The rfu (rfu research GmbH) has been collecting data on the Austrian market for ESG funds since 2015. While the analyses between 2015 and 2021 were limited to the volume of sustainably managed retail funds, rfu changed its methodology from 2024 onwards. In its latest "Austrian ESG Funds Survey 2026" rfu also collected and analyzed data on the institutional segment (special purpose funds and institutional unit categories of retail funds), thus providing a comprehensive overview of the Austrian market for sustainable investment funds. The analysis shows that Raiffeisen Capital Management is the clear market leader for investment products managed according to ESG criteria (certified), with a market share of 33.3%.
ESG funds in the narrow sense
ESG funds in the narrower sense pursue sophisticated concepts for social and ecological stock selection; funds with the Austrian Ecolabel, FNG seal or a declaration pursuant to Art. 9 SFDR have been assigned to this category*.
As of 31.12.2025, sustainable funds in the narrower sense reached a total volume of 33.9 billion euros, with a market share of 14.3% of all securities funds of Austrian fund companies (236.5 billion euros).
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ESG funds in the broader sense
Raiffeisen Capital Management is also well positioned in the expanded ESG segment, encompassing ESG funds in the broader sense (declared under Article 8 or Article 9 SFDR*), with a high market share of 20.5%. Overall, the number of funds on the Austrian market classified under Articles 8 and 9 has increased. While there were 705 funds at the end of December 2024, one year later at the end of December 2025 there were already 731 funds. In terms of investment volume (in relation to the market as a whole), this represents an increase of 6.7%, according to the rfu analysis.
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The largest ESG funds in Austria
The ten largest sustainability funds already represent 40% of assets managed according to ESG. By the end of 2025, two large ESG flagship funds had already reached an investment volume of over one billion euros. Both of these products are Raiffeisen KAG funds.
- Raiffeisen-Nachhaltigkeit-Mix 5,249 million euros
- Raiffeisen-Nachhaltigkeit-Aktien 1,461 million euros
- Amundi Ethik Fonds 917 million euros
- Raiffeisen-Nachhaltigkeit-Rent 882 million euros
- Erste Responsible Stock Global 794 million euros
©rfu research GmbH as of 31.12.2025
*The Sustainable Finance Disclosure Regulation (SFDR) is an EU regulation on the disclosure requirements in the financial services sector regarding the consideration of sustainability criteria in its processes and products. SFDR Art. 8: The fund takes environmental and/or social criteria into consideration for investment. Art. 9: The fund aims to make sustainable investments.
ESG funds by Raiffeisen Capital Management
The Raiffeisen-Nachhaltigkeit-Aktien exhibits elevated volatility, meaning that unit prices can move significantly higher or lower in short periods of time, and it is not possible to rule out loss of capital.
The investment strategy permits the Raiffeisen-Nachhaltigkeit-Rent to predominantly (relative to the associated risk) invest in derivatives. The Fund Regulations of the Raiffeisen-Nachhaltigkeit-Rent have been approved by the FMA. The Raiffeisen-Nachhaltigkeit-Rent may invest more than 35 % of the fund's volume in securities/money market instruments of the following issuers: France, Netherlands, Austria, Italy, United Kingdom, Sweden, Switzerland, Spain, Belgium, United States, Canada, Japan, Australia, Finland, Germany. The Raiffeisen-Nachhaltigkeit-Rent accepts higher risk and aims for better performance than a money market investment.