In the hardheaded world of professional money managers, the rule for years was that the only wise investment was the one that turned a profit. An investor troubled by the idea of financing the military-industrial complex, pollution or racist hiring practices had to hunt up "clean" stocks on his own. Now, however, there is a new breed of mutual funds that caters to the customer with social scruples.
About half a dozen such "conscience funds" are either in operation or in registration with the Securities and Exchange Commission. Each is still small by industry standards (less than $2,500,000 in assets)....
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