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Australian Ethical Stock Fund Wins With Lasers, Sleep Apnea Tool

Andy Gracey’s mutual fund is making almost twice the market’s return by buying shares in companies that he says contribute to society and the environment.

Australian Ethical Investment Ltd.’s flagship fund has returned 10.1 percent a year since September 1994, compared with 5.5 percent on the nation’s benchmark S&P/ASX 200 Index through April this year. Gracey, who has run the fund since March 2008, holds stakes in firms that develop tools to ease sleep disorders and for laser treatment of eyesight problems.