International Index Fund for Institutions
The International Index Fund tracks the MSCI World ex USA SRI ex Fossil Fuels Index. This Index is composed of the common stocks of the approximately 240 companies in the MSCI World ex USA SRI Index that is then customized for Green Century to eliminate the stocks of companies that explore for, refine, process or distribute, oil, coal or gas, or produce or transmit electricity derived from fossil fuels, or have carbon reserves. This means that Green Century’s International Index Fund is more environmentally friendly than standard index funds because we avoid investing in companies associated with fossil fuels.
The composition of the International Index is reviewed annually and rebalanced quarterly. Companies are evaluated to determine if they have maintained their ESG performance and whether they remain part of the applicable MSCI universe. Our detailed reporting is dedicated to helping institutions invest more sustainably by removing the burden of investigation from your company. Learn more about our International Index Fund and how you can invest in institutional shares.
International Index Fund Overview
Fund: $123.56 million
$15.70
+$0.06
12/3/2025
Green Century Capital Management°
Northern Trust Investments
Key Facts
Launch Date:
September 2016
Symbol:
GCIFX
CUSIP:
392768503
Minimum Investment/Fund
$250,000
Sales Charge
None, No 12b-1
Expense Ratio:
0.98%
The Green Century MSCI International Index Fund is one of the first fossil fuel free index funds available to institutional investors in the United States.
The Green Century MSCI International Index Fund is invested in the stocks of about 175 large- and mid-cap companies headquartered in 22 of the 23 developed markets, including Japan, Germany, France, Canada, Switzerland, and 16 additional countries. The International Index Fund does not invest in companies in the U.S. or emerging-markets countries. Our dedicated research in companies gives your institution the peace of mind that you are aligning with your overall Corporate Social Responsibility and ESG efforts by investing sustainably.
The Green Century MSCI International Index Fund seeks to achieve long-term total return which matches the performance of an index comprised of the stocks of foreign companies selected based on environmental, social and governance (ESG) criteria. This means that obtaining institutional shares in our International Index Fund allows you to sustainably invest, with the goal of achieving a fair return over time.
The International Index Fund seeks to achieve its objective of fair returns without compromising values by investing in the stocks of the companies included in the MSCI World ex USA SRI ex Fossil Fuels Index, a custom index calculated by MSCI, Inc.
Values-aligned exclusions:
- Coal, oil, and or gas companies (no exploration, extraction, processing, refining, or transmission)
- Tobacco
- Nuclear energy and nuclear weapons
- Producers of GMOs (genetically modified organisms), guns and other civilian weapons, military weapons
- Alcohol, gambling, and adult entertainment
ESG criteria:
- The International Index Fund invests in companies MSCI calculates to have high Environmental, Social, and Governance (ESG) criteria.
A sustainable investment strategy that incorporates environmental, social, and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.
Fund Performance
| Cumulative Returns as of 9/30/25 | Average Annual Total Returns as of 9/30/25 | |||||||||||
| Latest Quarter | Year to Date | One Year | Three Years | Five Years | Ten Years | Since Inception | ||||||
| Green Century MSCI International Index Fund Institutional Share Class (GCIFX) | 0.84% | 15.33% | 5.58% | 18.09% | 7.41% | N/A | 6.98% | |||||
| MSCI World ex USA Index [1] | 5.33% | 25.34% | 16.03% | 21.60% | 11.60% | N/A | 8.55% | |||||
Performance is calculated after fees.
The total annual operating expense ratio of the Green Century MSCI International Index Fund Institutional Share Class is 0.98% respectively, as of the most recent prospectus.
The performance information provided on this website is past performance, and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an institution’s shares, when redeemed, may be worth more or less than their original cost. Current performance of our International Index Fund may be higher or lower than the performance quoted. To obtain performance current to the most recent month-end, please call 1-800-93-GREEN. Performance of the International Index Fund includes the reinvestment of income dividends and capital gains distributions. Performance shown does not reflect the deduction of taxes that a shareholder might pay on Fund distributions or the redemption of Fund shares. A redemption fee of 2.00% may be imposed on redemptions or exchanges of shares you have owned for 60 days or less. Please see the prospectus for more information.
Portfolio Characteristics
As of 9/30/25: (27.81% of net assets)
| ASML Holding NV | 5.89% |
| Novo Nordisk A/S, Class B | 3.47% |
| Schneider Electric SE | 2.98% |
| Unilever PLC | 2.80% |
| Sony Corp | 2.46% |
| ABB Ltd. | 2.19% |
| Hitachi Ltd. | 2.02% |
| Zurich Insurance AG | 2.02% |
| Sumitomo Mitsui Financial, Inc. | 2.01% |
| AIA Group Ltd. | 1.97% |
View the complete holdings of the International Index Fund.
View the list of the countries of the International Index Fund.
As of 9/30/25:
Asset Allocation
As of 9/30/25
Common Stocks: 98.61%
Cash and Equivalents: 1.39%
Institutional Investor Net Asset Value per Share: $15.68
Portfolio Managers for Institutions
Investment Advisor: Green Century Capital Management
Green Century Funds provides investment advisory services to the International Index Fund, including overseeing Northern Trust Investments’ (Northern Trust) daily portfolio management. Green Century Funds also coordinates the International Index Fund’s operations and compliance functions, as well as shareholder advocacy efforts.
Investment Sub-advisor and Portfolio Manager: Northern Trust Investments
Northern Trust is the sub-advisor to the International Index Fund providing day-to-day portfolio management of the Fund. The firm has managed socially responsible portfolios for more than 25 years and is a leading provider of banking solutions, asset and fund administration, investment management, and fiduciary services for corporations and institutions worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, the Middle East, Europe, and the Asia Pacific regions. For 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology.
International Index Provider: MSCI ESG Research
MSCI ESG Research measures and models environmental, social and governance (ESG) risk to provide critical insights that can help institutional investors understand how ESG can impact the long-term risk and return profile of their investments. Northern Trust’s pioneering ESG Research team provides in-depth research, ratings and analysis of the ESG business practices of thousands of companies worldwide, which are used to develop their ESG indexes and help institutions invest more sustainably.
Vice President and Senior Portfolio Manager
Steven joined Northern Trust in 2003 and is now a Vice President for the company.
Prior to joining Northern Trust in 2003, Mr. Santiccioli was a portfolio manager with Deutsche Bank. Prior to his portfolio manager position at Deutsche, he served as the head of the accounting group for international index portfolios.
Mr. Santiccioli received a B.A. from Bucknell University and an M.B.A from Fordham University.