Everence Capital Management announced Tuesday the launch of the MMA Praxis International Index Fund (MPLAX for Class A Shares, MPLIX for Class I Shares). The fund uses the MSCIAll Country World ex-U.S. Index, and is the only socially screened fund to do so; it also provides investors access to emerging markets.
According to the company, "[t]he fund aims to provide investors with greater access to both developed and emerging international economies while also making an impact on the global community." Its portfolio managers are Ran Leshem and Patrick Geddes.
David Gautsche, president of MMA Praxis Mutual Funds, said in a statement, "We are thrilled to offer investors a new way to make a global impact and invest in emerging markets. As with all MMA Praxis Mutual Funds, the International Index Fund reflects our unique stewardship investing philosophy, including values based screening, proxy voting, shareholder advocacy and community development investing."
The fund is more for long-term growth investors who are willing to accept the higher risk entailed in international investing, as well as for those who seek screening.
Chad Horning (left), chief investment officer at Everence, said in an interview with AdvisorOne that the company's investors, particularly institutions, "[were] telling us they wanted access to emerging markets" in addition to screening. "All the funds in Praxis use screening," he explained, "so if we launch a new one it will include screening, shareholder advocacy, and community development investments." That last is done "through an affiliate of Praxis that extends loans to community development organizations around the country and around the world."
