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Note: This article is part of a three part series on Socially Responsible Investing (SRI). Part 1 looks at current trends in SRI investing, and Part 2 looks at the risk-adjusted returns for SRI mutual funds.
The following table shows SRI mutual fund investments in the Advisor Perspectives (AP) universe, as of 7/1/2007 and 10/1/2007:
Fund |
Ticker |
AUM 7/1/07 |
(1) |
(2) |
AUM10/1/07 |
(3) |
(4) |
Neuberger Berman Socially Responsive Inv |
NBSRX |
$3,187,014 |
8 |
4 |
$3,020,944 |
9 |
5 |
Ariel Appreciation |
CAAPX |
$3,157,198 |
29 |
16 |
$2,973,288 |
29 |
16 |
Ariel Fund |
ARGFX |
$1,971,970 |
32 |
24 |
$2,121,422 |
32 |
24 |
Calvert Large Cap Growth A |
CLCIX |
$1,653,038 |
8 |
5 |
$1,752,179 |
9 |
5 |
Vanguard FTSE Social Index Inst |
VFTNX |
$1,450,558 |
11 |
7 |
$1,446,659 |
11 |
7 |
Calvert Income Fund |
CBINX |
$1,339,178 |
53 |
16 |
$1,282,187 |
58 |
20 |
Calvert Social Equity A |
CEYIX |
$746,740 |
11 |
5 |
$869,822 |
11 |
5 |
Parnassus Equity Income |
PRBLX |
$155,440 |
5 |
5 |
$715,574 |
5 |
5 |
Domini Social Equity Fund |
DSEFX |
$636,447 |
4 |
3 |
$624,321 |
4 |
3 |
Pax World Balanced Fund |
PAXWX |
$611,417 |
5 |
2 |
$622,230 |
5 |
2 |
Citizens Core Growth Fund |
CGADX |
|
|
|
$466,098 |
28 |
2 |
Portfolio 21 |
PORTX |
$383,240 |
7 |
3 |
$388,308 |
7 |
3 |
TIAA-CREF Inst Social Ch Eq Retire |
TRSCX |
|
|
|
$345,445 |
14 |
3 |
Winslow Green Growth Fund |
WGGFX |
$276,359 |
5 |
3 |
$266,461 |
5 |
3 |
Calvert Tax Free Reserves Limited Term Fund |
CTFLX |
$132,825 |
4 |
4 |
$132,042 |
4 |
4 |
Calvert Social Bond A |
CBDIX |
$86,685 |
2 |
2 |
$87,527 |
2 |
2 |
New Alternatives Fund |
NALFX |
$68,430 |
3 |
1 |
$71,875 |
3 |
1 |
Calvert World Values International Equity I |
CWVGX |
$18,438 |
3 |
2 |
$18,500 |
3 |
2 |
Calvert New Vision Small Cap A |
CNVAX |
$9,272 |
3 |
1 |
$9,632 |
3 |
1 |
Calvert Short Duration Income Fund |
CSDAX |
$98,119 |
8 |
4 |
$9,481 |
4 |
2 |
Domini Institutional Social Equity Fund |
DIEQX |
$2,744 |
5 |
1 |
$2,938 |
6 |
2 |
Total AUM of SRI Funds |
|
$15,985,112 |
|
|
$17,226,933 |
|
|
Total AUM of Mutual Funds in AP Universe |
|
$6,857,034,570 |
|
|
$7,817,818,296 |
|
|
Percentage of AUM in SRI |
|
0.23% |
|
|
0.22% |
|
|
Notes:
(1) Number of accounts holdings these funds as of 7/1/2007
(2) Number of advisory firms holding these funds as of 7/1/2007
(3) Number of accounts holdings these funds as of 10/1/2007
(4) Number of advisory firms holding these funds as of 10/1/2007
Two observations are worthy of note. First, SRI investing in mutual funds is relatively small in the AP universe and has not changed over the past calendar quarter. Mutual funds make up approximately 14% of the assets in the AP universe, and there are certainly additional SRI assets in the 86% of funds that are invested in individual securities. Second, fund preferences in the AP universe do not mirror that of the mutual fund industry as a whole. The largest SRI funds are currently (AUM in $millions):
Pax World Balanced |
$2,316.31 |
Bridgeway Ultra Small Company Market Fund |
$1,073.96 |
Domini Social Equity A |
$1,044.25 |
Calvert Large Cap Growth A |
$986.16 |
Calvert Social Investment Equity A |
$958.67 |
Source: http://www.socialinvest.org/resources/mfpc/index.cfm?mf_type=&order=mf_assets
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