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The longest continuous Budget speech on record is William Gladstone’s in 1853. It lasted four hours and forty-five minutes, and he needed some sherry to get through it. The longest Budget build-up on record came this year. By the time Rachel Reeves finally stood up to speak, it had been going on for weeks. We also needed some sherry – the duty on which is set to rise by the retail price index from February – to get through it. Taxes, already at their highest level since the late 1940s, are going up by £40bn, the biggest jump since 1993. And the odds of kickstarting growth, the leitmotif of this government, look inauspicious. Clear bottlenecks We have been at the bottom of the G7 rankings for public and private investment…

Tesla, considered a “bellwether” of the demand for electric cars, saw its shares gain more than a fifth after it reported a large jump in profits for the third quarter, says Jack Ewing in The New York Times. It earned $2.2bn between July and September, compared with $1.9bn in the same quarter last year. What’s more, while there will only be a marginal increase in the number of cars it delivers this year, car sales are set to expand by up to 30% next year, when it will introduce new models. Tesla’s results were certainly better than anticipated, and investors will also appreciate the “glimpse” of cost-cutting efforts aimed at making Tesla vehicles “cheaper to build”, says Sean McLain in The Wall Street Journal. Still, the emphasis on Tesla’s earnings…

Denmark’s NKT has been making cables and cable accessories since the late 19th century, says WirtschaftsWoche. Today it is busier than ever thanks to the growing demand for electricity and the growth of renewable energy systems. According to the International Energy Agency, more than 80 million kilometres of power grids are being constructed or renewed in the current decade. The group’s order book is full and operating profit reached a record in the second quarter of 2024. This year’s net income should total €200m, a 75% increase from 2023. A recent disposal should help fund the construction in Sweden of the world’s biggest factory for producing offshore power cables.…

Iranian president Masoud Pezeshkian (pictured) “rushed” to publicly downplay the impact of Israel’s air strikes on the country’s defence capabilities on Saturday, suggesting it has “taken an off-ramp to avoid a wider war”, says Mostafa Salem on CNN. Nevertheless, this is the first time that Israel has openly claimed an attack on Iran – retaliation for an Iranian missile barrage on 1 October – and there are internal concerns that it sets a precedent. As the UN calls for “maximum restraint” to avoid a “full-blown” war in the region, Iran has said it will continue to defend against Israeli attacks on Gaza and Lebanon, says Al Jazeera. Meanwhile, Israel continued its attacks on Gaza and Lebanon in its war with Hamas and Hezbollah this week, killing about 160 people. The…

● There’s a “large red flag” over Mike Ashley’s plan to become the new CEO of ailing fashion retailer Boohoo, says Nils Pratley in The Guardian. The controlling shareholder of Frasers, which owns 27% of Boohoo, made an “unorthodox public application” for the job by threatening to call a special meeting of investors to install himself. The snag is not that Ashley and Mahmud Kamani, Boohoo’s co-founder and executive chair, have a history of rivalry, but rather that Boohoo may be broken up. “Ashley tends to be interested in every loose piece in UK retail land” making him an obvious buyer for many parts – such as Debenhams, which Boohoo snatched up in 2021. “How could he credibly perform the roles of both auctioneer and bidder?” The same conflict of…

Sebastian Lyon, chief investment officer, Troy Asset Management Gold “is often associated with swivel-eyed loons”, says Sebastian Lyon, who runs the Personal Assets Trust and Trojan Fund, both of which focus on capital preservation. “But who’s been buying gold this year? Why has the gold price been going up? It’s actually not the swivel-eyed loon brigade at all – it’s central banks.” This shift began after Russia invaded Ukraine in February 2022, he tells Interactive Investor. Many countries were uncomfortable with the “weaponisation of the dollar”, as Russian reserves held in dollar-denominated assets were effectively confiscated through the international monetary system after sanctions were imposed. So they decided to diversify their reserves away from the dollar, which led them to buy gold. That changed everything from the perspective of the…

ft.com/alphaville Daron Acemoglu, Simon Johnson and James Robinson were awarded the Nobel memorial prize in economic sciences last month for their work on why some countries enjoy enduring prosperity while others languish, says Brendan Greeley. What makes the difference, they argue, are “institutions, habits of law and society”. “Inclusive” institutions that secure property rights and encourage investment are more like to produce growth than “extractive” ones, which just claim the spoils for the elite. In Why Nations Fail, Acemoglu and Robinson’s 2012 summary of their work on institutions, they use late 17th-century England, Barbados and Virginia as examples. England and tobacco-producing Virginia become inclusive; sugar-producing Barbados extractive. The former thus became prosperous, the latter poor. This is true but insufficient, says Greeley. Historians have long known that England, Barbados and…

betonit.ai The United Arab Emirates (UAE) is the “most amazing country I’ve ever seen”, says Bryan Caplan. It has consumer products in abundance, levels of cleanliness and crime that rival those in Japan and, despite Islam being the official religion, is “very secular”. The key ingredient of its success is open borders. Of the UAE’s population, 88% is foreign-born, the highest share of any country on Earth. Its immigration policy is close to truly open borders. The country welcomes not only petroleum engineers and architects, but drivers, maids, janitors, waiters and clerks, too, from all parts of the globe. If you want to work hard and better yourself, “your prospects of landing a work visa are decent, no matter how humble your credentials”. The result? “Gleaming cities of the future”…

■ Fidelity is again allowing private investors to buy the £2.5bn RIT Capital Partners trust on its platform after a 15-month suspension “in the first sign of the positive impact [that] cost disclosure reform could have on the beleaguered closed-end fund sector”, says Citywire. Fidelity (and some other platforms) have suspended trading in several popular funds due to high reported costs. Funds such as RIT, which uses third-party managers to access specialist asset classes, had to add the underlying fees from these funds into their own reported fees – a method of calculation that was criticised as misleading for trusts. In September, regulators exempted the trust sector from reporting costs in this way ahead of new rules due next year. Under a revised approach, RIT is reporting costs of just…

● Does your business need a card payment machine to take credit and debit card payments from your customers? If so, a new survey from Business Expert makes interesting reading, identifying the best machines in a spread of different categories. In particular, it picks out the Square Reader and the Tide Card Reader as good entry-level options. The right choice for your business will depend on how and when you take payments – but check costs such as charges for the machine itself, transaction charges and account fees. ● More small businesses are switching to paying monthly premiums for insurance rather than covering the full cost of the policy upfront, new research shows. Premium Credit said an increase in the number of firms paying premiums monthly was driven by the…

Despite widespread criticism of Trump’s latest rally in New York’s Madison Square Garden, punters still think he is on course to win the White House. With £107.8m matched on Betfair, Trump is the favourite at 1.64 (61%) to win the election, compared with 2.6 (38.4%) for vice-president Kamala Harris. While it is difficult to compare British and American politics, the triumphalism surrounding Trump’s speech highlights a potential parallel between this contest and the 1992 UK election. Just as Labour was sunk in that election by “shy Tories”, there is a good chance that many undecided, and even some Republican-leaning, voters will decide to go for Harris at the last minute. Overall, there is still a huge amount of value in betting on her, though my usual disclaimers about not doubling…

2021 Reyneke, Reserve White, Stellenbosch, South Africa £31.99, houseoftownend.com; £32.50, hedonism.co.uk; £120 in bond per six bottles, laywheeler.com I have written up Reyneke wines many times over the years, but this is the first occasion I am featuring three outstanding wines from this pioneering, biodynamic/organic specialist estate. To date, these are the finest wines made by Johan Reyneke, cellarmaster Rudiger Gretschel and winemaker Barbara Melck. Rudi and Barbara were in town recently to showcase their phenomenal creations. My featured white is a super-elite sauvignon blanc with more elemental power and thrilling restraint than an ocean of inferior wines from this ubiquitous grape. It is granted a gentle caress of oak from ten months on its lees in 300-litre French hogsheads, and I cannot remember a sauvignon as moving or as…

Around 950 wheels of cloth-wrapped artisanal cheddar worth more than £300,000 have been stolen from Neal’s Yard Dairy by a fraudster pretending to be a wholesale distributor for a big French retailer, says Ben Quinn in The Guardian. Celebrity chef Jamie Oliver called it the “grate cheese robbery” and told his 10.5 million followers on Instagram to keep watch for “lorryloads of posh cheese” being sold “for cheap”. Neal’s Yard delivered 22 tonnes of award-winning cheddar from makers Hafod Welsh, Westcombe, and Pitchfork to the scammers before it realised it was dealing with a fake company. Nevertheless, it paid the three small-scale suppliers despite taking the financial hit. The cheeses sell for between £7.15 and £12.90 for pieces weighing between 250g and 300g. Neal’s Yard has received “overwhelming” support and…

Oil prices eased back this week after Israel avoided targeting Iranian energy infrastructure during military strikes at the weekend. Brent crude, trading below $72 a barrel, has dropped 11% from a high earlier this month. Meanwhile, European gas markets should enjoy a “return to normal” this winter, says Matthieu Quiret in Les Echos. The continent’s gas reserves are 95% full as we head into the cold season. Four new liquefied natural gas (LNG) terminals will come online soon, boosting import capacity by 11% compared with 2023. Nevertheless, the world might still be “sleepwalking into another gas crisis”, says The Economist. The northern hemisphere’s past two winters have been unusually mild. The coming one is unlikely to be so clement. Energy traders are “fretful”. UK wholesale gas futures have been trading…

While US central bankers fret that a tight labour market could reignite inflation, Europe is returning to the pre-pandemic world of “inflation that is too low”, says The Economist. Prices spiralled globally in 2022, but the underlying causes were different – a gas-price shock in Europe, frenetic consumption and wage growth in the US. With gas cooling, European inflation has since dropped sharply. As the chart shows, eurozone inflation has tended to be lower than America’s ever since the single currency was launched, says John Authers on Bloomberg. Why? European governments are more prone to austerity. And the European Central Bank, which is modelled on the famously hawkish German Bundesbank, “still has the genes” of its forebear.…

Until last week, McDonald’s main problem was “winning back cash-strapped customers”, says Lex in the Financial Times. But it now has to convince them “that its food is safe to eat as well”. An E. coli outbreak in the US linked to the company’s popular Quarter Pounder burger has led to one death and made 49 people ill across ten states. The news wiped $11.5bn off McDonald’s market value. McDonald’s claims that the culprit was onions from a single supplier. But many people are worried about the experience of Chipotle Mexican Grill, which had a “years-long battle with its own food safety crisis”, losing two-thirds of its value. Don’t expect a repeat of the Chipotle disaster of 2015, says Beth Kowitt on Bloomberg, when a series of norovirus, E. coli…

Middle Eastern supermarket giant Lulu Retail is aiming to sell a 25% stake, or 2.58 billion shares, on the Abu Dhabi Securities Exchange in what could be the region’s biggest initial public offering (IPO) of the year, says Bloomberg. The company is seeking a valuation of at least $5bn and is planning roadshows to gauge investors’ interest. Lulu, which had considered a dual listing in Saudi Arabia, plans to open 90 supermarkets across the Gulf over the next five years and pay up to 75% of net profit as dividends. It made $192m in profit last year, and net profit margins are expected to grow from 2.6% in 2023 to 5% in the medium term.…

Thousands of protesters waving Georgian and EU flags gathered in Tbilisi on Monday after Georgia’s Central Election Commission declared that the pro-Moscow ruling Georgian Dream (GD) party had won 54% of the vote, securing a fourth term, reports The Washington Post. In a speech alongside opposition leaders, Georgia’s pro-Western president Salome Zourabichvili declared the election illegitimate, saying that accepting it meant accepting subordination to Russia. Oligarch Bidzina Ivanishvili, who runs GD, has been overtly pushing Georgia into Russia’s orbit and based his election campaign on fear, equating a win for the opposition as war with Russia, says Natalia Antelava in The Guardian. This tactic will have won GD more votes, but citizens were “shocked” when the government sided openly with Moscow against Georgia’s long-term ally, Ukraine, in 2022. GD has…

Bonds play a crucial part in the MoneyWeek strategic exchange-traded fund (ETF) portfolio, but most of the time we’re not trying to squeeze out maximum income from them. A dedicated bond manager or investor will think about whether different grades of credit (corporate bonds) offer a more attractive yield than fixed income (government bonds) once you adjust for the extra risk. That’s not our priority. We treat government bonds as a core asset (a safe haven or a source of yield), but are only likely to use credit if it offers exceptional value. Most of the time, it promises limited extra rewards, while adding greater risk of volatility or default. Well below average At present, the credit spread (extra yield) between corporate bonds and government bonds is tight. US spreads…

Hail our new AI overlords Yuval Noah Harari Financial Times As the artificial intelligence (AI) revolution speeds up, it is “hard to assess the magnitude of the threat” because we have been “conditioned to fear the wrong scenario”, namely the destruction of mankind, says Yuval Noah Harari. In reality, AI may have “mastered” some narrow fields such as chess, but it lacks the intelligence needed to create a robot army. What we do have to fear, however, are the “digital bureaucrats”. Bureaucracy, which followed the invention of writing 5,000 years ago, handed huge “clout” to tax-collectors and paymasters. These “plumbers” of the information network control the world via documents, statutes and “other bureaucratic levers. This is the power AI is now poised to seize.” AI personnel will decide whether to…

unherd.com When Tony Blair caught wind of Labour’s electoral landslide, he “lurched from [his] casket” to demand a return to his most divisive policy, says Mary Harrington – digital ID cards. The idea was swiftly ruled out, but only because “it’s already coming” in the form of integrated digital NHS records, which will almost certainly end up becoming “digital ID by the back door”. Blair was “right then, and he’s right now”. It’s been a long time since Britain’s political-economic order was simple enough to manage without better information. AJ.P. Taylor wrote of a pre-World War I England that it was a country in which a law-abiding subject could pass through life without noticing the existence of the state beyond the postman and police officer. That’s not the world we…

So many siren voices are urging investors to avoid the “overvalued” US market on more than 20 times earnings for the next year and invest instead in the UK on just 12 times that it is almost contrarian to advocate the opposite. Thanks to the formidable strengths of the US, its stockmarket accounts for 64% of the MSCI All Country World index against 3.3% for the UK. This is not just a result of a larger economy and higher valuations but also significantly faster earnings growth and a far superior culture of innovation. “Companies are like species,” says Gary Robinson, co-manager of the £600m Baillie Gifford US Growth Trust (LSE: USA), “If they fail to evolve, they will go extinct.” Successful companies adapt over three horizons. They protect their existing…

In The Companion Guide to Rome, Georgina Masson points the visitor towards some green stains marking the marble pavement of the Basilica Aemilia in the Forum. It provides a powerful warning about the ability, or inability, of financiers to predict not only the far future but what is just around the corner. “Perhaps it was... the belief that Rome was eternal,” she writes, “that persuaded the money changers to carry on business as usual on that fateful 23 August AD410 with a Gothic army at the gates. Relics of their misplaced optimism can still be seen [on the spot where] copper coins were fused into the stone by the heat of the fire when the Goths, who entered the city during the night, sacked Rome.” Sixteen hundred years later, most…

At first glance, the data on small-business finance looks worrying. A study by the British Business Bank suggests that lending to small businesses fell in every area of the country other than the southeast last year. That followed the experience of 2022, when lending fell in all regions. However, all may not be what it seems. The British Business Bank’s analysis is largely based on traditional forms of finance for small businesses: loans and overdrafts, often arranged through the business’s bank account provider. In recent years, we’ve seen a huge expansion in the range of finance on offer to small firms, often from new entrants very different to mainstream lenders. A product launch last week from the payments company GoCardless is a good example of how the finance market is…

A good piece of advice for investors in general is to avoid the motor-insurance industry. It has a terrible record when it comes to making money. Since 2008, the UK motor-insurance industry has reported an average combined ratio of 104%. A combined ratio is a key metric of profitability for the insurance sector. It tells us how much a company pays out in insurance claims compared with how much it receives from premiums. If the ratio is consistently above 100%, that’s not a good sign, as it means the company is consistently losing money on an underwriting (pure insurance) basis. However, there are some gems in the sector – businesses that are very picky about whom they choose to insure. In September last year, I highlighted Admiral (LSE: ADM) as…

The last two weeks have been kind to my long tips, with five rising and three falling. Rolls-Royce increased from 536p to 558p, cruise-ship operator Royal Caribbean sailed from $201 to $203 and payments provider PayPal increased from $79 to $83. Property regeneration specialist Harworth Group rose from 183p to 187p and United Airlines climbed from $61.08 to $76.09. The only exceptions were retailer Next, which slipped from 10,220p to 10,110p, broker Alpha Group International, which fell from 2,181p to 2,100p and retailer Marks & Spencer, which dropped from 384p to 382p. Overall, my long tips are making profits of £4,599, compared with £2,982 a fortnight ago. My shorts tips put in a more mixed performance, with Trump Media & Technology, which runs Donald Trump’s social media network, increasing from…

Lithium refining is a licence to print money. You cannot lose. So says Elon Musk, the Tesla founder whose electric cars rely on the metal. One man with a licence and a printing machine ready to go is Teague Egan, the 36-year-old founder of EnergyX, who idolises Musk – he is the “greatest entrepreneur to have ever lived” – and wants to repeat his trick of revolutionising an industry and making his fortune. To get there, however, he faces the same concern as nearly every other founder of a start-up, says Tim De Chant for TechCrunch: how to ensure it has enough cash to deliver on its promise. To that end, most seek to woo venture capitalists “early and often”, trading equity in the company for board seats and “cash…

America’s seven battleground states are all polling within a percentage point or two ahead of the presidential election, says pollster Nate Silver in The New York Times. Odds of 50-50 for Donald Trump versus Kamala Harris “is the only responsible forecast”. But if pushed, “my gut says Donald Trump”. Traders have the same intuition. On top US betting markets, Trump has more than 60% odds of winning next week, with Harris below 40%. In financial markets, the “Trump trade” is back, says the Dealbook column in the same paper. Oil firms and cryptocurrencies – which should do well under the Republican – are rallying. Though Trump wants a weaker dollar, the greenback is rising as markets move to price in the inflationary impact of his tariff plans. Bitcoin is the…

“In 1926, legendary investor Benjamin Graham noticed a footnote in a government report, then boarded a train to Washington, where he uncovered paperwork showing that many pipeline companies held assets worth more than the companies themselves. Investing in them was thus an almost no-lose proposition. Other investors hadn’t noticed because the information was so inaccessible. Today, the world is different. The sort of data that Graham had to look for in a government filing cabinet are readily available online. For that reason, the market is regarded as more efficient. However, Cliff Asness, an investment researcher, suggests conventional wisdom might be wrong. The market might in fact be less efficient than it was in the past. The internet is a ‘fever swamp’ of misinformation and social-media has given rise to a…

HSBC’s shares bounced this week after the latest results showed the bank had lifted pre-tax profits by 11% in the third quarter, “significantly beating downbeat expectations”, says Patrick Hosking in The Times. The bank said this was due to “strong performances in wealth, personal banking and parts of the investment banking division”. HSBC also promised a further $4.8bn in distributions to shareholders through buybacks and dividends. CEO Georges Elhedery reaffirmed his plans to winnow out senior ranks of the bank “at pace”, though he “emphatically” ruled out any break-up of the group. HSBC’s latest good results have certainly cheered shareholders, say Selena Li and Lawrence White on Reuters – the shares are now at a six-year high. However, experts still warn HSBC still “needs to explain more about the financial…

Six to buy Tesco The Telegraph Tesco is “extremely well placed” to capitalise on the increased purchasing power of consumers as inflation and interest rates fall. The group’s half-year sales rose 4%, and earnings per share grew 24%, leading to a full-year guidance upgrade. Proceeds from the sale of its banking arm should fund further share buybacks. With a significant market share and loyal customers, Tesco can expand profit margins through price rises. Despite high gearing, Tesco has upbeat prospects and an undemanding valuation. “Keep buying.” 351p ASML The Times ASML’s shares fell 15% after the provider of chipmaking machines warned of a slower recovery in the semiconductor market and cut its 2025 sales forecast. China’s influence on chips, and key customer Intel’s plans to cut capital expenditure, could also…

If anyone in the UK thinks the Budget that chancellor Rachel Reeves delivered this week was tough, they can console themselves with this thought: at least they are not on the other side of the Channel. France’s new prime minister, Michel Barnier, has been tasked with finding a way to bring the country’s soaring budget deficit under control. After years of free spending under president Emmanuel Macron, the deficit is now above 6% of GDP, even at a time when the economy is meant to be recovering, and the EU, along with the bond markets, are insisting it comes down to 3% or less. Its overall debt-to-GDP ratio has risen to 112%, and the total amount of debt outstanding is now the third highest in the world, behind only the…

When a company, government or other organisation wants to borrow money by issuing bonds, their bonds will usually be assigned a credit rating. This gives the investor an idea of how likely they are to get their money back on time and in full. These ratings are issued by credit-rating agencies such as Standard & Poor’s, Moody’s and Fitch. When determining a rating, the agency will look at several factors that may influence the likelihood of the bond being repaid. These include the profitability of the issuer, its past credit record and any assets the debt might be secured against (if a debt is secured against property that can be seized and sold, then it’s likely to be safer than a debt with no collateral). For bonds issued by countries,…

“[The Cotswolds] is hell if you’ve got no money. You’re surrounded by wealth. My parents have such a chip on their shoulder about wealthy people in Range Rovers barging everybody off the road. I had a chip for a while. I’m not like that now.” Actress and writer Daisy May Cooper (pictured), quoted in The Times “Most of what we call management consists of making it difficult for people to get their work done.” Austrian-American management guru Peter Drucker, quoted in the Financial Times “To succeed at investing, you need a philosophy. Then you’ve got to pray like hell.” Hedge-fund manager Christopher Davis, quoted in Forbes “The music industry is a tough one these days… I was lucky to be part of the golden years when there was a much better…

hbr.org Workplace stress and anxiety are increasingly common, says Nicole Cain. More than 80% of workers in the US have reported suffering from the conditions, according to a survey. The UK’s Health and Safety Executive estimated that there were more than 800,000 cases of workplace stress, anxiety and depression in 2020-2021. Thankfully, there are some things you can do to mitigate this. As soon as you notice the signals of anxiety – feelings of dread or fear, difficulty concentrating or making decisions, procrastination or avoidance of responsibilities, excessive worry about job performance or security – act to combat any sense of panic. Get moving – sitting at your desk for hours at a time can signal danger to your brain. Simply shifting the focus of your eyes and rotating your…

Starboard Value has called for Pfizer’s board to “actively hold management accountable” for poor performance, says the Financial Times. CEO Albert Bourla has failed to turn a $40bn cash flow bonanza from its Covid products into better returns for investors, said Starboard’s Jeff Smith, speaking at an activist conference in New York. The results from a $70bn deal spree and increased research and development are “not adequate”, and have resulted in “a minimum of $20bn in value destruction.” Progress in weight-loss drugs lags behind Eli Lilly and Novo Nordisk despite “spending a ton of money”. Pfizer is “unlikely” to reverse falling sales by the end of the decade and needs to do “something different”, says Smith, whose firm has a $1bn stake in the $162bn drugmaker.…

Small businesses have been hit with a wave of bad debt, new data shows, with the average firm’s write-offs up 127% over the past year. Bibby Financial Services says the typical small company has given up on ever receiving almost £40,000 of unpaid invoices over the past year. The data shines a light on how an epidemic of late payments in the UK is developing into an even more serious crisis, with many small businesses never receiving the money they are owed. That can have a devastating effect. Separate figures from the Federation of Small Businesses suggest as many as 50,000 small businesses are closing each year because of such problems. Despite efforts from successive governments to crack down on late payments, this has become an intractable problem. But Bibby’s…

Sometimes the best opportunities aren’t in the most glamorous sectors, but in less prominent, yet still important, industries. Take food supply-chain management. It may not be a sector you think about every day, but without it supermarkets would not be able to source, store and sell the wide range of foods that are available, nor would their customers be able to store them until they are needed. One British company that it is making a name for itself in this area is Hilton Food Group (LSE: HFG). Hilton Foods’ business involves sourcing, processing and packaging food that is then sold in many of the UK’s major supermarkets, including Tesco, Morrisons and Waitrose. While its core focus is meat, Hilton has expanded its range of activities over the past few years,…

“B2Gold’s Otjikoto mine in Namibia is now powered mainly by clean-energy sources” With gold providing strong performance in 2024, many investors are looking to gold miners. The AuAg ESG Gold Mining Ucits ETF (LSE: ESGO) is an exchange-traded fund (ETF) offering equal-weighted exposure to mining companies with high environmental, social and governance (ESG) standards. This ETF therefore has two unique features. Firstly, it is equally-weighted, so its holdings are not dominated by one single stock or a handful of them. Secondly, the ESGO ETF allows investors to gain exposure to the best-in-class gold miners from an ESG perspective. As well as allowing investors to align their investment with their values, the ESG screening approach helps to mitigate risk. Companies with poor ESG scores, which the ETF does not provide exposure…