To show how pre-contractual documents are currently employed to disclose sustainability and ESG-related information, we map and examine the contents of 945 Key Investor Information Documents (KIIDs) from ten major asset managers, including sustainable and non-sustainable funds. Through a Structural Topic Modelling approach, we infer sustainability-related topics and compare their contents and prevalence in different sections of these documents. Sustainability is a cross-cutting and multifaceted issue, discussed coherently with the SFDR fund classification across multiple sections of the KIID, making the option to convey sustainable information in a single section complex to implement.

为了展示合同前文件目前如何用于披露可持续性和 ESG 相关信息，我们绘制并检查了来自 10 家主要资产管理公司（包括可持续和非可持续基金）的 945 份关键投资者信息文件 (KIID) 的内容。通过结构主题建模方法，我们推断出与可持续性相关的主题，并比较它们在这些文档的不同部分中的内容和流行程度。可持续性是一个跨领域和多方面的问题，在 KIID 的多个部分与 SFDR 基金分类进行连贯讨论，使得在单个部分中传达可持续信息的选择变得复杂而难以实施。