Oct. 26, 2015
The Rockefeller Brothers Fund stunned the world just over a year ago. The foundation that was built on a Big Oil fortune announced that it would no longer invest in fossil fuels.
No more oil, gas, coal or tar sands assets in its $850 million portfolio. A year later, the move looks especially wise.
Big energy stocks have been clobbered. Energy is by far the worst performing sector in the stock market in 2015. Meanwhile, the climate change divestment movement continues to gain momentum. Rockefeller is no longer an outlier.
“We are able to show it can be done,” says Rockefeller Brothers Fund President Stephen Heintz, “without causing harm to the overall performance of your investment portfolio.”
We’re still outperforming our benchmarks
Rockefeller is still doing what every investor wants: beating its benchmarks, although the board acknowledges it’s still early days.
The divestment decision was primarily a moral one.