We do not find economically or statistically significant differences in fees (expenses, loads, or a measure of the total ownership cost of mutual fund shares) between SRI and similar conventional funds. Therefore, either there are no significant differences in the way fees are set for SRI and conventional funds, or the effects of those differences cancel out on average. Consistent with the results for before-fee performance and fees, we find that SRI funds obtain a higher after-fee risk-adjusted performance in terms of four-factor alpha than similar conventional funds. .
