The bonus question
The world commits to net zero. You manage $1bn.

Every control recomputes all 500 companies live. The carbon price moves every number here except the allocation. The missing data moves the money.

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S&P 500/mandatory filings only/build

The index has no identified sustainability ranking.

Commercial ESG ratings run on numbers a company chooses to publish about itself. 74% of the S&P 500 later revised those numbers (Cohen, Rouen and Sachdeva, Nature Climate Change, 2026). So we scored the index only on what it files under legal penalty, ran every defensible modelling choice at once, and kept what held.

ranks wide, 5th to 95th percentile
Rank intervals
miss their own emissions promise
Say and do
of a Paris-Aligned fund’s carbon cut is reallocation
The $1bn fund
Zero vendor ESG inputs.
Finding 01 / credibility

Say and do

Every listing is accounted for
A company we cannot measure is a declared state, never a zero and never a deletion.
What this chart cannot tell you
    Finding 02 / uncertainty

    There is no identified ranking, and the weights are not the reason

    Ten thousand draws over normalisation, winsorisation, pillar inclusion, the missing-data assumption, aggregation, sector framing and the weights themselves.

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    Finding 03 / reallocation

    A Paris-Aligned fund sells the decarbonisers

    Three books built against Commission Delegated Regulation (EU) 2020/1818, article by article, against a fourth that applies the position cap and no carbon rule at all. Then a Brinson decomposition, to find out who actually did the cutting.

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    Honesty / coverage

    What we cannot see, stated as a number

    Where the mandatory record stops, the score stops with it.

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