Depending on your client’s objective and the application of these considerations, it can serve to enhance returns. Oliver MacArthur: The sustainable transition is shifting the base of competitive advantage. There are going to be winners and losers and companies with the right transition will deliver superior returns. On the question of return sacrifice, investors already trade returns for fees, liquidity and for their risk profile. Your ques-


14 Feb 2022 portfolio institutional roundtable: Sustainable investing


tion is a false choice for me as it is important that investors contextualise their sustainability beliefs with their risk and return. There is a danger of investors zoning in aggressively on their sustainability considerations in isolation but lose touch with risk-return and liquidity. Gourlay: Pension fund trustees have a fiduciary responsibility to their members. If a scheme is woefully underfunded there must be a temptation to invest in cheap high yielding assets


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