EXHIBIT 3
Cost of Socially Responsible Investing for 250 Stock Portfolios
| S&P 500 Dispersion (35%) | ||||||
|---|---|---|---|---|---|---|
| Fraction of Excluded Securities | Fraction of Correct Choices | |||||
| 50% | 52% | 54% | 56% | 58% | 60% | |
| 10% | 0.00% | 0.12% | 0.22% | 0.37% | 0.48% | 0.60% |
| 20% | -0.02% | 0.25% | 0.53% | 0.79% | 1.05% | 1.32% |
| 30% | -0.02% | 0.47% | 0.87% | 1.36% | 1.78% | 2.24% |
| MSCI EAFE Dispersion (39%) | ||||||
| Fraction of Excluded Securities | Fraction of Correct Choices | |||||
| 50% | 52% | 54% | 56% | 58% | 60% | |
| 10% | -0.01% | 0.12% | 0.29% | 0.39% | 0.53% | 0.66% |
| 20% | 0.01% | 0.27% | 0.58% | 0.87% | 1.19% | 1.47% |
| 30% | -0.03% | 0.49% | 0.99% | 1.48% | 2.00% | 2.49% |
| MSCI World Dispersion (44%) | ||||||
| Fraction of Excluded Securities | Fraction of Correct Choices | |||||
| 50% | 52% | 54% | 56% | 58% | 60% | |
| 10% | 0.00% | 0.13% | 0.30% | 0.43% | 0.60% | 0.76% |
| 20% | -0.02% | 0.33% | 0.66% | 1.01% | 1.34% | 1.70% |
| 30% | -0.04% | 0.57% | 1.08% | 1.68% | 2.24% | 2.82% |
| MSCI ACWI Dispersion (64%) | ||||||
| Fraction of Excluded Securities | Fraction of Correct Choices | |||||
| 50% | 52% | 54% | 56% | 58% | 60% | |
| 10% | 0.01% | 0.21% | 0.46% | 0.66% | 0.86% | 1.09% |
| 20% | -0.02% | 0.51% | 0.94% | 1.44% | 1.94% | 2.44% |
| 30% | -0.01% | 0.75% | 1.64% | 2.41% | 3.28% | 4.13% |