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IAALI_62461900_2026.pdf
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- This study examines the relationship between ESG integration and financial performance among Luxembourg-domiciled UCITS funds over the period 2019 to 2024. Using a panel of 373 funds and four hypotheses, we test whether ESG integration is associated with higher annual returns, whether this association differs across asset classes, whether fund size moderates it, and whether SFDR implementation in March 2021 constitutes a structural break in ESG-performance dynamics.