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This study investigates the relation between ESG-driven investment strategies and the performance of infrastructure funds. More specifically, this study examines the impact of the different dimensions – environmental (E), social (S) and governance (G) – of the ESG profile of infrastructure funds on their performance.

To study the risk-return properties of infrastructure funds and the relationship with their ESG profiles, an econometric analysis is conducted, based on a sample of 180 listed, ESG-oriented infrastructure funds identified through Refinitiv Eikon.

The results show that infrastructure funds with more solid environmental investment policies experience a lower performance, while those with a stronger social orientation yield a superior performance. Governance-related investment policies seem trivial in determining the performance of these funds. Further analysis shows that ESG controversies have a negative impact on infrastructure funds' performance, whereas Emissions and Resource Use scores, both proxying for different elements under the environmental pillar, have opposite signs. Finally, the Community score has a positive impact on funds' performance consistent with the positive impact of the social pillar score. The study also provides a number of sub-sample analyses to shed light on the conditions under which each pillar has significant impact on funds’ performance.

First, infrastructure funds should choose the composition of their portfolio holdings in a way that the total return is not penalized by the prevalence of the tricky E aspects (compliance with environmental regulations) over the main benefits of the S dimension. Second, fund managers need to bet on infrastructures with an expected impact on the social pillar dimension such as those aimed at promoting the wealth of the local communities (e.g. hospitals, schools). Third, to strengthen the fund's social dimension, fund managers must increase the dollar amount of the assets under management to count on a higher firepower.

This study makes three contributions to literature. First, the ESG profiles of the infrastructure funds operating both at local and global level and their relationship with annual performance are studied. Second, the different dimensions of the ESG profile of infrastructure funds are investigated by measuring their impact on performance. Third, the study sheds light on some detailed but relevant aspects of this phenomenon by analyzing the breakdown of the ESG profile of infrastructure funds into four sustainability sub-scores capturing their efforts to reduce CO2 emissions, the use of polluting materials and to influence local communities as well their exposure to the risk of litigation due to the occurrence of ESG controversies. This study addresses the extent to which the adoption of ESG investment policies by the infrastructure funds have an impact on their performances.

The paper is aimed at assessing the safety of the Giotto's Bell Tower, with special attention to its foundation system, i.e. the foundation works and soil. The tower, well known all over the world, has a squared plan, with sides of 14.45 m each, and a total height equal to 84.7 m. The structural response of the tower is assessed with reference to the gravitational load and to the expected seismic action, quantified according to the seismic hazard of the site and the foundation soil.

A simplified analysis has been performed to check the safety level of the tower to seismic actions. Special attention has been paid to quantify the horizontal actions representing the seismic loads. Such quantification, indeed, has been made both through the elastic spectrum of the tower and by performing a site response analysis on the foundation soil, represented as a one-dimensional stratification of soil layers, described on the basis of experimental investigations. After defining the loading actions, a simplified assessment of the foundation safety has been made by considering the action over foundation, the geotechnical data and the safety factor.

The findings of the paper concern the assessment of the safety of the tower's foundation system. A lot of experimental data on the foundation soil, provided by various geological investigations, have been provided and used for the assessment. Moreover, the mechanical properties of the materials used for the structure have been collected and shown in the paper.

The paper collects a lot of technical information regarding the Giotto's Bell Tower, both regarding its foundation soil and the constituting materials. On the basis of the collected information, a structural analysis has been made to assess the seismic safety of the tower, and the results of such assessment are provided and discussed.