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Investing in Socially Responsible Mutual Funds
By Debora and Reathel Geary
Women's Equity Mutual Fund (WEMF) is an example of an SRI fund that has a more narrow focus. They screen specifically for companies that are taking key steps on women's issues. For example, WEMF holdings include many companies that provide excellent environments for working moms. "There are a number of companies that offer really progressive benefits," says Heidi Soumerai, fund manager for WEMF. These companies are stars in terms of providing benefits like flextime, onsite childcare and paid maternity and paternity leave.
Passing the screens, however, is not enough to be included in an SRI fund portfolio. Financial performance is also a priority. "The Sierra Club Mutual Funds work to identify companies that are both good investments and that don't pose a significant threat to our planet's future," Alan Reid says. Fortunately, SRI funds successfully find lots of companies that meet both of these criteria.
There are several things to consider before buying an SRI fund, just as there are with regular mutual fund investments. Is it a quality fund with good long-term performance? Is the fund a good match with your investing goals?
Once you've found the right fund, it's time to buy. Socially responsible mutual funds are available through most of the same channels as a regular mutual fund. You can buy shares directly, go through a large financial company or invest through a financial advisor that specializes in socially responsible investments.
Parents have some especially important reasons to meet their financial goals. SRI funds provide the opportunity to pick good investments that also support your parenting goals.