLOSURES

Downsidedeviationandlong-termreturns

Downsidedeviationisameasureofthelikelihoodofnegative

returnsinasetoffundsintheperiod.Alowernumbermeans

ahigherlikelihoodofnegativereturnsagainstachosen

benchmark,heretheS&P500.For2H2025,downsidedeviationwas-6.0%forSustainableEquityfundsand-6.5%forTraditionalEquityfunds,meaningthatTraditionalfundshadslightlygreaterpotentialforrelativelosses,eventhoughmedianfundreturns

weresimilar.

$100investedinDec2018wouldbe$162today,atmedianSustainablefundreturns

Long-termperformance

(Dec2018=$100)

$180

$162

$152

$160

$140

$120

$100

Jun

’21

Jun

’19

Dec

’20

Dec

’19

Dec

’21

Jun

’20

Jun

’22

Dec

’22

Jun

’23

Dec

’23

Jun

’24

Dec

’24

Jun

’25

Dec

’25

Dec

’18

SustainableFundsTraditionalFunds

Downsidedeviationmeasuresthelikelihoodofnegativereturnsagainstachosenbenchmark

Downsidedeviation,equityfunds

0.0%

-5.0%-10.0%-15.0%

-20.0%

SustainableTraditionalSustainableTraditionalSustainableTraditionalSustainableTraditionalSustainableTraditionalSustainableTraditionalSustainableTraditionalSustainableTraditional

1H222H221H232H231H242H241H252H25

25thPercentileMedian75thPercentile

Source:MorganStanleyInstituteforSustainableInvestinganalysisofMorningstardataasofFebruary5,2026.Pastperformanceisnoguaranteeoffutureresults.

MORGANSTANLEYINSTITUTEFORSUSTAINABLEINVESTING|2026|SUSTAINABLEREALITY:2H202511

AUM

FLOWS

PERFORMANCE

RESTRICTIONSCREENING

TRENDSINPRIVATEMARKETS

METHODOLOGYANDDISCLOSURES

Sustainablefundsoutperformedinmostgeographicareasduring2H2025,butover-indextoweakerregions

Onaregionalbasis,Sustainablefundsperformedwellcomparedto

theirTraditionalcounterparts.Thosewithaglobalinvestmentmandatesawreturnsof4.8%,justbehindTraditionalfundsat4.9%.Inallotherregions,SustainablefundsoutperformedTraditionalfundsbybetween+40bps(inEurope)to+741bps(inMEA)during2H2025.

However,70%ofSustainablefundsareinvestinginEuropeorGlobalassets,comparedtojust40%forTraditionalfunds.

Withthesetworegionsgeneratingthelowestreturnsduring2H2025,SustainablefundsoverallslightlyunderperformedTraditionalfunds

duringthisperiod.

Sustainablefundsoutperformedinmostgeographies

Sustainablefundsover-indextoGlobalandEurope

2H2025medianreturnbyinvestmentregion

30%

26.6%

25%

20%

15%

10%

5%

19.2%

13.6%

9.6%

7.9%

6.2%5.6%

5.9%4.8%4.9%

2.5%2.1%

0

GlobalEuropeAmericasAPACMiddleEastNot

&Africadisclosed

SustainableFundsTraditionalFunds

22025liffdbii

NotdisclosedMiddleEast&Africa

APAC

AmericasEurope

Global

0

SustainableTraditional

21%

2%

29%

8%

12%

28%

13%

11%

6%

24%

46%

80%

60%

40%

20%

Hsptouncountynvestmentregon

100%

Source:MorganStanleyInstituteforSustainableInvestinganalysisofMorningstardataasofFebruary5,2026.Note:bpsstandsforbasispoints;10bpsis0.1%.TheSustainableRealityseriesshowsreturnsinU.S.dollarterms,socurrencyvolatilitymayalsohavehadaninfluence.

MORGANSTANLEYINSTITUTEFORSUSTAINABLEINVESTING|2026|SUSTAINABLEREALITY:2H202512

AUM

FLOWS

PERFORMANCE

RESTRICTIONSCREENING

TRENDSINPRIVATEMARKETS

METHODOLOGYANDDISCLOSURES

Sustainablefundsunderperformedacrossallassetclasses

Inareversalfrom1H2025,Sustainablefundsunderperformedacrossallassetclassesinthesecondhalfoftheyear,partlydrivenbygeographicalmix.

Equities:Sustainablefunds

underperformedTraditionalpeersby-67bps,deliveringamedianreturnof+9.1%comparedwithTraditional

fundsat+9.7%.

Fixedincome:Sustainablefundssawadeclineinreturns,droppingfrom

+14.0%in1H2025to+1.4%in2H

2025,130bpsbelowTraditionalfixedincomefundsat+2.7%.

“Other”funds:(Multi-asset,property,commoditiesandalternatives),

Sustainablefundsgeneratedmedianreturnsof+4.1%,underperformingTraditionalfundsat+6.0%.

Sustainablefundssawthestrongestreturnsinequities

2H2025medianreturnbyassettype

9.1%9.7%

6.0%

4.1%

2.7%

1.4%

EquityFixedIncomeOther*

SustainableFundsTraditionalFunds

Splitoffundcountbyassetclass,2H2025

0%20%40%60%80%100%

40%

Traditional

Sustainable

26%33%

57%

23%21%

EquityFixedIncomeOther

Source:MorganStanleyInstituteforSustainableInvestinganalysisofMorningstardataasofFebruary5,2026.

*Otherincludesmulti-asset,property,commoditiesandalternativefundtypes.

MORGANSTANLEYINSTITUTEFORSUSTAINABLEINVESTING|2026|SUSTAINABLEREALITY:2H202513

AUM

FLOWS

PERFORMANCE

RESTRICTIONSCREENING

TRENDSINPRIVATEMARKETS

METHODOLOGYANDDISCLOSURES

Equityandfixedincomereturnsbystyle

RelativeexposurestofundstyleshaveinfluencedSustainablefundreturnsinthepast,butnotmateriallyin2H2025.

2H2025medianequityfundreturnbystyle

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

79%ofSustainablefunds,

and70%ofTraditionalfunds,focusonlarge-cap

10.4%10.5%9.8%10.5%

10.2%

7.4%

LargeValueLargeBlendLargeGrowth

8.7%8.9%

8.3%8.9%

74%

74%

6.5%6.7%

7.2%.7.1%

.

6.4%

4.4%

SmallValueSmallBlendSmallGrowthMidValueMidBlendMidGrowth

Splitofequityfundcountbystyle,2H2025

30%

46%

25%

Traditional

27%

60%

13%

Sustainable

ValueBlendGrowth

SustainableFundsTraditionalFunds

2H2025medianfixedincomereturnbystyle

Splitoffixedincomefundcountbycreditquality,2H2025

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

29%

ofSustainablefunds(41%ofTraditional)

42%

ofSustainablefunds(33%ofTraditional)

29%

7.4%7.8%

ofSustainablefunds(26%ofTraditional)

4.3%

3.3%3.5%

1.5%

3.1%

3.9%

2.2%

2.4%2.4%

1.7%

1.5%

0.9%

1.8%

0.6%0.6%

0.4%

HYBBBAAA/AAHYBBBAAA/AAHYBBBAAA/AA

SHORTDURATION

(<3.5years)

LONGDURATION

(>6years)

MODERATEDURATION(>3.5yearsto6years)

SustainableFundsTraditionalFunds

21%

10%

64%

77%

16%

Traditional

13%

Sustainable

HighYieldBBBAAA/AA

Source:MorganStanleyInstituteforSustainableInvestinganalysisofMorningstardataasofFebruary5,2026.Morningstarclassifiesbondfundsbytheaveragecreditratingoftheportfolio.

MORGANSTANLEYINSTITUTEFORSUSTAINABLEINVESTING|2026|SUSTAINABLEREALITY:2H202514

AUM

FLOWS

PERFORMANCE

RESTRICTIONSCREENING

TRENDSINPRIVATEMARKETS

METHODOLOGYANDDISCLOSURES

AnalyzingperformanceforEurope-domiciledfunds

Europe-domiciledSustainablefundssawamedianreturnof4.5%

in2H2025,outperformingTraditionalpeersat4.3%.Article8fundsdeliveredamedianreturnof+4.2%,andArticle9fundssawa

medianreturnat+3.3%.

OverhalfofAUMdomiciledinEuropeisclassifiedasArticle8(51%oftotalEuropeAUM)orArticle9(2%oftotal),withtheremainderunderArticle6.

AllArticle9AUM,and26%ofArticle8AUM,areclassifiedas

“Sustainable”byMorningstar,suggestingthat15%ofEurope-domiciledAUMfallunderMorningstar’sSustainableclassification.

2H2025medianreturnbySFDRclassification

Europe-domiciledAUM,Dec2025

15%

47%

OtherEurope

38%

Article8+Morningstar“Traditional”

classifiedas“Sustainable”byMorningstar

13%

Article8+ Morningstar“Sustainable”

2%

Article9

5.0%

4.3%

4.2%4.5%

4.0%

3.3%

3.0%

2.0%

1.0%

0.0%

Europe

Traditional

Article8Article9Europe

Sustainable

TheEU’sSustainableFinanceDisclosureRegulation(SFDR)setsoutmandatoryESG

disclosurerequirementsforassetmanagerswiththegoalofcreatingmoretransparencyaboutSustainableinvestmentstrategies.AccordingtotheSFDR’sclassificationsystem,

whichwentintofulleffectonJan.1,2023,afundiseitherclassifiedasArticle6(funds

withoutasustainabilityscope),Article8(fundsthatpromotee