The Blue Fund, a new mutual fund from Blue Investment Management that filed for registration in June, launched this week.
The fund caters to Democratic sensibilities by seeking out companies that make political donations to Democratic candidates or political action committees and that embrace progressive values.
The fund invests in companies listed in the advisor's proprietary Blue Index, a market-cap weighted index comprised of all companies in the S&P 500 that “give blue and act blue.”
“The Democratic investor with a political conscience has until now had no opportunity to put investment dollars to work in a politically focused way,” the fund’s prospectus states.
By progressive values, that means that the fund will seek out companies that respect human rights, are environmentally sensitive and avoid dealing with tobacco, firearms or other harmful products.
“We’re working to create the first opportunity for progressives to invest with both a social and political conscience,” Blue Investment Management CEO Daniel de Faro Adamson told the Associated Press.
“This investment philosophy is a first step—a first chess move among many, I hope—to create a political infrastructure that works for progressive. We wanted to make something available for institutions, for people who wants to vote with their dollars.”