Potomac, Maryland-based Action Fund Management has launched a fund to counteract the Calverts and PAXs of the world. The asset manager believes the free enterprise system is under attack, and is providing a place for like-minded investors.

The firm's Free Enterprise Action Fund will invest at least 65 percent of its assets in companies "generally found among the Fortune 500 and in the S&P 500," according to a fund prospectus.

Specifically, the fund will invest in companies that "have suffered or have the potential to suffer business harm as a result of social activism … Once the Fund becomes a shareholder of such a company, it may undertake measurers that … have the potential to protect the company from social activists," write officials in the fund's prospectus.

The minimum account balance for the fund is $1,000. Net operating expenses are 200 basis points, including a 41 basis point fee waiver that is valid until April 30, 2006.

Chicago-based Thinkorswim Advisors will subadvise the fund.  

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