Rockefeller Fund: Dumping fossil fuels hasn’t hurt our investment portfolio

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.

Oil prices have plunged from over $90 when the fund made its announcement in September 2014 to $45 now — the lowest level since the recession.

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.”

Related: Rockefeller Fund divorces itself from fossil fuels

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.

…(read more).

Global Climate Change
Environment Ethics
Environment Justice

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