Exclusion policy dampens publisher scheme’s equity returns (IPE)

Exclusion policy dampens publisher scheme’s equity returns (IPE)

Returns for 2017 at the €1.1bn pension fund of a Dutch publishing firm were negatively affected by the exclusion of companies from its investment universe as part of its ESG policy, the scheme said in its annual report.

Last year, the Wolters Kluwer pension fund tightened its approach on environmental, social and corporate governance (ESG) matters, which included expanding its exclusions.

Wolters Kluwer’s equity holdings usually perform in line with their reference portfolio, but last year’s returns fell 0.5 percentage points short of the MSCI benchmark, which returned 9.9%.

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