Are socially responsible investment funds seasonal?

We study the existence of seasonality effects in USA SRI mutual funds from November 1990 to April 2019. We analyse whether SRI funds focus on non-financial aspects and reduce the importance of changing their behaviour in certain calendar periods with the purpose of achieving better performance in these seasons. Considering several investment areas (Asia, Europe, Japan, USA and global), we study the season patterns on monthly, quarterly, and second-half yearly basis. In general, our results do not show seasonality behaviour. Consequently, SRI mutual funds do not vary their behaviour in certain calendar periods, revealing a more stable investment conduct, consistent with non-financial preferences