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Largest 50 sustainable investment funds-April 2024

The largest 50 sustainable investment funds, with $224 billion in assets under management as of April 30, 2024, are managed by 22 different investment firms.  The largest funds make up 67% of the assets sourced to focused sustainable mutual funds and ETFs whose net assets stood at $333.4 billion as of the same date  The…

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The Bottom Line:  The largest 50 sustainable funds represent a good starting point for identifying and evaluating candidates for a diversified investment portfolio’s core positions.

The largest 50 sustainable investment funds represent a good starting point for identifying and evaluating core candidates for building a diversified sustainable investment portfolio

The largest 50 sustainable investment funds, with $224 billion in assets under management as of April 30, 2024, are managed by 22 different investment firms.  The largest funds make up 67% of the assets sourced to focused sustainable mutual funds and ETFs whose net assets stood at $333.4 billion as of the same date  The funds that comprise the segment range in size from $1.3 billion to $28.5 billion in assets, including all related share classes in the case of mutual funds.  While the largest funds may not span the variety of investment options that are available across the entire universe of focused sustainable funds, they do represent a good starting point for identifying and evaluation potential candidate funds for consideration in building the core segment of a diversified sustainable investment portfolio.  Such offerings include large cap and small cap blended funds, foreign as well as emerging market funds, intermediate investment-grade bond funds and short-term bond funds.

Actively managed funds as well as equity funds dominate the largest 50 funds list

Actively managed funds dominate, accounting for $127.7 billion or 57% of the segment’s total net assets. The segment is also overshadowed by equity funds that make up just over 95% of assets.  The list of the largest funds includes only seven fixed income funds with a combined total of almost $10 billion in net assets distributed cross four fund categories.  The largest funds are stratified into nineteen investment categories, but four categories dominate.  These include Large Blend (52%), Large Growth (11%), Foreign Large Blend (7%) and Intermediate Core Bond (6%).  Together, these four categories account for almost 76% of net assets.

The largest 50 funds recorded an average return of 14% over the trailing twelve months

Based on the performance of the ETFs and largest share class in the case of mutual funds, the 50 funds posted an average return of 14% over the trailing 12 months, keeping in mind that the segment straddles 19 investment categories with varying results.  The worst performing category, populated by just one fund, recorded a negative return of 28.2% sourced to the $2.2 billion iShares Global Clean Energy ETF.  Clean energy stocks have been buffeted, in part, by higher interest rates and inflation.  At the other end of the range, Large Growth funds were up an average 24.3%.

Investors in the largest funds are subject to an average expense ratio of 50 basis points, but the range runs from just 0.1% applicable to the SPDR S&P 500 ESG ETF to 1.31% levied by the Eventide Health and Life Sciences Fund I.

The 50 largest sustainable investment funds based on assets under management-April 30, 2024

Fund Name

Investment Category

Active/Passive

$ AUM (M)

1-M TR (%)

12 M TR(%)

Parnassus Core Equity

Large Blend

Active

28,453.1

-4.79

20.02

Vanguard FTSE Social Index

Large Blend

Index

19,542.6

-4.54

24.68

iShares ESG Aware MSCI USA ETF

Large Blend

Index

12,282.2

-4.11

22.22

Brown Advisory Sustainable Growth

Large Growth

Active

8,987.7

-5.51

28.36

Pioneer Fund

Large Blend

Active

8,098.4

-3.19

32.04

Vanguard ESG US Stock ETF

Large Blend

Index

8,010.9

-4.81

23.9

iShares ESG Aware MSCI EAFE ETF

Foreign Large Blend

Index

7,907.6

-2.98

8.23

Calvert Equity

Large Growth

Active

6,767.5

-4.36

13.23

Putnam Sustainable Leaders

Large Growth

Active

6,547.8

-4.71

26.61

DFA US Sustainability Core 1

Large Blend

Active

6,417.9

-5.2

23.23

Nuveen Core Impact Bond

Intermediate Core Bond

Active

6,126.1

-2.43

-0.4

Nuveen Large Cap Responsible Eq

Large Blend

Active

6,019.1

-5.11

20.96

Calvert US Large Cap Core Responsible Index Fund

Large Blend

Index

4,975.4

-4.27

23.28

Parnassus Value Equity

Large Value

Active

4,916.7

-6.02

15.11

American Century Sustainable Equity

Large Blend

Active

4,286.9

-4.71

22.68

iShares MSCI KLD 400 Social ETF

Large Blend

Index

4,246.8

-4.68

24.31

iShares ESG Aware MSCI EM ETF

Diversified Emerging Markets

Index

4,059.6

-0.58

6.2

Vanguard ESG International Stock ETF

Foreign Large Blend

Index

3,692.5

-2.93

8.01

Fidelity U.S. Sustainability Index

Large Blend

Index

3,654.4

-4.51

26.08

Eventide Gilead

Mid-Cap Growth

Active

3,546.4

-7.33

9.81

iShares ESG U.S. Aggregate Bond ETF

Intermediate Core Bond

Index

3,533.6

-2.47

-1.59

Parnassus Mid Cap

Mid-Cap Blend

Active

3,359

-7.17

13.14

iShares MSCI USA ESG Select ETF

Large Blend

Index

3,333.2

-4.39

19.9

CCM Community Impact Bond

Intermediate Core Bond

Active

3,319

-1.87

-0.5

DFA Intl Sustainability Core 1

Foreign Large Blend

Active

3,311.1

-3.65

7.9

Calvert Bond

Intermediate Core-Plus Bond

Active

3,061.4

-2.32

0.71

BlackRock Wealth Liquid Environmentally Aware Fund

Prime Money Market

Active

3,032.4

0.41

5.09

Calvert Small-Cap

Small Blend

Active

2,912.7

-6.51

5.66

Invesco Floating Rate ESG

Bank Loan

Active

2,710.7

0.34

10.94

Impax Global Environmental Markets

Global Large-Stock Blend

Active

2,424.3

-4.61

9.75

Calvert Short Duration Income

Short-Term Bond

Active

2,401.2

-0.42

5.24

Impax Sustainable Allocation

Moderate Allocation

Active

2,267.2

-3.57

7.65

iShares Global Clean Energy ETF

Miscellaneous Sector

Index

2,165.4

-5.31

-28.22

Northern Global Sustainability Index

Global Large-Stock Blend

Index

2,092

-4.06

19.87

Invesco Water Resources ETF

Natural Resources

Index

2,060.1

-3.53

22.82

Xtrackers MSCI USA Climate Action Equity ETF

Large Blend

Index

1,963.4

-3.87

26.29

iShares Climate Conscious &Transition MSCI USA ETF

Large Blend

Index

1,913.4

-3.87

 

PIMCO Total Return ESG

Intermediate  Core-Plus Bond

Active

1,806.7

-2.58

-0.28

Calvert US Large Cap Value Rspnb IdxI

Large Value

Index

1,802.4

-4.85

13.5

iShares Paris-Aligned Climate MSCI USA ETF

Large Growth

Index

1,732.2

-4.98

20.45

Calvert Emerging Markets Equity

Diversified Emerging Markets

Active

1,616.5

-0.06

3.81

First Trust Water ETF

Natural Resources

Index

1,604

-3.04

21.53

Nuveen ESG Large-Cap Value ETF

Large Value

Index

1,554.3

-4.85

10.65

iShares ESG Aware MSCI USA Small-Cap ETF

Small Blend

Index

1,543.5

-6.84

13.48

Impax Large Cap Fund

Large Blend

Active

1,438

-4.73

16.73

Victory Sustainable World

Global Large-Stock Blend

Active

1,320.3

-3.3

20.14

Eventide Healthcare & Life Sciences

Health

Active

1,307.3

-12.35

-3.33

Nuveen ESG Large-Cap Growth ETF

Large Growth

Index

1,305.1

-4.05

32.74

Boston Trust Walden Small Cap

Small Blend

Active

1,288.7

-5.01

7.78

SPDR® S&P 500® ESG ETF

Large Blend

Index

1,255

-3.66

23.15

Average/Total

  

223,973.70

-4.1

14.0

 

Notes of Explanation:  Performance reflects total return posted by the largest share class in the case of mutual funds with multiple share classes.  $AUM in millions combines all share classes where applicable.  Sources:  Morningstar Direct; Sustainable Research and Analysis LLC.

 
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