•An index portfolio without tobacco didn’t underperform the index with tobacco over the last 20 years
•Portfolios with very strict tobacco exclusions have outperformed the market in our 6 year study
•Tobacco is very harmful to the health of smokers, costs our economy trillions, and disproportionately hurts the most vulnerable
•There are substantial headwinds for the tobacco industry going forward – Lower cigarette consumption, global taxes, litigation