Word: funded
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Dates: during 1980-1989
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...World Fund of Portsmouth, N.H., avoids companies that make weapons, nuclear power equipment, liquor or tobacco products, or that have poor environmental or equal-opportunity records. Pax World invests in companies that do business in South Africa only if they are providers of food or medical supplies. Other similar social-investment firms include New Alternatives in Great Neck, N.Y., and the Bethesda, Md.-based Calvert Group, which offers both stock-and-bond and money-market funds. New York City's Dreyfus, one of the largest and most diversified of the general mutual-fund companies, operates a social-investment fund called...
Assets of the six largest social-investment funds have grown from $102 million in 1982 to $450 million this year, while the ranks of their investors have swelled from 22,000 to 66,000. The assets of the Pax World Fund, for example, climbed during that period from $7 million to $50.2 million, and the Calvert funds grew from $2.5 million to $146 million...
While investment decisions colored by considerations other than financial merit may seem chancy, the socially oriented funds are so far performing about as well as the rest of the market. According to Lipper Analytical Securities, which tracks mutual funds, the total return on Calvert's Social Investment Managed Growth Portfolio for the year ended Sept. 30 was 28.6%, a bit more than the average 27.4% for standard growth-and-income funds. Says John Guffey, executive vice president of the fund: "Our record has shown that we can do at least as well as broad-based averages...
That performance may not hold up in the long run, but the bottom line is clearly secondary for social-fund investors. "These funds serve excellent purposes for religious organizations, foundations and universities," says Jamie Goodrich-Ziegler, an associate editor of the Mutual Fund Letter in Chicago. "I wouldn't say go into them for a good investment, but go into them if you believe." More and more investors who worry about the social implications of their financial involvements seem to agree...
Dollars, not delegates, are what draw candidates to this band of 40 veteran fund raisers, who have the ability to raise several million dollars by mid-1987. Some of Impac's members want to unite behind one Democrat by next spring. Even if only, say, half of the group were to stay together, Impac's endorsement would give an early edge -- financial and psychological -- to the candidate of its choice. In the large field now forming, only one prospect, New York Governor Mario Cuomo, starts 1987 with a respectable treasury. "We would love to have their backing," says a strategist...