Published Paper Details:

The intensification of environmental issues, social accountability, and a growing demand for transparency and ethical management have spurred the growth and development of Environmental, Social, and Governance (ESG) investing in global financial markets. Recently, investors have shifted their focus from purely financial gains to encompassing non-financial elements such as environmental sustainability, corporate governance, and social equity, which they now perceive as vital to their socially responsible investment choices. As a result, ESG investing has evolved into a significant avenue for corresponding financial strategies with long-term sustainability objectives. In this landscape, mutual funds linked to ESG criteria have become increasingly popular worldwide, serving as an investment option that combines both financial returns and socially responsible investment opportunities. This study addresses this issue by focusing on short-term (quarterly) performance and growth analysis of selected ESG-linked mutual funds in India. The core objective is to evaluate whether ESG parameters contribute to improved risk-adjusted returns and fund growth. Using NAV, AUM, and Sharpe Ratio as key metrics.. The study is based on a purposive sample of eight ESG-linked mutual funds and applies statistical tools such as descriptive analysis, ANOVA, Pearson's correlation, and multiple regression to derive meaningful insights. The results reinforce the conclusion that short-term growth in NAV and AUM does not directly determine fund performance in ESG-linked mutual funds. Overall, the findings suggest that ESG branding alone does not ensure better risk-adjusted returns and that fund-specific characteristics, investment strategies, and market responsiveness are likely more crucial in driving fund performance