Calvert, the largest social/ environmental mutual fund family with $15 billion in assets under management, has launched an international small and mid-cap stock fund.
The Calvert International Opportunities Fund (CIOAX)complements Calvert’s large-cap international stock fund and the Calvert World Values International Equity Fund.
The Fund will invest mostly in stocks in developed countries, but up to 20% of the can be in emerging markets. It will select companies from the Citigroup/S&P World EX-US EMI Index, which includes companies in the $500 million to $30 billion range.
The other new mutual fund is the Gabelli SRI Fund (SRIGX). It is a general SRI fund that includes stocks from a wide range of companies. Gabelli Funds, the Fund’s advisor, is owned by GAMCO Investors (GBL) and has over $29 billion in assets.
GAMCO has been managing institutional clients socially screened accounts for 20 years and decided to make the product available to average investors. .
The Fund will exclude investments in the top 50 defense companies, companies involved with abortion, and companies with greater than 5% revenue in tobacco, gambling and alcohol products and/or services. The Fund will invest in companies that have a positive overall environmental record.
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