Do green funds bring in the green? A new report released by Pax Funds claims that they do. Since the first socially conscious fund opened 30 years ago, assets in the category have grown at five times the rate of other funds', says the report ["Socially Responsible Mutual Funds in the U.S.: A Look Back ... and Ahead"] which was based upon data provided by Wiesenberger.

The report's release was timed to coincide with the thirtieth birthday of the Pax World Balanced Fund, which became the first socially conscious fund in August of 1971.

Since that time the universe of green funds has grown to 192 with $103 billion in assets, according to Wiesenberger. The report further predicted that the assets in these funds could reach $275 billion in the next 10 years.

The report also found that the explosion in these funds has just kept pace with the rest of the industry for the past decade. In the past 10 years the assets in these funds has grown 392 percent compared to 410 percent for all funds.  

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