| Overall Rating | Silver - expired |
|---|---|
| Overall Score | 61.14 |
| Liaison | Jeff Spoelstra |
| Submission Date | Feb. 28, 2019 |
| Executive Letter | Download |
Western Michigan University
PA-9: Sustainable Investment
| Status | Score | Responsible Party |
|---|---|---|
|
0.59 / 4.00 |
Nick
Griffith Investment Officer Investments and Endowment Management Office |
Does the institution wish to pursue Option 1 (positive sustainability 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) | 45,270,845 US/Canadian $ |
| Businesses selected for exemplary sustainability performance (e.g. using criteria specified in a sustainable investment policy) | --- |
| Sustainability investment funds (e.g. a renewable energy or impact investment fund) | --- |
| Community development financial institutions (CDFIs) or the equivalent | --- |
| Socially responsible mutual funds with positive screens (or the equivalent) | 25,860,489 US/Canadian $ |
| Green revolving loan funds that are funded from the endowment | --- |
A brief description of the companies, funds, and/or institutions referenced above:
The following are descriptions of funds held which include holdings in sustainable industries:
Fund of funds: Underlying investments in 10-15 funds. Invests in a diversified portfolio of natural resource funds predominantly in North America
Fund of Funds: Underlying investments in 10-15 funds. Invests in a diversified portfolio of natural resource funds predominantly in North America
Fixed Income Mutual Fund: High Yield Bond fund; Invests primarily in non-investment grade bonds with maturities of 10 years or less
Equity Collective trust fund: Seeks to replicate the performance of the MSCI World Index
REIT fund: Invests in companies that operate, develop or manage real estate. Diversified across regions and capitalization structure
Private Equity Fund of Funds: Underlying investments in 20-30 funds. Primarily buyout and special situation funds including secondary investments in Europe and Asia
Emerging Markets Equity Mutual Fund: Invests in a diversified portfolio of emerging market stocks trading at a discount to the overall market (as measured by price-to-book value)
Global Equity Mutual Fund – diversified global stock market portfolio
International Equity Mutual Fund - broad exposure across foreign developed markets via a large multi- cap portfolio
International Equity Mutual Fund: Invests in a diversified portfolio of international small market capitalization stocks trading at a discount to the overall market (as measured by price-to-book value)
US Equity Mutual Fund – diversified domestic core equity portfolio
US Equity Mutual Fund: Invests in a diversified portfolio of domestic small market capitalization stocks trading at a discount to the overall market (as measured by price-to-book value)
Farmland Fund I: Private fund with experienced management team that opportunistically acquires high quality operating farmland located throughout the U.S.
Farmland Fund II: Private fund with experienced management team that opportunistically acquires high quality operating farmland located throughout the U.S.
MSCI Brazil ETF – Exposure to large and mid-sized companies in Brazil; Targeted access to the Brazilian stock market
Russell 2000 Index ETF – Portfolio of small public U.S. companies; access to 2000 small-cap domestic stocks in a single fund
Fixed Income Mutual Fund - Short Duration Bond Fund
Core Bond Trust – Portfolio of core bonds
Senior Floating Rate Fund – Portfolio of bank loans
Royalties Fund 1: Royalty interest investor, primarily of natural gas. Majority of the interests are purchased in the U.S.
Royalties Fund 2: Royalty interest investor, primarily of natural gas. Majority of the interests are purchased in the U.S.
Royalties Fund 3: Royalty interest investor, primarily of natural gas. Majority of the interests are purchased in the U.S.
Micro Cap Equity Fund: A concentrated portfolio of micro cap stocks with favorable cash flow characteristics, earnings improvement and broad sector diversification
International Equity Mutual Fund: Invests in international stocks. As opposed to market cap weighting, stocks are weighted based on fundamental measures (cash flow, book value, sales, etc.)
US Equity Mutual Fund: Invests in stocks of the S&P 500. As opposed to market cap weighting, stocks are weighted based on fundamental measures (cash flow, book value, sales, etc.)
Private Real Estate Fund: Diversified private natural resource strategy investing across agriculture, land, timber and quarry opportunities
Russell 2000 Non-Lendable Common Trust Fund - Portfolio of small public U.S. companies; access to 2000 small-cap domestic stocks in a single fund
S&P 500 Common Trust Fund - Invests in the 500 stocks that comprise the S&P 500 index, in market cap- weighted proportions
S&P Mid Cap Index Fund – CTF tracking the performance of medium-sized U.S. companies
Global Real Estate ETF – REIT fund
The following are descriptions of the socially responsible mutual funds held with positive screens:
US Equity Sustainability Mutual Fund: US fund that introduces screens based on a “companies ratings framework”. The framework includes both negative and positive screens and embraces factors such as: Negative factors: issues relating to hazardous waste, ozone depleting chemicals, regulatory problems etc.
Positive factors: environmental management system, pollution prevention, recycling etc.
International Equity Sustainability Mutual Fund: International developed fund that introduces screens based on a “companies ratings framework”. The framework includes both negative and positive screens and embraces factors such as:
Negative factors: issues relating to hazardous waste, ozone depleting chemicals, regulatory problems etc.
Positive factors: environmental management system, pollution prevention, recycling etc.
Percentage of the institution's investment pool in positive sustainability investments:
Does the institution wish to pursue Option 2 (investor engagement)?:
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 policy is applied, including recent examples:
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 have a publicly available investment policy with negative screens?:
A brief description of the negative screens and how they have been implemented:
Approximate percentage of the endowment that the 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:
The website URL where information about the programs or initiatives is available:
Additional documentation to support the submission:
Data source(s) and notes about 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 stars@aashe.org.