Figure 4
Panel A: “Top three performing sector funds for the period 2015 to 2023”. The vertical axis has markings labeled from top to bottom as follows: “Technology Fund underscore Low E S G risk”, “Technology Fund”, and “Technology Fund underscore High E S G risk”. The bar values are listed below. Technology Fund underscore Low E S G risk: 0,000 percent. Technology Fund: 0,000 percent. Technology Fund underscore High E S G risk: 0,000 percent. Technology Fund underscore Low E S G risk has the longest bar, Technology Fund is the second longest, and Technology Fund underscore High E S G risk is the shortest. Panel B: “Top three performing sector funds for the period 2015 to 2019”. The vertical axis has markings labeled from top to bottom as follows: “Technology Fund underscore Low E S G risk”, “Health Care Fund underscore High E S G risk”, and “Technology Fund”. The bar values are listed below. Technology Fund underscore Low E S G risk: 0,000 percent. Health Care Fund underscore High E S G risk: 0,000 percent. Technology Fund: 0,000 percent. Technology Fund underscore Low E S G risk again has the longest bar. Health Care Fund underscore High E S G risk is the second longest, and Technology Fund is slightly shorter. Panel C: “Top three performing sector funds for the period 2020 to 2023”. The vertical axis has markings labeled from top to bottom as follows: “Technology Fund underscore Low E S G risk”, “Domestic Energy Fund underscore High E S G risk”, and “Technology Fund”. The bar values are listed below. Technology Fund underscore Low E S G risk: 0,001 percent. Domestic Energy Fund underscore High E S G risk: 0,000 percent. Technology Fund: 0,000 percent. Technology Fund underscore Low E S G risk has the longest bar. Domestic Energy Fund underscore High E S G risk is the second longest and Technology Fund is the shortest. Note: All numerical data values are approximated.Top three performing sector funds. Sectors funds are ranked according to the Alpha estimate from the six-factor model (Fama and French, 2018) which is used as a performance measure. Active sector funds are split into two groups based on whether their Morningstar sustainability score is below (Sector funds_Low ESG risk) or above (Sector funds_High ESG risk) the PCSS of their corresponding sector ETF