Ave Maria Mutual Funds
Encyclopedia
Ave Maria Mutual Funds is a U.S. mutual fund
family that targets clients interested in financially sound investments in companies that do not violate certain religious principles of the Roman Catholic Church
. Often described as socially responsible investing
(SRI), but more accuratedly in the case of Ave Maria Mutual Funds, morally responsible investing (MRI) or faith-based investin
g.
According to the fund family prospectus
and website, the company screens its investments first on financial criteria, then eliminates companies involved in the practice of abortion
or whose policies are judged to be anti-family. What constitutes anti-family practices is based on moral judgments made by the company's Catholic Advisory Board. Examples cited by the fund family include companies distributing pornography
, and companies with policies that they view undermine the sacrament of marriage
. Involvement with contraception and abortion are some issues that disqualify a company from the fund, as is embryonic stem cell research. Unlike other ethical funds, however, it does not reject defense companies, alcohol or tobacco (other common SRI-screened areas).
The first of its funds was established in 2001. At the end of 2009, the Ave Maria Mutual Funds had about $500 million in assets under management
. Most of that money is invested in the firm's flagship fund, Ave Maria Catholic Values Fund (Ticker: AVEMX); other funds include Ave Maria Growth Fund (AVEGX), Ave Maria Rising Dividend Fund (AVEDX), the Ave Maria Bond Fund (AVEFX), and the Ave Maria Opportunity Fund (AVESX). The six Ave Maria Mutual Funds are managed by Bloomfield Hills, Michigan based Schwartz Investment Counsel, Inc. The firm was established in 1980 by George P. Schwartz, CFA. There is also an Ave Maria Money Market Account, which is really a money market fund managed by Pittsburgh, PA based Federated Investors
. Schwartz also began offering an Ave Maria Separately Managed Account (Ave Maria SMA) product in late 2009. The Catholic Equity Fund merged into Ave Maria Rising Dividend Fund on March 30, 2007. Ave Maria World Equity Fund (Ticker: AVEWX) was launched April 30, 2010.
of the Catholic Church and actively seek the advice and counsel of Catholic clergy". As of May 1, 2007, the board consists of the following members:
The board's ecclesiastic advisor is Cardinal Adam Maida.
Mutual fund
A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...
family that targets clients interested in financially sound investments in companies that do not violate certain religious principles of the Roman Catholic Church
Roman Catholic Church
The Catholic Church, also known as the Roman Catholic Church, is the world's largest Christian church, with over a billion members. Led by the Pope, it defines its mission as spreading the gospel of Jesus Christ, administering the sacraments and exercising charity...
. Often described as socially responsible investing
Socially responsible investing
Socially responsible investing , also known as sustainable, socially conscious, or ethical investing, describes an investment strategy which seeks to consider both financial return and social good....
(SRI), but more accuratedly in the case of Ave Maria Mutual Funds, morally responsible investing (MRI) or faith-based investin
Socially responsible investing
Socially responsible investing , also known as sustainable, socially conscious, or ethical investing, describes an investment strategy which seeks to consider both financial return and social good....
g.
According to the fund family prospectus
Prospectus (finance)
In finance, a prospectus is a document that describes a financial security for potential buyers. A prospectus commonly provides investors with material information about mutual funds, stocks, bonds and other investments, such as a description of the company's business, financial statements,...
and website, the company screens its investments first on financial criteria, then eliminates companies involved in the practice of abortion
Abortion
Abortion is defined as the termination of pregnancy by the removal or expulsion from the uterus of a fetus or embryo prior to viability. An abortion can occur spontaneously, in which case it is usually called a miscarriage, or it can be purposely induced...
or whose policies are judged to be anti-family. What constitutes anti-family practices is based on moral judgments made by the company's Catholic Advisory Board. Examples cited by the fund family include companies distributing pornography
Pornography
Pornography or porn is the explicit portrayal of sexual subject matter for the purposes of sexual arousal and erotic satisfaction.Pornography may use any of a variety of media, ranging from books, magazines, postcards, photos, sculpture, drawing, painting, animation, sound recording, film, video,...
, and companies with policies that they view undermine the sacrament of marriage
Catholic marriage
Catholic marriage, also called matrimony, is a "covenant by which a man and a woman establish between themselves a partnership of the whole of life and which is ordered by its nature to the good of the spouses and the procreation and education of offspring...
. Involvement with contraception and abortion are some issues that disqualify a company from the fund, as is embryonic stem cell research. Unlike other ethical funds, however, it does not reject defense companies, alcohol or tobacco (other common SRI-screened areas).
The first of its funds was established in 2001. At the end of 2009, the Ave Maria Mutual Funds had about $500 million in assets under management
Assets under management
Assets under management is a financial term used denote the market value of funds being managed by a financial instutition on behalf of its clients, investors, depositors, etc. This metric is a sign of size and success against competition...
. Most of that money is invested in the firm's flagship fund, Ave Maria Catholic Values Fund (Ticker: AVEMX); other funds include Ave Maria Growth Fund (AVEGX), Ave Maria Rising Dividend Fund (AVEDX), the Ave Maria Bond Fund (AVEFX), and the Ave Maria Opportunity Fund (AVESX). The six Ave Maria Mutual Funds are managed by Bloomfield Hills, Michigan based Schwartz Investment Counsel, Inc. The firm was established in 1980 by George P. Schwartz, CFA. There is also an Ave Maria Money Market Account, which is really a money market fund managed by Pittsburgh, PA based Federated Investors
Federated Investors
Federated Investors is a large financial services company headquartered in Pittsburgh, Pennsylvania. Founded in 1955, the company manages $351.7 billion dollars of customer assets. The corporation offers 158 different types of mutual funds...
. Schwartz also began offering an Ave Maria Separately Managed Account (Ave Maria SMA) product in late 2009. The Catholic Equity Fund merged into Ave Maria Rising Dividend Fund on March 30, 2007. Ave Maria World Equity Fund (Ticker: AVEWX) was launched April 30, 2010.
Catholic Advisory Board
In defining its process for screening investments based on religious principles, the board members are "guided by the magisteriumMagisterium
In the Catholic Church the Magisterium is the teaching authority of the Church. This authority is understood to be embodied in the episcopacy, which is the aggregation of the current bishops of the Church in union with the Pope, led by the Bishop of Rome , who has authority over the bishops,...
of the Catholic Church and actively seek the advice and counsel of Catholic clergy". As of May 1, 2007, the board consists of the following members:
- Lou HoltzLou HoltzLouis Leo "Lou" Holtz is a retired American football coach, and active sportscaster, author, and motivational speaker in the United States...
- Larry Kudlow
- Tom MonaghanTom MonaghanThomas Stephen "Tom" Monaghan is an entrepreneur and Catholic philanthropist and activist who founded Domino's Pizza in 1960. He owned the Detroit Tigers from 1983-1992....
- Michael NovakMichael NovakMichael Novak is an American Catholic philosopher, journalist, novelist, and diplomat. The author of more than twenty-five books on the philosophy and theology of culture, Novak is most widely known for his book The Spirit of Democratic Capitalism...
- Paul R. Roney
- Phyllis SchlaflyPhyllis SchlaflyPhyllis McAlpin Stewart Schlafly is a Constitutional lawyer and an American politically conservative activist and author who founded the Eagle Forum. She is known for her opposition to modern feminism ideas and for her campaign against the proposed Equal Rights Amendment...
- Bowie KuhnBowie KuhnBowie Kent Kuhn was an American lawyer and sports administrator who served as the fifth Commissioner of Major League Baseball from February 4, , to September 30,...
, Founding Chairman (1926-2007)
The board's ecclesiastic advisor is Cardinal Adam Maida.
External links
- Ave Maria Mutual Funds website
- Putting your money where your faith is, a story from The Osgood FileCharles OsgoodCharles Osgood is a radio and television commentator in the United States. His daily program, The Osgood File, has been broadcast on the CBS Radio Network since 1971. He is also known for being the voice of the narrator of Horton Hears a Who!, an animated film released in 2008, based on the book...
- Kiplingers.com Article