It appears you don't need to be "environmental" to be an "ESG" fund, at least according to `The Wall Street Jourbal. They write in "Apple, JetBlue Buy Goldman ESG Cash Fund," that, "Apple Inc., JetBlue Airways Corp. and other U.S. corporations are parking cash in a new socially conscious offering managed by Goldman Sachs Group Inc. The $1.5 billion money-market fund helps corporate treasurers steer money to bond brokerages operated by minorities, women and veterans, reflecting a growing shift toward investing with environmental, social and governance, or ESG, principles. Money management is crucial for companies such as Apple, which had a $245 billion cash pile at the end of 2018. But there are few ESG options among money-market funds, which invest about $3.3 trillion for clients in short-term bonds issued by high-quality government and corporate borrowers." GSAM's Christina Kopec tells the Journal, "We had a lot of demand from corporate clients asking what was available.... The answer is, 'not a lot.' The WSJ piece explains, "The firm repurposed an existing money-market fund, the Goldman Sachs Financial Square Federal Instruments Fund, in December to invest in government debt, especially so-called agency notes issued by the Federal Home Loan Bank and Federal Home Loan Mortgage Corp., with an additional mandate to prioritize buying from bond dealers that are certified as being owned by minorities, women and veterans. The fund, which buys about half of its assets from such dealers, has since doubled in size, attracting $850 million in the first half of 2019." It adds, "For Apple, the Goldman fund fits into the company's broad initiative to increase diversity. 'We're proud to have been at the forefront of developing this fund,' said Gary Wipfler, the company’s corporate treasurer. 'We hope this fund will help bring more opportunities for diverse firms and investors.'"

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