What is Different about Socially Responsible Funds? A Holdings-Based Analysis

Jacquelyn E. Humphrey*, Geoffrey J. Warren, Junyan Boon

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

31 Citations (Scopus)


We provide a comprehensive analysis of differences between socially responsible investment (SRI) and conventional funds in terms of manager characteristics, performance and fund styles. We use holdings-based analysis to evaluate fund performance and style, which allows us to perform a more in-depth analysis than the extant literature. We find that SRI managers have longer tenure and are more likely to be a female. However, these differences do not result in any significant difference in the performance of SRI and conventional funds. Further, it is possible to find an SRI fund of any style, although these funds are under-represented in value styles.

Original languageEnglish
Pages (from-to)263-277
Number of pages15
JournalJournal of Business Ethics
Issue number2
Publication statusPublished - 1 Oct 2016
Externally publishedYes


  • Manager skill
  • Mutual funds
  • Socially responsible investing


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