Photographer: Michael Nagle/Bloomberg

As sustainable and environmental, social and governance (ESG) investing has come under increasing criticism, an emerging category of investments that offers an alternative has gained some traction. Anti-ESG funds have experienced growing attention during the past few quarters, after years of muted demand and losses prior to the second half of last year, according to an analysis by Morningstar.

Such funds reached $2 billion in assets during the first quarter of this year, with flows into anti-ESG funds peaking at $376 million during the third quarter of 2022, the firm said. Strive Asset Management’s first fund – Strive U.S. Energy ETF – accounted for more than 80% of anti-ESG inflows, attracting nearly $100 million during its first week and more than $300 million during its first month.

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