Article 8 and Article 9 funds are associated with lower ESG risks,but the categories need reform
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The market for funds with sustainability features remained largely flat in the second half of 2025: as at the end of December, funds falling under Articles 8 and 9 of the EU Sustainable Finance Disclosure Regulation (SFDR) managed a total of around EUR 1,250 billion on behalf of investors in Germany.
Following extensive retrospective notifications of reclassifications in the first half of the year, the volume of Spezialfonds with sustainability features rose by only a further 2.8 per cent to EUR 480 billion. Assets under management in retail funds also grew moderately by 3.6 per cent to EUR 773 billion.
A large part of this growth can be attributed to the positive performance of the capital markets.
Please refer to the BVI Report attached and also to the Snapshot Sustainability on the BVI website.
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investESG
investESG
