French asset manager Carmignac is the latest firm to reclassify three of its sustainability-labelled funds following more comprehensive disclosure rules and clarifications for EU-domiciled products. Level 2 of the Sustainable Finance Disclosure Regulation (SFDR) went live in January and asks managers to provide more detail on their Article 8 (environmental and social characteristics) and Article 9 (environmental and social objectives) funds. The Carmignac Portfolio Family Governed, Portfolio Investissement, and Portfolio EM Debt sub-funds have subsequently been re-labelled as Article 8 funds, with the firm noting that clarifications, such as the expectation that only sustainable investments should be made for Article 9 funds, prompted the changes. In November, Amundi also downgraded 100 funds worth €45 billion. A recent investigation also warned that a number of existing Article 9 funds are not as ‘dark green’ as they should be under the new rules, with many still invested in fossil fuels and aviation.