Behind the Ticker Sep 21, 2026 19m · 12m saved
With Bob Doll, CEO and CIO of Crossmark Global Investments
Crossmark screens out a little more than 50 of the Russell 1000's largest companies on values grounds, about 6% of the index's market value, and its CEO says that costs investors nothing in performance.
Most conversations about values-based or ESG investing turn into a debate about what it costs. Bob Doll's answer is that his firm's version, built on a 75% quantitative score and a 25% values overlay rerun every day, doesn't cost anything at all.
"I like to say kill, maim, or addict people. We don't own them."
Doll spent 40 years managing US large-cap money, including stints as chief equity strategist at Nuveen and CIO of US equity at BlackRock, before "retiring" and immediately returning to run Crossmark Global Investments, the values-based manager founded in 1987 and owned by the Assemblies of God Church's financial arm.
The full interview is covered here so you can skip it. 19 minutes of audio, 7 minutes of reading.
Here are the 5 takeaways that matter.
Key Takeaways
A values screen costs nothing in performance, in Doll's telling — no statistical evidence a values-based portfolio gives up anything relative to one that isn't screened
Roughly 50 of the Russell 1000's largest companies are excluded, about 6% of its market value
Crossmark's two ETFs run on a 75% quantitative score blended with a 25% values score, rerun every single day
CLCG's top 10 holdings are nearly 60% of the fund, but Doll says the growth benchmark is even more concentrated than that
Financials are overweight in both ETFs because Doll says the banks are cheap, deregulation is a tailwind, and balance sheets are healthier than normal for this point in the cycle
Value has crushed growth so far this year, after a decade running the other way, and Doll says the Fed's 2% inflation target will go unmet for a sixth straight year
More Crossmark ETFs are coming, once the first two reach critical mass and profitability
1. Avoid, Embrace, Engage
Doll said values-based investing gets confused with ESG, but that the two are not the same thing. Crossmark's own framework has three parts.
The exclusion list is short and specific
"I like to say kill, maim, or addict people. We don't own them." — Bob Doll
Applied to the Russell 1000, that rule knocks out a little more than 50 of the 1,000 largest US companies, which Doll said adds up to about 6% of the index's total market capitalization.
Screening for values doesn't cost performance, in his view
He said there is no statistical evidence that a values-based portfolio gives up anything relative to one that isn't values-screened.
Excluding is only step one
"we like to give an extra kiss" — Bob Doll
That "embrace" score goes to companies that treat their employees, customers, suppliers and community well, and it is scored the same objective way as the exclusion list. The third piece, "engage," targets companies on the fence — Crossmark contacts them directly, sometimes with other money managers, to push for change before deciding whether to invest.
The diversification math still works
"So it's notable but it's not a problem getting a good diversified portfolio" — Bob Doll
