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Clerical Medical get ethical

Clerical Medical’s ethical fund is an open-ended investment company which is aimed at investors who want to choose where they invest more carefully and who are looking for long-term capital growth.

It will seek to achieve this by investing in a portfolio of between 50 and 60 UK and European companies which satisfy a range of ethical criteria. These companies will have to make a positive contribution to society, carry out good employment practices, such as employing people in Third World countries, protect the environment and make wise use of natural resources, such as widely recycling.

It will also seek to benchmark the FTSE all-share index. The fund’s top ten holdings will be Cable & Wireless, Reuters, Royal Bank of Scotland, Vodaphone, Energis, Reed International, Amvescap, Lloyds TSB, Barclays and Tesco.

It will not invest in companies that are involved in gambling, nuclear power, armaments, pornography, and human and animal rights abuses. Choosing the companies will be done with the aid of the Ethical Investment Research Service.

The ethical fund joins the small but growing number of just 21 funds. One problem with these funds is that many of the larger companies they invest in will own at least one subsidiary business that is involved in business that can be seen as unethical.

According to Standard & Poor’s the Clerical Medical Evergreen fund is ranked 118 out of 126 funds, based on £1,000 invested on a bid-to-bid basis with net income reinvested over three years to November 13, 2000.

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