Document summary
Systematically excluding stocks from an investment universe is a widely-used practice for socially responsible investments (SRI). This report shows that excluding certain stocks can be valuable for financial, risk and sustainability reasons. It argues however that exclusion screenings, serving as negative filter, should be complemented by a more sophisticated sustainability assessment, serving as positive filter. Using Schneider Electric as an example, the report shows that by using both negative and positive filters investors get a more thorough picture of the relevant investment aspects.