Showcasing our conviction
Our Sustainable Investing and Stewardship Report 2025 demonstrates our sustained conviction to sustainability and highlights our priorities, progress and key activities across sustainable investing, impact investing and stewardship.
Our progress in 2025
We continued to strengthen our commitment to sustainable investing in 2025, with a focus on aligning our approach to the evolving role of sustainability as both a source of resilience and a way to address material risks.
Our offering includes six defined approaches to sustainable investing built up over 25 years with more than 200 funds representing EUR 230 billion AUM.
In 2025 our achievements include:
- Launching a dedicated European autonomy strategy reflecting momentum around sovereignty and resilience.
- Prioritising climate transition by repositioning an equity strategy and a credit strategy to become climate transition funds.
- Achieving strong inflows into both our Best Styles SRI (socially responsible investing) strategies and our Dynamic Multi Asset Strategy range, in response to investor demand for well-rounded sustainable solutions.
- Addressing regulatory clarity and alignment by repositioning our flagship emerging market debt strategies to SFDR Article 81, and starting to ensure our products fit the new European Securities and Markets fund-naming.
- Increased transparency for clients around ESG2 scores – with our new Proprietary Sustainability Score.
All data as at 31 December 2025
1 EU Sustainable Finance Disclosure Regulation. Information accurate at time of publishing.
2 Environmental, social and governance.
Investing for real-world change is rapidly evolving. We believe that impact investing offers substantial growth potential in both private and public markets.
We have a decade-long track record of successful outcomes in blended finance and private credit.
In 2025 our achievements include:
- USD 690 million raised in the first closing of our emerging markets climate strategy, contributing to a total of USD 3 billion in blended finance.
- The fourth closing of our impact private credit strategy raised EUR 705 million, far exceeding the EUR 500 million target.
- The same strategy won the impact investing category at the ESG Transformation Awards in Germany.
- Launched our proprietary energy transition framework for impact-focused private markets investments.
- Recognised our first Impact Research Award winner for research into screen use on educational and health outcomes and reviewed 81 research papers to select the winner for the second year of this award.
All data as at 31 December 2025
We believe that an active approach to stewardship can support the transition to a more resilient economy by encouraging companies that are leading the way and engaging constructively with those that are underperforming.
In 2025 our achievements include:
- Running 562 engagements with 451 different companies across 37 locations, deepening our dialogue on material sustainability issues.
- Voting in 8,690 shareholder meetings and opposing 22% of resolutions to signal our views on governance and sustainability matters.
- Pre-announcing our votes on long-term issues, such as climate, and emerging issues, including artificial intelligence and children’s rights.
- Co-filing shareholder resolutions alongside other investors – for example, addressing biodiversity at the PepsiCo AGM.
- Broadening our sovereign engagement activity across Africa, Eastern Europe, the Middle East, and South and Central America.
- Promoting systemic change alongside peers, including advancing stewardship expectations in China and sharing global investor priorities with the country’s primary regulator.
All data as at 31 December 2025
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Past performance does not predict future returns. If the currency in which the past performance is displayed differs from the currency of the country in which the investor resides, then the investor should be aware that due to the exchange rate fluctuations the performance shown may be higher or lower if converted into the investor’s local currency.
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