Fidelity Out of Sudan

The campaign to force companies not to invest in Sudan is moving into new territory: your mutual funds.

For years, Sudan's Darfur region has been the scene of brutal militia attacks that have left hundreds of thousands dead -- violence described by the United Nations as getting support from the Sudanese government, and by the Bush administration as constituting "genocide."

At the same time, Sudan is home to investments by large international companies that are fixtures in many Americans' mutual funds and retirement plans.

Through its mutual funds, Boston-based Fidelity is the largest U.S. holder of American depositary shares in PetroChina Co., a Chinese oil giant with Sudanese projects. *Fidelity's Contrafund, one of its top performers, has the largest stake in PetroChina of any mutual fund.

*Some of you may have some of their 401K money in Fidelity's Contrafund. It's a very popular fund and has been one of the best mutual funds around for years. As a disclaimer, I personally made a nice sum of money in the early 90s due to my investing in Contrafund. Not anymore. Do look into your portfolio and if it's feasible, move your money away from Fidelity altogether.

There have already been some successes: In the past week, Siemens AG, the German electronics giant and a target of activists, said it would pull out of Sudan for "humanitarian" reasons by July. Some financial corporations are considering Sudan-free mutual funds.

There are ways for investors to see if a mutual fund has Sudan-related investments. The site sudandivestment.org includes a feature, "The Sudan Screening Tool," which evaluates fund holdings based on criteria related to Darfur. Another site, investedinterests.com, offers a similar tool that examines an array of issues, from Sudan to terrorism.

Look at Fidelity Out Of Sudan for email instructions and phone numbers to Fidelity. While you're there, consider signing the petition, which anyone can do, or call to voice your opinion.

(via: wsj)



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Fidelity Out of Sudan