Calvert Launches First Socially Responsible Tech Fund

Reuters) – Calvert Group, a mutual fund company best known for its socially responsible portfolios which exclude companies involved in tobacco, gambling, weapons and other activities, has launched what it bills as the first-ever socially screened technology fund, the company said yesterday.

Barbara Krumsiek, president and chief executive of Calvert, said in a statement that investors are just becoming aware of the social issues presented by technology companies.

The concerns include environmentally harmful byproducts from the manufacture of semiconductors, waste disposal problems and fair labour and human rights questions resulting from offshore manufacturing, she said. Another potential problem area is presented by the legal issues in genetic engineering and biotechnology, Krumsiek added.

The Calvert Technology Fund will be managed by Turner Investment Partners, a Berwyn, Pa.-based money manager.

Separately, Calvert announced the start of the Calvert Large Cap Growth Fund, a result of the merger of Bridgeway Social responsibility portfolio into a new Calvert fund. Bridgeway Capital Management, based in Houston, will continue as manager of the fund, using a quantitative approach to stock selection.

Calvert, based in Bethesda, Md., said that with the addition of the two funds it now offers a total of 27 funds. The company has about $6.7 billion in assets under management.