Sustainable Investing: Fashion and ESG

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1 The World Bank, How Much Do Our Wardrobes Cost to the Environment?, September 23, 2019, https://www.worldbank.org/en/news/feature/2019/09/23/costo-moda-medio-ambiente

2 Production involves cutting sewing, buttonholing, gluing, etc. Processing includes spinning, weaving, dyeing of fabric, etc.

3 In some emerging markets, the apparel industry is viewed as a sunrise industry, a new or relatively new industry expected to become economically important because it may spark economic growth.

4 Ellen MacArthur Foundation, Keeping clothing in use to reduce waste: thredUP, as of May 25, 2022, https://ellenmacarthurfoundation.org/circular-examples/keeping-clothing-in-use-to-save-us-money-and-reduce-waste-thredup and Ellen MacArthur Foundation, A New Textiles Economy: Redesigning fashion’s future, as of May 25, 2022, https://ellenmacarthurfoundation.org/a-new-textiles-economy

5 FESPA, Digital Textile market trends and opportunities 2022 – how does the future look?, as of May 25, 2022, https://www.fespa.com/en/news-media/features/digital-textile-market-trends-and-opportunities-2022-%E2%80%93-how-does-the-future-look and Allied Market Research, Digital Textile Printing Market Outlook – 2021-2030, as of May 25, 2022, https://www.alliedmarketresearch.com/digital-textile-printing-market

Disclosures

This material was published on March 25, 2022 and has been prepared for informational purposes only and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. This material was not prepared by the Morgan Stanley Research Department and is not a Research Report as defined under FINRA regulations. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

The views and opinions and/or analysis expressed are those of the author or the investment team as of the date of preparation of this material and are subject to change at any time without notice due to market or economic conditions and may not necessarily come to pass. Furthermore, the views will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing, or changes occurring, after the date of publication. The views expressed do not reflect the opinions of all investment personnel at Morgan Stanley Investment Management (MSIM) and its subsidiaries and affiliates (collectively “the Firm”), and may not be reflected in all the strategies and products that the Firm offers.

This material contains forward-looking statements and there can be no guarantee that they will come to pass. Information contained herein is based on data from multiple sources and Morgan Stanley makes no representation as to the accuracy or completeness of data from sources outside of Morgan Stanley. References to third parties contained herein should not be considered a solicitation on behalf of or an endorsement of those entities by Morgan Stanley.

The returns on a portfolio consisting primarily of sustainable investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria.

Calvert Research and Management is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

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