In the May installment of his Monthly Flow report, Vincent Deluard, Global Macro Strategist for the Broker Dealer Division of INTL FCStone Financial Inc.,  writes that Environmental, Social, and Governance (ESG) investing is an idea whose time has come, but not for the reasons their champions might think. In fact, he argues, the recent strong performance of ESG funds is being driven by an unintended dark side: their preference for companies that develop or rely on machines and intangible assets over human contributions. In this case, ESG funds could end up driving or exacerbating the very excesses of winner-take-all capitalism that they were originally conceived to help moderate.