An article in the latest issue of Business Week talked about the Blue Fund, a new mutual fund that invests only in companies whose officer or political action committees donate money to the Democratic party. According to a spreadsheet created by co-founder Daniel de Faro Adamson, these companies have outperformed major indexes over the past five years.

I'm skeptical about whether that trend will continue; I just don't see any particular reason that it would. The fund, which owns companies including Google Inc. (NASDAQ:GOOG), Starbucks Corporation (NASDAQ:SBUX), Lehman Brothers Holdings, Inc. (NYSE:LEH), and Costco Wholesale Corp. (NASDAQ:COST). For a fund with large cap holdings, the expense ratio of 1.5% seems high (although a high expense ratio is not uncommon for a new fund. I would look for it to go down as they grow their assets under management). For Democrat-minded investors who want to invest with others who hold their same values, the Blue Fund may be of interest. Check out www.bluefund.com.

Here are some other socially responsible or values-based funds that look interesting:

The Amana Fund (http://www.amanafunds.com/) invests based on Islamic principles, some of which are quite interesting. For example, Muslim law prohibits all practices of money-lending with interest, considering it usury. So the Amana Fund will not invest in banks, and generally avoid business that are highly leveraged. The fund has performed strongly since inception.

The most well-known of the socially responsibly mutual fund is PaxWorld, which does not invest in companies affiliated with weapons, alcohol, or activities that are harmful to the environment. Last year, the company revised its screening criteria to be more proactive. The fund is becoming increasingly active in lobbying management teams for change in business practices.

Then there's The Vice Fund (www.vicefund.com), which is often known as the anti-social responsibility fund. It specializes in gaming, tobacco, alcohol, and weapons. While it may be politically incorrect, the fund has achieved astounding returns in past years.

The Ave Maria Catholic Values Fund (www.avemariafund.com) is a value-values fund. It is a value fund, investing in companies that are cheap based on the price/earnings ratio or other metrics. But it also invests based on Catholic values. The fund does not invest in companies involved in pornography or abortion and also screens out companies that offer benefits to same-sex couples. It has outperformed the S&P 500 by a wide margin since its inception in 2001.

For some, investing in companies that are in line with their values is important. Others, as Jim Cramer would say, are just here to make money. Which are you?