Sustainable investing has certainly matured but one of the hardest questions advisers still face is proving that a sustainable investment is delivering real-world results without losing sight of investment performance. Outcomes reporting is becoming an important adviser tool because clients increasingly want evidence not intentions.
Our outcomes reports help answer some of these questions by providing evidence of how a fund's investment approach translates into real-world sustainable results. Outcomes reports are intended to complement the information investors would typically use to assess a fund, including its objectives, risks, charges and past performance. These factors remain central to investment decision-making and can be reviewed through the Fund Centre and relevant fund literature.
As client expectations evolve and they request more tangible evidence of sustainable outcomes, demonstrating these outcomes has become just as important as describing the sustainable investing process. But outcomes do not replace the investment case: investors still need to understand how a fund is managed, the risks involved and how performance should be assessed over the long term. This is where outcome reporting can play a valuable role.
"We believe you can do good and do well – sustainable outcomes do not have to be to the detriment of investment outcomes."
Ed Venner, Chief Client Officer, Royal London Asset Management
Why outcomes matter
Outcomes and investment performance are not separate conversations. For sustainable investors, companies that provide valuable products and services, are well managed and financially disciplined and respond effectively to long-term challenges can be better positioned to deliver long-term returns. The aim is not to trade financial performance for positive outcomes, but to identify businesses where commercial strength, and positive real-world outcomes support each other over time.
For advisers, this can help answer some common client questions:
- Is my money supporting the transition to a lower-carbon economy?
- How are companies contributing to healthier lives and communities?
- Are businesses improving safety, resilience and security?
- How is capital supporting greater inclusion and access to opportunity?
- How does this fit with my expectations for risk, return and long-term investment performance?
"Outcomes reporting helps move the conversation from sustainable investment intentions to evidence of real-world outcomes."
Tom Barrow, Lead Analyst Impact Investment, Responsible Investment
What good outcomes reporting looks like
Good outcomes reporting should help investors move beyond broad sustainability claims and understand the environmental and social outcomes associated with the companies held in a portfolio. Rather than focusing on policies or aspirations, it should provide evidence of measurable outcomes linked to the products, services and operations of investee companies.
Credibility also requires transparency about what can and cannot be claimed. At Royal London Asset Management, we focus on outcomes rather than impact, highlighting the environmental and social results associated with companies while avoiding claims that cannot be robustly supported by evidence.
Good outcomes reporting should present a balanced picture, acknowledging both positive and negative outcomes. This helps build trust and supports more informed conversations between advisers and clients.
Ultimately, outcomes reporting can support better investment decision-making by providing an additional lens through which investors can assess companies, alongside considerations such as risk, return and long-term performance. Outcomes reporting can also help inform stewardship activity. Understanding where companies are delivering positive outcomes, and where challenges remain, can help investors prioritise engagement and encourage higher standards over time.
"Outcome reporting helps investors understand not just what companies produce, but the value they create and where engagement can support better outcomes over time."
George Crowdy, Sustainable Fund Manager
The challenge, however, is turning outcomes data into something clients can easily understand. That's where company examples can bring the numbers to life.
Bringing outcomes to life
The latest Royal London Global Sustainable Equity Fund outcomes report contains a range of metrics and company-level examples that help illustrate how outcomes can be linked back to the businesses held in the portfolio.
Some of the headline findings include:
25.2%
of portfolio revenues aligned to Clean outcomes
15.5%
of portfolio revenues aligned to Healthy outcomes
8.5%
of portfolio revenues aligned to Safe outcomes
19.7%
of portfolio revenues aligned to Inclusive outcomes
Source: Royal London Asset Management, 31 December 2025
Alongside these revenue alignment figures, the report highlights:
- Lower portfolio carbon emissions relative to the benchmark
- 156 million people reached through healthcare initiatives
- More than 5.5 million people provided access to financial services
- US$1 billion of fraud prevented through digital security solutions
While portfolio-level data is important, company examples often resonate most strongly with clients.
Clean: Comfort Systems
Share of revenues classified as clean
Comfort Systems helps improve the energy efficiency of commercial and industrial buildings through modern HVAC solutions. As electrification, data centre growth and rising power demand reshape the sector, the company is supporting lower-carbon infrastructure.
Our analysis reveals that well over 75% of its revenues are aligned to clean outcomes, demonstrating how environmental responsibility and financial success can go hand in hand.
Outcome supported through investment: A Comfort Systems Group company, CS Shoffner reports: "To date, we've saved over 4,371,513 kWh through energy reduction programs – an annual saving of US$437,151.00"
Healthy: Thermo Fisher Scientific
Share of revenues classified as healthy
Thermo Fisher Scientific is a global leader in life sciences, and a one-stop shop for the healthcare industry. It offers a wide range of tools, instruments and services to solve almost any challenge in healthcare including diagnostics and clinical trials. Thermo Fisher's Ion Torrent Genexus sequencing platform helps expand access to advanced cancer diagnostics by delivering rapid genomic testing that can support earlier, more personalised treatment decisions.
Our analysis reveals that 100% of Thermo Fisher's revenues can be classified as healthy.
Outcome supported through investment: Thermo Fisher has invested US$1.4 billion in research and development and its oncology diagnostic technology can return results in 24 hours, enabling faster lung cancer treatment decisions.
Safe: APi Group
Share of revenues classified as safe
APi Group provides fire protection, life safety and security services that help businesses comply with increasingly stringent safety regulations and reduce operational risk. Operating in more than 20 countries, the company supports safer buildings, infrastructure and communities through essential inspection, monitoring and maintenance services that are often required by law.
Our analysis reveals that 74% of APi Group's revenues can be classified as safe.
Outcome supported through investment: Measuring real world outcomes of APi Group's products and services is challenging, but Engineering News-Record designated APi Group as number 1 provider of life safety services. APi Group also reported 0.87 workforce health and safety incidents per 100 employees (below industry average of 2.2).
Inclusive: HDFC Bank
Share of revenues classified as inclusive
HDFC Bank helps expand financial inclusion across India through its extensive branch and digital networks, providing access to banking, savings, lending and payment services for individuals, small businesses and underserved communities. Our analysis reveals that 56% of HDFC Bank's revenues can be classified as inclusive.
Outcome supported through investment: HDFC Bank provided 5.2 million people & 600k small & medium businesses with access to financial services in 2025. HDFC Bank also supported 3 million people with financial literacy. It supports a total of 97 million customers with 4,796 bank branches in semi-urban and rural locations.
Source: for all case study outcomes data can be found in the Royal London Global Sustainable Equity Fund Outcomes Report 2025.
Reference to any security is for information purposes only and should not be considered a recommendation to buy or sell. Portfolio holdings are subject to change without notice.
Supporting better client conversations
For advisers and wealth managers, outcomes reporting can provide a practical way to connect investment objectives with the sustainability priorities that matter to clients. It can help move conversations beyond labels and exclusions towards a clearer discussion of what portfolio companies do, who they serve and how those activities may contribute to long-term value creation.
Rather than focusing solely on policies, ratings or exclusions, outcome reporting provides tangible examples that clients can understand and relate to.
It can help demonstrate:
- How companies contribute to sustainable outcomes
- Progress over time against measurable indicators
- The link between sustainability and long-term value creation
From intention to evidence
Sustainable investing is moving beyond process and towards evidence. Outcomes reporting can help advisers communicate sustainability in a clearer, more meaningful way, while encouraging clients to consider these outcomes alongside the fund's stated objectives, risks and performance record. Clients can find fund performance, risk ratings, charges and other key fund information in the Fund Centre.
"The future of responsible investment will be defined not only by how capital is allocated, but by the outcomes it helps achieve."
Ashley Hamilton Claxton, Head of Responsible Investment
This is a financial promotion and is not investment advice. Capital at risk.
For professional clients only, not suitable for retail investors. This is a financial promotion and is not investment advice. Capital at risk.
The views expressed are those of Royal London Asset Management at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice. Reference to any security is for information purposes only and should not be considered a recommendation to buy or sell. Portfolio holdings are subject to change without notice.
The Fund is a sub-fund of Royal London Equity Funds ICVC, an open-ended investment company with variable capital with segregated liability between sub-funds, incorporated in England and Wales under registered number IC000807. The Authorised Corporate Director (ACD) is Royal London Unit Trust Managers Limited, authorised and regulated by the Financial Conduct Authority, with firm reference number 144037. For more information on the fund or the risks of investing, please refer to the Prospectus or Key Investor Information Document (KIID), available via the relevant Fund Information page on www.rlam.com.
Issued in October 2026 by Royal London Asset Management Limited, 80 Fenchurch Street, London EC3M 4BY. Authorised and regulated by the Financial Conduct Authority, firm reference number 141665. A subsidiary of The Royal London Mutual Insurance Society Limited.
ART2610001. 10/2026
