{"id":39899,"date":"2024-01-31T21:38:48","date_gmt":"2024-02-01T02:38:48","guid":{"rendered":"https:\/\/test.greenmoney.com\/2025\/?p=39899"},"modified":"2024-02-02T14:53:46","modified_gmt":"2024-02-02T19:53:46","slug":"a-matter-of-faith-faith-based-investing-is-a-key-chapter-in-the-sustainable-investing-story","status":"publish","type":"post","link":"https:\/\/test.greenmoney.com\/2025\/a-matter-of-faith-faith-based-investing-is-a-key-chapter-in-the-sustainable-investing-story\/","title":{"rendered":"A Matter of Faith: Faith-based investing is a key chapter in the sustainable investing story"},"content":{"rendered":"<div class=\"landing-links\"><a href=\"\/\">&gt;&gt; Back to February 2024 Issue<\/a><\/div>\n<div>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The Orlando World Center Marriott isn\u2019t a natural home to a burgeoning investing movement. Canned music plays in the elevators, and vacationers amble through the lobby en route to Epcot. But behind a closed ballroom door a few feet away, all eyes are on the band. The vibe is a prayer meeting\/concert. And the attendants\u2014more than 2,000 of them\u2014are swaying to the music, many with palms held aloft and eyes closed in ecstasy. These are the faithful, led by the disciple Timothy\u2019s instructions to \u201cbe rich in good works, to be generous and ready to share.\u201d Most attendees are financial advisors, as content in the realm of the secular as the divine.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Welcome to the annual conference of Kingdom Advisors, a rapidly expanding association of advisors that aims \u201cto carry biblical financial wisdom to their clients, peers, and community.\u201d Today\u2019s rocky markets pose a challenge for advisors. Many Kingdom advisors hope that a new kind of conversion\u2014the conversion of conventional portfolios to so-called biblically managed portfolios\u2014will help them retain clients and bring in new ones.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nobody knows exactly how large the faith-based investment market is after factoring in the assets of individuals and institutions. Most of the information isn\u2019t public. But in a recent<\/span><a href=\"https:\/\/www.morningstar.co.uk\/uk\/news\/239920\/faith-based-investing-gathers-momentum.aspx\"><span style=\"font-weight: 400;\">\u00a0report<\/span><\/a><span style=\"font-weight: 400;\">, Morningstar quantitative analysts Manan Agarwal and Sabeeh Ashhar sized up a significant portion of the faith-based market: Christian and Islamic exchange-traded and mutual funds.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although a small slice of the overall fund universe, faith-based funds are growing in number, and more investors are choosing to invest with their values as well as for returns.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Evolution of Values-Based Investing<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Following religious and ethical guidelines in investing has probably been around as long as investing itself. The Quakers notably spoke out against profiting from the slave trade, and in 1760, John Wesley, founder of the Methodist movement in the Church of England,\u00a0<\/span><a href=\"https:\/\/www.corporateknights.com\/responsible-investing\/a-short-history-of-responsible-investing\/\"><span style=\"font-weight: 400;\">said members<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><i><span style=\"font-weight: 400;\">\u201cought not to gain money at the expense of life or by losing our souls.\u201d<\/span><\/i><\/p>\n<div class=\"visibility-wrapper-970-to-300\">\n<div id=\"div-gpt-ad-1652553476095-0\"><script>\n    googletag.cmd.push(function() { googletag.display('div-gpt-ad-1652553476095-0'); });\n<\/script><\/div>\n<div id=\"div-gpt-ad-1622053269469-0\" class=\"ad-float-left\"><script>\n    googletag.cmd.push(function() { googletag.display('div-gpt-ad-1622053269469-0'); });\n<\/script><\/div>\n<\/div>\n<p><span style=\"font-weight: 400;\">Flash forward to the 20th century: Another milestone came in 1971 when the Episcopal Church filed a shareholder resolution urging General Motors\u00a0<\/span><a href=\"https:\/\/www.morningstar.com\/stocks\/xnys\/gm\/quote\"><span style=\"font-weight: 400;\">GM<\/span><\/a><span style=\"font-weight: 400;\">\u00a0to stop manufacturing in apartheid South Africa. Catholics and other churches joined the movement, forming the\u00a0<\/span><a href=\"https:\/\/www.iccr.org\/\"><span style=\"font-weight: 400;\">Interfaith Center for Corporate Responsibility<\/span><\/a><span style=\"font-weight: 400;\">. Today, the ICCR includes more than 300 global institutional investors overseeing more than $4 trillion in managed assets. They include the Unitarian Universalist Association, the Presbyterian Church, the Sisters of St. Francis, and the Rabbis and Cantors Retirement Plan, as well as fund providers such as Everence Financial, sponsor of Praxis Mutual Funds, which has $2.5 billion in assets and has its roots in the Mennonite Church, and<\/span><a href=\"https:\/\/www.wespath.org\/\"><span style=\"font-weight: 400;\">\u00a0Wespath<\/span><\/a><span style=\"font-weight: 400;\">\u00a0Investment Management, which provides funds that are informed by the values of the United Methodist Church.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The ICCR\u2019s anti-apartheid push galvanized socially responsible investing.\u00a0<\/span><a href=\"https:\/\/www.morningstar.com\/sustainable-investing\/sustainable-investing-pioneer-watch-out-corporate-political-spending\"><span style=\"font-weight: 400;\">Tim Smith<\/span><\/a><span style=\"font-weight: 400;\">, senior policy advisor to the ICCR, says that <\/span><i><span style=\"font-weight: 400;\">\u201creligious investors played that key catalytic role.\u201d<\/span><\/i><span style=\"font-weight: 400;\"> Socially responsible funds prioritize positive social change by considering both financial returns and moral values in investment decision-making. That has evolved into the modern sustainable investing movement, which relies heavily on environmental, social, and governance research. An ESG-based fund uses such data as part of its fiduciary duty to consider the material risks to its investment returns, such as climate risk and diversity risk.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Agarwal and Ashhar say faith-based investing is a version of socially responsible investing. Although it shares some of sustainable investing\u2019s traits and uses ESG information, a faith-based fund has a dual mandate: In addition to its fiduciary duty, the fund also reflects the values held by a religious community.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">\u201cESG doesn\u2019t have a moral compass; it\u2019s not necessarily mission-aligned, and it\u2019s not impactful,\u201d <\/span><\/i><span style=\"font-weight: 400;\">says Sonia Kowal, president of Zevin Asset Management, a sustainable-investment specialist that also oversees accounts for faith-based investors. <\/span><i><span style=\"font-weight: 400;\">\u201cIt\u2019s just information that analysts can use.\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">To some conservative religious investors, however, the term ESG has become anathema since influential Republicans demonized it while rallying behind the\u00a0<\/span><a href=\"https:\/\/www.morningstar.com\/sustainable-investing\/is-there-problem-with-woke-investing\"><span style=\"font-weight: 400;\">\u201canti-woke\u201d<\/span><\/a><span style=\"font-weight: 400;\">\u00a0flag in 2022. Inspire Advisors, which runs \u201cbiblically responsible\u201d ETFs with tickers like BIBL, GLRY, and WWJD (for \u201cWhat Would Jesus Do?\u201d), originally added ESG to the names of its funds that didn\u2019t already include it, then just months later\u00a0<\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-21\/evangelical-investor-s-2-billion-fund-for-faith-based-stocks\"><span style=\"font-weight: 400;\">removed<\/span><\/a><span style=\"font-weight: 400;\">\u00a0the term from all its products in August 2022. Why the pivot? <\/span><i><span style=\"font-weight: 400;\">\u201cESG has become weaponized by liberal activists to push forward their harmful, social Marxist agenda,\u201d<\/span><\/i><span style=\"font-weight: 400;\"> CEO Robert Netzly said at the time. For good measure, Netzly compared ESG to CRT, or critical race theory, <\/span><i><span style=\"font-weight: 400;\">\u201cas acronyms worth fighting against.\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Whether its adherents want to use the term or not, however, faith-based investing falls under the same umbrella as ESG.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Potential for Growth<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There\u2019s reason to believe faith-based investing will grow more popular. Customized investing is a growing area of wealth management, and faith is just one more way investors can include their preferences in the process.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jean Case, the founder of\u00a0<\/span><a href=\"https:\/\/fwiwmedia.com\/about\"><span style=\"font-weight: 400;\">FWIW (For What It\u2019s Worth)<\/span><\/a><span style=\"font-weight: 400;\">, a financial news and education site aimed at Generation Z, and head of the Case Foundation, says that one of the most widely searched terms on the site is, \u201cWhat is faith-based investing?\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Says Mark Regier, vice president of stewardship investing for\u00a0<\/span><a href=\"https:\/\/www.praxismutualfunds.com\/\"><span style=\"font-weight: 400;\">Praxis Mutual Funds<\/span><\/a><span style=\"font-weight: 400;\">\u00a0and its parent Everence, <\/span><i><span style=\"font-weight: 400;\">\u201cI can\u2019t imagine talking about being values-driven and not wanting to know where the money is going.\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Some believe it\u2019s a religious duty to invest. <\/span><i><span style=\"font-weight: 400;\">\u201cWe all believe in tithing and know we should give at least 10% to our church,\u201d<\/span><\/i><span style=\"font-weight: 400;\"> says David Spika, president of\u00a0<\/span><a href=\"https:\/\/www.guidestonefunds.com\/\"><span style=\"font-weight: 400;\">GuideStone Funds<\/span><\/a><span style=\"font-weight: 400;\">, which serves a Baptist clientele. <\/span><i><span style=\"font-weight: 400;\">\u201cWe should also be using our assets to influence the kingdom or to impact companies.\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">In theory, the potential market is huge, considering the enormous moral authority exerted by religious institutions. The world\u2019s population is around 8 billion. According to the Pew Research Center, Christians accounted for 31.4% of the global population in 2010 and Muslims for 23.2%. But relative to the investable universe, assets in faith-based ETFs and mutual funds are still a drop in the bucket.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In their report, Agarwal and Ashhar tried to measure the Christian and Shariah fund market. (Shariah is Islamic canonical law.) They counted 850 faith-based funds and ETFs globally, with combined assets of just over $100 billion. (Vanguard 500 Index\u00a0<\/span><a href=\"https:\/\/www.morningstar.com\/funds\/xnas\/vfinx\/quote\"><span style=\"font-weight: 400;\">VFINX<\/span><\/a><span style=\"font-weight: 400;\">\u00a0by itself has assets of $323 billion across its share classes.) Almost 85% of faith-based funds are Shariah-compliant, but they account for only $45 billion of the asset base.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Christian funds make up the rest. Roughly 95% of Christian-values funds are based in the United States, whereas 60% of Shariah funds are domiciled in Malaysia, Indonesia, and Saudi Arabia. That said, the largest faith-based offering is a U.S.-based Shariah fund: Amana Growth\u00a0<\/span><a href=\"https:\/\/www.morningstar.com\/funds\/xnas\/amagx\/quote\"><span style=\"font-weight: 400;\">AMAGX<\/span><\/a><span style=\"font-weight: 400;\">, which has $3.9 billion in assets.<\/span><\/p>\n<div id=\"div-gpt-ad-1622053479374-0\" class=\"ad-float-left\"><script>\ngoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1622053479374-0'); });\n<\/script><\/div>\n<p><span style=\"font-weight: 400;\">Investors in these funds need not necessarily sacrifice performance. The 15 largest funds have solid records overall. Most of them have the three-year record required to calculate a Morningstar Rating, which indicates a fund\u2019s risk\/reward profile within its Morningstar Category. Almost all of the ratings were 3-stars or higher as of the end of September.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the total assets in these funds are still relatively small, asset managers clearly anticipate a growing market. From 2019 to 2021, there was a surge in the number of new faith-based products being launched. The recent proliferation can be attributed to a combination of factors, including the rising demand for ethical and ESG investments, increased cultural and social awareness, and a growing desire to align financial decisions with personal values and beliefs, Agarwal and Ashhar say.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Read the complete version of this <\/span><a href=\"https:\/\/www.morningstar.com\/sustainable-investing\/matter-faith\"><span style=\"font-weight: 400;\">Morningstar magazine article<\/span><\/a><span style=\"font-weight: 400;\">, written by Leslie Norton and Ruth Saldanha of Morningstar, which includes some interesting charts and graphs.<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p><span style=\"font-weight: 400;\">We begin at the Kingdom Advisors conference, with a rapidly expanding association of advisors that aims \u201cto carry Biblical financial wisdom to their clients, peers, and community.\u201d How large is the faith-based investment market after factoring in the assets of individuals and institutions? Find out in a recent<\/span><a href=\"https:\/\/www.morningstar.co.uk\/uk\/news\/239920\/faith-based-investing-gathers-momentum.aspx\"><span style=\"font-weight: 400;\"> report<\/span><\/a><span style=\"font-weight: 400;\"> from Morningstar which has sized up the faith-based market including Christian and Islamic ETFs and mutual funds.<\/span><\/p>\n","protected":false},"author":3,"featured_media":39923,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[389],"tags":[125,136],"class_list":["post-39899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-february-2024-aligning-faith-finances","tag-additional-articles","tag-impact-investing"],"acf":[],"yoast_head":"<!-- This site is optimized 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