WELLSELEY, Mass.--(BUSINESS WIRE)--William Zink of PanAgora Asset Management, the Fund’s portfolio manager reported that The Fund, YTD thru September 2014, underperformed the S&P 500 Index by -0.16% prior to expenses. The Industrials, Energy, Consumer Discretionary and Health Care sectors were the four fund sectors that outperformed their corresponding benchmark sectors by more than 20 basis points for the period. In Industrials, over weights in Union Pac Corp, Southwest Airlines and Norfolk Southern and not owning GE explain most of the positive result. In Energy, an overweight to Williams Cos and not owning Exxon account for most of the excess return. In Consumer Discretionary not owning Amazon and overweights in Direct TV and Home Depot account for the positive results. In Health Care overweights to Allergan and Gilead Sciences and not owning Pfizer account for the bulk of the outperformance. The Financials, Information Technology and Materials sectors detracted from relative performance for the period. In the Financials not owning Berkshire Hathaway and Wells Fargo account for approximately half of the underperformance with the rest spread over multiple securities. Not owning Microsoft was the single largest detractor to performance in the Information Tech sector. In Materials underperformance was spread across multiple positions.
The Principled Equity Market Fund launched in December 1996 with the goal of generating growth of assets and comparable returns to the S&P 500 index by making prudent investments, but avoiding all investments that management believes are unacceptable to substantial constituencies of investors concerned with the ethical and/or social justice characteristics of their investments. Since the Fund’s inception, its advisors have screened and selected potential investments that are designed to mirror the performance of the returns of the S&P 500 index but whose products, services, and governance comply with our strict ethical, social, and environmental standards.
The Principled Equity Market Fund follows a Socially Responsible Investing approach – the full integration of Environmental, Social, and Governance (ESG) factors into investment analysis and decision making. By combining rigorous market analytics with equally rigorous ESG criteria it seeks to identify companies that:
- have the potential in concert to track the S&P 500 index
- embrace high standards of corporate responsibility
F.L. Putnam Investment Management Company (“Manager”), 20 William Street, Suite G40, Wellesley, MA 02481, serves as the Investment Advisor to the Fund. From the Fund’s inception, PanAgora Asset Management, Inc. (“PanAgora”) has served as the sub-investment adviser .
Spartan Securities Group Ltd, 15500 Roosevelt Blvd., St. Petersburg, Florida 33760 makes a market in the shares of beneficial interest which trade under the symbol PEQKL.