You’ve made the choice to intentionally align your investments with your values — to invest your dollars in companies that advance women and make positive change in the world. That’s what we’re here to help you do.
In this report, we’re pleased to provide you with data and stories about the investments in your impact portfolio — investments built to address issues like gender inequality, racial justice, and climate change — as well as an update on the impact we’re working to create as a company.
We’re so glad to be on this journey with you.
We value diversity of thought and backgrounds. We’re actively and intentionally working to improve representation as we expand the team. Numbers are self-reported and as of 7/7/2021.
The people who invest in Ellevest are mission-focused. They include Venus Williams, Mellody Hobson, and Melinda Gates’ Pivotal Ventures.
Below, you’ll find descriptions of your investments and information about their strategy, along with a spotlight on some of the specific impacts they’re making.
Public equity portfolios aimed at prioritizing women’s rights and racial justice by divesting from companies with poor representation of women and/or people of color at all levels of seniority, inadequate diversity policies, or whose practices have disproportionately negative impacts on women and/or people of color.
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Proxy voting is a direct, on-the-record way you can help influence the companies you invest in. Though Ellevest’s Intentional Impact portfolios only include companies that meet its ethical criteria, proxy voting can help to create tangible change on issues ranging from executive compensation to reducing gender, race, or ethnicity pay gaps.
Rather than receive dozens of emails from separate companies requiring your proxy vote, as an Ellevest Intentional Impact client, you can choose to have our sub-advisor, Ethic, vote on your behalf. They follow ISS SRI guidelines, which are reviewed and updated often, accounting for evolving issues and trends around topics that matter to you as an impact investor.
In June, nine out of ten investors backed a resolution for the company to produce an annual diversity report, increasing corporate transparency surrounding gender, race, and ethnicity pay gap matters.
Last May, a majority of investors voted in support of a measure to hold the company accountable to its commitment to diversity, equity, and inclusion — a request that the company report on how its internal workplace practices align with the company’s stated commitment. (Think of it as publishing a report card of sorts.)
To learn more about the shareholders' proposal for American Express, read the resolution, proxy memo, and resulting press release on the passing vote. For more on IBM, visit the original proposal here. You can also read the proxy voting guidelines on social and environmental matters followed for your portfolios.
Proxy voting examples were chosen based on the following criteria: Holdings that exist in the Ellevest Intentional Impact Portfolio as of 06/30/21 that had a majority “Yes” vote for a resolution aimed to promote gender & diversity in 2021. The securities identified and described do not represent all securities purchased, sold or recommended for client accounts and it should not be assumed that an investment in the securities identified was or will be profitable.
Here you see the difference between our Ellevest Intentional Impact portfolios and the standards we use when investing in companies compared to a non-impact Benchmark portfolio*.
are flagged for being detrimental to
are flagged for being detrimental to
are flagged for being detrimental to
are flagged for being detrimental to
Source: Ethic
Equivalencies are calculated from US EPA’s Greenhouse Gas Equivalencies Calculator (epa.gov). Please note, these estimates are approximate using the following assumptions: 1 MT of carbon emissions = 2,513 miles driven, 1 MT of carbon = 0.182 homes’ electricity use for one year.
This data here is meant to show you the power we have when we all invest toward impact. To show you the holdings and performance of your own portfolio, we also send you an in-depth summary. Please ask your financial advisor if you’d like to see the latest report.
Debt funding for a daycare facility in California that provides a high-quality, child-centered, play-based, Spanish language immersion program. This woman co-owned business provides care for children from four months to five years old and focuses on creating a stimulating learning environment with outdoor spaces for exercise. Its location in a moderate-income, predominantly Asian community provides employment opportunities and increased access to affordable child care for working parents.
Daycare is a Latinx, woman co-owned business
Debt funding for affordable rental housing reserved for very low-income residents in Baltimore, MD. Located in a neighborhood where 87% of the population is Black, the housing complex includes 60 units reserved for households earning less than 60% of the area median income. The estimated annual median income of the families living at the property is less than $40,000 annually.
60 units for families making less than $40,000 a year
More than $1.5M in home mortgage funding to nine homeowners in Hays, Travis, and Williamson counties in Texas. Four of the nine loans are to families making less than 60% of the area median income and the remaining five loans are to families making between 70–80% of the area median income.
9 mortgage loans to low-income homeowners
Debt funding for a daycare facility in California that provides a high-quality, child-centered, play-based, Spanish language immersion program. This woman co-owned business provides care for children from four months to five years old and focuses on creating a stimulating learning environment with outdoor spaces for exercise. Its location in a moderate-income, predominantly Asian community provides employment opportunities and increased access to affordable child care for working parents.
Daycare is a Latinx, woman co-owned business
The fund’s first investment is Farmdale Apartments: the construction of a five-story, 26-unit building in North Hollywood, CA, including five units of rent-restricted affordable housing reserved for households earning less than 50% of the area median income. This location is in an Opportunity Zone — a low-income neighborhood that is federally designated for incentivized long-term economic development. Sixty percent of residents of the community are people of color, and the unemployment rate is about three times the current county unemployment level of 5.3%. Easy access to public transportation will let residents tap into the many employment centers in downtown Los Angeles and across the San Fernando Valley.
60% of residents are people of color
Villas of Sorrento is a 220-unit apartment community located in Dallas, TX. It was originally constructed in 1996 using Low Income Housing Tax Credits (LIHTC), which carry rent restrictions. The fund purchased the complex with the intention of maintaining its affordability and plans to enhance the property by adding a new outdoor fitness area, dog park, and new playground. As of 2020, Residents of Villas of Sorrento (who self-reported) include 82% women heads of household, 100% African American heads of household, and 17% disabled heads of household. The fund also works with Portfolio Resident Services to help residents with health and nutrition, career development, social services, and recreational programs.
Health, nutrition, career development and social services along with recreational programs are provided on site
The fund’s first investment is Full Harvest, a B2B online marketplace connecting large farms with food and beverage companies to help aggregate and sell excess and imperfect produce that would otherwise go to waste. Founded by Christine Moseley, Full Harvest aims to address the social and climate impacts of the 20 billion pounds of produce thrown out annually because it does not meet cosmetic standards. Since its founding, Full Harvest has helped farmers sell over 45 million pounds of excess produce, saving an estimated 1.2 billion gallons of water, and avoiding 6.8 million kilograms of carbon emissions.
Global food waste is the #1 contributor to climate change and it causes more carbon emissions than almost any country in the world
Since acquiring a 213-unit property located in Winston Salem, NC, the fund has invested nearly $600,000 to replace roofs, improve landscape drainage, and reduce energy and utility costs within the units by installing air sealing and water sub-metering. A new playground, dog park, and pool renovation has also been completed, strengthening a feeling of community among residents. A planned addition to the clubhouse will include a tenant lounge area, and a fitness center with after-hours access to make a healthy lifestyle more accessible for residents.
About 75 million households (roughly 60% of all US households) can’t afford a median-priced new home
In June, Concentric made its second portfolio company investment — a consumer goods manufacturer based in rural North Carolina. The company is the largest full-time employer in its town and has grown revenue by approximately 20% per year over the past five years. Women make up more than 60% of the workforce, and the company's largest supplier is a local non-profit that employs adults with disabilities, including 25 disabled adults who perform manufacturing jobs for the company.
Many of the employees are spouses or family members of active military members from a nearby military base
Last year, the fund purchased the Pole Canyon property — 12,200 acres in northern Nevada, adjacent to the East Humboldt Wilderness in the Ruby Mountains. The conservation of this land will include water protection and the enhancement of this important habitat for elk, mule deer, pronghorn, Rocky Mountain bighorn sheep, Rocky Mountain goats, and greater sage-grouse, whose natural habitat is threatened throughout the Western US due to development and livestock grazing.
Link to impact report: https://efmi.com/wp-content/uploads/2021/07/EFM_2020-ImpactReport.pdf
287 acres treated for fire-risk reduction
The fund purchased a property in Charlotte, NC, with 128 units, 39 of which are currently being leased to a non-profit organization focused on providing housing to women in transition. Improvements included a remodelled clubhouse and revitalized nature trail, which enhances the aesthetic quality of these homes and gives residents a place to meet and interact as a community. They’ve also completed parking lot repairs, drainage improvements, and the installation of eight new roofs, ensuring the safety of the property’s tenants and improving their overall quality of life.
Rent plus utilities equals no more than 30% of median household income for the respective area
Phoenix Solar is a 3.1-megawatt project in Capitol Heights, MD. The site is located in an Opportunity Zone — a low-income neighborhood that is federally designated for incentivized long-term economic development. Deemed unsuitable for residential development, the site had been vacant for 30 years. Phoenix Solar will power facilities owned by Under Armour, one of Baltimore’s largest companies. The project will provide clean energy, a perpetual conservation easement with vegetation and trees, local jobs, and about $1.4M in tax revenue.
Produces enough energy to power roughly 22% of the homes in Capitol Heights
One company in the fund is Target, which was ranked #3 on Fortune’s Best Large Workplaces for Women list last year. Not only is Target’s workforce made up of 58% women and 50% people of color, but more than half of its stores are managed by women. In 2020, the company increased its promotion of women to senior leadership levels by 17% and more than doubled the promotion of women of color to senior leadership since 2019. Target is also a signatory of the Equal Pay Pledge, demonstrating their commitment to paying team members equitably, regardless of gender, race, or ethnicity.
Link to impact report: https://www.impaxam.com/assets/pdfs/sustainability/impax-engagement-report.pdf
Was the first gender-focused fund in the United States, and is now the largest
The fund has so far renovated more than 100 out of 272 units in an owned property located in Durham, NC. Residents gather for special events at the newly built clubhouse, which helps foster a sense of community among neighbors. Most recently, the fund made a $57,000 investment to improve tree canopies, which helps reduce peak summer temperatures and air pollution and improves the outdoor aesthetic of these homes for its residents.
Investments in water metering and landscaping helped reduce energy consumption for more than 100 units
One of the portfolio’s most recent investments is Everlasting Love — the only Black, woman-owned e-commerce fulfillment and services company in the US focused on Black-owned brands and businesses owned by women and other underrepresented founders, including LGBQTIA+ people. Black brands face unique challenges getting to market and finding success, so Sylvenia Lewis and Jerikia Fisher founded Everlasting Love to help underrepresented entrepreneurs who see intrinsic value in leveraging a distribution partner that is inherently tuned in to their experience. As retail partners make public commitments to featuring Black brands on their shelves, the demand for Black-owned third-party logistics has surged.
Five of their last seven investments have a woman and/or person of color as a founder
More companies are committing to hiring policies that promote gender and racial diversity, and Talent Wall aims to help recruiters collaborate on a candidate pipeline that aligns with their initiatives. As the race for talent in competitive industries has accelerated, this woman-cofounded hiring management platform is “built by recruiters, for recruiters.”
Since 2019, more than 60% of investments have gone to women-led companies
One company in the fund was ranked #3 on Fortune’s Best Large Workplaces for Women list last year. Not only is the company’s workforce made up of 58% women and 50% people of color, but more than half of its stores are managed by women. In 2020, the company increased its promotion of women to senior leadership levels by 17% and more than doubled the promotion of women of color to senior leadership since 2019. The company is also a signatory of the Equal Pay Pledge, demonstrating their commitment to paying team members equitably, regardless of gender, race, or ethnicity.
Link to impact report: https://www.impaxam.com/assets/pdfs/sustainability/impax-engagement-report.pdf
Was the first gender-focused fund in the United States, and is now the largest
Biohaven Pharmaceuticals is developing medications to treat migraines, including a recently discovered target called calcitonin gene-related peptide (CGRP). Several CGRP migraine drugs are currently available, but they are all injectable. Biohaven aims to reduce the burden of chronic preventative migraine therapy by developing orally administered or nasally sprayed drugs, which NicHealth believes will be strongly preferred by patients. Migraines are estimated to affect around 15% of the population, and disproportionately affect women.
Nicholas Investment Partners, L.P. (“Nicholas”) is an independent investment adviser registered with the SEC. Registration with the SEC does not imply a certain level of skill or training. The firm maintains a complete list and description of performance composites, which is available upon request. Past performance is no guarantee of future results. No part of this material may be copied or duplicated or distributed to any third party without written consent.
Nicholas does not guarantee the success of any investment product. There are risks associated with all investments and returns will vary over time due to many factors such as changing market conditions, liquidity, economic and other factors. The value of investments can go down as well as up, and a loss of principal may occur. Although Nicholas attempts to limit various risks, risk management does not imply low risk. All risk models are inherently limited and subject to changes in economic, political and market conditions, as well as changes in the strategies’ holdings, among other things, which could affect the risk profile of any portfolio managed by Nicholas. Small- and mid-cap companies may be subject to a higher-degree of risk than larger more established companies’ securities. The liquidity of the markets for these small and mid-cap companies may adversely affect the value of these investments. Concentrated or sector strategies are expected to maintain higher exposures to a limited number of securities or sectors which could increase the volatility, market, liquidity and other risks of the strategy.
Some information herein reflects general market commentary and the current opinions of the author which are subject to change without notice. It is provided for general informational purposes only and does not represent investment, legal, regulatory or tax advice and should not be construed as a recommendation of any security, strategy or investment product. There is no guarantee any opinion, forecast, or objective will be achieved in the future. The information, charts and reports contained herein are unaudited. Although some information contained herein was obtained from recognized and trusted sources believed to be reliable, its accuracy and completeness cannot be guaranteed. Unless otherwise noted, Nicholas is the source of illustrations. References to specific securities, issuers and market sectors are for illustrative purposes only. Nicholas does not undertake to keep the recipients of this report advised of future developments or of changes in any of the matters discussed in this report.
Nicholas used third-party information in the preparation of the characteristics and/or market environment charts. While Nicholas believes the third-party information was obtained from reliable sources, we cannot guarantee the accuracy, adequacy or completeness of the information obtained from these sources.
Any companies or holdings discussed herein are for illustrative purposes only and do not represent a recommendation to buy or sell any security. Current holdings may be different from those shown herein. Such companies are included to highlight specific trends within the healthcare industry. It should not be assumed that investing in these companies was or was or will be profitable.
Migraines disproportionately affect women ages 30 to 39
Trilinc provides financing to the Turkish subsidiary of a wheel manufacturer based in the Netherlands, supporting a product that reduces fossil fuel use and emissions and the growth of the electric auto industry. The company has allocated financing for a scrap aluminum recycling system and new air ventilation system to improve air quality and workers’ overall working conditions at its production facility. The company also provides technical and development training to more than 400 employees, and has established a proprietary technical training academy for prospective and current employees. Additionally, the company is continuing its efforts of narrowing the employment gender gap by employing women in nearly 30% of management positions.
Link to impact report: https://www.trilincglobal.com/wp-content/uploads/2021/03/2021-03-31-TLGTLGA-2020-PDP-ASIR-v17-web.pdf
Disclaimer: The information contained above is as of the initial date of investment and may change over time. The investment highlighted has been selected to illustrate TriLinc’s investment approach and is not intended to represent performance, nor shown on the basis of performance or any performance-related criteria. The highlighted investment may or may not have been profitable. This is a speculative investment and, as such, involves a high degree of risk. There is no guarantee that future investments will be similar. Information on all of TriLinc's borrowers can be found at https://www.trilincglobal.com/impact/borrower-spotlights/ and upon request. Nothing contained above shall constitute a recommendation or endorsement to buy or sell any security or other financial instrument.
There is no guarantee that TriLinc’s investment strategy will be successful. Investment in a pooled investment vehicle involves significant risks including but not limited to: no secondary market; limitation on liquidity, transfer and redemption; distributions made may not come from income and, if so will reduce the returns, and are not guaranteed; TriLinc is dependent upon its advisor and investment partners to select investments and conduct operations. TriLinc is not suitable for all investors.
New foundry and machine lines are expected to generate 30% in energy savings
Trilinc provides financing to the Turkish subsidiary of a wheel manufacturer based in the Netherlands, supporting a product that reduces fossil fuel use and emissions and the growth of the electric auto industry. The company has allocated financing for a scrap aluminum recycling system and new air ventilation system to improve air quality and workers’ overall working conditions at its production facility. The company also provides technical and development training to more than 400 employees, and has established a proprietary technical training academy for prospective and current employees. Additionally, the company is continuing its efforts of narrowing the employment gender gap by employing women in nearly 30% of management positions.
Link to impact report: https://www.trilincglobal.com/wp-content/uploads/2021/03/2021-03-31-TLGTLGA-2020-PDP-ASIR-v17-web.pdf
Disclaimer: The information contained above is as of the initial date of investment and may change over time. The investment highlighted has been selected to illustrate TriLinc’s investment approach and is not intended to represent performance, nor shown on the basis of performance or any performance-related criteria. The highlighted investment may or may not have been profitable. This is a speculative investment and, as such, involves a high degree of risk. There is no guarantee that future investments will be similar. Information on all of TriLinc's borrowers can be found at https://www.trilincglobal.com/impact/borrower-spotlights/ and upon request. Nothing contained above shall constitute a recommendation or endorsement to buy or sell any security or other financial instrument.
There is no guarantee that TriLinc’s investment strategy will be successful. Investment in a pooled investment vehicle involves significant risks including but not limited to: no secondary market; limitation on liquidity, transfer and redemption; distributions made may not come from income and, if so will reduce the returns, and are not guaranteed; TriLinc is dependent upon its advisor and investment partners to select investments and conduct operations. TriLinc is not suitable for all investors.
New foundry and machine lines are expected to generate 30% in energy savings
In December 2020, Greenbacker acquired Graphite Solar, its largest solar asset to date. Located in Carbon County, Utah, the sustainable infrastructure project has a solar capacity of 104 megawatts. It will be operational later this year, boosting local employment, supporting regional economies, and creating more reliable power grids. The investment-grade utility, PacifiCorp, will purchase the energy on behalf of Facebook, which has a goal of running 100% of its operations with renewable energy.
Projects support 2,800 jobs in renewable energy
Looking to invest $1 million or more? Ellevest’s Private Wealth Management team is here to help you reach your financial goals.
This sample Ellevest Private Wealth Management (“PWM”) Impact Report is provided for illustrative purposes only and does not represent the portfolio of any Ellevest client. It should not be assumed that an investment in the securities described was or will be profitable. Ellevest’s PWM services are provided to high and ultra high net worth individual investors, trusts, foundations and other institutional investors and there is a minimum investment amount for the Ellevest Intentional Impact Portfolios. The funds described in this report are impact investments that are made available to all Ellevest PWM clients (“non-accredited investors”) and were not chosen based on performance, however the investments mentioned may not be suitable for all clients.
The information contained herein (the “Information”) is being provided to you by Ellevest, Inc. (“Ellevest”), an SEC registered investment adviser. Registration with the SEC does not imply a certain level of skill or training.
*Custom blended benchmark calculated using the following components’ weights as of 6/30/21:30% ISHARES TR MSCI EAFE INDEX FD (EFA) 23% ISHARES RUSSELL 1000 VALUE ETF (IWD) 21% ISHARES RUSSELL 1000 GR IND (IWF) 10% ISHARES RUSSELL MID-CAP VALUE ETF (IWS) 7% ISHARES RUSSELL MID-CAP GROWTH ETF (IWP) 3% ISHARES RUSSELL 2000 VALUE ETF (IWN) 2% ISHARES RUSSELL 2000 GWT IDX FD (IWO)
The Information was obtained from third-party sources, which Ellevest believes to be reliable, but is not guaranteed for accuracy or completeness. The Information is current as of the date noted above and Ellevest does not undertake any obligation or responsibility to update or amend the Information provided.
The Information does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. The Information also does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it and should not be relied upon as financial or investment advice; before making an investment, recipients are advised to consult with their financial, legal and tax advisers to determine whether an investment such as this is suitable for them. No representation is being made that any investment will or is likely to achieve profits or losses now or in the future. Additionally, the impact data provided herein is based on unaudited data and reporting provided by unaffiliated third-parties of Ellevest. These statements are not guarantees of future performance, and undue reliance should not be placed on them.
The information contained herein (the “Information”) is being provided to you by Ellevest, Inc. (“Ellevest”), an SEC registered investment adviser. Registration with the SEC does not imply a certain level of skill or training. The Information is intended solely for the recipient for whom it was prepared and should not be copied, duplicated or distributed to third parties.
*Custom blended benchmark calculated using the following components’ weights as of 6/30/21:30% ISHARES TR MSCI EAFE INDEX FD (EFA) 23% ISHARES RUSSELL 1000 VALUE ETF (IWD) 21% ISHARES RUSSELL 1000 GR IND (IWF) 10% ISHARES RUSSELL MID-CAP VALUE ETF (IWS) 7% ISHARES RUSSELL MID-CAP GROWTH ETF (IWP) 3% ISHARES RUSSELL 2000 VALUE ETF (IWN) 2% ISHARES RUSSELL 2000 GWT IDX FD (IWO)
The Information was obtained from third-party sources, which Ellevest believes to be reliable, but is not guaranteed for accuracy or completeness. The Information is current as of the date noted above and Ellevest does not undertake any obligation or responsibility to update or amend the Information provided.
The Information does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. The Information also does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it and should not be relied upon as financial or investment advice; before making an investment, recipients are advised to consult with their financial, legal and tax advisers to determine whether an investment such as this is suitable for them. No representation is being made that any investment will or is likely to achieve profits or losses now or in the future. Additionally, the impact data provided herein is based on unaudited data and reporting provided by unaffiliated third-parties of Ellevest. These statements are not guarantees of future performance, and undue reliance should not be placed on them.
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