Fund Focus: Axa's Richard Marwood on why ethically screened funds perform 'differently'

1 What has been the main driver behind the fund's outperformance over five years?  There are differing views on ethical funds. Some believe that ethical screening will enhance fund returns, while others think it condemns funds to long term underperformance. The point that I always try to get across to those interested in our fund is that ethically screened funds, because they only invest in a subset of the equity market, will frequently perform differently to broader funds. Not necessarily better; not necessarily worse; just differently.   2 What does the ethical screen consist o...