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The Vatican Bank has launched two equity indexes that choose stocks on the basis of Catholic principles. The Morningstar IOR Eurozone Catholic Principles Index and the Morningstar IOR US Catholic Principles Index “are designed to serve as a reference for Catholic investments worldwide”, the Institute for the Works of Religion, as the bank is formally known, said in a statement seen by Bloomberg.
Both comprise 50 medium- and large-cap companies, including Big Tech and financial stocks. The launch of the IOR’s first indexes comes at a tough time for investment products that take environmental, social and governance factors into account. Funds with ESG investment goals saw $US84 billion in outflows last year, the first time the global market for such products was hit by net redemptions, according to a report by Morningstar last week. The IOR’s benchmarks face established competition for Catholic investors. A Global X exchange-traded fund with more than $US1 billion of assets tracks the S&P 500 Catholic Values Index, which was launched in 2015 and excludes stocks that aren’t aligned with guidelines from the US Conference of Catholic Bishops. The top constituents include Nvidia and Apple. The ETF rose 16 per cent last year, roughly inline with the S&P 500. According to fact sheets from Morningstar, the top constituents in their new US index are Meta Platforms and Amazon, while the top weightings in the Eurozone gauge are ASML Holding and Deutsche Telekom. The IOR, which provides traditional banking services and oversees investments for institutions tied to the church, has been striving for years to rid itself of a reputation for mismanagement stemming from a series of financial scandals. Pope Leo XIV has taken steps to limit the role of the IOR, including approving rules last October that would distribute responsibility for investing the Vatican’s funds among various institutions.
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