Making a real difference

Praxis update |

Your semi-annual Praxis update on community development investing and impact bonds

Praxis Mutual Funds® announced today $1.64 million of new community development investments and $55 million of positive impact bond purchases during the second half of 2023.

CDI highlights for H2 2023
All five Praxis funds participated in the $1.64 million of total new CDI investments, which were made through our partners Calvert Impact and Capital Impact Partners.

During the second half of 2023, the Praxis Impact Bond Fund represented $1 million in new CDI investments in the form of an October 2023 investment in the Calvert Impact Climate Cut Carbon Note. The Cut Carbon Note seeks to support climate-smart buildings by financing sustainability upgrades for commercial buildings, with the objective of reducing carbon emissions. By removing obstacles to constructing greener buildings, this financing solution helps make sustainability achievable for more construction across the country.

Calvert stacked above Impact
“We congratulate Calvert Impact on the launch of their Cut Carbon Note, which gives Praxis the opportunity to support sustainable and green buildings in our communities,” said Stella Tai, Stewardship Investing Impact and Analysis Manager at Praxis. “Through CDI, Praxis supports transformational change around the world.”

Praxis invests through organizations like Calvert Impact and Capital Impact Partners as part of its commitment to invest approximately 1% of each fund to deep-impact community development investing. CDI helps provide economic opportunity for disadvantaged individuals and communities around the world.

Positive Impact Bond highlights for H2 2023
Praxis purchased $55 million in positive impact bonds in the second half of 2023 in the Praxis Impact Bond Fund. During this time period, the market value of positive impact bonds in the Praxis Impact Bond Fund grew from $262 million to $303 million.

“The positive bond market had another solid year of issuance in 2023,” said Benjamin Bailey, CFA®, Vice President of Investments and Senior Fixed Income Investment Manager for Praxis. “We saw new issuers come to the Impact Bond market, and we also saw past issuers come with new and innovative deals. We are excited for the future.”

The Praxis Impact Bond Fund continues to add new and innovative positive impact bond investments to the fund. In November 2023, Praxis purchased the International Finance Corporation’s Social Bond. The IFC Social Bond offers investors an opportunity to finance IFC projects that support low-income communities in emerging markets.

Through positive impact bonds, Praxis seeks to include investments that generate a competitive financial return and deliver a clear and direct benefit to people and our planet.

How we invest

At Praxis, our investments generate a competitive financial return and deliver a clear and direct benefit to people and our planet.



As of Dec. 31, 2023, the Praxis Impact Bond Fund has invested 0.46% of its assets in The International Finance Corporation's social bond. Fund holdings are subject to change. To obtain holdings as of the most previous quarter, visit

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