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International Index Fund Institutional

Fund Overview

Net Assets (03/31/2024)

Fund: 148.00 million

Daily Price (NAV)

$14.34

Daily NAV Change

+$0.03

NAV as of

7/11/2024

Adviser

Green Century Capital Management°

Subadviser

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%

Why Invest

The Green Century MSCI International Index Fund is one of the first fossil fuel free index funds available to U.S. investors.

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 Fund does not invest in companies in the U.S. or emerging-markets countries.

Objective

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.

The International Index Fund seeks to achieve its objective 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.

Investment Strategy

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 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.

Index

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, process, refine or distribute coal, oil, or gas, or produce or transmit electricity derived from fossil fuels, or have carbon reserves.

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.

Performance

Cumulative Returns as of 3/31/24 Average Annual Total Returns as of 3/31/24
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) 4.95% 4.95% 12.91% 2.40% 7.18% N/A 6.43%
MSCI World ex USA Index [1] 5.59% 5.59% 15.29% 4.93% 7.48% N/A 7.20%

Performance is calculated after fees.

Past performance is no guarantee of future results and for further performance information see disclosure below. 

Portfolio Characteristics

Top 10 Holdings

As of 3/31/24: (28.41% of net assets)

ASML Holding NV 5.05%
Novo Nordisk A/S, Class B 4.99%
Unilever PLC 2.76%
Schneider Electric SE 2.70%
L’Oreal SA 2.50%
Sony Corporation 2.37%
Toronto-Dominion Bank 2.47%
Shopify, Inc. 2.04%
Hitachi Ltd. 1.86%
RELX PLC 1.79%

You can view the complete holdings of the International Index Fund here.

You can also view the list of the countries of the International Index Fund here.

Sector Allocation

As of 3/31/24:

Asset Allocation

As of 03/31/24:
Common Stocks: 98.89%
Cash and Equivalents: 1.11%
Institutional Investor Net Asset Value per Share: $13.99

Portfolio Managers

Investment Advisor: Green Century Capital Management
Investment Sub-advisor and Portfolio Manager: Northern Trust Investments
International Index Provider: MSCI ESG Research

Green Century Funds provides the investment advisory services to the International Index Fund, including overseeing the daily portfolio management of the Fund by Northern Trust Investments (Northern Trust). Green Century Funds also coordinates the operations and the compliance functions for the Fund, as well as the shareholder advocacy efforts.

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 investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. For 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology.

 

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. Their 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.

Brent D. Reeder

Senior Vice President
Head of US Index Equity Portfolio Management

Brent Reeder is a Senior Vice President and Head of US Equity Index Portfolio Management at The Northern Trust Company in Chicago. Prior to that experience, Mr. Reeder was a Portfolio Manager in the Quantitative Management Group of Northern Trust Global Investments and was responsible for the management of index portfolios.

Brent has a broad range of expertise in both large capitalization and small capitalization index mandates.

Mr. Reeder received a B.A. degree in Economics from DePauw University and an M.B.A. degree in Finance from DePaul University.

Steven Santiccioli

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.