Investors lose a major justification for holding tobacco stocks

The MSCI World Tobacco index returned an impressive 1,437 percent from the end of 1999 through 2015, compared with just a 72 percent return for the broader MSCI World index. Foto: Gorm Branderup

It wasn't so long ago that the stellar performance of tobacco stocks such as British American Tobacco Plc and Philip Morris International Inc. Was enough justification for asset managers to hold onto their investments, despite a broader push toward socially responsible investing...

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