The chart of the week looks at fund flows for Environmental, Social, Governance (ESG) funds since late 2018. As you can see, they saw only their second outflow over that time frame and it was quite a large one. We have discussed in the past that ESG investments tend to tilt towards growth-oriented investments because of the guidelines, which has been something that has helped them in the past as growth-oriented investments have done well. But so far in 2022, growth-oriented investments have underperformed value, which could be a reason for the outflows.