Environmental, Social and Governance (ESG) investing is now a major disruptive force. Businesses are increasingly incorporating ESG considerations into everyday practice, savers are increasingly expecting people and the planet to be considered as part of investing, and financial regulators are on the prowl to make sure that environmental and social factors are scrutinised and disclosed.

One of the hardest concepts in investing is trying to understand what ‘risk’ really is and deciding how to deal with it. If you asked a fund manager to explain it to you, they would probably provide a lesson on credit, liquidity, and concentration risk (amongst many others) and the volatility of returns, as measured by the annualised standard deviation of returns!