Schwartz Investment Counsel has opened the Ave Maria Catholic Values Fund. Oi vey -- religious blending in the investment world?

"He's very Catholic," said a company spokesperson of founder and ceo George Schwartz. "The whole firm are very religious Catholics."

Although investors have a number of options among Catholic-oriented funds (Catholic Values Investment Trust , Aquinas Funds, and a number offered by Catholic Financial Services), Schwartz clients, largely centered around Detroit, Michigan, demanded the new offering.

"Their client base is pretty religious also and wanted to invest in the values of the Catholic Church," said the spokesperson.

Greg Watkins, portfolio manager for the fund, stressed that investment principles share top billing with religious ones, rather than playing second fiddle.

What about the name?

"The name Ave Maria, which is Latin for Hail Mary, was chosen because Mary is the mother of Jesus Christ," said Watkins in a statement. "As such, she is venerated in a special way by Roman Catholics."

Catholic investing differs from other sin-averse styles in that some types of companies, such as tobacco and alcohol, are not excluded.  

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