Morphic Asset Management’s ethically screened listed investment company (LIC) has started trading following an IPO that raised $48.8 million.
The Morphic Ethical Equities Fund (ASX: MEC) is the latest LIC to start trading on the ASX after raising $48.8 million via an IPO.
The LIC is an ethically screened version of Morphic’s Global Opportunities Fund which was launched in August 2012 by former Hunter Hall investment manager Jack Lowenstein.
While the Global Opportunities unit trust is not currently marketed as an ethical fund, it holds no negatively screened stocks, making it identical to the new LIC.
Morphic co-founder Chad Slater worked alongside Mr Lowenstein at Hunter Hall between 2007 and 2012.
According to the MEC prospectus, the LIC will screen out global equities issued by entities involved in armaments, tobacco and alcohol, gambling, coal and uranium mining, oil and gas extraction, intensive animal farming and aquaculture, and logging of rainforest or old growth timber.
“The manager intends to apply a ‘positive screen’ by investing a minimum of 5 per cent of the company’s net assets in securities issued by companies which produce products or services that it considers are likely to improve the planet,” the prospectus said.
MEC began trading yesterday at $1.10 per share and closed at $1.065.
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