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September 04, 2014
Two Sustainable Investment Funds Reach Milestones
    by Robert Kropp

Community Capital Management's flagship fixed income fund celebrates its fifteenth anniversary, and the fossil fuel free Green Century Equity Fund reaches $100 million in net assets.


Two investment funds, with markedly different investment strategies but of equally significant importance to the sustainable investment community, celebrated significant milestones recently.

The Florida-based Community Capital Management (CCM) announced that its flagship fixed income mutual fund is celebrating its 15th anniversary. The CRA Qualified Investment Fund was launched in 1999 to help banks meet the requirements of the Community Reinvestment Act (CRA) by providing financial services to low- and middle income communities.

The CRA Fund “has over $1.5 billion in assets and is one of the nation’s largest community investing bond funds,” according to CCM. Since CCM's inception in 1999, the firm has invested more than $6 billion in community development investment initiatives throughout the US. In October, SocialFunds.com reported that CCM has committed to investing up to $200 million in low- and moderate-income communities over a one-year period, as part of a Clinton Global Initiative commitment.

After Hurricane Sandy devastated much of the Northeastern US, CCM dedicate $100 million of the assets of the CRA Fund to invest in areas that were damaged.

“The Fund’s 15th anniversary demonstrates its continued success in providing banks the opportunity to target their capital at CRA markets they may have difficulty reaching,” John Taylor, chairman of the board of trustees for the Fund, said. “This milestone also shows increasing interest from non-financial institutional investors and retail investors in fixed income impact investing.”

The Boston-based Green Century Capital Management has announced that its Green Century Equity Fund has surpassed $100 million in net assets. Since April 1st, when the Fund went completely fossil fuel free, assets have increased by $20 million.

“The rapid growth of the Green Century Equity Fund is a meaningful marker for everyone supporting the fossil fuel free investing movement,” Green Century President Leslie Samuelrich said. “We are thrilled that investors can align their financial concerns about carbon risk with their moral concerns about a warming planet.”

The Fund invests in stocks listed on the KLD400 ex Fossil Fuels Index, which in addition to excluding fossil fuel companies does not hold “companies with significant involvement in alcohol, tobacco, gambling, military or civilian firearms, nuclear power, or genetically modified organisms (GMOs),” according to Green Century.

The two firms are also advocates for transparency. In 2009 Green Century became the first US-based mutual fund to disclose its own carbon footprint. “We hope this helps set a new standard for carbon disclosure in the mutual fund industry,” Erin Gray of Green Century told SocialFunds.com at the time.

And early this year, CCM published its first annual impact report. The report “provides an added layer of transparency by detailing the use of proceeds and providing a full understanding of the programs being financed,” CCM states.

 

 
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