For plan participants who want to align their retirement investments with their Jewish values, we offer the Tier 2 Reform Jewish Values (RJV) Fund. This is our strongest vehicle for putting your investment dollars to work toward building a better world.

Review the RJV Fund brochure.

Overview

The RJV Fund–a globally diversified stock fund–is a groundbreaking demonstration of RPB’s Jewish Values Investing Policy. The fund’s holdings are guided by the resolutions of the:

  • Central Conference of American Rabbis (CCAR)
  • Union for Reform Judaism (URJ)
  • Commission on Social Action of Reform Judaism (CSA)

To create the fund, RPB partnered with Aperio Group, a pioneer in designing custom portfolios, including socially responsible investing (SRI) funds.

The fund uses investment screening–the process of selecting companies to invest in based on certain criteria–to incorporate the following environmental, social, and governance, or ESG, priorities of the Reform Movement into the portfolio:

Exclusions Positive Tilts
  • Tobacco
  • Companies operating in Sudan
  • Predatory lending
  • Civilian firearms
  • Landmines & cluster munitions
  • Coal & consumable fuels
  • Board accountability
  • Human rights
  • Reproductive rights
  • Labor
  • Diversity
  • Sexual orientation
  • Stem cell research
  • Environment & climate change
  • Clean technology & low carbon footprint
  • Support for Israel

Performance

The RJV Fund’s performance is measured against its benchmark, the MSCI ACWI (All Country World Index), a global index that captures large- and mid-cap stocks across 23 developed markets and 24 emerging markets. The index represents approximately 85% of the global equity investment opportunity set.

To achieve the alignment with Reform Jewish values, the RJV Fund’s holdings may differ from its benchmark. As such, returns are expected to be within plus or minus 2.16%* approximately 90% of the time.

For more information, see the RJV Fund Fact Sheet.

*As of inception of the fund and may vary slightly over time.

Portfolio

Investment Objective: Long-term principal growth

The Reform Jewish Values Fund seeks growth through investing in stocks of large- and mid-capitalization companies located throughout all major regions of the world (i.e. developed and emerging markets including the United States). It uses strategies that reduce or eliminate companies whose business practices don’t adhere to the ESG principles in the URJ/CCAR/CSA resolutions, and tilt toward companies with better-performing ESG practices and exposure to Israel.

Creating the RJV Fund:

Representatives from RPB, CCAR, URJ, CSA and Aperio Group mapped Reform Jewish values to environmental, social, and governance (ESG) factors to create an RPB values policy statement called a Social Profile and a target Social Score for the fund. Aperio used their proprietary model along with our Social Profile to select the fund’s holdings and determine their relative weighting in the portfolio. Companies considered to be “better” on our ESG priorities receive higher scores and are overweighted in the portfolio. Those considered “worse” were given lower scores and are underweighted or eliminated.

Want to read more? Download our brochure and watch our introductory webinar.

Characteristics of the Portfolio:

MCSI ACWI RJV Fund
No. of Holdings 2,490 250
Beta (volatility) 1.00 1.00
Tracking Error 0.00 1.08
Social Score* ~ 30% higher
Israel Exposure Score** 2x higher
Clean Technology Solutions Exposure 3x higher
Carbon Footprint 80% lower

Aperio updates its database annually and rebalances its SRI portfolios quarterly to ensure that they continue to achieve the targeted Social Scores. RPB will review and incorporate new Reform Movement resolutions annually.

*The weighted-average RPB Social Score is specific to the MSCI ACWI and may adjust slightly per comparison index.

**Israel is a small percentage of the MSCI ACWI’s investable equity opportunity set.

Fee & Fact Sheet

Fee: 0.15%

Click below to download the RJV Fund Fact Sheet.

Video


Webinar
Watch our webinar introducing the RJV Fund:


D’var Torah
Read a D’var Torah by Rabbi Howard Shapiro, Vice Chair of RPB’s Board of Trustees and Chair of the RPB Values Task Force, on the introduction of the Reform Jewish Values Fund.

You can also read a printer-friendly version here.