Whenever possible, we invest in companies that promote international development. Our funds often invest in large-cap stocks. Large companies make large targets, and if we dig deep enough we're bound to find something that makes us uncomfortable. The gambling, liquor, and tobacco screens are quite specific, but once we get into the qualitative screens, most companies are in a gray area. Therefore, in order to conduct an objective evaluation, we think it's important to look at each company as a whole.
Technology companies are particularly challenging.
With the shift toward corporate globalization and the increasing dependence on computer systems, such questions can be difficult to answer. Although I can understand their rationale, I think these funds are compromising their principles in a fundamental way. At Pax, it is not. Beyond the Screens Pax World goes beyond screening to meet its goals as an ethical fund family. In the area of shareholder activism, I regularly correspond with corporate management regarding issues of concern to us.