Beyond these issues, there are many variations. And even on these items, there is no complete universality. Some funds might invest in companies that produce arms but they would shun a company with a poor environmental record. Others focus on firms with positive attributes, rather than look for companies to avoid. These positive characteristics include good employee relations, positive community relations, and a clean environmental record.
Some funds have particular viewpoints.
One religious fund won't invest in companies that conflict with the teachings of the Catholic church. Abortion and contraception would be key concerns, along with weapons and pornography. An Islamic fund would say no to companies involved with pornography, gambling and alcohol as well as non-Islamic banks. And a gay pride fund seeks companies with progressive policies towards gays and lesbians. These include mutual funds, pension plans and individual accounts.