With regard to screening, exclusionary preferences are usually adopted by:

Within the CFA framework,exclusionary (negative) screeningreflects values-based investment preferences—often driven by institutional asset owners such as pension funds, endowments, or family offices. These owners define criteria based on ethical, religious, or regulatory stipulations and typically require their asset managers to implement these screens in mandates. While asset managers execute the screens at the portfolio level, the initial preference originates from the asset owner. Sell-side practitioners do not typically adopt such exclusionary mandates.