, known for its "socially-responsible" investments, has brought out two new products, the Large Cap Growth Fund and Technology Fund.
Now officially merged with the Bridgeway Social Responsibility
, the Growth Fund was opened to allow Calvert to take advantage of Bridgeway's performance history; since the merger, Calvert's fund rating incorporates the data of the older Morningstar 5-star rated portfolio. Bridgeway, which now sub-advises for the Bethesda, Maryland-based fund firm, is a small Houston-based fund company which shares Calvert's socio-economic agenda.
Despite double-digit performance, the Bridgeway fund had been
undercapitalized at $10 million in assets and suffered inefficiency from
limited social responsibility research infrastructure.
The management fee ranged from 150-200 basis points before the merger but has now dropped to 90-115 from the significant reduction of expenses.
"Their social screening is top-notch and they have an awesome distribution network," lauded John Montgomery
, Bridgeway's portfolio manager. "The other side of that decision had to do with our mission. This relationship better enables us to promote social activism and community investing."
Bridgeway, which offers no-load funds, has committed to invest half of its advisory fee to charity. The aggressive front-end loaded Calvert Technology Fund is managed by Turner Investment Partners
. This relationship also blends Calvert's specialty research with Turner's earnings-focused investing.
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