Gamco to start socially responsible fund
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- March
- 7
Gamco Investors Inc., the Rye-based company run by money manager Mario J. Gabelli plans to start a mutual fund for investors looking to put their money in “socially responsible� companies. The Gabelli SRI Fund will not invest in the top 50 defense and weapons contractors or in companies that get more than 5 percent of the revenues from tobacco, alcohol, gaming. Companies that make more than 5 percent of their revenues off drugs that induce abortions will also be excluded, the company said in a prospectus filed with the U.S. Securities and Exchange Commission. The fund will also have guidelines to avoid the worst polluters and identify companies that have good environmental records. The fund will seek a 10-percent annual return, not counting fees and expenses.
This entry was posted
on Wednesday, March 7th, 2007 at 7:09 pm by Allan Drury.
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