Over the last decade, we have seen two major investment trends capture the imagination of investors. In Europe ESG investing became enormously popular while in the United States the reception of ESG investing remains lukewarm. Meanwhile, in the United States, smart beta or factor investing has become extremely popular while European were rather lukewarm about this trend. One should never gloat, but over the last ten years, ESG investing has performed exceptionally well, while smart beta investing has been rather, let’s say, underwhelming (of course, now that I say this out loud, performance is likely to reverse for the next decade…).