360 degrees #8 - June 2021 -

Regulations are converging towards a sustainable world

Editorial: helping to bring about a sustainable world

Helping to bring about a sustainable world

Jean-Pierre Grimaud, CEO - OFI Group
CEO - OFI Group

Sustainable finance is taking off. The pandemic is making investors, both institutional and retail, increasingly aware of it, while modifying their behaviour. Along with financial criteria, an investment is unthinkable without taking extra-financial aspects into account. Environmental, social and governance (ESG) challenges are all factors that bring new meaning to the performance of a financial investment.

Yes, but to what end? To finance not only the current transition towards a decarbonated economy and towards the energy transition, but also to help bring about a fairer society that allows everyone to meet their needs in a world of limited resources.

Meanwhile, sustainable finance is being fostered by an unprecedented wave of regulations at both the national and European levels. One such milestone was the SFDR regulation (known informally as “Disclosure”), which entered into force on 10 March. SFDR comes with a “taxonomy” that aims to establish a common, more readable language in order to steer investors towards those companies that are the most committed to a responsible approach from all points of view. Finance is indeed an essential tool in successfully transitioning our economies.

Our political leaders have understood this well. This ambitious regulatory convergence is therefore welcome and is all the more praiseworthy as it emanates from the level of the European Union.

For almost 25 years, we have been committed to sustainable finance and to the values of the social economy and mutual assistance that are the hallmark of the OFI Group. With this in mind, the regulatory focus on transparency assists investment management firms that are sincerely committed by giving them the option of calling attention to the more tangible aspects of their commitments. It also motivates our teams even more to do their utmost to provide our clients with an offering of higher-quality products and services, along with practices that are constantly being enhanced to accompany the transition towards a new, more virtuous model that reflects the interests of future generations.

INSIGHT: To address the climate challenge, the European Union is rolling out a new regulatory framework


ERIC VAN LA BECK| Senior advisor ISR - OFI AM

Commitments enshrined in the Paris Agreement of 2015 have pushed European leaders into proactive measures to steer investment flows towards a sustainable and responsible economy. Heavy investment will be needed to bring about an economy that is truly decarbonated.

ERIC VAN LA BECK, Senior advisor ISR - OFI AM

The Sustainable Finance Disclosure Regulation (SFDR), informally known as “Disclosure”, comes amidst a climate emergency, one that has pushed the European Union in recent years to establish a demanding and ambitious regulatory framework to foster financing that serves sustainable development. A climate emergency? In accordance with commitments enshrined in the Paris Agreement of 2015, the European Union is pursuing the goal of carbon neutrality by 2050. This was reiterated in the “Green Pact” submitted by the European Commission in December 2019.
To meet this objective, an estimated 200 billion euros will be needed annually just in Europe. The financial sector’s mission therefore consists of steering Europeans’ savings as profitably and efficiently as possible into companies that help meet these goals and construct a truly decarbonated economy.


For several years, European regulation in responsible finance has sought to encourage and to converge good practices at the scale of the continent. In May 2018, the European Union announced the implementation of an action plan in green finance and assigned it three main objectives:

  • To move away from sectors that contribute to climate change (such as coal) and steer capital flows towards sustainable activities;
  • To manage financial risks arising from climate change, the depletion of natural resources and environmental degradation;
  • To encourage transparency and a long-term vision.

In this context, the Disclosure regulation, combined with the Taxonomy* and Benchmark** regulations, is providing a regulatory framework steering European investors and citizens towards financial products that truly promote sustainable activities.

* Taxonomy regulation (Regulation (EU) 2020/852 of 18 June 2020 on establishing a framework for promoting investments durables). The European Taxonomy regulation establishes a common benchmark for activities that contribute significantly to mitigating climate change. It sets the thresholds for determining precisely an economic activity’s degree of “greenness”, thus allowing it to be classified as “sustainable”, based on various objectives linked to the climate, the circular economy, pollution and biodiversity.

** Benchmark regulation (Regulation 2019/2089 of 27 November 2019 amending Regulation (EU) 2016/1011). The Benchmark regulation introduces minimum transparency requirements in taking ESG criteria into account for index providers and lays down a framework for setting up two environmental performance indices: the “Climate Transition” and the “Paris Agreement” indices.


These EU-scale texts that have already been adopted or are in draft form bolster French legislation, which had already got a headstart in responsible finance with the introduction of Article 173 of the French Energy Transition Law (LTE) of August 20. LTE requires transparency from institutional investors in demonstrating ESG criteria in their investment processes.

In France, the PACTE law also encourages savers who hold a life insurance contract to invest “sustainably”. Since 1 January 2020, insurance companies have been required to provide at least one officially SRI-certified unit-linked contract to their clients for each contract offered. Beginning 2022, such contracts must offer at least one SRI fund, one Greenfin-certified green fund, and a Finansolcertified solidarity finance fund.


Driven by national and EU regulation, responsible finance is being built up gradually and is drawing growing interest from savers. This is why several certifications have emerged in recent years, from public and private bodies that recognise traditional mutual funds or solidarity savings.
The certifications help call attention to good practices. Here are some of them:

SRI Label

The French government “ISR” certification
Introduced in 2016 on the initiative of the French Ministry of the Economy and Finances, the ISR (SRI) certification is awarded to funds that integrate environmental, social and governance (ESG) into their investments. Since October 2020, SCPI and OPCI real-estate funds have been eligible.

Greenfin certification

Created in 2015 by the French Ministry of the Environmental Transition, the Greenfin certification guarantees a fund’s “greenness”. Nuclear energy and fossil fuels are ineligible for Greenfin certification.

Finansol Label

Established in 1997, the independent body Finansol recognises solidarity savings products when the fund invests some of its assets in solidaritybased companies or foundations.

FNG Label

Created in 2015, the FNG label is the SRI-quality standard for sustainable investment funds in German-speaking countries. The FNG methodology includes transparency criteria and takes human rights, environmental protection and corruption issues into account.


Approved by the European Union on 27 November 2019, SFDR is being rolled out in several stages, the first of which came into force on 10 March. SFDR will cover all financial market actors (financial advisors, life insurers, pension funds, investment management firms, mutual funds, etc.) in the European Union. It requires greater transparency from fund managers and distributors regarding the extra-financial criteria of products offered to savers.

For example, a distinction will be made between financial products that promote ESG aspects (classified as “Article 8”) and those that state an objective of contributing positively to the environment and/ or society (classified as “Article 9”).
A distinction is made between these products, classified as “Article 8” and “Article 9”, from other financial products considered to be non-ESG (classified as “Article 6”).


It remains to be seen which economic activities address sustainable investment objectives.
The focus will be on integrating environmental, social and governance criteria in the company’s activities and its operational practices. Regarding environmental challenges, several key indicators have been developed in order to determine how much a company contributes to mitigating climate regulation, manages to develop products and services for preventing and controlling pollution, and promotes recycling, the emergence of a circular economy or the protection of ecosystems.

Meanwhile, companies that display ambitious social objectives are also sought out they can demonstrate that they contribute to combating inequalities, promote social cohesion and assist economic and socially underprivileged communities.

Lastly, the “G” of ESG has not been overlooked. Compliance with good governance is a prerequisite to any sustainable investment policy.


Guillaume POLI|Development Director - OFI AM
Guillaume POLI, Development Director - OFI AM

Sustainable finance is being backed by the new Sustainable Finance Disclosure Regulation (SFDR), which encourages investors to steer their savings into funds and companies that are more respectful of their environment and of society in general.
The context is now favourable to financing companies that are evolving towards a new model and taking part in the energy transition as long as they are guided in their transformation.

SFDR (also known, simply, as the “Disclosure” regulation) which became effective EU-wide on 10 March, will allow financial community players (banks, insurance companies, asset managers, wealth management advisers, companies and savers) to converge towards the same objective – to do their utmost to comply with the Paris Agreement’s commitment to limit the rise in global temperatures to 1,5°C and to achieve carbon neutrality by 2050. How? By steering investors’ savings into companies that are more respectful of the environment and of society in general. As a result, a company that doesn’t meet environmental, social and governance (ESG) criteria could well ultimately lack sources of financing.

Until then, the various regulations (Basel 3, Solvency 2, MiFID 2, etc.) that had been implemented since the 2008 financial crisis aimed to secure the financial system and, ultimately, to protect savers. These complex regulatory texts, each of which applied to a specific profile of establishment, were negotiated over a period of several years. With the Disclosure regulation and the taxonomy regulation, the regulator this time is acting more swiftly with the firm intention of changing finance, no less, in order to “change the world” and restructure our economies by steering investment flows into a sustainable and responsible economy that addresses climate challenges. Finance can play a decisive role in promoting and making this solution possible.

Stimulus plans are serving the energy transition

The Disclosure regulation comes in an unprecedented context. The 750 billion euro stimulus plan to pull the European Union out of the pandemic-caused recession is a bonanza for responsible finance. The plan’s massive amounts are a unique opportunity to finance the energy transition by providing massive support to green energies and assistance in undertaking this unprecedented transformation (including training, digitalisation, etc.). The plan will steer Europeans’ savings into sustainable investments and promote the development of responsible companies. Even the ECB is now taking sustainable finance into account as a criterion in its monthly asset purchases. The institution headed by Christine Lagarde has even set up an expertise centre dedicated to climate change.
Even so, this transition towards a circular economy will not go off seamlessly. For one thing, companies will have to be assisted in their transformation. Make no mistake: this is an exciting, but difficult, challenge. We cannot simply stop financing certain companies overnight on the grounds that their carbon balance is still subpar, without generating other problems, social ones in particular. What is needed is to organise the transition of the economy as a whole without destabilizing companies and while helping them transform their model in depth.

The recovery plan gives us a unique opportunity to finance the energy transition

As far back as 2006, the Principles for Responsible Investment (PRIs) encouraged financial players to commit themselves to begin down the path of the transition. A company that, today, falls short of these principles must have an opportunity to succeed in its transformation to take part tomorrow in the sustainable economy that must be brought about.

INSIGHT: the disclosure regulation came into effect on 10 March 2021: challenges and impacts



The Disclosure regulation (or SFDR) is helping to build sustainable finance on a European scale. It will be rolled out in several steps and will make it easier to compare financial products on sustainability, based on how much extra-financial criteria are included in the investment strategy.


Since 10 March 2021, all financial market actors (asset managers, insurance companies, banks, financial advisors, etc.) have been subject to a new European regulation, called the Sustainable Finance Disclosure regulation (SFDR). The regulation requires additional transparency regarding end-savers.
Financial professionals will now be required to state how they integrate the extra-financial criteria affecting sustainability:

  • In their investment and/or investment and insurance consulting decisionmaking process;
  • Regarding the main negative impacts of investment decisions or the impact of investments on extreme sustainability factors
  • Regarding how they incorporate sustainability risks in their investment decisions, i.e., the impact of external sustainability factors on financial product returns; this will help distinguish products that promote environmental or social features (classified as “Article 8”) from those that display a sustainable investment objective (classified as “Article 9”) and other financial products (classified as “Article 6”).

In concrete terms, an investment management firm that distributes funds must provide explicit explanations on how sustainability risks are taken into account, i.e., any environmental, social or governance event that, were it to occur, could have a material negative impact on an investment’s value.

It is therefore necessary to explain how this risk is integrated in the management process, why such or such a security was selected based on such a criteria, and so on. This is not a statement of intent but, rather, a precise justification of the commitment of the investment management firm that oer the fund based on certain clearly stated criteria, including:

  • Environmental criteria: climate risk, risk of rising sea levels, etc.
  • Social criteria: average ratio of diversity at the company, the make-up of its boards of directors, etc.
  • Governance criteria: manager compensation terms, etc.
This regulation is expected to foster healthy competition between financial actors and an increase in good practices

January 2022: the time of standardisation and harmonisation
From January 2022, disclosure of extra-financial information will be harmonised. Investment management firms and financial advisors will be required to use a standard format, a datasheet that must include certain product characteristics. The datasheet will say whether the fund being offered to savers has a sustainable investment objective and whether it integrates ESG criteria into its selection of securities. Current fund prospectuses are more or less explicit on these subjects.
The harmonisation scheduled for January 2022 will make this clearer.

June 2023: a precise list of pointers will make it easier to compare funds with one another
This is the last stage of the SFDR regulatory rocket. In two years, the regulator will require a precise list of pointers from all financial actors over time, including the rate of greenhouse gas emissions (GES), the ratio of diversity on boards of directors, the portfolio’s “temperature”, etc.
It will then be easier to compare investments with one another. The data and figures divulged will provide a basis on which to judge a fund’s actual impact on the environment or on society. This will make it easier to compare investments with one another and make easier for savers to choose.

Harmonisation and standardisation of ESG disclosures should make it possible to distinguish between three categories of products:

  • “Super-virtuous” funds. These are the champions of sustainable investment and put forth a precise objective. Most of them are thematic and/or impact funds.
  • “Virtuous” funds. This is the category of most certified funds (“best-in-class” approach and exclusion of certain sectors) and oer strategies that are effect and are already known to savers.
  • “Less virtuous” funds, which include little or no extrafinancial information.

This transparency effort required of financial actors in complying with ESG criteria is likely to generate healthy competition amongst them and promote a virtuous circle of good practices. In short, it won’t be possible to do responsible finance without wearing it on one’s sleeve. This will obviously help combat greenwashing.
To investors, retail investors in particular – what may seem complex at first glance is mainly the guarantee that they will possess useful information for investing their savings in an enlightened manner at the service of a more responsible and virtuous economy.


Luisa FLOREZ|Head of Sustainable Finance Research - OFI AM
Luisa FLOREZ, Head of Sustainable Finance Research - OFI AM

SFDR’s entry into force should help steer savings towards an economy that addresses the challenges of sustainable development. Investors, both institutional and retail, are now demanding enhanced transparency. They want to know where their money is actually being invested. For example, fund managers will be required to describe their investment process in detail and demonstrate how a given company complies with environmental, social or governance (ESG) criteria.
Once the securities-selection process is explained, the report must also state precisely what actions the investment management firm has taken to assist companies in improving their practices. The European Commission is wary of greenwashing and rightfully so.

The transparency being asked of financial actors aims to encourage good practices and to distinguish the good practitioners from those who don’t play along or who settle for cosmetic measures or splashy announcements.

An unparalleled tool for combatting greenwashing

For example, a fund classified as “Article 8” takes ESG criteria into account and excludes poorly classified issuers. This is a virtuous investment strategy but, unlike “Article 9” funds, does not encompass a specific intentionality. Article 9 funds, which represent the best of responsible finance, will stand out in their focus on a precise criterion. These are most often impact or thematic funds that are able to measure their objective precisely.
In practice, fund managers question target companies to determine what they do concretely to enhance their practices. Intentionality, progress made, and realised investments must be examined scrupulously.
Ultimately, companies that don’t play along will have a hard time securing financing, as they will be isolated and deemed uncommitted or insufficiently committed to sustainable finance. In short, the Disclosure regulation makes a distinction for financial products that support companies able to prove good ESG practices and thus promote sustainable investment. This is an additional filter for combatting greenwashing and steering investment flows towards a virtuous economy.

Fabrice GILBERT, Head of Marketing and Development - MACIF Finance Épargne
Fabrice GILBERT|Head of Marketing and Development - MACIF Finance Épargne (life insurance, banking and credit)

We are of two minds. On the one hand, efforts to regulate financial disclosures and prevent greenwashing by providing more transparent, standardised and harmonised information are praiseworthy in principle. We are even more in favour of them, as Mutavie and OFI AM are both convinced of the importance of savings managed on the basis of sustainable investment criteria, with long-standing know-how in this area and constant efforts to promote these vehicles in our life insurance offers.
On the other hand, this is yet more regulation that will come on top of already overblown precontractual disclosures. We therefore have some legitimate reservations on its true impact with end-savers, most of whom have neither the time nor the inclination to plough through all these documents.

Rui CASTRO PACHECO, Directeur, Directeur, investment advisory - BANCOBEST (Portugal)
Rui CASTRO PACHECO|Directeur, investment advisory - BANCOBEST (Portugal)

Although it is up to the end-client to review, or not review, these additional data and to decide which funds to invest in, we do have a role to play, as well as an advisory duty. We work on selecting investment ideas and thematics to offer funds that will integrate the sustainability features that we prefer.
We believe that the Disclosure regulation will act as a point of convergence between financial actors. We are seeing more funds raising their sustainable development standards, as distributors and clients will be asking for the most committed funds, while more and more companies will seek to comply with sustainability criteria so they can be selected and invested in by fund portfolios.

EXPERT OPINION - Disclosure classification: an offering of ESG funds as a market standard



The European “Sustainable Financial Disclosure regulation” (SFDR) came into force a few weeks ago. It classifies financial products into three new categories, based on how much investment management firms take extra-financial criteria into account in their investment choices and their methodology for doing so. A new classification is closely correlated to the ESG methodologies used.


The new European “Disclosure” classification, combined with the “Taxonomy” and “Benchmark” regulations, is the cornerstone of the European Commission’s action plan for sustainable finance initiated in 2018. Its purpose is to steer investor and citizen savings more into financing sustainable activities and companies that contribute to the energy transition. All with the clearly displayed ambition of financing the energy transition to achieve carbon neutrality by 2050.

Product classification into three categories

The Disclosure regulation imposes new obligations on financial actors in terms of transparency regarding the degree of sustainability of financial products distributed to savers.

As a result, investment management firms are now required to provide an entire series of disclosures on integrating sustainability risks and their potential negative impacts on asset values. They must also prove their investment choices’ contribution to an environmental or social objective.

On top of these transparency obligations, the challenge is being able to show investors and retail savers the ESG characteristics of various financial products distributed EU-wide in the most harmonious way possible. With this in mind and to help savers get their bearings amidst the plethora of funds calling themselves sustainable or responsible, the European regulator has introduced three new categories of products based on how they incorporate ESG characteristics or extra-financial objectives. All with a strong guideline: the greater a fund’s ESG focus, the higher the standard in providing clear and transparent information. Investment management firms will therefore be required to disclose data indicators or measurements of the “main negative effects” of investments in the areas of sustainability.
Effective 10 March 2021, investment funds have therefore been classified in three separate categories:

  • The “Article 9” category, which includes products deemed sustainable investments, i.e., that aim to make a positive contribution to the environment and/or society;
  • The “Article 8” category,T which includes products integrating and promoting investments’ environmental and/or social characteristics;
  • Lastly, “Article 6”, a “default” category that encompasses all products that are not classified in Categories 8 or 9. Ultimately, these are funds for which sustainability risks are not relevant or for which investment management firms do not take them into account in their investment decisions or selection of securities.

ESG research at the heart of the mechanism

In concrete terms, a fund classified as “Article 8” takes ESG criteria into account, including financial ones and, with this mind, excludes issues with low ESG ratings. Although virtuous, this investment strategy displays no precise intentionality or quantitative objectives. In revanche, the Disclosure regulation sets no threshold and imposes the exclusion of any particular sector for a fund to be eligible for this category. It will ultimately be up to each investment management firm to demonstrate, based on the ESG research methodologies selection processes used that they have indeed incorporated extra-financial criteria into their investment decisions so as to reflect sustainability risks and negative impacts that could have an impact on the value of portfolio assets.

Meanwhile funds classified as “Article 9” may be considered as the market’s “greenest” funds in that they have a precise sustainable investment objective. The therefore represent the best of responsible finance, as they focus on a precise ESG criterion. They are generally impact investing or thematic funds able to provide tracking indicators on measurable and quantifiable objectives. In other words, for a fund to be classified as “Article 9”, it must lay out its objectives in social or environmental terms.
A product that claims a social and environmental impact while setting quantified objectives and detailing how it intends to achieve them could be classified as “Article 9”.

The Disclosure regulation is a major step forward in calling attention to environmental, social/societal and governance objectives, as it will apply to all asset classes and all investment products that are, or will be, available on the market.


Yoann JUGÉ |SRI process Director - OFI AM
Yoann JUGÉ, SRI process Director - OFI AM

The Disclosure regulation places financial actors before a new challenge of compiling and integrating data. Article 4 of the Disclosure requires that firms report their investments’ impact on climate, biodiversity, water management, waste processing, gender equality in compensation, board independence and respect for human rights.

While some asset classes lend themselves easily to an in-depth ESG analysis including these points, others are more painstaking and complex. The main challenge is in the disclosures from companies and, ultimately, the availability of data from providers.

For some asset classes, like high yield corporate bonds, small caps and emerging markets, available information is becoming rarer and rare and less homogenous. So, a big effort will be needed in compiling data that are the most relevant and most likely to mitigate risk and add real value.

To manage to screen these asset classes through ESG filters, OFI AM has chosen to call on specialised providers. For example, in high yield, it has brought in a data service provider specialising in securities that are often not rated by major local agencies. OFI AM has built up a special database for such securities.

This exercise in transparency also highlights the unevenness of data between various geographical regions. Standards of inclusion and reporting in emerging markets are far from those of developed markets. This makes it essential that data be adjusted to the standards of such countries. Identifying the right data, and analysing their relevance and their quality is an essential prerequisite for rolling out a consistent and committed SRI approach across all funds and asset classes.

A new framework that supplements a range of regulations already in place

As virtuous as it may be, the Disclosure regulation also aims to set an overall framework requiring investment management firms to explain how sustainability risks are incorporated in their investment choices, to highlight any negative impacts of investments made, and to state how these same investment management firms take both these dimensions into account in their investment policies. The Disclosure regulation sets no absolute threshold. It requires no sector exclusion. However, some stricter or more standardised French regulations, such as the official SRI label, require a 20% exclusion from an investment universe on the basis of an extrafinancial research and to enhance a portfolios ESG rating vs. its benchmark universe. Position Player 2020-03 of the French Financial Markets Authority (AMF) sets a number of mandatory rules or thresholds.

The Disclosure regulation supplements an already abundant regulatory framework in France and elsewhere in Europe. With Article 173 of the French Energy Transition Law (LTE) of 2015, the official SRI label and AMF position papers, France already possess a wide range of standards and rules in sustainable and responsible investment. Financial actors therefore face an entire set of contradictory regulatory texts that while they may sometimes converge, each has its own salient points. The challenge for investment management firms will therefore be in plotting a course among these various regulations. Each investment management firm will have to be able to classify its various financial products on the basis of each of these regulations to be in line with the best standards so they can draw as much attention as possible to their integration of ESG criteria.

Lastly, while this regulation sets a new course and now constitutes an important yardstick for European investors, clearly it does not encompass all ESG approaches, which can take many forms. For example, sector exclusions – which are a form of ESG integration – do not necessarily allow an investment fund to be classified as “Article 8” or “Article 9”.
Although they do contain binding requirements in portfolio management, sector exclusions do not set a mandatory reduction threshold for the entire portfolio. The Disclosure regulation, however, requires exhaustive ESG coverage of the investment portfolio and not just in such or such sector of activity. So merely implementing sector exclusions are not enough to claim full extra-financial integration for a portfolio. Likewise, the engagement approach that OFI AM has taken for several years now does not align with the Disclosure regulation framework. And yet, this approach consists in analysing a company, in particular its practices and its environmental impact, in order to assist it in adopting the best ESG practices.
Deployed over several years, this engagement policy helps a company reduce its negative social or environmental impacts. Implemented alone, such an approach is no longer enough to allow a fund or financial product to be classified as “Article 8” or “Article 9”. This engagement policy must therefore be combined with another ESG approach to meet the requirements of the Disclosure regulation.

While it does not draw in all ESG approaches in effect at investment management firms, the Disclosure regulation constitutes a major step forward in developing sustainable finance in Europe and should make an even greater contribution to steering savings towards a more sustainable economy, in line with the commitments of the Paris Agreement. This regulation will also require that investment management firms, like what OFI AM has been doing for several years, work on the relevance and quality of data to create value around a fully successful extra-financial integration.


Béryl BOUVIER DI NOTA |European Equities Deputy Director and Impact Strategies Fund Manager - OFI AM
Béryl BOUVIER DI NOTA, European Equities Deputy Director and Impact Strategies Fund Manager - OFI AM

Steering investments into generating a positive social and environmental impact is the European Commission’s stated goal with its Disclosure regulation. This can also be done very well with impact investing strategies. Impact investing originated in the private equity universe and aims to generate a positive impact on various sustainable development challenges. It has a two-fold objective: focusing on high-performance companies having a measurable positive impact. In other words, impact investment tends to demonstrate the sustainability of a company’s business through its positive impact on the environment and/or society. Seen in this light, impact investing fits perfectly with the definition of funds eligible for classification under the Disclosure regulation’s “Article 9”.

Naturally, impact investing funds are already steering savings towards companies having a positive, measurable and quantifiable impact on societal challenges. In practical terms, the management team will analyse in what way the company’s activities contribute positively to sustainable development challenges, with reference to the Sustainable Development Goals (SDGs), and what is the nature of its impact and its engagement, but also verify its good practices in incorporating ESG criteria so as to reduce its activity’s negative externalities.
OFI AM, incidentally, has developed a range of impact investing funds called “Act4” (“Act For”).


  • OFI Fund – RS Act4 Positive Economy (1) takes into account companies’ positive environmental and social impact around four themes while aiming to promote the energy transition, the preservation of natural resources, healthcare and well-being, and social inclusion.
(1) A subfund of the OFI Fund SICAV governed by Luxembourg law, certified by the CSSF, and authorised for distribution in France. The investment management firm is OFI Lux, which has delegated financial management to OFI AM.


CHRISTOPHE FRESPUECH| Head of Client Solutions, Marketing and Communications - OFI AM
CHRISTOPHE FRESPUECH, Head of Client Solutions, Marketing and Communications – OFI AM

Our OFI Responsible Solutions (OFI RS) line of funds convers the main asset classes and geographical regions. It takes three responsible approaches, which may criss-cross and overlap:

  • Best-in-class” management consists in selecting, in each sector of activity, those companies that are the highest rated on the basis of ESG criteria.
  • The thematic approach seeks out companies that are active in themes identified as possible contributors to sustainable development.
  • Impact investing consists in investing in companies that generate both a positive and measurable impact on the environment and/or society, and a healthy financial performance.

In addition to SRI certifications, which are sought out on a voluntary basis, SFDR provides a systematic and complementary reading grid for investors and savers wishing to incorporate sustainable development challenges in a concrete way in their investment strategies. It provides investors with transparent and standardised information (including integration of risks and negative impacts in investment decisions) on the financial product. Classification into “Article 8” or “Article 9” thus attests to the product’s high ESG quality, while helping to bring out several avenues for integrating extra-financial criteria, including an ESG evaluation, setting of social and/or environmental objectives, and alignment with a carbon-footprint reduction objective.

We are currently conducting research, particularly in high yield bonds, other bonds and emerging equities to supplement our offering of products classified under SFDR categories 8 and 9 and to expand and enrich the OFI Responsible Solutions product line.
Our ambition to have 100% of our directly and actively managed AuM classified in one of the two categories and to assist our clients and partners in their eorts as responsible investors.

Disclosure regulation (SFDR): open-ended funds* OFI AM classified as “Article 8” and “Article 9” and certifications by country


2 funds classified as ARTICLE 9 (SFDR)
7 funds classified as ARTICLE 8 (SFDR)
6 funds awarded with the SRI LABEL
2 funds awarded with the FNG LABEL


2 funds classified as ARTICLE 9 (SFDR)
7 funds classified as ARTICLE 8 (SFDR)
6 funds awarded with the SRI LABEL
2 funds awarded with the FNG LABEL


2 funds classified as ARTICLE 9 (SFDR)
6 funds classified as ARTICLE 8 (SFDR)
5 funds awarded with the SRI LABEL
2 funds awarded with the FNG LABEL


3 funds classified as ARTICLE 9 (SFDR)
2 funds classified as ARTICLE 8 (SFDR)
2 funds awarded with the SRI LABEL
1 fund awarded with the FNG LABEL
1 fund awarded with the LUXFLAG LABEL


2 funds classified as ARTICLE 9 (SFDR)
3 funds classified as ARTICLE 8 (SFDR)
3 funds awarded with the SRI LABEL
2 funds awarded with the FNG LABEL


2 funds classified as ARTICLE 9 (SFDR)
4 funds classified as ARTICLE 8 (SFDR)
4 funds awarded with the SRI LABEL
2 funds awarded with the FNG LABEL
* Open-ended funds actively managed by OFI Asset Management. Excluding white label funds managed by OFI AM and distributed by our insurance partners. Excluding separately managed accounts and dedicated funds.
References to a fund classification, price and/or rating are not an indicator of a fund’s or fund manager’s future performance.
S.A. with a board of directors and share capital of €42,000,000 - Portfolio management company
Certified under N° GP 92-12 - RCS PARIS 384 940 342

EDITORIAL DIRECTOR: Diane CAZALI - Head of Communications & Branding
ARTISTIC DIRECTION: Christophe FANGET - Publications & visual identity officer
The figures cited deal with past years. Past performances are not a reliable indicator of future performances. Investing in financial markets involves risks, including risk of capital loss. Source of indexes cited: www.bloomberg.com
Photos: OFI AM / Shutterstock.com / Michael Krahn.

This document is meant exclusively for non-professional clients as defined by MiFID. It may not be used for any other purpose than the one for which it was designed and may not be reproduced, disseminated or disclosed to third parties in whole or in part without the prior written consent of OFI Asset Management. No information contained in this document should be construed as having any contractual value. This document has been produced solely for informational purposes. It is a presentation designed and produced by OFI Asset Management based on sources that it believes to be reliable. OFI Asset Management reserves the right to modify the information contained in this document at any time and without prior notice. OFI Asset Management is in no way bound by the content of this document. OFI Asset Management may not be held liable for any decision made or not made on the basis of the information contained in this document, nor for the use that may be made of it by a third party. Under its social responsibility policy and in accordance with agreements signed by France, OFI Asset Management excludes from the funds it manages any company involved in the manufacture, trade or storage of anti-personnel mines and cluster bombs.

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