Sustainable Investing

Sustainable Investing ESG Final
Top-down high angle view of vineyards, Langhe UNESCO World Heritage Site, Piedmont, Italy, Europe.
Francesco Bergamaschi/Getty Images
Our Macro Approach to ESG Integration
As a global macro investor, our goal is to build a deep understanding of how economies and markets work, and to convert that understanding into high-quality solutions for our clients’ most important priorities. Because environmental, social, and governance considerations affect how economies are evolving and how markets are priced, we seek a deep understanding of the ESG issues that are pertinent to our investment approach.

Below is a selection of research on ESG-related dynamics that are important to our understanding of global economies and markets.
December 15, 2020
Karen Karniol-Tambour
Bridgewater’s Co-Chief Investment Officer for Sustainability Karen Karniol-Tambour participated in a panel hosted by the Conference of Montreal to discuss how investors can use systemization to enable sustainable investing at scale. Karen describes how, in an economic environment that increasingly relies on the coordination between fiscal and monetary policy to stimulate economic growth, issues of sustainability are critical to understanding today’s world.
May 29, 2020
Karen Karniol-Tambour, Daniel Hochman, Charlie Woodlief, Carsten Stendevad
As macroeconomic investors, we focus on questions about the impact of climate change on the major economies around the world. There is considerable uncertainty regarding the physical impacts of climate change on economies; as we surveyed expert views on the topic, we found a wide range of plausible outcomes for investors to consider. While the physical impacts of climate change will take years to play out, the economic and market impacts of policy choices or other human responses to climate change are likely to take place much faster.
April 2019
Ray Dalio
Bridgewater Founder and Co-CIO Ray Dalio explores why capitalism is not working for the majority of Americans, diagnoses why it is producing these inadequate results, and offers some suggestions for what can be done to reform it. These problems are creating widening income, wealth, and opportunity gaps which pose existential threats, bringing about damaging domestic and international conflicts and weakening America’s condition.
September 9, 2020
Karen Karniol-Tambour, Melissa Saphier, Yusuf Jailani, Jeremy Fraenkel
Even before the COVID-19 crisis, it was clear that traditional economic measures had increasingly diverged from social outcomes. Despite a decade of economic expansion and falling unemployment, social conditions deteriorated across a variety of measures. COVID-19 has brought these pressures to a head. Looking ahead, social conditions will have rising impacts on markets as policy evolves to more explicitly consider such issues in evaluating its goals. Fiscal policy is likely to take on a greater role in the decade to come, and is inherently distributional. The Fed, too, is increasingly taking into account social disparities.
March 22, 2017
Populism is one of the biggest forces shaping economic conditions, fiscal and monetary policy and international relations. This report examines how the phenomenon typically germinates, grows, and runs its course.
Incorporating Sustainability into Portfolio Construction
Increasingly, institutional investors seek to design portfolios that achieve financial outcomes and have environmental and social impacts. We partner with them on how best to realize both goals within large, liquid, multi-asset portfolios.
September 2020
Karen Karniol-Tambour, Carsten Stendevad, Daniel Hochman, Jacob Davidson, Brian Kreiter
Our approach to building a scalable, strategic asset allocation using assets aligned to the UN Sustainable Development Goals
March 16, 2021
Karen Karniol-Tambour
Large, liquid public markets present many opportunities for investors seeking to incorporate environmental and social goals in their portfolios and create impact at institutional scale. Co-Chief Investment Officer for Sustainability Karen Karniol-Tambour discusses how investors can consider implementing sustainability assessments across asset classes at Top1000Funds Sustainability Digital 2021.
March 2021
In this series, we explore the role of commodities in portfolios, including how to build a commodity allocation that is designed to meet investors' sustainability goals.
September 2020
Co-Chief Investment Officer for Sustainability Karen Karniol-Tambour discusses our approach at Top1000Funds Sustainability Digital
Our approach to these issues is shaped both by who are as an investment manager — i.e., our fundamental, systematic, and diversified approach to investment research and portfolio construction — and by how we partner with our clients.
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