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    • Source: Ave Maria Mutual Funds

      • Ave Maria Mutual Funds is a U.S. mutual fund family that targets clients interested in financially sound investments in companies that do not violate certain religious principles of the Catholic Church. Often described as socially responsible investing (SRI), this practice may also be called morally responsible investing (MRI) or faith-based investing. Ave Maria is the largest Catholic-oriented investing firm in the United States.


      History


      The first of its funds was established in 2001. As of December 31, 2023, the Ave Maria Mutual Funds had $3.1 billion in assets under management.
      The largest funds by assets under management are Ave Maria Rising Dividend Fund (Ticker: AVEDX), the firm's flagship fund; Ave Maria Growth Fund (AVEGX) and Ave Maria Value Fund (AVEMX). Other funds include Ave Maria Bond Fund (AVEFX), Ave Maria World Equity Fund (AVEWX) and Ave Maria Focused Fund (AVEAX). The Catholic Equity Fund merged into Ave Maria Rising Dividend Fund on March 30, 2007.
      The six Ave Maria Mutual Funds are managed by Plymouth, Michigan-based Schwartz Investment Counsel, Inc. The firm was established in 1980 by George P. Schwartz, CFA. There is also an Ave Maria Money Market Account, a money market fund managed by Pittsburgh, PA based Federated Investors. Schwartz also began offering an Ave Maria Separately Managed Account (Ave Maria SMA) product in late 2009.


      Investment strategy


      According to the fund family prospectus and website, the company screens its investments first on financial criteria. They have a preference for contrarian and value strategies, and companies with low debt levels for their type or sector.
      The company then eliminates companies involved in various practices Ave Maria believes are contrary to Catholic teachings. These include practice of abortion and actions that are perceived as anti-family. What constitutes anti-family practices is based on moral judgments made by the company's Catholic Advisory Board and the Catechism of the Catholic Church. Examples cited by the fund family include companies distributing pornography, affiliated with or donations to Planned Parenthood, and companies with policies that they view undermine the sacrament of marriage. Involvement with contraception and abortion also disqualify a company from the fund, as does embryonic stem cell research. Unlike other ethical funds, Ave Maria does not necessarily reject defense companies, alcohol, or tobacco (other common SRI-screened areas).
      As 2017 study found that faith-based investing, including the Ave Maria funds, does not under-perform ESG investing or underperform conventional or secular funds after "size of the fund and the inclination of the fund toward asset allocation are controlled."


      Catholic Advisory Board


      In defining its process for screening investments based on religious principles, the board members are "guided by the magisterium of the Catholic Church and actively seek the advice and counsel of Catholic clergy". As of November 28, 2022, the board consists of the following members:

      Raymond Arroyo
      Callista Gingrich
      Scott Hahn
      Lou Holtz, Emeritus
      Larry Kudlow
      Tom Monaghan
      Melissa Moschella
      Paul R. Roney
      Father John Riccardo, Emeritus
      The board's episcopal advisors are Cardinal Adam Maida and Archbishop Allen Vigneron.
      Former Board Members

      Bowie Kuhn, Founding Chairman (1926-2007)
      Michael Novak
      Phyllis Schlafly


      References




      External links


      Ave Maria Mutual Funds website
      Putting your money where your faith is, a story from The Osgood File
      Kiplingers.com Article
      Forbes Article

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