Many clients want to see their values reflected in the investments they hold. That's nothing new, of course - some investors have long avoided alcohol, tobacco and weapons makers for religious and other reasons, and what became known as socially responsible investing took off about three decades ago when some investors began to avoid companies doing business in what was then apartheid South Africa.

Yet the world of what one might broadly label values-based investing has changed and expanded significantly in recent years. This type of investment is often as much about including companies as exclud-ing them.

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