$1.1bn Rockefeller Bros Fund says it has improved performance since divesting from fossil fuels
Tue 12 May 2020
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The return from a $1.1bn Rockefeller Brothers Fund (RBF) has outstripped industry performance averages despite its decision to divest from fossil fuels five years ago. The Fund, managed by the heirs of the founder of Standard Oil has outperformed an index portfolio of stocks and bonds, including coal oil and gas holdings by over 1%.
The RBF portfolio was also revealed to be less volatile than the industry benchmark.
Valerie Rockefeller, the great-great-granddaughter of oil magnate John D. Rockefeller and chair of the RBF Board of Trustees, said (Reported by Business Green): "Oil is obviously a definitional part of my family's past. But it has no place in our future."
In its heydey, Standard Oil controlled 90 per cent of US oil production, making John D Rockefeller the country's first billionaire with a fortune worth well over one per cent of the entire American economy.
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