I don't think there is long term evidence that ESG adds alpha. Even if it did in the past, there's no reason to believe it will continue once it is being gamed

I don't think there is long term evidence that ESG adds alpha. Even if it did in the past, there's no reason to believe it will continue once it is being gamed as it is now and the term becomes amorphous. Texas ever investing in ESG in the first place was the ideologically impure thing to do, if their only goal is performance.