Wespath Benefits and Investments made a $300 million commitment to a new enhanced low-carbon strategy managed with BlackRock, spokeswoman Lisa L. Drew said.
It is the first enhanced-passive low-carbon Transition Ready strategy benchmarked to the Russell Top 200 index, according to a joint news release from BlackRock and Wespath, the investments division of the Glenview, Ill.-based $24 billion General Board of Pension and Health Benefits of the United Methodist Church.
The new strategy "seeks to deliver long-term competitive financial returns relative to the index by tilting investments toward companies best positioned for the transition to a low-carbon future," the news release said.
Wespath and its subsidiaries have now committed more than $1 billion to Transition Ready strategies, which seek to capitalize on the view that the market is inefficiently pricing risks and opportunities of the transition to a low-carbon economy.
