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The ESG acronym is on the lips of investors worldwide. I can’t think of any other investment phenomenon that has spread so fast, from pension funds to private equity fund managers.

Yet astoundingly, when you really interrogate it, no-one seems to know what it means. Sure, it is “environment”, “social” and “governance”, but regarding a portfolio strategy, just what should you be doing to make your portfolio ESG compliant?..

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