An ESG fund manager that shuns investing in nations classified as unfree is having one of his best years after the strategy helped him dodge meltdowns in a number of emerging markets. Thierry Larose, Zurich-based manager of Vontobel’s $330 million sustainable emerging-market local-currency bond fund, tracks rankings from Washington-based Freedom House and blacklists any countries ranked “not free.
Egypt, where it says meaningful opposition is virtually nonexistent, lost 18%, according to data compiled by Bloomberg. On the other hand, three of the top five performers this year — Colombia, Brazil and Poland — are rated as “free,” while two others — Hungary and Mexico, were ranked “partly free” by the think tank’s annual Freedom in the World report.
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