As the FT points out, the real puzzle comes when when you try to figure out how the ideology leads to the fund’s actual investments. E.g. why exclude Lockheed Martin, and Smith & Wesson, but invest in General Dynamics and a Private Prison company?
But there are other, more successful funds that do the same thing. The Catholic Values fund, for example, operates according to a transparent and relatively specific set of rules, which you can find here. It works particularly well because there are rules for pretty much everything in that denomination. With regard to prison stocks, for example, the catechism assigns the “right and duty” to punish crime to a “legitimate public authority.” Our emphasis. The fund, sponsored by Global X, had $66m of assets at the end of last year. At last check, the Inspire funds each had roughly $2.5m in assets.