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 2023” rfu also collected and analysed data 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 39.1%.
ESG funds in the narrow sense (certified or declared under Article 9 SFDR), market share
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). The number of funds classified under Articles 8 and 9 SFDR increased from 259 at the end of 2021 to 361 in 2022. According to the rfu analysis, due to the unfavourable stock market development, this is only reflected to a limited degree in the volume of assets, which expanded by 11.2%. On the whole, the level at the end of 2022 can be interpreted as the first step of a consolidation in classification practices.
ESG funds in the broader sense (declared under Article 8 or Article 9 SFDR)
The five largest ESG funds in Austria
Three flagship funds reach an asset volume of over EUR 1 billion, two of which are Raiffeisen KAG funds.
Raiffeisen-Nachhaltigkeit-Mix 5.046 Mio. Euro
Amundi Ethik Fonds 1.575 Mio. Euro
Raiffeisen-Nachhaltigkeit-Aktien 1.382 Mio. Euro
Raiffeisen-Nachhaltigkeit-Rent 926 Mio. Euro
fair-finance Masterfonds 749 Mio. Euro
© rfu Mag. Reinhard Friesenbichler Unternehmensberatung; State: 31.12. 2022
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.