Internally Managed Solutions
Philosophy and Approach
Research-driven: As fiduciaries, we believe ESG-integrated research adds value and should be integrated into the investment process. We do not have social or environmental agendas.
Performance-oriented: Our ability to take a wider view of the investment landscape through a sustainable investing lens can help identify risks that can be managed and opportunities that can be captured. We believe investors focused on sustainability should not have to compromise on risk or return.
Platform approach: Our decades of experience as sustainable investors working with socially and environmentally conscious investors has taught us that there is no silver bullet – no one approach will work for all clients. We have developed a sustainable suite of strategies leveraging our research and data-driven platform to intentionally serve investors with diverse views and goals.
Our sustainable suite of investment strategies all have ESG integration at their core and varying levels of SRI exclusions and Thematic emphasis to meet the needs of a diverse client base.
Sustainable Investing Equity Strategies
ESG Core US Equity
Driven by fundamental research, refined with integrated ESG analysis
Target 35-50 Securities
Max positions sizes greater of 5% or benchmark weight
Up to 15% international
≤10% cash
Growth, value, and quality criteria
Large-, mid-, and small-cap opportunity set
Average ESG score > S&P 500
Excludes “Worst in Class” ESG-rated securities and those with significant hidden ESG-related liabilities
Benchmark: S&P 500
ESG Equity Income
Market-leading companies with higher-than-average dividends refined with integrated ESG analysis
Target 40-60 Securities
Max position sizes greater of 5% or benchmark weight
≤ 10% cash
Mostly large cap with limited mid-/small-cap stocks
Expected turnover 25-50%
Benchmark: S&P 500
Secondary Benchmark: Russell 1000 Value
Low Carbon Core US Equity
Driven by fundamental research and carbon risk analysis
Target 40-60 Securities
Max positions sizes greater of 5% or benchmark weight
Up to 15% international
≤10% cash
No traditional energy exposure
Excludes top toxic and carbon emitters, top fossil fuel reserve holders, coal fired electric utilities
Targeted weighted average CO2 intensity less than benchmark
Benchmark S&P 500 ex energy
Sustainable Opportunities
A core approach driven by fundamental research and environmental thematic analysis
Target 40-60 Securities
Max positions sizes greater of 5% or benchmark weight
Up to 40% international
Alternative energy
Energy efficiency
Pollution prevention
Green building
Sustainable water and agriculture
Excludes top toxic and carbon emitters, top fossil fuel reserve holders
Benchmark: Russell 3000
Focused Environmental Opportunities
Concentrated thematic strategy driven by environmental and fundamental analysis
Target 30-60 Securities
Max position size of 7%
Only companies with material direct product, service, or business model exposure to environmental innovation
≤ 10% cash
Wide latitude across cap size, sectors, and geographic locations
Not benchmark-focused, though the MSCI World Index will be used to frame strategy exposures
Sustainable Investing Fixed Income Strategies
Taxable Fixed Income
A core fixed income approach focusing on income, quality, and total return with integrated ESG analysis
Investment grade
15-40 individual bonds with tactical allocations to other diversifying fixed income asset classes
- U.S. Government obligations
- Agency and mortgage-backed securities
- Investment-grade corporate bonds
- Taxable municipal bonds
Maturity: 0-15 years
Average credit rating: A
Sector diversification
Strategic yield curve positioning
Opportunistic, relative-value trading
Credit research drives selection of individual securities
Macro view on interest rates and the economic cycle informs portfolio duration and sector allocation
Benchmark: Bloomberg Intermediate Gov’t/Credit Index
Low Carbon Taxable Fixed Income
A core fixed income approach focusing on income, quality, and total return that avoids top carbon and toxic emitters
Investment grade
15-40 individual bonds with tactical allocations to other diversifying fixed income asset classes
Average credit rating: A
Diversified by asset class and sector
Macro view on interest rates and economic outlook informs portfolio construction
ESG and climate integrated credit analysis drives selection of individual corporate bonds
No traditional energy sector exposure
Excludes top carbon and toxic emitters
Weighed avg CO2 intensity < 50% of benchmark
Benchmark: Bloomberg Intermediate Gov’t / Credit Index
Tax-Exempt Municipal Impact
A core municipal bond strategy emphasizing credit quality and tax-adjusted yield with an allocation to municipal impact sectors
Investment grade
15-40 individual bonds with tactical allocations to other diversifying fixed income asset classes
- Essential service revenue bonds
- General obligation bonds
- Cross-over opportunities
- State of residency focus
Maturity: 0-20 years
Average credit rating: A
Customized for state of residence
Sector diversification
Strategic yield curve positioning
Opportunistic, relative-value trading
Macro view on interest rates and the economic cycle informs portfolio duration and sector allocation
Benchmark: Bloomberg 5-Year Muni Index
Customization – Our suite of strategies often meets the needs of clients as structured, though we have the ability to dynamically layer in additional exclusionary (SRI) and inclusionary (Thematic) factors where desired.
Reporting
Clients in our proprietary strategies receive ongoing manager commentary and portfolio reporting.
View sample report