Japan’s largest money managers appear to have come to a consensus about where to allocate their sustainable investment portfolios: anywhere but Japan.

The country’s four largest environment, social and governance (ESG) funds have put at least 95% of their net assets in foreign stocks as of this month, according to data compiled by Bloomberg, devoting only a small fraction of their ¥1.4 trillion ($12.1 billion) to domestic holdings.

That’s a blow for Japanese firms looking to ride the wave of investor money flowing to companies that meet some combination of criteria for ESG factors.