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Characteristics of sustainable Spanish CISs in 2020

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  • Maria Isabel Cambón, Anna Ispierto

Abstract

This paper is an initial attempt to understand the sustainable Spanish CISs registered with the CNMV at the end od 2020 in more depth. At that time, there were very few of these, just 59, divided between investment funds and open-ended collective investment companies (SICAVs), with assets of around 9.5 billion euros. These CISs voluntarily refer to their activity as SRI (socially responsible investment), in accordance with Inverco´s 2014 SRI Circular. The first part of this study shows that sustainable CIS average returns at the end of 2020 exceeded those of the investments funds (IFs) ans SICAVs registered with the CNMV (1.8% compared to 0.8%). At the same time, the ratio of expenses was higher for CISs with ESG objectives than for other CISs (1.22% compares to 1.05%). In relation to ESG evaluations of the issuers of the assets belonging to sustainable CIS portfolios, we show that they are invested issuers with an excellent of good ESG rating and a degree of publicly reported ESG data transparency that is high or above average (ratings A and B).

Suggested Citation

  • Maria Isabel Cambón, Anna Ispierto, 2022. "Characteristics of sustainable Spanish CISs in 2020," CNMV Working Papers CNMV Working Papers no. 7, CNMV- Spanish Securities Markets Commission - Research and Statistics Department.
    • Handle: RePEc:cnv:wpaper:dt_77en
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    File URL: https://www.cnmv.es/DocPortal/Publicaciones/MONOGRAFIAS/DT_77_caract_IIC_sost_ENGen.pdf
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    References listed on IDEAS

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    1. Gunnar Friede & Timo Busch & Alexander Bassen, 2015. "ESG and financial performance: aggregated evidence from more than 2000 empirical studies," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 5(4), pages 210-233, October.
    2. Christophe Revelli & Jean-Laurent Viviani, 2015. "Financial performance of socially responsible investing (SRI): what have we learned? A meta-analysis," Post-Print halshs-01141295, HAL.
    3. Gunther Capelle-Blancard & Stéphanie Monjon, 2011. "The Performance of Socially Responsible Funds: Does the Screening Process Matter?," Working Papers 2011-12, CEPII research center.
    4. repec:dau:papers:123456789/7347 is not listed on IDEAS
    5. Gunther Capelle†Blancard & Stéphanie Monjon, 2014. "The Performance of Socially Responsible Funds: Does the Screening Process Matter?," European Financial Management, European Financial Management Association, vol. 20(3), pages 494-520, June.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Sustainability; Investment funds; collective investment schemes; socially responsible investment;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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