Funds that market themselves as being opposed to environmental, social or governance (ESG) investment considerations have seen a fall-off in new investor deposits, research firm Morningstar said on Thursday.
But flows into Strive and other such firms have since slowed, Morningstar said in a new research paper and in additional data supplied on Friday.
Over April and May the funds took in $58 million, said Morningstar spokesperson Erin Parro. She said the current trend "still seems like a drizzle" compared with the downpour of new money during the third quarter of 2022. Inflows to Strive accounted for the majority of net new deposits to anti-ESG funds in each of the three most recent quarters and the current one, according to Morningstar. The Ohio-based firm now has some $750 million in assets, said Strive governance director Cory Skerl in a telephone interview on Friday.
Total assets among the 27 anti-ESG funds Morningstar tracked stood around $2.1 billion as of March 31. A year earlier the figure was $282 million, but that excluded funds that had not yet launched, or adopted anti-ESG policies.
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