An SRI Bond Fund Catches the WSJ's Eye
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Friday, February 25, 2011

An SRI Bond Fund Catches the WSJ's Eye

Socially responsible fundsters may want to check out the CRA Qualified Investment Fund, a $1 billion bond fund with holdings in agency debt and municipal bonds.

The fund invests primarily in government-related subsectors of the bond market, the Wall Street Journal reports. Todd Cohen, president and chief investment officer of Community Capital Management [see profile], a Weston, Florida-based firm that runs the fund, told the pub that the fund bets on a universe of 60,000 taxable muni bonds that fund community economic development activities. Currently, the fund's biggest holdings include agency guaranteed, multifamily mortgage-backed securities, Ginnie Mae and Fannie Mae bonds.

As of Wednesday, the fund's institutional shares reportedly returned 3.35 percent on a one-year basis compared to the Barclays Capital U.S. Aggregate Bond Index's, which includes corporate bonds that the fund doesn't invest in, one-year return of 4.89 percent.

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