March 22, 2018
PRESS RELEASE - FOR IMMEDIATE RELEASE
Stance Equity ESG Large Cap Core divests from Facebook, Inc.
BOSTON, March 22, 2018
Stance Equity ESG Large Cap Core, an actively-managed quantitative approach to investing in U.S. companies in a large cap index that demonstrate management focus on Environmental, Social, and Governance (ESG) sustainability factors, announced today that it will be divesting from Facebook, Inc. (NASDAQ: FB).
In the wake of revelations that election data company Cambridge Analytica was able to access data of 50 million Facebook users, and given Facebook’s complacency with respect to the proliferation of fake news during the 2016 election cycle, Stance Equity will be selling its holdings in Facebook.
“While it is clear Facebook was initially unaware of the contractual breach that caused data on 50 million users to end up in the hands of Cambridge Analytica,” said Bill Davis, Founder and Portfolio Manager, "it is also clear that once Facebook learned of the situation in 2015, they lacked the willpower to address the problem and develop systems to responsibly protect user data. Indeed Facebook has been completely silent on this issue until it became headline news”.
About Stance Capital
Stance Capital is a Massachusetts-based Registered Investment Advisor focused on constructing public equity portfolios that mitigate material risk and allow clients to align their capital with their belief systems.
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