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ESG dissection of European equities

An empirical analysis of ESG factors and pillars and the implications for European equity markets

Key points

  • Our research shows the highest-rated ESG stocks have generated an average outperformance of 29 basis points versus the STOXX Europe 600 index over a three-month investment horizon1
  • This outperformance appears to be driven by the environmental and social pillars, which are the only ones to generate a premium when applying this bucketing strategy
  • Companies with a one-notch ESG rating downgrade tend to underperform regardless of the pillar that declines

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    AXA IM and BNPP AM are progressively merging and streamlining our legal entities to create a unified structure

    AXA Investment Managers joined BNP Paribas Group in July 2025. Following the merger of AXA Investment Managers Paris and BNP PARIBAS ASSET MANAGEMENT Europe and their respective holding companies on December 31, 2025, the combined company now operates under the BNP PARIBAS ASSET MANAGEMENT Europe name.