The Noah Fund, a socially responsible investing (SRI) mutual fund that claims to invest in accordance with the teachings of the Bible, is getting a little more devout.
The firm said on Monday that it has adopted new guidelines for its screening process, which will be phased in over the next several months and include companies that produce products that could cause an abortion and medical plans that pay for such procedures.
Firms that sponsor or contribute to Planned Parenthood will also be removed from the list of possible stocks in the fund, as well as those involved in cloning, human embryo experimentation or destruction.
"As always, financial return is very important to us, so we will not drastically begin removing stocks under this new screening process until it's prudent to do so. This process will take place over the next several months," said Bill Van Alen, Jr., CEO of the Noah Fund.
The fund already screens out securities based on the following criteria: alcohol, tobacco, pornography and gambling. It even goes as far as to eliminate companies that own hotels that allow pornography to be shown in their rented rooms and cruise lines that allow onboard gambling. However, the fund is allowed to invest in companies that make military vehicles and weaponry.
"We work very hard at keeping the costs of the screening process to a bare minimum and have hired advisers that are both financially astute and morally pure in their procedures," Van Alen said. "These new screens will allow us to provide a mutual fund that supports those principles found in the Bible."