the FM is just reflecting what his clients want to invest in... that was the whole point of starting the PAX fund in the first place... to get the best return they can on stocks that FIT their faith/lifestyle not just stocks with the best ROE the FM is just reflecting what his clients want to invest in... that was the whole point of starting the PAX fund in the first place... to get the best return they can on stocks that FIT their faith/lifestyle not just stocks with the best ROEYes, I understand that... however very notion of investing based on "faith" and "lifestyle" is exactly what's wrong with the concept of PAX.
Maximizing ROE is not always the best objective for an individual, especially if you are trying to lower risk. Someone close to retirement would fit this category. But investment strategies that have NOTHING to do with potential corportate performance is nutty. This seems so obvious to me... I have a hard time articulating how odd the notion of PAX seems to me.
Maybe some people HERE need a copy of Atlas Shrugged. lol.
Pax isn't the only fund of that nature. There's always Domini.
There are a lot of Foundations, Hospitals, Endowments and Church pension funds that have restrictions about how their money is invested. Some of those restrictions aren't far off from Pax's.