{"id":1700557,"date":"2022-10-17T19:17:58","date_gmt":"2022-10-17T23:17:58","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1700557"},"modified":"2022-10-17T19:18:03","modified_gmt":"2022-10-17T23:18:03","slug":"get-woke-go-broke-blackrock-stock-downgraded-over-risk-from-esg-investing","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/get-woke-go-broke-blackrock-stock-downgraded-over-risk-from-esg-investing\/","title":{"rendered":"Get Woke, Go Broke: BlackRock Stock Downgraded Over Risk From ESG Investing"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fget-woke-go-broke-blackrock-stock-downgraded-over-risk-from-esg-investing%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1700557&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"http:\/\/dailywire.com\/topic\/blackrock\" target=\"_blank\" rel=\"noopener\">BlackRock<\/a> was downgraded by UBS analyst Brennan Hawken last week over the asset management company\u2019s adherence to the environmental, social, and governance movement, also known as <a href=\"http:\/\/dailywire.com\/topic\/esg\" target=\"_blank\" rel=\"noopener\">ESG<\/a>.<\/p>\n<p>As several conservative state officials continue to pull hundreds of millions from BlackRock and other asset managers, Hawken slashed the target stock price from $700 to $585, according to a <a href=\"https:\/\/www.barrons.com\/articles\/blackrock-stock-esg-downgrade-risks-51665504907\">report<\/a> from Barron\u2019s. Shares for BlackRock fell 1% last Tuesday on the news.<\/p>\n<p>\u201cWe are downgrading BLK to Neutral based on environmental pressure to earnings and risk from the firm\u2019s ESG positioning,\u201d Hawken remarked, citing the potential for further lost business and increased regulatory scrutiny.<\/p>\n<p>Most recently, South Carolina State Treasurer Curtis Lofits <a href=\"https:\/\/www.dailywire.com\/news\/south-carolina-to-pull-final-200-million-from-leftist-blackrock-by-end-of-year\" target=\"_blank\" rel=\"noopener\">said<\/a> that he would pull the state\u2019s remaining $200 million in BlackRock because of the company\u2019s \u201cleftist worldview,\u201d through which executives \u201cundermine\u201d their fiduciary responsibilities. BlackRock, which manages $8.5 trillion in client assets, has taken \u201cvoting action on climate issues\u201d against dozens of its portfolio companies, according to an investment stewardship <a href=\"https:\/\/www.blackrock.com\/corporate\/literature\/publication\/our-commitment-to-sustainability-full-report.pdf\" target=\"_blank\" rel=\"noopener\">report<\/a>.<\/p>\n<p>Louisiana also announced <a href=\"https:\/\/www.dailywire.com\/news\/louisiana-becomes-latest-state-to-reject-woke-investing-will-divest-800-million-from-blackrock\" target=\"_blank\" rel=\"noopener\">intentions<\/a> earlier this month to divest from BlackRock until a total of $794 million is removed from the company. Weeks earlier, the state of Texas revealed that BlackRock and nine other firms had <a href=\"https:\/\/www.dailywire.com\/news\/texas-cuts-ties-with-blackrock-other-woke-firms-over-their-hatred-for-fossil-fuels\" target=\"_blank\" rel=\"noopener\">violated<\/a> state law by \u201crefusing to deal with\u201d or \u201cterminating business activities with\u201d companies involved in the production and use of fossil fuels \u201cwithout an ordinary business purpose.\u201d<\/p>\n<p>BlackRock countered in a recent <a href=\"https:\/\/www.blackrock.com\/us\/individual\/literature\/press-release\/blackrock-response-attorneys-general.pdf\" target=\"_blank\" rel=\"noopener\">letter<\/a> to state attorneys general, insisting that the officials falsely portray ESG as a departure from the maximization of profits and asserting that entities which assume a \u201cforward-looking position with respect to climate risk and its implications for the energy transition will generate better long-term financial outcomes.\u201d<\/p>\n<p>At a recent <a href=\"https:\/\/www.dailywire.com\/news\/climate-risk-is-investment-risk-bill-clinton-and-blackrock-ceo-larry-fink-make-bold-claims-about-woke-investing\" target=\"_blank\" rel=\"noopener\">panel event<\/a>, BlackRock CEO Larry Fink and former President Bill Clinton discussed how ESG can aid governments in accelerating a transition toward renewable energy. \u201cWe\u2019re seeing evidence every day that climate risk is investment risk,\u201d Fink claimed, noting the movement of crop production as a purported result of heat and droughts. \u201cPeople are waking up to that, and that\u2019s created this tectonic shift.\u201d<\/p>\n<p>BlackRock is far from the only entity to <a href=\"https:\/\/www.dailywire.com\/news\/virtue-signaling-isnt-free-how-woke-investing-fell-apart-once-the-economy-got-bad\" target=\"_blank\" rel=\"noopener\">suffer<\/a> from ESG investments, which have underperformed over the past year largely as a result of overexposure to the technology sector and avoidance of fossil fuel investments. Harvard Management Company, the organization which oversees Harvard University\u2019s endowment, posted a $2.3 billion loss in the past fiscal year and <a href=\"https:\/\/www.dailywire.com\/news\/harvard-university-endowment-loses-2-3-billion\" target=\"_blank\" rel=\"noopener\">admitted<\/a> that recent efforts to achieve net zero emissions through oil and gas divestment \u201cweighed upon performance.\u201d<\/p>\n<p>A letter from Harvard Management Company CEO N.P. Narvekar added that the group is \u201cproud to be deeply engaged in the issue of sustainability\u201d and has invested in \u201ctechnology-driven climate transition investments.\u201d The organization is also working to address \u201cthe lack of gender and racial diversity in the financial industry\u201d among portfolio investments and its own team.<\/p>\n<p>Despite controversy surrounding ESG and the diversity, equity, and inclusion movement, also known as DEI, academia has forwarded both ideologies. The Wharton School of the University of Pennsylvania, which typically <a href=\"https:\/\/www.usnews.com\/best-graduate-schools\/top-business-schools\/university-of-pennsylvania-01194\" target=\"_blank\" rel=\"noopener\">places first<\/a> in national rankings of collegiate business programs, recently added DEI and ESG programs for graduate and undergraduate students.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BlackRock was downgraded by UBS analyst Brennan Hawken last week over the asset management company\u2019s adherence to the environmental, social, and governance movement, also known as ESG. As several conservative state officials continue to pull hundreds of millions from BlackRock and other asset managers, Hawken slashed the target stock price from $700 to $585, according &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1890414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1700557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1700557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1700557"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1700557\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1890414"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1700557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1700557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1700557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}