Timothy Plan, based in Maitland, Florida, is moving more quickly. Ally said he’s told portfolio managers to sell shares in the few companies that the fund owns that have said they will cover travel costs for employees.
Other fund managers are being more cautious. Christian Brothers Investment Services, which manages about $10 billion, said most US companies’ health-care benefits already accommodated abortions, as well as travel for certain procedures, long before the Supreme Court overturned Roe v. Wade.
“That said, the ruling certainly puts these benefits in a different light,’’ said Jeff McCroy, chief executive officer of Chicago-based CBIS. While the firm doesn’t take into account employee benefits when deciding which companies to invest in, it will “continue to be thoughtful and measured in our approach to this enormously complex and fluid situation,” he said.
The USCCB said in an email that it is monitoring the impact of company policies on its investment strategy.
Eventide Asset Management, a faith-based firm managing $6 billion out of Boston, said that it’s “evaluating the impact of the changing legal precedent on prospective and current portfolio companies.’’ And Luther King Capital Management, which manages the $50 million Aquinas Catholic Equity Fund, plans to start reaching out to corporations that have made public statements about supporting employee travel costs, said Richard Lenart, secretary and treasurer of the Fort Worth, Texas-based firm’s mutual funds.
Ultimately, the abortion ruling has put these money managers “in an awkward position of potentially having to divest from companies that are making bold moves on gender equality,’’ said Rob Du Boff, senior ESG analyst at Bloomberg Intelligence.
--With assistance from Amine Haddaoui.
This article was provided by Bloomberg News.