Socially Responsible Investment Fund EXECUTIVE SUMMARY AS OF DECEMBER 31, 2017 PORTFOLIO RESULTS The Socially Responsible Investment Fund (SRIF) employs a diversified asset allocation consistent with its long‐term investment horizon. Although performance goals and objectives will ultimately focus on the portfolio’s long‐term investment experience, the SRIF has experienced outperformance relative to peers since its inception. Figure 1: SRIF net of fees returns as of December 31, 2017 SOCIALLY RESPONSIBLE INVESTING & GOSPEL VALUE PRIORITIES The SRIF seeks to incorporate the top SRI and gospel value priorities identified via dot voting at the 2014 Convention, and most recently reaffirmed and expanded at the 2017 Convention. These values encompass both positive investment, a proactive approach to socially responsible investing, and divestment, which is restriction‐based. The Committee recognizes that, in isolation, each investment may not address all of the SRI and gospel value priorities, but the SRIF in whole will emphasize each of these priorities. POSITIVE INVESTMENT DIVESTMENT Investors direct money toward solution‐oriented securities and make investments in activities and companies believed to have a positive social impact. Investors restrict investment in certain securities based on SRI factors, excluding those restricted securities from a portfolio. Climate & Clean Technology Pollution & Toxics Human Rights Human Rights Community Development Executive & Exploitative Pay Diversity/Equal Opportunity Animal Cruelty Figure 2: SRIF SRI & gospel value priorities 4.6% 19.2% 19.2% 15.3% 4th Quarter of 2017 Year to Date 1 Year Since Inception (9/1/2016) Ranked in the top 4% of peers Ranked in the top 3% of peers Ranked in the top 3% of peers Ranked in the top 3% of peers
5
Embed
Socially Responsible Investment Fund...Socially Responsible Investment Fund EXECUTIVE SUMMARY AS OF DECEMBER 31, 2017 PORTFOLIO RESULTS The Socially Responsible Investment Fund (SRIF)
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
AS OF DECEMBER 31, 2017 PORTFOLIO RESULTS The Socially Responsible Investment Fund (SRIF) employs a diversified asset allocationconsistent with its long‐term investment horizon. Although performance goals andobjectiveswillultimatelyfocusontheportfolio’slong‐terminvestmentexperience,theSRIFhasexperiencedoutperformancerelativetopeerssinceitsinception.
Figure 1: SRIF net of fees returns as of December 31, 2017
SOCIALLY RESPONSIBLE INVESTING & GOSPEL VALUE PRIORITIES TheSRIFseekstoincorporatethetopSRIandgospelvalueprioritiesidentifiedviadotvotingatthe2014Convention,andmostrecentlyreaffirmedandexpandedatthe2017Convention.These values encompass both positive investment, a proactive approach to sociallyresponsibleinvesting,anddivestment,whichisrestriction‐based.TheCommitteerecognizesthat,inisolation,eachinvestmentmaynotaddressalloftheSRIandgospelvaluepriorities,buttheSRIFinwholewillemphasizeeachofthesepriorities.
Community Development Executive & Exploitative Pay
Diversity/Equal Opportunity Animal Cruelty
Figure 2: SRIF SRI & gospel value priorities
4.6%
19.2% 19.2%15.3%
4th Quarter of 2017 Year to Date 1 Year Since Inception(9/1/2016)
Ranked in the top 4% of peers
Ranked in the top 3% of peers
Ranked in the top 3% of peers
Ranked in the top 3% of peers
INVESTMENT MANAGERS TheInvestmentCommitteemeetsquarterlywiththe SRIF’s consultant, Sellwood Consulting, toreviewtheFund’sperformance,assetallocationandmanager structure, including performanceof the individual investment managers. TheInvestment Committee and/or Sellwoodmeetswith each investment manager on an ongoingbasistodiscussinvestmentresults,strategy,andoutlookforthefuture,aswellasanychangesorissueswithinthefirmorinvestmentteam.
MANAGER STRATEGY DESCRIPTION
ResponsibleInvesting
Parametricmanages an all cap equity portfolio, optimized tomeet the SRIF’s customized social screening criteria. Thestrategyisdesignedtoprovideindex‐like,long‐termdiversifiedexposuretotheassetclass.
International
TheSRIFisinvestedintheBostonCommonInternationalFund,an institutional mutual fund that invests in companies withsoundgovernanceandresponsiblefinancialmanagementthattheybelievearecapableofconsistent,visibleprofitability.
GlobalEnvironmentalMarkets
TheSRIFisinvestedinthePaxWorldGlobalEnv.MarketsFund,a mutual fund sub‐advised by Impax that seeks to achievesustainable, above market returns by investing globally incompanies active in rapidly growing Resource Optimizationmarkets.
TotalReturnESG
TheSRIF is invested inthePIMCOTotalReturnESGFund,anactivelymanagedbondmutualfundthatcombinesESG‐focusedportfolio constructionwith robust issuer engagement,with agoalofinvestingforbothattractivereturnsandpositivesocialandenvironmentalchange.
SocialBond
The SRIF is invested in the TIAA‐CREF Social Bond Fund, anactively managed mutual fund that invests in a diversifiedportfolioofU.S. fixedincomesecurities, focusingprimarilyonundervalued, investment‐grade securities. The strategy alsoseeksproactivesocialinvestments.
RealEstateValue
The SRIF is invested in the Third Avenue Real Estate ValueFund,aninstitutionalmutualfundthatemploysafundamental,value‐oriented approach to construct a global real estateportfolio. Third Avenue has the flexibility to invest in anyindustryorregionwheretheyfindthemostcompellingvalues.
Figure 3: SRIF target composition
Page 2
MANAGER STRATEGY DESCRIPTION
AllAsset
The SRIF is invested in the PIMCO All Asset Fund, aninstitutional mutual fund with a “real return” strategy thatinvests tacticallyacrossunderlyingPIMCOmutual fundswiththeobjectiveofoutperforminginflationbyarateof5%overthelongterm.
Figure 4: SRIF manager descriptions
HOW DO I LEARN MORE? TheSRIStakeholderAdvisoryCommitteeiscurrentlyconductingone‐on‐onemeetingswithparishleaderstoprovideinformationabouttheSRIFandhowtheSRIFcanhelptosupporttheirgoals.ToexplorehowtoputyourgospelvaluestoworkforyourparishviatheSRIFportfolio,contactmembersoftheSRIStakeholderAdvisoryCommittee.
SRI STAKEHOLDER ADVISORY COMMITTEE MEMBERS
Sue Hall, Convenor Christ Church, Lake Oswego [email protected] (541)490-2860
Ann Frazier Christ Church, Lake Oswego [email protected] (503) 880-7082