|Submission Date||March 3, 2023|
PA-10: Sustainable Investment
Total value of the investment pool:
Value of holdings in each of the following categories:
|Value of holdings|
|Sustainable industries (e.g., renewable energy or sustainable forestry)||5,000,000 US/Canadian $|
|Businesses selected for exemplary sustainability performance (e.g., using criteria specified in a sustainable investment policy)||0 US/Canadian $|
|Sustainability investment funds (e.g., a renewable energy or impact investment fund)||72,649,212 US/Canadian $|
|Community development financial institutions (CDFIs) or the equivalent||6,107,140 US/Canadian $|
|Socially responsible mutual funds with positive screens (or the equivalent)||0 US/Canadian $|
|Green revolving funds funded from the endowment||0 US/Canadian $|
A brief description of the companies, funds, and/or institutions referenced above:
Sustainable Investment Funds (as of 6/30/22)
DFA US Sustainability Core 1 - $29,722,548 - 11.64%
DFA International Sustainability Core 1 - $15,713,911 - 6.15%
MS Global Sustainability - $11,540,988 - 4.52%
The Fund typically invests in intrinsically carbon-light companies and has a significantly lower carbon footprint than the broader market, with a robust carbon-related exclusions policy and filtering process. In addition to its carbon exclusions, the Portfolio has a number of business activity** exclusions, including alcohol, gambling, tobacco and weapons.
Cowen Sustainable Income - $3,666,969 - 1.44%
COWEN SUSTAINABLE INVESTMENTS (CSI)
Founded in 2018, Cowen Sustainable Investments (CSI) provides tailored financing and data analytics solutions to companies that are accelerating the world’s transition to an environmentally sustainable economy by addressing pollution, waste, and resource constraints.
Breckinridge Intermediate Sustainable Government Credit - $12,004,796 - 4.7%
The Intermediate Sustainable Government Credit Strategy is an investment grade, intermediate duration bond portfolio that seeks to preserve capital and prudently improve returns while emphasizing environmental, social and governance (ESG) performance.
Community development financial institutions
Rose Affordable Housing Preservation Fund IV - $5,072,021
Rose’s fourth institutional fund focused on generating strong risk-adjusted returns through: creating and preserving affordable multifamily housing; implementing practical green strategies to reduce costs and increase efficiency; and increasing opportunity for its residents through social and educational services. Through this fund, Rose aims to provide safe, energy efficient and affordable housing as a stable base for families and seniors and to connect residents with a range of health, educational and social services. Rose will also certify properties with Enterprise Green Communities, a national standard for energy efficiency and wellness and will partner with leading national foundations and schools of public health to measure outcomes for low-income residents.
Rose Affordable Housing Preservation Fund V - $1,035,119 - 0.41%
Subsequent to June 30, 2022, the Institute has committed $5 million to the Kendall Sustainable Infrastructure Fund. Kendall is focused on providing take-out and construction financing to build renewable energy and other infrastructure projects with the ultimate goal of asset ownership.
Percentage of the institution's investment pool in positive sustainability investments:
Does the institution have a publicly available sustainable investment policy?:
A copy of the sustainable investment policy:
The sustainable investment policy:
Does the institution use its sustainable investment policy to select and guide investment managers?:
A brief description of how the sustainable investment policy is applied:
Has the institution engaged in proxy voting, either by its CIR or other committee or through the use of guidelines, to promote sustainability during the previous three years?:
A copy of the proxy voting guidelines or proxy record:
A brief description of how managers are adhering to proxy voting guidelines:
Has the institution filed or co-filed one or more shareholder resolutions that address sustainability or submitted one or more letters about social or environmental responsibility to a company in which it holds investments during the previous three years?:
Examples of how the institution has engaged with corporations in its portfolio about sustainability issues during the previous three years:
Does the institution participate in a public divestment effort and/or have a publicly available investment policy with negative screens?:
A brief description of the divestment effort or negative screens and how they have been implemented:
Yes, in 2016 after requests from students, faculty and staff, the Board of Trustees voted to divest from its investments in fossil fuels. Currently, the endowment portfolio contains approximately .02% of investment in companies included in the Carbon200 Underground list.
Approximate percentage of endowment that the divestment effort and/or negative screens apply to:
Does the institution engage in policy advocacy by participating in investor networks and/or engage in inter-organizational collaborations to share best practices?:
A brief description of the investor networks and/or collaborations:
Yes, the Institute is a Founding Member of The Intentional Endowments Network (intentionalendowments.org). IEN is a non-profit, peer-learning network advancing intentionally designed endowments – those that seek to enhance financial performance by making investments that advance an equitable, low carbon, and regenerative economy.
Website URL where information about the institution’s sustainable investment efforts is available:
Additional documentation to support the submission:
The information presented here is self-reported. While AASHE staff review portions of all STARS reports and institutions are welcome to seek additional forms of review, the data in STARS reports are not verified by AASHE. If you believe any of this information is erroneous or inconsistent with credit criteria, please review the process for inquiring about the information reported by an institution or simply email your inquiry to email@example.com.