The E.U.’s Sustainable Finance Disclosure Regulation (SFDR) imposes sustainability-related disclosure and transparency obligations in Europe so that E.U. investors can make more informed investment decisions. The SFDR has been in effect for more than three years and continues to have a significant impact on the European asset management landscape. To provide asset managers with a practical assessment of the current state and emerging trends of sustainable investing in Europe, Maples Group reviewed over 26,000 active funds in the two largest fund domiciles in the E.U. – Ireland and Luxembourg – and recently released its findings in its second annual report (Report). The Report aims to help asset managers navigate SFDR requirements and provide insights about the compliance approaches currently pursued by fund managers. This article summarizes key takeaways from the Report that are relevant for private fund managers. See our two-part series on the Net Zero Asset Managers Initiative: “What It Is and What It Requires” (Apr. 26, 2022); and “How to Make the Commitment” (May 10, 2022).