SRI: Socially Responsible Investing This is a collection of the presentations on SRI funds and forums from the 9: 30 class in Fall 2008 for Business 356 (Business Ethics)
SOCIALLY RESPONSIBLE INVESTING Eric Grieser Brian Kooienga Alex Kron BJ Sullivan
Meritas SRI • Canada based Investment Firm • Invests 2% in community • About 30 years old • Created by church research group • Considers ethics and environment in addition to financial outlook ". . . good product selection plus highly qualified and innovative management. . . "
Screening Techniques POSITIVE SCREENS International Labor Standards Environmental Impact Employee Relations Gender and Cultural Equity Policies NEGATIVE SCREENS Military/Weapon Development Alcohol and Tobacco Pornography and Gambling Nuclear Power
Fund Overview -Balanced growth approach with capital appreciation -Higher potential returns with fixed income securities -Long term growth through foreign investing -Canadian equity securities which comprise the Jantzi Social Index -Income from a short term, low risk investment through Canadian government -Income-producing Canadian Equity securities -Long term growth through undervalued securities of medium to large capitalization companies
ETHICAL FUNDS COMPANY Corporate Vision To be the trusted leader and champion of socially responsible investing in Canada
Fund Selection Environmental, Social, Governance Policies
Screening Common Industries Banking Financial Oil and Gas Transportation Energy Exclusions Military Tobacco Nuclear
Focus List Climate Change Biodiversity Human Rights Fight Sweatshop Conditions Good Governance
EUROSIF (EUROPEAN SOCIAL INVESTMENT FORUM)
Eurosif Overview European Social Investment Forum was created in 2001 to cover socially responsible issues in Europe. It is a not-for-profit entity funded by affiliate membership and public grants Five original Social Investing Forum founding nations: France Germany Italy Netherlands UK
Continued Overview Board of Directors – appointed as board members from Social Investment Forums nations Decide the main activities and strategic initiatives of Eurosif Advisory Council – made up of member affiliates who guide strategy Mission: “Address Sustainability through Financial Markets”
Four Main Functions Lobbying European Commission and European Parliament Research Legislation, policies, and practices for ethical governance Initiatives Goals to advance socially responsible investing Event/Communication With member affiliates and board
Member Affiliates Pay an annual fee Join with the subscription of the morally responsible principles of Eurosif Member Affiliates include: KPMG, Greenpeace, Fortis Investments, Pioneer Investments, etc.
Socially Responsible Factors Eurosif does not directly invest, but promotes socially responsible investment Factors include: Corporate governance/board members Intellectual property Procurement policy and practice Environmental and social impact of products Compliance with regulations Worker’s Rights Community Involvement
Inhance Investment Management Canadian company 6 different funds Must be Canadian in order to purchase funds
Return on Responsibility Are the company’s practices environmentally sustainable? Do they comply with relevant laws and industry regulations? Is their workforce treated fairly? Do they have safe products? Are their corporate governance procedures thorough and transparent?
Spheres of Responsibility Shareholders Community Customers Employees
ESG Performance Criteria Employee relations Diversity Environmental commitments Community relations Corporate governance and citizenship Human rights Sustainable products
Financial Analysis Strong businesses Solid growth potential Reasonable stock price
SRI Funds Analysis by Bob Forrest, Alex Higbie, Laura Hund and Dan Sickle
Green Century Equity Fund A Fund Brief
Environment and Social Factors Green Century chooses not to invest in companies with bad environmental and social records in: Waste disposal Toxic emissions Environmental fines and penalties Product/service performance Waste and emissions reductions Corporate citizenship Recycling Employee relations
So Where are the Investments? Sector Allocation As of 30 June 2008 Automobiles & Components 0. 25% Materials 2. 39% Banks 5. 17% Media 2. 69% Capital Goods 4. 05% Pharmaceuticals & Biotech 8. 50% Commercial Services & Supplies 0. 56% Real Estate 0. 64% Consumer Durables & Apparel 1. 39% Renewables & Efficiency 0. 64% Consumer Services 1. 52% Retailing 3. 78% Diversified Financials 6. 79% Semiconductors 3. 99% Energy 6. 35% Software & Services 6. 69% Food & Beverage 5. 23% Technology Hardware 11. 18% Food & Staples Retail 3. 09% Telecom Services 5. 94% Healthcare Equipment & Service 4. 98% Transportation 2. 48% Healthy Living 0. 09% Utilities 1. 23% Household & Personal Products 5. 03% Cash & Equivalents 2. 47% Insurance 2. 89%
Screens Green Century opts not to invest in companies who receive great amounts of revenue from the following: Tobacco Alcohol Gambling Nuclear Firearms This includes any company who receives 2% or more of their revenues from military weapons
TIAA-CREF A national financial services organization and provider of retirement services Introduced the TIAA-CREF Social Choice Equity Fund on July 1, 1999
Social Choice Equity Fund Founded to produce a “favorable long- term total return…while also giving special consideration to certain social criteria” Includes domestic and international investments Net assets of $602 million Largest socially screened portfolio nationally and internationally
Screening Process Invests 80 percent of net assets in equity securities Investments screened by KLD Research and Analytics Broad Market Social Index Companies struggling in a particular area are compared to industry peers
KLD Index Screening Fund Supports: Fund Declines: Safe/Useful products Manufacturing/Selling of alcohol or tobacco Good employee relations Revenues in gambling Human rights Manufacturing/Selling of firearms or Diversity in the ammunition workplace Involvement in nuclear Corporate philanthropic power plants activities Environmental performance
Northern Trust Global Sustainability Index Fund
Northern Trust Corporation Investment Management Based in Chicago Assets in custody: over $4. 1 trillion
Sustainability Index Fund Mission The Fund seeks long-term performance by investing in companies selected for their projected investment and social returns.
Factors for Consideration The Funds include stocks from 24 different markets for firms that promote: Environmental Social Governmental responsibility “Sin stocks”
Norwegian Pension Fund
Fund Background Managed by Norway’s Ministry of Finance International assets managed by Norges Bank Investment Management It is a continuation of the former Petroleum Fund, established in 1990 Became the Norwegian Pension in Fund in 2006
Investment Strategy: 60% in equities and 40% in fixed income instruments Actuality: 51. 8% in equities and 48. 2% in fixed income instruments At the end of Q 2 in 2008, fund was approximately $158 billion
Negative Screening for Investment Serious or systematic human rights violations Serious violations of individuals’ rights in situations of war or conflict Severe environmental damages Gross corruption Other particularly serious violations of fundamental ethical norms
Ethics Powerpoint “Section 1 Katt, Moore, &Thomas”
Cal. PERS (California Public Employees’ Retirement System) By Ben Katt
Cal. PERS (The Basics) Fund for California state employees to provide healthcare and retirement benefits Largest Public Fund in the United States Started in 1932 by state legislation Nearly $236 billion in assets 1. 6 million members Benefits based on: Length of Employment Age Highest Attained Salary Employees make monthly contributions, receive pension for life Decisions influenced by socially responsible investments starting in the year 2000
Cal. PERS Philosophy Mission Statement “Our mission is to advance the financial and health security for all who participate in the System. We will fulfill this mission by creating and maintaining an environment that produces responsiveness to all those we serve. ” Social Responsibility Investments starting in 2000 Investments in companies that provide affordable housing, create jobs, clean up inner city slums Invest within the state, i. e. CA Real Estate Dropped investments in countries that restricted free press, labor unions, and democracy in general ( criticized for dropping good companies in bad countries) Dropped companies such as the tobacco industry
Cal. PERS Focus List Annual list generated to identify the worst performing companies in the Cal. PERS portfolio Process includes: 1. A quantitative screen 2. A qualitative review 3. An engagement process Once identified Cal. PERS uses their size to reform the company’s governance practices with an emphasis on accountability, transparency, independence, and discipline to attempt to increase shareholder value Cal. PERS generally uses shareholder proposals as a tool to reform poor performance Typically successful in creating value for underperforming companies by encouraging change and improvement.
Cal. PERS Focus List Continued The list serves as an embarrassment for the companies on the list Poor Performance Bad Corporate Governance Encourages change and improvement The 2008 List Cheesecake Factory Inc. La-Z-Boy Inc. Hilb Rogal & Hobbs Co. Invacare Corp Standard Pacific Corp.
Ariel Investments By Joe Moore
Ariel Investments (The Basics) Founded by John W. Rogers Jr. and his family in Chicago in 1983 as Ariel Mutual Funds. Changed name in April to Ariel Investments Nearly 100 employees. 20% of employees let go on August 14 th 2008 Mainly invest in small and mid-cap stocks striving for long term gain “as a tortoise” not quick returns. Over $8 billion in total assets (June 2008) Ariel Fund lost 23% in the previous year ending August 19 th 2008 and Ariel Appreciation Fund has lost 14% (total loss nearly $1 billion. )
Ariel Investments Mission: In earnest pursuit of excellent performance and outstanding client service, patience is our overarching virtue. By taking a long-term view, we are able to build our firm around these core values: Focus By purchasing stocks that are undervalued, and patiently waiting for the market to recognize their true worth, we believe we can achieve long-term capital appreciation. Given our commitment to patience, it makes perfect sense that we have adopted the tortoise, the victor in Aesop’s timeless fable, as our symbol, and the fable’s moral – slow & steady wins the race – as our creed. Independent Thinking We are a team of independent thinkers, industry watchers and disciplined decision makers. We operate under the premise that financial success is achieved not by chasing the crowd, but by following our own convictions. Teamwork At Ariel, teamwork is how we get the job done. Everyone has the opportunity to put his or her best ideas forward, and leverage his or her expertise to create the best possible solutions for shareholders. Our employees share in the rewards and responsibilities of ownership in the firm. Everyone at Ariel is an owner – from our receptionists to our president. Moreover, by investing our own savings, profit sharing and retirement dollars in both our firm and the Funds, our personal financial success is squarely aligned with our clients and shareholders.
Ariel Investments Focused specifically on: Small & Mid-cap funds American Focused Quality Leaders in industries Need to have honesty and integrity throughout the management Build relationship with competitors and peers in the marketplace who have bought the stock so they know independent prospective about the management BIA associates who help them identify what is important Sustainable competitive advantage Above market returns over long periods of time Expertise Only invest in industries that they think they know more about than other people Value Buy companies at 40% discount to intrinsic value… Buy company for $. 60 when it is valued at $1. Buy when they are not favored Highly unpopular stocks are bought
Ariel Investments My evaluation: Company is solid in the evaluation of the “social” benefit of the company. They do many background checks and other ways of identifying the companies that they will and won’t deal with. I would not buy into this investment firm based on the fact that they are to specific on what qualifies a company to be able to be invested in, they will not buy a company if they feel that it is valued at the right price and not underpriced, and their history (now). I do not feel it would be economical to suggest others to purchase into this investment firm, especially given the amount of money they have currently lost (nearly 12. 5% of their total assets. Also have recently had other major corporations pull their money out of Ariel.
Walters Section 1 Tim Walters, Chris Schuler, Sabrina Linden and Steven Timperio
Mennonite Mutual Aid Roots in the Anabaptist Church “Church communities putting faith into action by sharing resources with each other” Attempt to maximize investment returns subject to the principles of socially responsible investing. Offices in Goshan, Indiana
Stewardship Investing Uses set of core values to determine which companies they will invest with Search for “Ideal Corporate Behavior” Respect Basic Human Rights Cultural Diversity Peace and freedom from violence Community Involvement Long term environmental Health
Stewardship Investing Won’t do business with companies they believe don’t meet these core values Alcohol, tobacco, gambling Careful consideration to animal testing Abortion specific products Military and weapons
Community First Have a background of communities supporting each other Supportive and involved with community Dedicate 1% of portfolio to community investments Also have proactive approaches to human rights, equity and employment, labor relations, product and service related investments
Portfolio 21 Mission Statement We designed Portfolio 21 to address the ecological risks and opportunities of the investment process in the 21 st century
Evaluation Criteria Business Models: Lean Manufacturing/Regional Distribution Centers Impacts of Products/Services: Product Life Cycle Analysis, Recycling Programs Investments: Research and Development of ecologically superior products
Evaluation Criteria Cont. Leadership: Views ecological sustainability as opportunity. Support environmental legislation and regulation Environmental Management: Internal Controls on environmental impacts and liabilities, 3 rd party evaluation of EMS Environmental Risks and Liabilities: Strategic planning to reduce greenhouse gas emissions
Selective Investments Alcohol – No screening Smoking – No Investment Gambling – Restricted investment Weapons/Defense – Restricted Investment Animal Testing – Restricted Investment Products/Services – positive investment Environment – positive investment
Future Sustainability The goal is to support companies who provide the essential functions of meeting human needs without diminishing nature’s ability to support our economy in the future.
American Trust Allegiance American Trust is an independent trust company chartered in 1991 in New Hampshire. Provides investment management and trust services for individuals and institutions. Manages two socially responsible mutual funds.
American Trust Allegiance American Trust Energy Alternatives Fund (ATEAX) Focuses on companies leading the transition from carbon based energy to renewable energy. Investments in this fund include foreign securities and many smaller companies, both of which are high risk.
American Trust Allegiance Fund (ATAFX) Established in March 1997. Broadly diversified growth fund with a large cap. Screens out alcohol, tobacco, pharmaceuticals and gaming stocks. Invests in small and medium capitalization companies and may avoid investments for social reasons when it is otherwise disadvantageous to do so.
American Trust Allegiance In addition to its two socially responsible mutual funds, ATA also works individually with clients on personal socially responsible portfolios. Also provides services such as Trusteeships and securities analysis.
Appleseed. Drew Thomas Fund SRI Project
Guiding Principles Disciplined Value Investing Socially Responsible Investing Low Shareholder Expenses Portfolio Manager Ownership
Investment Approach Value Sustainability Focus Patience Alignment
Socially Responsible Mutual Fund Charts: Screening & Advocacy R R *http: //www. socialinvest. org/resources/mfpc/screening. cfm P P
Investing in Socially Responsible Funds
Cara Persichetti
The Way You Invest Matters: Be Part of the Solution "triple bottom line“: Not only "investors, " they are also concerned citizens. the state of the natural environment, how corporations treat their workers, and the communities in which they operate Domini Social Equity Fund, Domini European Social Equity Fund, Domini European Pacasia Social Equity Fund, Domini Pacasia Social Equity Fund, and Domini Social Bond Fund Domini 400 Social Index*, SM an index of 400 primarily large-cap U. S. corporations
Societal Objectives Ecosystems Renewable and Alternative Energy Sources Eco-Efficiency and Resource Conservation Recycling, Safer Technologies, and Lifecycle Design Pollution Control and Abatement Long-Term Environmental Sustainability Employees Continuous Improvement in Health and Safety Fair and Just Compensation and Benefit Programs Commitments to Diversity in the Workplace Empowerment and Investments in Training Solidarity with Unionized Workforce Investors Accounting, Credibility, and Business Ethics Openness in Communications Commitment to Diversity of Representation Relationships with Controlling Owners Suppliers Labor Practices and Other Human Rights Quality, Environment, and Other Issues Diversity Within the Supply Chain Empowerment and Viability
Societal Evaluations exclude from our funds companies with mixed records where negatives substantially outweigh the positives. evaluate these companies case-by-case, looking for signs of improvement and positive trends. sufficient information is usually available to make judgments and themes that represent goals we believe are reasonably achievable. Levels of impact 1(lowest)-5(highest)
KLD Research & Analytics, Inc Andrew Strick
About KLD Year Founded: 1988 Location: Boston, Massachusetts Founder: Peter Kinder (co-founder)
Mission To provide global research and index products to facilitate the integration of environmental, social and governance factors into the investment process; To define, by means of our products and services, accountability standards that enable investors, managers and fiduciaries to influence corporate behavior through their investment decisions and share ownership; and To effect, through this influence, greater corporate accountability and, ultimately, a more just and sustainable world.
Clients Not listed on website Does give a performance comparison
Screens 5 sources of information 7 qualitative issue areas Company Environment Research partners Community Media Corporate governance Public documents Diversity Government and NGO Employee relations Human rights Product quality and safety
Recommendations Would I buy or recommend KLD Research & Analytics, Inc. ? NO Reasons Lack of information No definitions “Window dressing”
Sources Mission & About KLD http: //www. kld. com/about/index. html KLD Founding http: //www. kld. com/about/Board. Of. Directors. html Screens http: //www. kld. com/research/methodology. html Performance Comparison http: //www. kld. com/newsletter/archive/press/pdf/200808_Index_Perf ormance. pdf
Calvert Socially Responsible Investing Courtney Hanson
Calvert Socially Responsible Investing Background: Calvert Group founded in 1976 is headquartered in suburban Washington, D. C 400, 000 investors in Calvert with over $14 Billion in assets. Double Diligence research process approach emphasizes rigorous fundamental research and a thorough assessment of corporate integrity. Core belief - corporations and mutual funds should be governed and managed for the benefit of their shareholders.
Equity Portfolio 3 share classes Class A inception 8/24/98 (4. 75%) Minimum Initial investment $1, 000 Class B 3/31/98 Subsequent investment $250 Class C 3/1/94 The portfolio invests primarily in the common stocks of U. S. Large-cap companies. Atlanta Capital Management Company analyses and identifies high-quality, growth stocks that are favorable prices.
Funds seek to invest in companies that… Good environmental compliance and performance records Safe and healthy work environments Responsible corporate citizens abroad as well as at home Respect the rights of indigenous peoples Produce products that enhance the health or quality of life Participate in Philanthropy Have sound business ethics policies and practices
And companies that don’t… Have recent significant environment fines Have human right problems Abuse of animals Manufacture tobacco products Significantly involved in the manufacture of alcoholic beverages Direct involvement in gambling operations
Top companies in fund as of 6/30/08 FMC Technologies Inc Cisco Sys Inc CVS Caremark corp. Medtronic Inc Novartis ag Questar corp. Microsoft corp.
Pax World Balanced SRI Fund Erika Nickel
Overview Inception: August 10, 1971 Type of Fund: Balanced Fund Minimum Investment: $250 Individual $500, 000 institutional Returns for Current Year: -8. 65% Yields of Current Year: 1. 83%
Objectives Financial Stance: Seek long-term growth of capital Target forward thinking companies with sustainable business Maintain sectors that will increase quicker than the GDP
Societal Concerns Stances: Protect the environment, further equality, encourage sustainable development and promote peace Restrict: Animal Testing, Alcohol, Militant Fighting and Weapons, Gambling & Tobacco Seek Out: Investments with proactive stances on community investment, community relations, environmental issues, human rights and labor relations
Investment Advise Yes Is socially responsible Will bounce back from the market falls
Investing in Socially Responsible Funds
Cara Persichetti
The Way You Invest Matters: Be Part of the Solution "triple bottom line“: Not only "investors, " they are also concerned citizens. the state of the natural environment, how corporations treat their workers, and the communities in which they operate Domini Social Equity Fund, Domini European Social Equity Fund, Domini European Pacasia Social Equity Fund, Domini Pacasia Social Equity Fund, and Domini Social Bond Fund Domini 400 Social Index*, SM an index of 400 primarily large-cap U. S. corporations
Societal Objectives Ecosystems Renewable and Alternative Energy Sources Eco-Efficiency and Resource Conservation Recycling, Safer Technologies, and Lifecycle Design Pollution Control and Abatement Long-Term Environmental Sustainability Employees Continuous Improvement in Health and Safety Fair and Just Compensation and Benefit Programs Commitments to Diversity in the Workplace Empowerment and Investments in Training Solidarity with Unionized Workforce Investors Accounting, Credibility, and Business Ethics Openness in Communications Commitment to Diversity of Representation Relationships with Controlling Owners Suppliers Labor Practices and Other Human Rights Quality, Environment, and Other Issues Diversity Within the Supply Chain Empowerment and Viability
Societal Evaluations exclude from our funds companies with mixed records where negatives substantially outweigh the positives. evaluate these companies case-by-case, looking for signs of improvement and positive trends. sufficient information is usually available to make judgments and themes that represent goals we believe are reasonably achievable. Levels of impact 1(lowest)-5(highest)
KLD Research & Analytics, Inc Andrew Strick
About KLD Year Founded: 1988 Location: Boston, Massachusetts Founder: Peter Kinder (co-founder)
Mission To provide global research and index products to facilitate the integration of environmental, social and governance factors into the investment process; To define, by means of our products and services, accountability standards that enable investors, managers and fiduciaries to influence corporate behavior through their investment decisions and share ownership; and To effect, through this influence, greater corporate accountability and, ultimately, a more just and sustainable world.
Clients Not listed on website Does give a performance comparison
Screens 5 sources of information 7 qualitative issue areas Company Environment Research partners Community Media Corporate governance Public documents Diversity Government and NGO Employee relations Human rights Product quality and safety
Recommendations Would I buy or recommend KLD Research & Analytics, Inc. ? NO Reasons Lack of information No definitions “Window dressing”
Sources Mission & About KLD http: //www. kld. com/about/index. html KLD Founding http: //www. kld. com/about/Board. Of. Directors. html Screens http: //www. kld. com/research/methodology. html Performance Comparison http: //www. kld. com/newsletter/archive/press/pdf/200808_Index_Perf ormance. pdf
Calvert Socially Responsible Investing Courtney Hanson
Calvert Socially Responsible Investing Background: Calvert Group founded in 1976 is headquartered in suburban Washington, D. C 400, 000 investors in Calvert with over $14 Billion in assets. Double Diligence research process approach emphasizes rigorous fundamental research and a thorough assessment of corporate integrity. Core belief - corporations and mutual funds should be governed and managed for the benefit of their shareholders.
Equity Portfolio 3 share classes Class A inception 8/24/98 (4. 75%) Minimum Initial investment $1, 000 Class B 3/31/98 Subsequent investment $250 Class C 3/1/94 The portfolio invests primarily in the common stocks of U. S. Large-cap companies. Atlanta Capital Management Company analyses and identifies high-quality, growth stocks that are favorable prices.
Funds seek to invest in companies that… Good environmental compliance and performance records Safe and healthy work environments Responsible corporate citizens abroad as well as at home Respect the rights of indigenous peoples Produce products that enhance the health or quality of life Participate in Philanthropy Have sound business ethics policies and practices
And companies that don’t… Have recent significant environment fines Have human right problems Abuse of animals Manufacture tobacco products Significantly involved in the manufacture of alcoholic beverages Direct involvement in gambling operations
Top companies in fund as of 6/30/08 FMC Technologies Inc Cisco Sys Inc CVS Caremark corp. Medtronic Inc Novartis ag Questar corp. Microsoft corp.
Pax World Balanced SRI Fund Erika Nickel
Overview Inception: August 10, 1971 Type of Fund: Balanced Fund Minimum Investment: $250 Individual $500, 000 institutional Returns for Current Year: -8. 65% Yields of Current Year: 1. 83%
Objectives Financial Stance: Seek long-term growth of capital Target forward thinking companies with sustainable business Maintain sectors that will increase quicker than the GDP
Societal Concerns Stances: Protect the environment, further equality, encourage sustainable development and promote peace Restrict: Animal Testing, Alcohol, Militant Fighting and Weapons, Gambling & Tobacco Seek Out: Investments with proactive stances on community investment, community relations, environmental issues, human rights and labor relations
Investment Advise Yes Is socially responsible Will bounce back from the market falls
Walters Section 1 Tim Walters, Chris Schuler, Sabrina Linden and Steven Timperio
Mennonite Mutual Aid Roots in the Anabaptist Church “Church communities putting faith into action by sharing resources with each other” Attempt to maximize investment returns subject to the principles of socially responsible investing. Offices in Goshan, Indiana
Stewardship Investing Uses set of core values to determine which companies they will invest with Search for “Ideal Corporate Behavior” Respect Basic Human Rights Cultural Diversity Peace and freedom from violence Community Involvement Long term environmental Health
Stewardship Investing Won’t do business with companies they believe don’t meet these core values Alcohol, tobacco, gambling Careful consideration to animal testing Abortion specific products Military and weapons
Community First Have a background of communities supporting each other Supportive and involved with community Dedicate 1% of portfolio to community investments Also have proactive approaches to human rights, equity and employment, labor relations, product and service related investments
Portfolio 21 Mission Statement We designed Portfolio 21 to address the ecological risks and opportunities of the investment process in the 21 st century
Evaluation Criteria Business Models: Lean Manufacturing/Regional Distribution Centers Impacts of Products/Services: Product Life Cycle Analysis, Recycling Programs Investments: Research and Development of ecologically superior products
Evaluation Criteria Cont. Leadership: Views ecological sustainability as opportunity. Support environmental legislation and regulation Environmental Management: Internal Controls on environmental impacts and liabilities, 3 rd party evaluation of EMS Environmental Risks and Liabilities: Strategic planning to reduce greenhouse gas emissions
Selective Investments Alcohol – No screening Smoking – No Investment Gambling – Restricted investment Weapons/Defense – Restricted Investment Animal Testing – Restricted Investment Products/Services – positive investment Environment – positive investment
Future Sustainability The goal is to support companies who provide the essential functions of meeting human needs without diminishing nature’s ability to support our economy in the future.
American Trust Allegiance American Trust is an independent trust company chartered in 1991 in New Hampshire. Provides investment management and trust services for individuals and institutions. Manages two socially responsible mutual funds.
American Trust Allegiance American Trust Energy Alternatives Fund (ATEAX) Focuses on companies leading the transition from carbon based energy to renewable energy. Investments in this fund include foreign securities and many smaller companies, both of which are high risk.
American Trust Allegiance Fund (ATAFX) Established in March 1997. Broadly diversified growth fund with a large cap. Screens out alcohol, tobacco, pharmaceuticals and gaming stocks. Invests in small and medium capitalization companies and may avoid investments for social reasons when it is otherwise disadvantageous to do so.
American Trust Allegiance In addition to its two socially responsible mutual funds, ATA also works individually with clients on personal socially responsible portfolios. Also provides services such as Trusteeships and securities analysis.
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