The Epiphany Fund, which invests according to Catholic principles, cant exactly boast that it is bucking the trend of most mutual funds going into the red. Its down 33.5% so far this year.
But it is beating its benchmark, the S&P 500 Index, which is down 40%, and because of its bent to invest in conservative stocks, it is attracting assets, the Associated Press reports. Since June, the funds assets have doubled to $2 million.
We still get people who call and thank us for the sacrifice we made to start this, marvels the funds manager, Sam Saladino. I dont know if that happens at
Similarly, a fund that invests according to Islamic principles, the Amana Fund, is down only 24% this year and has amassed $200 million of new assets, for a total of $1.2 billion. If we have up one or two percentage points for not taking on risk, this is definitely where it is helping us out, said Monem Salam, who is deputy portfolio manager for the funds investment advisor,
