RT Journal Article SR Electronic T1 Antisocially Conscious Sectors JF The Journal of Investing FD Institutional Investor Journals SP 78 OP 82 DO 10.3905/joi.2005.580552 VO 14 IS 3 A1 David Hemley A1 Donald Morris A1 Christian Gilde YR 2005 UL https://pm-research.com/content/14/3/78.abstract AB Measuring the collective performance of socially conscious mutual funds has so far presented a challenge because of diverse screening criteria. Because an investor is concerned about not supporting a company that sells tobacco does not imply the same investor feels as strongly about animal rights or child labor or gambling or alcohol. A systematic approach to measuring the results of socially responsible mutual funds directly investigates the performance of the companies or sectors that are screened out of the funds. The tobacco, alcohol, and gambling sectors outperformed the S&P 500 over 11 years, with lower coefficients of variation than the benchmark.