The consulting firm rfu (Reinhard Friesenbichler Unternehmensberatung) has been collecting data on the Austrian market for ESG funds since 2015. While the analyses between 2015 and 2021 were limited to the volume of sustainably managed retail funds, in its latest “Austrian ESG Funds Survey 2024” rfu also collected and analyzed data, as in the previous year, on the institutional segment (special purpose funds and institutional unit categories of retail funds) for the first time, thus providing a comprehensive overview of the Austrian market for sustainable investment funds. The analysis shows that Raiffeisen Capital Management is the clear market leader for investment products managed according to ESG criteria, with a market share of 36.3%.
ESG funds in the narrow sense
ESG funds in the narrower sense pursue sophisticated concepts for social and ecological stock selection; funds with the Austrian Ecolabel, FNG seal or a declaration pursuant to Art. 9 SFDR have been assigned to this category*.
ESG funds in the broader sense
Raiffeisen Capital Management is also the market leader in the expanded ESG segment, encompassing ESG funds in the broader sense (declared under Article 8 or Article 9 SFDR*). Overall, the number of funds on the Austrian market classified under Articles 8 and 9 has increased. While there were 361 funds at the end of December 2022, one year later there were already 409 funds. In terms of investment volume (in relation to the market as a whole), this represents an increase of 15.2%, according to the rfu analysis.
The largest ESG funds in Austria
The ten largest sustainability funds already represent 40% of assets managed according to ESG. By the end of 2023, three flagship funds had already reached an investment volume of over one billion euros. Two of these products are Raiffeisen KAG funds.
Raiffeisen-Nachhaltigkeit-Mix 5,275 million euros
Raiffeisen-Nachhaltigkeit-Aktien 1,490 million euros
Amundi Ethik Fonds 1,427 million euros
Raiffeisen-Nachhaltigkeit-Rent 917 million euros
fair-finance Masterfonds 836 million euros
© rfu (Mag. Reinhard Friesenbichler Unternehmensberatung) as of 31.12.2023
*The Sustainable Finance Disclosure Regulation (SFDR) is an EU regulation on the disclosure requirements in the financial services sector regarding the consideration of sustainability criteria in its processes and products. SFDR Art. 8: The fund takes environmental and/or social criteria into consideration for investment. Art. 9: The fund aims to make sustainable investments.
The Raiffeisen-Nachhaltigkeit-Aktien exhibits elevated volatility, meaning that unit prices can move significantly higher or lower in short periods of time, and it is not possible to rule out loss of capital. The investment strategy permits the Raiffeisen-Nachhaltigkeit-Rent to predominantly (relative to the associated risk) invest in derivatives. The Fund Regulations of the Raiffeisen-Nachhaltigkeit-Rent have been approved by the FMA. The Raiffeisen-Nachhaltigkeit-Rent may invest more than 35 % of the fund's volume in securities/money market instruments of the following issuers: France, Netherlands, Austria, Italy, United Kingdom, Sweden, Switzerland, Spain, Belgium, United States, Canada, Japan, Australia, Finland, Germany. The Raiffeisen-Nachhaltigkeit-Rent accepts higher risk and aims for better performance than a money market investment.