Faith and money

Like the other faith-based funds, the Mennonite Mutual Aid (MMA) Praxis funds steer clear of certain types of stocks. Because Mennonites are largely pacifist, the MMA Praxis Value Index fund avoids companies with large contracts with the U.S. military as well as ones that sell fire arms or have major holdings in countries with questionable human rights practices.

But the fund also chooses to invest in some companies in the hopes of getting them to improve how they do business.

"Some companies don't warrant our exclusion, but warrant our conversation with them," said fund manager Chad Horning. "Those are companies that are doing something we think they could do better."

For instance, the fund invests in financial companies, including large banks such as Bank of America, JPMorgan Chase and Citigroup.

"Through shareholder advocacy, we ask what's a reasonable credit card policy they can pursue," Horning said.

MMA Praxis shareholders do this as part of the Interfaith Center for Corporate Responsibility (ICCR), which is made up of primarily Protestant, but also Catholic and Jewish investors who take their concerns to corporations' boards.

NEXT: New Covenant Growth Fund