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Investment Themes
The expression may have come up in one of your readings. Indeed, financial literature regularly addresses the theme of "Sin Stocks", understanding the actions of companies operating in unethical areas. This qualifier is particularly important because the recent rush towards "socially responsible" assets has made them pariahs among some managers. Let's dive into this unsavoury world together.
Did you know that? Betting on ethically incorrect sectors has long been a way to beat the stock market. In a study from the fall of 2019, UBS showed that a portfolio of stocks exposed to Tobacco, Alcohol and Gambling outperformed the MSCI World Index by an average of 4.9% per year from 1963 to the present day. Isn't that amazing? However, this trend has slowed considerably since 2010. It has even reversed since 2017 due to the disgrace of Tobacco and Gambling.
This thematic list explores companies operating in those "grey area" sectors, most of which do not fit well with so-called responsible investment (based on the principles of integrating Environmental, Social and Governance practices). It includes players in the Tobacco, Alcohol, Coal, Cannabis, Gambling, Nuclear and Weapons sectors. Given the sectors concerned, the list is dominated by stocks that are not very cyclical, with a balanced geographical distribution between Europe, the United States and the rest of the world (the Chinese stocks selected are limited to Hong Kong).
So are these stocks recommendable or not? It is up to you to decide whether you will use them as an investment base or as an exclusion list.
Our selection
 | Consumer Cyclical | Lottery Operators | 2.56B | -13.11% | |
| Consumer Non-Cyclical | Cigars & Cigarette Manufacturing | 12.5B | +22.31% | |
| Industrials | Other Aerospace & Defense | 13.4B | +90.07% | |
| Consumer Cyclical | Other Casinos & Gaming | 1.36B | -39.68% | |
| Industrials | Other Aerospace & Defense | 34.07B | +43.43% | |
| Consumer Non-Cyclical | Other Brewers | 21.46B | +19.61% | |
| Consumer Cyclical | Other Casinos & Gaming | 20.98B | -14.90% | |
| Consumer Cyclical | Other Casinos & Gaming | 11.67B | -16.86% | |
| Consumer Cyclical | Other Casinos & Gaming | 8.08B | -0.58% | |
| Industrials | Other Aerospace & Defense | 9.73B | -1.29% | |
| Consumer Non-Cyclical | Other Brewers | 10.52B | +14.01% | |
| Consumer Non-Cyclical | Other Distillers & Wineries | 55.27B | +12.94% | |
| Consumer Cyclical | Other Casinos & Gaming | 6.1B | -8.12% | |
| Consumer Cyclical | Other Casinos & Gaming | 4.94B | -26.04% | |
| Industrials | Other Aerospace & Defense | 4.94B | +12.81% | |
| Industrials | Other Aerospace & Defense | 16.43B | +23.15% | |
| Consumer Non-Cyclical | Other Brewers | 4.8B | +4.45% | |
| Industrials | Other Aerospace & Defense | 2.07B | +20.18% | |
| Consumer Cyclical | Other Casinos & Gaming | 7.07B | -15.76% | |
| Consumer Non-Cyclical | Other Brewers | 4.97B | +11.23% | |
| Consumer Non-Cyclical | Other Brewers | 51.57B | +11.93% | |
| Consumer Cyclical | Other Casinos & Gaming | 1.31B | +16.58% | |
| Industrials | Other Aerospace & Defense | 38.42B | +16.02% | |
| Industrials | Other Aerospace & Defense | 1.45B | -13.00% | |
| Industrials | Other Aerospace & Defense | 18.32B | +15.95% | |
| Industrials | Other Aerospace & Defense | 10.14B | +11.85% | |
| Consumer Non-Cyclical | Other Brewers | 13.73B | +14.20% | |
| Consumer Cyclical | Other Casinos & Gaming | 5B | -3.64% | |
| Industrials | Other Aerospace & Defense | 79.79B | +18.55% | |
| Consumer Non-Cyclical | Distilleries | 9.4B | +18.60% | |
| Consumer Non-Cyclical | Cigars & Cigarette Manufacturing | 2.86B | +0.86% | |
| Industrials | Other Aerospace & Defense | 64.53B | +17.69% | |
| Consumer Non-Cyclical | Other Brewers | 48.83B | +17.97% | |
| Consumer Non-Cyclical | Other Brewers | 157B | +21.38% | |
| Industrials | Other Aerospace & Defense | 3.52B | +13.68% | |
| Consumer Non-Cyclical | Other Brewers | 16.23B | +2.17% | |
| Industrials | Other Aerospace & Defense | 6.96B | +9.26% | |
| Industrials | Other Aerospace & Defense | 31.32B | +12.85% | |
| Consumer Cyclical | Casinos | 7.37B | +6.21% | |
| Consumer Cyclical | Casinos | 1.38B | -13.64% | |
| Consumer Non-Cyclical | Wineries | 586M | -12.59% | |
| Consumer Non-Cyclical | Other Distillers & Wineries | 25.28B | +16.09% | |
| Consumer Non-Cyclical | Cigars & Cigarette Manufacturing | 43.4B | -21.10% | |
| Industrials | Other Aerospace & Defense | 34.13B | -24.34% | |
| Energy | Other Uranium | 49.21B | +22.49% | |
| Consumer Cyclical | Other Casinos & Gaming | 1.57B | -20.27% | |
| Consumer Cyclical | Other Casinos & Gaming | 3.7B | -22.45% | |
| Consumer Non-Cyclical | Other Distillers & Wineries | 2.76B | +23.69% | |
| Consumer Cyclical | Other Casinos & Gaming | 21.94B | -41.79% | |
| Industrials | Other Aerospace & Defense | 8.81B | +8.37% | |
| Consumer Cyclical | Other Casinos & Gaming | 6.41B | -3.81% | |
| Industrials | Other Aerospace & Defense | 22.62B | +25.49% | |
| Industrials | Other Aerospace & Defense | 37B | +13.83% | |
| Industrials | Other Aerospace & Defense | 19.55B | +25.42% | |
| Energy | Other Coal | 2.8B | +4.37% | |
| Consumer Cyclical | Casinos | 38.4B | -12.20% | |
| Energy | Coal Mining Support | 6.35B | -0.34% | |
| Energy | Other Coal | 5.02B | +10.84% | |
| Energy | Other Coal | 3.8B | +22.65% | |
| Consumer Cyclical | Other Casinos & Gaming | 2.13B | -5.77% | |
| Industrials | Other Aerospace & Defense | 145B | +12.22% | |
| Consumer Cyclical | Pubs, Bars & Night Clubs | 1.09B | +1.69% | |
| Industrials | Other Aerospace & Defense | 12.12B | +0.82% | |
| Industrials | Other Aerospace & Defense | 10.97B | +13.70% | |
| Consumer Non-Cyclical | Other Brewers | 11.09B | +1.30% | |
| Consumer Non-Cyclical | Other Distillers & Wineries | 13.92B | +14.93% | |
| Industrials | Other Aerospace & Defense | 5.67B | +17.30% | |
| Industrials | Other Aerospace & Defense | 4.41B | +36.47% | |
| Industrials | Other Aerospace & Defense | 99.71B | +23.21% | |
| Energy | Coal Mining Support | 1.1B | +58.93% | |
| Consumer Non-Cyclical | Cigars & Cigarette Manufacturing | 113B | +16.63% | |
| Energy | Other Coal | 910M | +17.52% | |
| Energy | Uranium Mining | 3.71B | +23.46% | |
| Industrials | Other Aerospace & Defense | 10.3B | +33.29% | |
| Consumer Cyclical | Other Casinos & Gaming | 6.6B | +4.73% | |
| Consumer Non-Cyclical | Other Tobacco | 129B | +1.80% | |
| Consumer Non-Cyclical | Other Brewers | 25.89B | +8.22% | |
| Industrials | Other Aerospace & Defense | 10.03B | +3.58% | |
| Consumer Non-Cyclical | Distilleries | 10.99B | -2.96% | |
| Consumer Cyclical | Other Casinos & Gaming | 19.15B | -3.06% | |
| Consumer Cyclical | Other Casinos & Gaming | 2.16B | -26.95% | |
| Consumer Cyclical | Casinos | 8.73B | -6.44% | |
| Industrials | Other Aerospace & Defense | 39.4B | +17.43% | |
| Industrials | Other Aerospace & Defense | 36.02B | -3.33% | |
| Industrials | Other Aerospace & Defense | 15.17B | +17.32% | |
| Industrials | Other Aerospace & Defense | 6.83B | +9.34% | |
| Industrials | Other Aerospace & Defense | 6.81B | +21.50% | |
| Industrials | Other Aerospace & Defense | 24.69B | +19.48% | |
| Industrials | Other Aerospace & Defense | 87.61B | +4.36% | |
| Consumer Non-Cyclical | Other Tobacco | 9.69B | +2.18% | |
| Industrials | Other Aerospace & Defense | 3.4B | +19.50% | |
| Energy | Other Coal | 1.85B | +17.89% | |
| Energy | Uranium Mining | 3.4B | +41.76% | |
| Industrials | Other Aerospace & Defense | 1.32B | +5.53% | |
| Consumer Non-Cyclical | Wineries | 2.99B | -5.15% | |
| Energy | Uranium Mining | 544M | +16.52% | |
| Energy | Uranium Mining | 7.67B | +25.18% | |
| Energy | Other Uranium | 2.15B | +4.39% | |
| Consumer Non-Cyclical | Other Brewers | 23.34B | +13.86% | |
| Consumer Non-Cyclical | Other Tobacco | 1.33B | +1.35% | |
| Consumer Non-Cyclical | Other Distillers & Wineries | 2B | -4.17% | |
| Consumer Cyclical | Gaming Machine Operators | 901M | -5.08% | |
| Consumer Cyclical | Other Casinos & Gaming | 1.37B | +8.74% | |
| Energy | Other Coal | 4.19B | +15.99% | |
| Energy | Other Coal | 1.61B | +10.34% | |
| Consumer Non-Cyclical | Cigars & Cigarette Manufacturing | 70.69B | +6.21% | |
| Consumer Cyclical | Other Casinos & Gaming | 24.08B | +12.42% | |
| Consumer Non-Cyclical | Other Tobacco | 2.51B | +21.56% | |
| Industrials | Other Aerospace & Defense | 93.86B | +3.26% | |
| Energy | Other Uranium | 7.5B | +32.88% | |
| Industrials | Other Aerospace & Defense | 269B | +9.08% | |
| Consumer Non-Cyclical | Other Brewers | 2.96B | +38.89% | |
| Consumer Cyclical | Other Casinos & Gaming | 6.22B | -21.57% | |
| Industrials | Other Aerospace & Defense | 4.96B | -9.97% | |
| Consumer Non-Cyclical | Other Tobacco | 292B | +16.90% | |
| Consumer Non-Cyclical | Other Tobacco | 35.32B | +3.11% | |
| Energy | Other Coal | 4.69B | +3.39% | |
| Industrials | Other Aerospace & Defense | 331B | +2.40% | |
| Consumer Non-Cyclical | Other Distillers & Wineries | 1.53B | +17.11% | |
| Consumer Non-Cyclical | Other Distillers & Wineries | 548M | +5.93% | |
| Industrials | Other Aerospace & Defense | 28.71B | +42.16% | |
| Consumer Cyclical | Other Casinos & Gaming | 10.73B | -36.85% | |
| Industrials | Other Aerospace & Defense | 2.74B | +41.85% | |
| Energy | Other Coal | 2.81B | +18.36% | |
| Consumer Cyclical | Casinos | 2.22B | +1.24% | |
| Energy | Other Coal | 5.66B | +22.58% | |
| Energy | Uranium Mining | 4.92B | +42.10% | |
| Energy | Uranium Mining | 1.67B | +28.80% | |
| Industrials | Arms & Ammunitions Manufacturing | 890M | +16.59% | |
| Energy | Other Coal | 1.56B | +12.24% | |
| Energy | Other Coal | 1.65B | +20.12% | |
| Energy | Other Coal | 34.56B | -6.61% | |
| Consumer Non-Cyclical | Other Brewers | 2.58B | +26.87% | |
| Industrials | Other Aerospace & Defense | 1.92B | -0.62% | |
| Industrials | Other Aerospace & Defense | 1.74B | +3.31% | |
| Industrials | Other Aerospace & Defense | 523M | +19.05% | |
| Industrials | Other Aerospace & Defense | 17.65B | +3.87% | |
| Consumer Non-Cyclical | Other Distillers & Wineries | 873M | -1.74% | |
| Consumer Cyclical | Casinos | 11.67B | -5.77% | |
| Consumer Cyclical | Other Casinos & Gaming | 3.95B | 0.00% | |
| Consumer Cyclical | Gambling & Gaming Machine Manufacturers | 2.86B | -13.26% | |
| Energy | Other Uranium | 3.92B | -17.95% | |
| Consumer Cyclical | Other Casinos & Gaming | 741M | +4.05% | |
| Energy | Other Coal | 1.75B | +10.39% | |
| Energy | Other Coal | 3.32B | +11.15% | |
| Industrials | Other Aerospace & Defense | 11.94B | +54.46% | |
| Industrials | Other Aerospace & Defense | 911M | +60.49% | |
| Energy | Other Uranium | 4.73B | +60.84% | |
| Industrials | Other Aerospace & Defense | 524M | +23.21% | |
| Consumer Cyclical | Other Casinos & Gaming | 662M | -13.42% | |
| Consumer Cyclical | Other Casinos & Gaming | 1.57B | -17.50% | |
| Consumer Non-Cyclical | Other Distillers & Wineries | 4.12B | -15.37% | |
| Consumer Cyclical | Other Casinos & Gaming | 3.65B | -0.56% | |
| Consumer Cyclical | Casinos | 2.62B | -0.47% | |
| Industrials | Other Aerospace & Defense | 35.14B | +9.59% | |
| Industrials | Other Aerospace & Defense | 6.03B | -5.21% | |
| Consumer Cyclical | Casinos | 570M | -11.16% | |
| Industrials | Other Aerospace & Defense | 767M | +14.56% | |
| Consumer Cyclical | Casinos | 1.66B | -2.48% | |
| Consumer Cyclical | Casinos | 1.24B | +23.87% | |
| Energy | Other Coal | 29.86B | +5.89% | |
| Industrials | Other Aerospace & Defense | 31.1B | -3.70% | |
| Energy | Other Coal | 12.09B | -22.65% | |
| Consumer Non-Cyclical | Cigars & Cigarette Manufacturing | 5.84B | +16.55% | |
| Energy | Other Coal | 25.48B | +22.41% | |
| Energy | Other Coal | 891M | +6.05% | |
| Consumer Cyclical | Other Casinos & Gaming | 1.07B | -15.06% | |
| Energy | Other Coal | 4.03B | +24.73% | |
| Energy | Other Coal | 117B | +12.27% | |
| Industrials | Other Aerospace & Defense | 1.96B | +15.85% | |
| Consumer Non-Cyclical | Other Distillers & Wineries | 9.35B | +3.26% | |
| Energy | Other Coal | 21.67B | +40.44% | |
| Consumer Cyclical | Other Casinos & Gaming | 4.51B | -25.02% | |
| Consumer Non-Cyclical | Other Brewers | 13.42B | +4.08% | |
| Consumer Non-Cyclical | Distilleries | 3.98B | +2.07% | |
| Industrials | Other Aerospace & Defense | 10.47B | -5.33% | |
| Consumer Cyclical | Gambling & Gaming Machine Manufacturers | 7.83B | -9.25% | |
| Energy | Other Coal | 899M | +15.04% | |
| Industrials | Other Aerospace & Defense | 1.63B | +7.51% | |
| Industrials | Other Aerospace & Defense | 3.08B | -0.56% | |
| Industrials | Other Aerospace & Defense | 5.03B | -14.51% | |
| Industrials | Other Aerospace & Defense | 963M | -15.20% | |
| Industrials | Other Aerospace & Defense | 799M | -33.26% | |
| Energy | Other Coal | 2.01B | -5.84% | |
| Consumer Non-Cyclical | Other Brewers | 831M | - | |
| Energy | Other Coal | 1.17B | +34.57% | |
| Energy | Other Coal | 6.44B | -20.22% | |
| Energy | Other Coal | 2.02B | +40.30% | |
| Industrials | Other Aerospace & Defense | 8.19B | -.--% | |
| Energy | Other Coal | 2.37B | -.--% | |
| Industrials | Other Aerospace & Defense | 1.84B | +28.67% | |
| Industrials | Other Aerospace & Defense | 890M | +35.91% | |
| Industrials | Military Clothing & Accessories | 729M | +6.21% | |
| Energy | Other Coal | 1.5B | -7.46% | |
| Industrials | Other Aerospace & Defense | 879M | -2.94% | |
| Industrials | Other Aerospace & Defense | 1.55B | -0.38% | |
| Industrials | Other Aerospace & Defense | 33.56B | - | |
| Industrials | Other Aerospace & Defense | 3.29B | - | |
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Heatmap
Calendar of the components
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Sector allocation
Ratings chart - Surperformance
Ratings ESG MSCI
- Stock Market
- Investment Themes
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