Capstone Asset Management’s CEO, Glenn Murray, joins Gerard Feliciano to explain Biblically Informed Investing (BII)—a strategy that aligns financial decisions with Christian values.
They discuss how BII differs from ESG/SRI by applying biblical wisdom to avoid investments in areas like exploitation or addiction, while actively supporting human flourishing and ethical leadership. Glenn emphasizes that BII is not about perfection, but intentionality.
Key takeaways:
Every investment supports something—BII helps align it with your values.
You don’t need to overhaul your portfolio—start small and build.
Screening includes negative filters, positive impact, and corporate engagement.
BII is for individuals, advisors, and institutions alike.
Invest with purpose—not just for returns, but for impact.
As more investors seek to align their financial goals with their personal convictions, a growing number are asking: What is my money really supporting? Gerard Feliciano sits down with Capstone CEO Glenn Murray to explore Biblically Informed Investing (BII)—a values-based approach that integrates biblical principles into portfolio decisions. From understanding how BII differs from ESG strategies to learning how it fits into a well-diversified portfolio, this conversation offers practical insight for anyone looking to invest with greater purpose and integrity.
What is Biblically Informed Investing?
Gerard: Welcome, everyone, to our video series about Biblically Informed Investing. I’m Gerard Feliciano, and joining us in this conversation is Glenn Murray, President & CEO of Capstone Asset Management.
Hi Glenn, let’s start with the basics. What exactly is Biblically Informed Investing, and why should people care about where their money goes?
Glenn: Great questions, Gerard. Simply put, Biblically Informed Investing—or BII as we like to call it—refers to the idea of having biblical values or wisdom inform part of the investment decision. We think everyone should be asking whether the investments they make are consistent with their values and should look to align these where possible.
Gerard: So, this goes beyond just the fundamental analysis of an investment?
Glenn: Exactly. We incorporate additional analysis into the research process to understand how an investment opportunity aligns with biblical values.
Gerard: Makes sense. I often hear the term "Faith-Based Investing" or “values aligned” used. Is there a difference between these and BII?
Glenn: They are commonly used terms, and in many cases, there may be little difference. However, at Capstone, we see biblical wisdom informing us, and our values, and have used this term for many years, but Christian faith-based investing would work too.
Why Invest in BII?
Gerard: Glenn, a lot of people think of investing as purely financial numbers, markets, and returns.
Why should someone consider a values-based approach like BII when investing?
Glenn: I believe that money shouldn’t be considered neutral, and therefore, when we look to invest, we should be intentional in how money is allocated by considering how it aligns with our personal values. Capstone does this in a way that aligns with our values and, therefore, looks for investment decisions to be informed by biblical values.
Gerard: But couldn’t we run the risk of missing something or not getting it correct?
Glenn: Definitely, and we will, but the risk of making a mistake is a part of all investment decisions, so while we won’t be perfect, we can be intentional in our actions and desire to align our investments with our values rather than invest in a way that conflicts with our values.
Gerard: That’s reassuring. Now, for someone considering values-based investing, why not just invest in ESG or SRI funds that already exist?
Glenn: Great question. They are definite options and for some investors these products may be good solutions, but it is inaccurate to suggest that biblical values align fully with ESG or SRI ethics sets. This difference can result in investments in conflict with biblical values over time.
What Makes Biblically Informed Investing Different?
Gerard: Glenn, for those hearing about Biblically Informed Investing—or BII—for the first time, what makes it different from traditional investing?
Glenn: At its core, Biblically Informed Investing is about aligning your traditional investments with your values, specifically, values informed by biblical principles. But even if someone isn’t deeply religious, they appreciate the idea of investing with integrity. It’s not just about what performs well, but about how that return is being generated.
Gerard: So instead of just looking at the bottom line, you’re also asking, “Is this company doing good—or harm—in the world?”
Glenn: Exactly. For example, if a company profits from things like pornography, addictive behaviours, or exploitation, BII would not invest in that company, even if it’s financially successful. That values lens helps ensure your investments are aligned with your convictions.
Gerard: It sounds like this is more than just a financial strategy—it’s about personal alignment.
Glenn: That’s right. More and more people, faith-based or not, are asking how their money is being used. BII offers a clear, values-centred framework to help answer that question.
Who Is BII For?
Gerard: So, who would you say is a good fit for this kind of investing?
Glenn: I’d say anyone who wants to invest with intention. You don’t have to be deeply religious to care about how your money is used. If you want to avoid supporting things like human trafficking, harmful drugs, or unethical business practices, BII helps you do that.
Gerard: And this isn’t just for individual investors, right? What about financial advisors or institutions?
Glenn: Exactly. We’re seeing more financial advisors supporting clients who care about how and where their money is invested through planning and investing. Institutions like foundations and faith-based organizations are also looking to align their portfolios with their mission.
Gerard: So this isn’t just niche anymore—it’s part of a broader movement?
Glenn: Absolutely. It’s about being thoughtful, not just profitable. People want to do well, but they also want to do good.
How Does It Work in a Portfolio?
Gerard: Let’s get practical for a moment. How would Biblically Informed Investing work in someone’s overall portfolio?
Glenn: The BII component should be viewed as an additional level of research that complements the fundamental research done and is simply overlayed on investments within a portfolio. Capstone has specific strategies that incorporate this process, such as our Canadian equity strategy. This BII strategy forms a portion of an investor's diversified equity allocation in their portfolio.
Gerard: So you don’t have to change everything—you can ease into it?
Glenn: That’s right. Many investors just want to start somewhere to better understand the value. Many advisors can help create a plan that balances convictions with financial goals.
Gerard: And how does performance compare to traditional funds?
Glenn: Values-based investing has shown that you don’t need to sacrifice performance. Our goal is always to be competitive, while giving people peace of mind that they’re not compromising their values in the process.
What Does the Screening Process Look Like?
Gerard: Can you walk us through how companies are selected—or excluded—through this screening process?
Glenn: Sure. Capstone has three key processes that go beyond its fundamental research for investments. The first of these is negative filtering. Very common process used to eliminate companies with exposure to key areas to which the manager does not want exposure. In Capstone’s case, these would be areas counter to biblical values like pornography.
Secondly, we look for investments with positive contributions towards aspects that align with Christian values, examples would be products positively contributing to society, promotion of human flourishing, and ethical leadership practices, to name a few.
Lastly, we look to corporate action to advocate for areas aligning with biblical values through activities like proxy voting.
Gerard: So it’s a kind of values due diligence?
Glenn: Exactly. And this is layered on top of traditional financial analysis. We want strong companies—solid balance sheets, growth potential, and responsible leadership. The values screen just ensures we’re not partnering financially with businesses that go against these values.
Gerard: How often is this updated?
Glenn: It’s ongoing. We regularly monitor holdings to make sure companies still meet our criteria. If something changes, we can take action.
Why Does This Matter?
Gerard: Glenn, let’s bring this all together. Why do you believe this approach to investing really matters?
Glenn: Because every dollar you invest has an impact. It’s supporting something, whether you realize it or not. So, we think it’s worth asking: “What is my money supporting?”
Gerard: That’s a powerful idea—investing isn’t just about outcomes, it’s about impact.
Glenn: Exactly. And we live in a time when more people want their decisions—financial and otherwise—to align with their beliefs. BII gives them a structured way to do that.
Gerard: Even for someone who’s never thought about investing this way before?
Glenn: Yes—especially for them. This approach opens the door to greater intentionality. Whether you're a person of faith or someone who simply wants to make more values-based choices, this is a tool that can help you do that.
Investing isn’t just about returns—it’s about impact. As Glenn Murray shared, Biblically Informed Investing offers a thoughtful way to align your financial strategy with your values, helping you invest with greater purpose and peace of mind. Whether you're taking your first step into values-based investing or looking to deepen your approach, BII provides a clear framework for intentional decision-making.
If you're curious about how BII could fit into your portfolio, the Capstone team is here to help. Reach out for a personalized conversation, and be sure to tune in to future episodes of this education series for more insights on faith, finance, and wise stewardship.