Research & Insights
Investment research and analysis from Ethical Capital. Articles on values-based portfolio construction, divestment strategy, food systems, and climate risk.
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All Articles
What We Own Right Now and Why
A transparent look at our current holdings across Infrastructure, Innovation, Lending, and Real Estate, with detailed investment rationales for each position.
What I'd Tell Your Chief Investment Officer about Divestment
Practical advice for investment offices navigating calls for divestment — how to take stakeholders seriously without undermining long-term portfolio management.
Where Returns Came from in 2023
A transparent look at the top contributors and detractors from our flagship strategy's 33.51% return in 2023, and what it means for active ethical management.
Gabe Ahmed
What Antique Dolls Taught Me About Valuation
A collection of antique dolls shows how one person's nightmare fuel is another's valuation school — and what that means for investors.
3 Practical Questions for Corporate Stewards About Decarbonization
A practical guide for corporate directors and executives trying to chart a credible path towards net zero, with three questions to focus meaningful progress.
Why ESG Investing Has Been Such a Letdown
ESG Investing has garnered disappointment, criticism, and even congressional investigations. What's behind all the dissatisfaction?
The Climate Conundrum
How I've learned to cope with climate reality, and what it means for investment decisions.
They Grow Up So Fast
Two years into running an ethical investment firm, reflecting on what we've built and where we're heading.
Seek Perfection Elsewhere
Why ethical perfection is an unrealistic goal in public markets, and what we do instead.
Do You Need Diversification?
Diversification is a great way to control risk, but it's not the only way.
How We Measure Investment Performance
We're updating our performance measurement process to strike a better balance between complexity, accuracy, and timeliness.
Stock Market Performance: What Should You Expect When You're Investing?
A grounded look at long-term stock market returns, how stocks compare to bonds, and what to realistically expect from an ethical investment portfolio.
12 Resources to Help You Create Your Charitable Giving Plan
A curated collection of resources for clients and community members developing a thoughtful charitable giving practice.
What Would a Recession Actually Mean for Long-Term Investors?
Recession fears dominate financial headlines, but history suggests recessions have often been buying opportunities for patient investors.
Why We Need A New Food System Now
The case for a new food system. Investment research on the risks of industrial agriculture and the opportunities in sustainable food system transitions.
How I Became an Active Manager
Here's how I realized that index funds just won't work for ethics-first investors.
Don't Stop With Divestment
Fossil fuel divestment is a start, but lasting change requires a more comprehensive approach to ethical investing.
Why We Own Farmer Mac
Farmer Mac is our single largest position — a mission-driven lender that supports rural America and the farm credit system. Here's why we own it.
5 Investment Lessons from the Compost Pile
Composting and investing have more in common than you might think. Here are five lessons from the garden that apply directly to portfolio management.