RJV Stock Fund for Congregational Investing
Invest in Jewish values
RPB’s Reform Jewish Values Stock Fund gives Reform Movement congregations the opportunity to invest their capital while working toward building a better world. As you may know, socially responsible investing (SRI) has become a widely utilized and often demanded investment approach. If you’re looking to diversify your congregation’s portfolio by including an SRI approach, consider the RJV Stock Fund.
While there are many SRI fund options, the RJV Stock Fund is the only one created by the Reform Movement to align with our specific values. We built the fund in partnership with Aperio Group—a research-based investment management firm and pioneer in designing custom portfolios, including SRI funds.
The RJV Stock Fund is a globally diversified fund that invests in the stocks of large- and mid-cap companies located throughout all major regions of the world, including the United States. It’s a passive fund that tracks the MSCI All Country World Index, and its fee is among the lowest of commercially available SRI mutual funds.1
- The RJV Stock Fund fee is among the lowest of ESG strategies managed in separate account vehicles, based on eVestment data of 73 managed ESG separately managed accounts.
RJV Stock Fund at a glance
Investment Objective | Long-term principal growth while reflecting Reform Jewish values priorities |
|---|---|
Asset Allocation | A mix of stocks of large- and mid-capitalization companies located throughout all major regions of the world (all global developed and emerging markets) |
Who should consider investing? | Reform Movement congregations who want to make a social impact with their investments and have the ability to tolerate short- to medium-term fluctuations in principal due to adverse economic conditions |
Fee2 | 0.11%3 |
- The investment management fee is a blended rate based on the fund’s total pool of assets: 0.15% for the first $10 million in assets and 0.10% for assets over $10 million. For example, if the fund value is $20 million, the annualized fee is 0.125%. Participants also pay an RPB Administration Fee (0.18%) as well as a Custody, Recordkeeping, and Investment Consulting Fee (approximately 0.04%) which fluctuates slightly over time and is passed onto participants at cost.
- Check the RJV Stock Fund fact sheet for the most recent fee.
RPB is committed to investing according to our Jewish values.
Our Jewish Values Investing Policy states how we integrate consideration of Jewish values into our entire investment selection process, while maintaining our paramount focus of fiduciary obligation as a pension fund.
Alignment of investments with values
The RJV Stock Fund’s holdings are guided by the resolutions of the Reform Movement.
The fund uses the following investment screens to incorporate the Reform Movement's environmental, social, and governance (ESG) priorities into the portfolio:
We avoid companies based on:
- Issue: Predatory lending, civilian firearms, landmines and cluster munitions, and private prisons
- Industry: Tobacco and coal & consumable fuels
- Geography: Companies that conduct business with the Sudanese government, based on the principles outlined by the Sudan Divestment Task Force
We place greater emphasis on companies with:
- Better-performing environmental, social, and corporate governance practices
- Practices or businesses that have a positive impact on the environment
- Business ties to Israel
In addition to investment screens, we actively participate in shareholder proxy votes through Institutional Shareholder Services, a leader in SRI proxy voting. We also can join shareholder initiatives that promote change in corporate practices related to ESG issues through Aperio Group’s relationship with As You Sow.
Fund performance
The RJV Stock Fund is an index fund that tracks its benchmark, the MSCI ACWI, 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.
Tracking error
To achieve the alignment with Reform Jewish values, the RJV Stock Fund’s holdings may differ from its benchmark.
Performance
To view the RJV Stock Fund’s most up-to-date performance information and other details, please view the fund fact sheet.
RJV Stock Fund’s ESG profile vs. its benchmark4
- as of February 1, 2019
- The weighted-average RPB Social Score is specific to the MSCI ACWI
- Israel is a small percentage of the MSCI ACWI’s investable equity opportunity set.
What are you for? What are you trying to promote? How do you encourage investments, whether it’s in Israel, or in companies in the U.S., or in other investments that will proactively help you realize your vision for a more just world.
- Jonah Pesner, Director, Religious Action Center of Reform Judaism
Fund construction methodology
In partnership with Aperio Group, we created a values-aligned portfolio that reflects Reform Movement values using the following methodology:
RPB’s Values Task Force (with representatives from RPB, CCAR, URJ, and CSA) and Aperio interpreted and aligned CCAR, URJ, and CSA resolutions with currently available ESG criteria to create a values policy statement for RPB called a Social Profile.
Based on RPB’s Social Profile, we identified a desired Social Score for the fund that was better than the benchmark’s score and also met our financial risk requirements. The Social Score provides a basis for comparing our values-aligned portfolio to its benchmark, the MSCI ACWI.
Aperio used their proprietary model, along with our Social Profile and target Social Score, to select the fund’s securities and determine their relative weightings in the portfolio.
RPB’s Investment Committee reviewed the portfolio and financial risk metrics, and our board adopted the fund.
Because the fund may be impacted when additional resolutions are passed, the Investment Committee will continue to evaluate the fund and make changes to the screens and tilts as necessary.
Getting started
Any URJ-affiliated congregation can invest in the RJV Stock Fund. Talk to Michael Kimmel to learn more.
When you’re ready to get started, we’ve made it simple to open an investment account:
- Complete the Investment Account Agreement.
- Return the form, your initial investment, and documentation to RPB.
RPB requires a copy of a board resolution authorizing signers on the account along with the completed and signed form.
Your initial investment can be made by check or wire transfer. Contact Vanessa Stevens for wire instructions. Please note that the minimum initial investment is $18,000.
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