Morningstar. Principia for Mutual Funds evaluation database. Morningstar, Inc., November 1996.

Morningstar reviewed the returns of U.S. mutual funds using a proprietary risk-adjustment measure, then ranked the funds by investment objective. Of 23 SRI mutual funds, nine were found to be below-average (relative to their peer group), nine were average, and only four were above-average. See Kurtz [1997a] for a discussion of this finding.