Marc Gunther takes a look at why so many “Sustainable” and “Socially Responsible” mutual funds owned large stake in BP.
Worth a read.
Some of the biggest offenders were
* the Dow Jones Sustainability Index
* Pax World Funds
* MMA International Fund
* Legg Mason Social Awareness Fund
while the Sentinel Sustainable Core Opportunities Fund has Transocean (which operated Deepwater Horizon) as its biggest holding.
Among the relatively rare sustainable funds that were practicing what they preach (at least as far as oil companies are concerned) were Portfolio 21 and the Highwater Global Fund.