Ahrens: The Noah Fund has a 5.5% front end load, plus it has a 2.2% expense ratio. Do you think it's really socially responsible to sell this fund by appealing to someone's religious views when the expenses are so high?

Van Alen: We started out as a no-load fund, so I agree with you from that point of view that I didn't believe people should pay loads. But then I found out that the load was a way to get more people involved and more assets in, which would lower the expenses.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.