Praxis Intermediate Income Fund gets a new name
Praxis Impact Bond Fund will better reflect Fund’s investing philosophy
Effective April 29, 2016, the Praxis Intermediate Income Fund was renamed Praxis Impact Bond Fund, in an effort to better reflect the Fund’s unique investing philosophy and the impact it makes on lives and communities.
The Praxis Impact Bond Fund uses a combination of investing approaches, such as company screens; active integration of environmental, social and governance data; positive impact bond investments and community development investing.
“We chose a name that instantly informs investors that this Fund is designed to make an impact,” said Chad Horning, CFA, President of Praxis Mutual Funds® and Everence® Chief Investment Officer. “Investors are looking for options that let them make a difference, and we hope this name change makes the mission of the Fund clear.”
The change keeps the Fund moving with the investment industry. Recent surveys show that environmental, social and governance factors are becoming more important to millennials and other generations.1
“The name change also puts the Fund at the forefront of the impact investing movement,” said Mark Regier, Praxis Director of Sales and Everence Vice President of Stewardship Investing. “For investors seeking to make an impact on the climate and communities, through fixed-income – this is the fund for you.”
“The investment philosophy and investment objective for the Praxis Impact Bond Fund will remain the same,” said Benjamin Bailey, CFA, Senior Fixed Income Manager, Praxis Mutual Funds. “Since 1994, the Praxis Impact Bond Fund has offered investors the opportunity to make a positive impact on the world. We will continue to seek competitive investment returns with social responsibility.”
One example of how the Praxis Impact Bond Fund makes an impact is through purchases of positive impact bonds, such as green bonds from the European Investment Bank. As the largest green bond issuer with more than $14 billion across 11 different currencies, the EIB will use this bond to fund renewable energy and energy efficiency projects. The EIB actively reports the specific projects funded by each bond purchase, which include a wind farm in Jordan, a solar project in South Africa and renewable energy and energy efficiency projects in India and Slovenia.
As of March 31, 2016, there were 80 positive impact bond holdings in the Praxis Impact Bond Fund, which made up more than 22 percent of the Fund.
1 Mahn, Kevin. “The changing face of socially responsible investing.” April 26, 2016, Forbes.