Dover Corporate Responsibility Management launched the Dover Responsibility mutual fund, which will be marketed to institutional and retail investors, said Michael Castine, president. The firm is negotiating with supermarket platforms, other defined contribution service providers and institutional investors to offer the fund, which will not have a sales fee for the institutional market, said Mr. Castine.
The actively managed portfolio will contain about 100 stocks, principally from the S&P 500 index, he said. Companies will be selected by fundamental analysis and then screened for financial reporting transparency and corporate philanthropic spending. Philanthropy is viewed as a risk indicator, he said, with a reduction indicting possible problems with a company. The screen will look for what he called a "sweet spot" in philanthropy, seeking a balance between philanthropic spending and corporate revenues and profits, and not necessarily the highest level in philanthropic activity among companies.