Which of the following is not a form of ESG investment?

Valuation investment does not inherently incorporate environmental, social, or governance (ESG) factors as a primary criterion for investment decisions. Instead, it focuses on assessing the underlying value of an investment based on financial metrics and traditional valuation techniques, such as discounted cash flows or comparative analysis. While ESG considerations may inform an investor's decision-making process, they are not central to valuation investment strategies.

In contrast, ethical investment, thematic investment, and impact investment explicitly align with ESG principles. Ethical investment prioritizes moral or ethical considerations, often excluding companies that do not meet certain ethical standards. Thematic investment focuses on specific themes that may align with sustainability goals, such as renewable energy or social equity. Impact investment aims to generate measurable social and environmental impacts alongside financial returns. Each of these approaches actively incorporates ESG factors into the investment strategy, distinguishing them from a purely financial valuation perspective.