A new direction for community development investing

Community development investing |

Everence and Praxis Mutual Funds announce strategic partnership with Calvert Foundation

Everence and Praxis Mutual Funds have long believed in the power of community development investing.

On April 29, 2015, Everence Praxis Mutual Funds announced a new strategic partnership with Calvert Foundation to carry out its community development investment commitments. By the end of June 2015, Praxis will invest approximately $9 million directly into Calvert Foundation’s Community Investment Notes, opening new doors of both operational efficiency and global impact.

This commitment furthers the 1999 decision by the Everence (then known as MMA) board of directors to take the visionary step of encouraging the organization to support marginalized communities and individuals not only through philanthropy, but also through portfolio construction wherever appropriate and prudent.

Since 2000, Praxis Mutual Funds has allocated approximately 1 percent of each of its funds’ assets to investments that provide economic opportunity to distressed communities. Praxis was among the first socially responsible investment mutual funds to include these community development investments – and remains one of very few to maintain this level of commitment across the entire fund family.

Today, Praxis Mutual Funds, Everence Association and Everence Charitable Services have over $11 million invested in communities across the country and around the world – and another $10 million invested in community development banks and credit unions through certificates of deposit and money market funds.

“At Everence and Praxis, our goal is to help our clients make sound investment decisions motivated and informed by faith convictions,” said Chad Horning, CFA®, Everence Chief Investment Officer and President of Praxis Mutual Funds. “One way our investments can generate social return is through the inclusion of community development investments. It’s a way we can open doors of opportunity, and offer hope for healthy and sustainable lives to individuals and communities living on the margins.”

“Calvert Foundation is one of the nation’s leaders in community development and high social impact investing,” said Mark Regier, Vice President of Stewardship Investing for Praxis Mutual Funds and Everence. “Praxis Mutual Funds and Calvert Foundation have long partnered together in our community investing efforts. Now, we celebrate this collaboration taking a new form.”

A unique feature of the Calvert Foundation’s Community Investment Notes is the ability for investors to target their investment to specific impact sectors and places. Every dollar invested in the Community Investment Note goes to a professionally managed portfolio of high impact organizations building affordable housing, creating jobs, advancing education, caring for the environment, and creating other social impacts.

In addition to the Praxis commitment, Everence is also working with Calvert Foundation to offer a full range of targeted Community Investment Notes available to clients – so that Everence members can directly invest in their local and global neighbors.

“Working with Everence and Praxis, we’ll be able to increase our impact in low-income communities across the U.S. and around the world,” said Justin Conway, Calvert Foundation’s Vice President of Investment Partnerships. “And now Everence advisors and clients have access to a range of investment options that support specific places and themes they care about, including affordable housing, fair trade and women’s empowerment.”

“As Christians, we are called to replace practices of injustice and exclusion with access, opportunity and hope,” said Regier. “This exciting new partnership with Calvert Foundation further bolsters the impact we can have to make a difference in the world.”

About Praxis Mutual Funds and Everence

Praxis Mutual Funds, advised by Everence Capital Management, is a leading faith-based, socially responsible family of mutual funds designed to help people and groups integrate their finances with faith values. To learn more, visit praxismutualfunds.com

Everence helps individuals, organizations and congregations integrate finances with faith through a national team of advisors and representatives. Everence offers banking, insurance and financial services with community benefits and stewardship education. To learn more, visit everence.com or call (800) 348-7468.

About Calvert Foundation

Calvert Foundation enables people to invest for social good. Through its flagship Community Investment Note, more than 15,000 investors have channeled more than $1 billion in investments to hundreds of nonprofits and social enterprises worldwide. Investor dollars empower women, fund the construction of affordable housing, provide loans to small businesses owners, increase access to health care, and support fair trade and sustainable agriculture. To learn more, visit calvertfoundation.org.

Disclosure

BHIL Distributors Inc. is not affiliated with Calvert Foundation. 

The Fund’s stewardship investing strategy could cause the fund to sell or avoid securities that may subsequently perform well, and the application of social screens may cause the fund to lag the performance of its index.

Calvert Social Investment Foundation, a 501(c)(3) nonprofit, offers the Community Investment Note, which is subject to certain risks, is not a mutual fund, is not FDIC or SIPC insured, and should not be confused with any Calvert Investments-sponsored investment product. This is neither an offer to sell nor a solicitation of an offer to buy these securities; the offering is made only by the prospectus, which should be read before investing.