The writer is co-chief investment officer for sustainability at Bridgewater Associates
The rush by investors of all stripes to prioritise environmental, social and governance goals has raised speculation of an emerging bubble in favoured stocks.
But the shift to ESG appears to be still in its early innings. Investor positioning in sustainable equities is not yet overextended.
Most common ESG indices have very similar valuation characteristics to the broad market. The valuation of ESG stocks is roughly the same as a global equity portfolio. The ratio of price to average earnings over the past three years is moderate at about 14 for both.
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