Innovest Strategic Value Advisors. "New Alpha Source for Asset Managers: Environmentally-Enhanced Investment Portfolios." New York: Innovest Strategic Value Advisors, April 2003.

Studies the potential performance impact of using Innovest environmental data to improve returns for a U.S. pension fund. For six of the fund's managers, performs three simulations of performance using an environmental overlay devised by Innovest (the three simulations set tracking error to 50, 100, and 200 bps). Finds that overlay improved the returns of five of the six managers for the 12/31/01-12/31/02 time period. Note that these simulations were not backtests, but "shadow portfolios" managed concurrently with the actual portfolios.