ESG and Fixed Income Investing
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1
2 and Fixed Income Investing
3 2 nd Annual CSR Investing Summit: and Fixed Income Investing US SRI Fixed Income Mutual Funds July 22, 2014 Henry Shilling, Senior Vice President July 22, 2014
4 Sustainable and responsible investing (SRI) drivers/trends US/European SRI Assets PRI Signatories Sources: US SIF, EFAMA and PRI. As of 12/31/2011 and 4/2014 4
5 Sustainable and responsible investing (SRI) Exclusionary: Tobacco, firearms, alcohol, gambling Divestment Ethical investing/exclusionary practices Impact investing Community development Health/welfare Environment (green bonds) Equity Fixed income Real estate Other asset classes Integration Shareholder advocacy Use of ownership clout to advocate for stronger stewardship policies and practices: Proxy voting, shareholder resolutions, etc. Factors Environmental Social Governance Climate change strategy Stakeholder relations Board structure Environmental policy Supply chain management Director independence Environmental practice Health and safety policy Executive compensation Pollution management Community impact assessment Shareholder rights Water supply management Product safety management Audit quality Waste management Working conditions Accounting management 5
6 US sustainable and responsible mutual funds Fixed Income Funds Equity/Balanced Funds SRI Funds, $15 SRI Funds, $70.8 All Funds, $3,427.3 All Funds, $9,436.8 Sources: Morningstar, ICI and Moody s analysis. Total net assets as of 5/2014 and 6/30/2014 in $ billions. 6
7 Fixed income SRI mutual funds: management firms Investment Manager # Funds* Total Net Assets ($ millions) Calvert Investment Management, Inc. 9 4,734.7 PIMCO 2 3,468.4 GuideStone Capital Management 6 2,718.2 Community Capital Management, Inc. 1 1,547.3 Pax World Management LLC All Other (10 firms) 11 2,108.7 Totals 30 15,298.3 *Excluding share classes, as of 6/30/
8 Fixed income SRI mutual funds: SRI strategies Based on prospectus reviews and company discussions. 8
9 Total return performance relative to benchmark Universe of intermediate-term funds: 1, 3, 5 and 10 year time intervals to 6/30/2014 9
10 Average turnover rates (%) Exclusion Integration Thematic: CRA Integration & Exclusion Integration, Exclusion, & Impact Total Comparable Non-SRI Funds 10
11 Average expense ratios (%) Exclusion Integration Thematic: CRA Integration & Exclusion Integration, Exclusion, & Impact Total Comparable Non-SRI Funds 11
12 Contact Information: Henry Shilling Moody s Analytics, Inc. and/or its licensors and affiliates (collectively, MOODY S ). All rights reserved. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. Under no circumstances shall MOODY S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY S IN ANY FORM OR MANNER WHATSOEVER. Each rating or other opinion must be weighed solely as one factor in any investment decision made by or on behalf of any user of the information contained herein, and each such user must accordingly make its own study and evaluation of each security and of each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding, or selling. Any publication into Australia of this document is pursuant to the Australian Financial Services License of Moody s Analytics Australia Pty Ltd ABN AFSL This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act By continuing to access this document from within Australia, you represent to MOODY S that you are, or are accessing the document as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to retail clients within the meaning of section 761G of the Corporations Act
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