Ave Maria Mutual Funds
Ave Maria Mutual Funds is a U.S. family of mutual funds that focuses on financially strong companies that align with Catholic teachings. It is often described as socially responsible, morally responsible, or faith-based investing. It is the largest Catholic-focused investing firm in the United States. The first fund started in 2001. As of September 30, 2025, the funds had about $3.8 billion in assets.
The biggest funds by assets are Ave Maria Rising Dividend Fund (AVEDX), the flagship fund; Ave Maria Growth Fund (AVEGX); and Ave Maria Value Fund (AVEMX). Other funds include Ave Maria Bond Fund (AVEFX), Ave Maria World Equity Fund (AVEWX), Ave Maria Growth Focused Fund (AVEAX), and Ave Maria Value Focused Fund (AVERX). The Catholic Equity Fund merged into the Ave Maria Rising Dividend Fund on March 30, 2007.
Seven Ave Maria Mutual Funds are managed by Schwartz Investment Counsel, Inc., based in Plymouth, Michigan. The firm, founded in 1980 by George P. Schwartz, CFA, also offers an Ave Maria Money Market Account managed by Federated Investors of Pittsburgh. Schwartz began offering an Ave Maria Separately Managed Account (Ave Maria SMA) in late 2009.
How they invest: Investments are screened first on financial criteria. They prefer contrarian and value strategies and companies with low debt. Then they exclude companies involved in practices they deem contrary to Catholic teaching, based on guidance from the Catholic Advisory Board and the Catechism of the Catholic Church. Examples include companies connected to pornography or to Planned Parenthood, or policies seen as undermining the sacrament of marriage. Contraception, abortion, and embryonic stem cell research disqualify. Unlike some ethical funds, Ave Maria does not automatically exclude defense contractors, alcohol, or tobacco.
A 2017 study found faith-based investing, including Ave Maria funds, did not underperform ESG or conventional funds once fund size and asset allocation were taken into account.
Process and governance: The screening is guided by the magisterium of the Catholic Church and counsel from Catholic clergy. As of November 28, 2022, the board’s episcopal advisors were Cardinal Adam Maida and Archbishop Emeritus of Detroit Allen Vigneron. The board has included former members as well.
This page was last edited on 2 February 2026, at 16:29 (CET).