We compare the ownership characteristics of tobacco stocks with their peers in the same country and industry group. We find lower reported ownership for stocks in the tobacco industry, which suggests that anonymous investors are larger owners of these sin stocks. Compared to peer stocks, US and UK asset managers collectively overweight tobacco stocks, while norm-constrained investors such as sovereign wealth funds and pension funds underweight tobacco stocks. Passive managers have large stakes in tobacco stocks that are in line with the weights of these stocks in broad capitalization-weighted indices, indicating that passive replication of ethically screened indices is still a niche. We also identify some prominent active investors who take large positions in tobacco stocks.

我们将烟草库存的所有权特征与其在相同国家和行业组中的同行进行比较。我们发现，报告的烟草业股票所有权较低，这表明匿名投资者是这些犯罪股票的较大所有者。与同行股票相比，美国和英国的资产管理公司集体加码了烟草股票，而受制于规范的投资者（如主权财富基金和养老基金）则减持了烟草股票。被动管理者在烟草股票中拥有大量股份，与这些股票在广泛的资本加权指数中的权重相符，这表明对道德筛选的指数进行被动复制仍然是一个利基市场。我们还确定了一些在烟草股票上有大量头寸的杰出活跃投资者。