"In this paper we explore the role of screening, the activities typically targeted, the different ways that exclusions are defined, and their effects on investment strategies. Our aim is to help both those investors with exclusion policies already in place and those considering them to understand the options available and the full implications of their choices."

[COMMENTARY] Shroders quantifies the effects of various negative investment screens in a variety of investment strategies such as growth, value, and income. It’s a pioneering work in this area and something that anyone interested in ESG screening might want to read.
Demystifying negative screens: the full implications of ESG exclusions, January 10, 2018, Sustainable Investment Team, Shroders, UK.