More Galleries
8 must-have travel apps Whether you've got wanderlust or an airline grievance, here are some apps to pack onto your phone. More
Hot stocks: 10 record breaking companies The S&P 500 is trading at all-time highs, and many well-known businesses are leading the charge. Time to buy or sell? More
My biggest retirement mistake Five CNNMoney readers share stories about saving that you can learn from. What they would do differently if they had another chance. More
Special Offer

Faith and money

Some think religion and politics aren't a good mix. But meshing faith and money may produce some impressive returns.

1 of 6
BACK NEXT
Faith-based mutual funds
Faith-based mutual funds
With the Pope visiting the U.S. this week and the role of faith taking center stage in the presidential election, religion has proven to be a topic on many Americans' minds lately.

You may be surprised to learn though that religion has a place on Wall Street as well. There are about 50 Catholic, Protestant, and Islamic-based mutual funds with assets totaling around $17 billion. The category has grown dramatically, from only $500 million in assets 10 years ago, according to David Kathman, a Morningstar analyst specializing in socially responsible investing.

The funds tend to weed out companies that members of the funds' faiths may find objectionable. These criteria vary but most faith-based funds screen out companies with large revenues from selling alcohol, tobacco, pornography and gambling.

Despite screening out some successful companies, many of the funds have done quite well compared to the S&P 500, which has an annualized average return of 10.5% to investors over the past five years.

And interestingly, almost every faith-based fund invests in Apple, proving that no matter what religion you practice, iPods are still really cool.
NEXT: Amana Income Fund
Last updated April 16 2008: 11:12 AM ET
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.