Large institutional actors in the financial arena are moving their capital in a sustainable direction. This implies a change of the institutional norms and rules regarding sustainable investing. One of the problematic aspects of sustainable investing is how investors use different strategies to influence their holdings and what implications this choice might have on a sector level. The purpose of this paper is to empirically examine how the strategies from institutional investors are an expression of the current norms and rules in the field of sustainable investing. It also intends to illustrate how institutional pressures influence the strategies of investors and their holdings. By interviewing respondents from eleven institutional investors, we present data regarding norms and rules for sustainable investing and the consequences of the investor’s strategies. Our findings indicate there has been an immense increase in demand for sustainable products in recent years, resulting in institutional pressures that have influenced both the investors and their holdings. This exposes the field to selection processes which may force organizations to the point of adapt or die. Finally, our conclusion provides practical implications on what role institutional investors have in the quest for sustainable development.