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The entry into force of the European Disclosure Regulation (SFDR, or Sustainable Finance Disclosure Regulation ) in March 2021 stained sustainable investment funds in two different tones. The light green , described in article 8 of this regulation, are those that “promote environmental or social characteristics”.

The dark greens , defined in article 9 , have in themselves sustainable objectives . It is precisely because of the greater purity and impact of the latter that they are associated with a more intense or dark green. Visit elEconomista Sustainable Investment and ESG, elEconomista’s green portal.

These article 9 funds are particularly interested, within the Ibex 35 , in Siemens Gamesa , Iberdrola and Inditex , which are present in 105, 99 and 98 vehicles of this type, respectively, according to data from Bloomberg . BBVA and Redeia tie, as both are included in 84 products. Bloomberg provides data on the number of funds that have an exposure to value, no matter how small. See all categories of investment funds.

Amadeus is another favorite, having a presence in 80 dark green products , followed by Cellnex and Santander , with 76 and 70, respectively. And they are still in the portfolios of more than fifty funds Acciona, Grifols, CaixaBank, Ferrovial, Aena and ACS.

The vast majority of the Article 9 funds present in the capital of these securities are foreigners. In Spain, only 12 investment products have been classified as dark green , compared to 200 items 8 . This was explained by Rodrigo Buenaventura, president of the National Securities Market Commission (CNMV), on June 29 during his speech at the VIII Fund Investment Awards of elEconomista . Buenaventura, who specified that these data corresponded to June 15, pointed out that funds 8 and 9 in Spain bring together 72,000 million euros, representing around 23% of total assets.”It is foreseeable that in 2022 there will be a considerable increase in these figures,” he warned.

Foreign managers
Siemens Gamesa is the only Ibex 35 company with more than 100 funds. It fits perfectly into the type of company in which an article 9 is established , given that its activity consists precisely in providing turbines and services in the field of renewable energies, specifically wind energy. Invesco Energy Transition-A allocates 4.3% of its assets to this company, according to Bloomberg .

The second product that Gamesa bets on the most is the Guinness Sustainable Energy FD-DU , from the British independent manager Guinness AM. Focused on alternative energies, it gives Siemens Gamesa a weight of 3.2%. Also read:Siemens Gamesa, in sixth position in sustainability globally, according to S&P .

At Iberdrola, 99 dark green funds have positions . The Ecofi Trajectoires Durables-C is the product with the greatest exposure to electricity: the latter accounts for 5.8% of its portfolio. The second highest weight is given, again, by the Guinness Sustainable Energy FD-DU, in which Iberdrola is, in fact, the main position, with 5.4%.

The investment vehicle that gives Inditex the most weight is the BNP Low Carbon World PAB , which gives the textile company a weight of 4.1%. It is an index that replicates the Euronext Low Carbon 300 World PAB (NTR) index. The second fund with the most exposure to the Galician group is the Candriam Sustainable Equity Emu-V Cap Eur , a fund focused on large capitalization companies in which it has a 3.9% weight.

On the other side of the scale, the Ibex stocks of least interest to article 9 funds are ArcelorMittal and IAG, in which only one product is present.

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