We recently reviewed this meta study about whether socially responsible investing adds value. We think the most interesting finding is that companies with high marks for social responsibility have a lower cost of capital, meaning that investors view them as less risky. There is also a strong correlation between corporate social responsibility and financial performance (in terms of financial statement results). However the results of investing based on this data have been less compelling. While the data has a favorable tilt, the evidence that fund managers can make money using this approach, or that these companies outperform the market in general, is not as clear cut. So lower risk, but maybe no significant return advantage.