WASHINGTON, Oct. 30 /PRNewswire-USNewswire/ -- Government filings by Al
Gore's investment management firm, Generation Investment Management (GIM),
indicate that the Nobel Peace Prize winner may be "talking the talk" but
not "walking the walk" when it comes to investing in so-called
"Despite its widely publicized rhetoric, the Gore firm's stock
portfolio looks to be that of an ordinary diversified mutual fund," said
JunkScience.com publisher Steve Milloy. "If this is 'sustainable'
investing, then it is a meaningless term," Milloy said.
GIM, of which Al Gore is the chairman and founding partner, filed its
Form 13F-Holdings report with the U.S. Securities and Exchange Commission
on October 23, 2007. The report may be viewed at
According to the report, GIM has $438 million invested in the following
22 companies: AFLAC, Amdocs, Autodesk, Becton Dickinson, Blackbaud,
Donaldson Company, General Electric, Greenhill & Co., HDFC Bank, Johnson
Controls, Laboratory Corporation of America, Metabolix, Millipore, Mueller
Water Products, Northern Trust, Procter & Gamble, SPDR Trust, Staples,
Techne Corp., UBS, Varian Medical Systems and Waters Corp.
GIM's top five holdings are Johnson Controls, AFLAC, Becton Dickinson,
General Electric and Procter & Gamble.
Al Gore says on the GIM web site that, "Integrating issues such as
climate change into investment analysis is simply common sense."
But with the exception of General Electric -? which actively lobbies
for global warming regulation while its stock significantly underperforms
the broad stock market ?- GIM's portfolio doesn't seem to have anything to
do with climate change. Notably absent from GIM's portfolio are energy and
utility companies -? even those that claim they will benefit from global
warming regulation. With the exception of GE, corporate members of the
pro-global warming regulation lobbying group called the U.S. Climate Action
Partnership are also missing from GIM's portfolio.
"GIM's portfolio is a run-of-the-mill mix of financial service,
healthcare, consumer products, technology and industrial materials
companies that hardly seems to live up to Gore's rhetoric about social and
environmental sustainability allegedly driving GIM's investment choices,"
Milloy said. "There seems to be no particular focus on energy efficiency,
alternative energy, reducing pollution and greenhouse gases, or other
so-called 'green' business ideals" Milloy said.
In any event, GIM has probably purchased the stock of these companies
in the secondary markets, meaning that GIM's capital is not being invested
directly in the companies' operations. GIM can buy or sell its portfolio
positions by simply picking up the phone and calling its stockbroker. The
companies owned don't necessarily even know GIM is an investor.
"GIM's investments do not appear to be reducing anyone's carbon
footprint," said Milloy. "Before falling for GIM's 'sustainability' pitch,
investors may want to check out GIM's portfolio first," Milloy added.
Steven J. Milloy is the founder and publisher of DemandDebate.com,
JunkScience.com and CSRwatch.com; an investment adviser to the Free
Enterprise Action Fund; and a columnist for FoxNews.com.