Top ‘ESG’ Ethics-based Funds hold major investments in Saudi Arabia

www.wsj.com/articles/why-your-good-governance-fund-is-full-of-saudi-bonds-11574781431

ESG = Environmental, Social, Governance

Apparently they were included as a top 5 holding, because the ESG scoring system automatically excluded so many investments that Saudi Arabia actually appeared to be one of the cleaner ones fitting the emerging market bond criteria. However, ESG funds seem to own more dictatorships and authoritarian government assets and debt instruments than even a typical emerging bond index.

Oops.