Mirova Green Fund Exits Philippine Debt After Graft Scandal

Mirova SA’s flagship green bond fund exited its position in Philippine debt following a corruption scandal that raised concerns investors may have inadvertently financed flood-control projects now under investigation for graft.

The asset manager’s €1.4 billion ($1.6 billion) Global Green Bond Fund sold all of its holdings of Philippine sustainable bonds over the course of December and January, the latest company disclosures show. The position comprised less than 1% of its total assets, with the bulk of the fund’s investments in Europe.