Nvidia ‘Bubble' Talk Spreads to ESG Fund Managers Who Rode Highs [BNN Bloomberg (Canada)]
SWEDBANK AB S/ADR (SWDBY)
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Source: BNN Bloomberg
“I'm optimistic in the long run, but recognize that the valuation isn't exactly attractive,” said Kristofer Barrett, who oversaw a decision to make Nvidia the biggest holding in Swedbank Robur Technology last year, transforming it into the top performer in a Bloomberg ranking of ESG funds. The Swedbank fund, which is registered as “promoting” environmental, social and governance metrics under European Union rules, returned 53% in 2023. But there's now some concern that Nvidia may end up a victim of its own success, according to Barrett. There's a “realization that this has become a retail stock,” he said. “And that portends a bubble, potentially.” Overall, the proportion of ESG funds holding Nvidia shares dropped to 15% of the total at the end of December from a high of 20% in the second quarter of 2023, according to fresh data provided by Morningstar Direct. The figures, which cover equity-oriented open-end and exchange-traded funds that satisfy Morningstar's ESG criteria, s
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