Quarterly Update International Equity - Boston Common Assetnews.bostoncommonasset.com/wp-content/uploads/2019/07/... · 2019-07-22 · Past performance does not guarantee future results

Web: www.bostoncommonasset.com Email: [email protected]

SAN FRANCISCO 225 Bush Street, Suite 1825 San Francisco, CA 94104 Tel: (415) 757-5760

BOSTON – MAIN OFFICE 200 State Street, 7th Floor Boston, MA 02109 Tel: (617) 720-5557

Dedicated to the Pursuit of Financial Return and Social Change

Quarterly Update

International Equity As of June 30, 2019

Boston Common Asset Management

2

ESG Leadership

• Rated A+ by UN PRI for 4 consecutive years (2015 – 2018)**

• Among Top 5 Lead Investors by Engagements (PRI data)***

Investment Expertise • Seasoned team, with average investment experience

of 24 years • Global background, 11 CFAs

Who We Are

• Boutique global equity manager dedicated to integrated ESG impact investing since 2003

• Women-led, majority employee-owned • Responsible practices: Certified B Corporation, Real

Impact Tracker Certified Community

• Approximately $2.7 billion in assets under management*

*As of 6/30/2019, including sub-advised assets. **Principles for Responsible Investment Assessment Reports demonstrate how a signatory has progressed year-on-year and relative to peers. The PRI did not publish assessment reports publicly from 2015-2018. PRI signatories may share their reports, per PRI guidelines. For more information, see: https://www.unpri.org/annual-report-2018. ***“Coordinated Engagements” by Elroy Dimson , Oğuzhan Karakaş and Xi Li, 24 December 2018.

A A

Diversity at Boston Common

UN PRI Assessment: Strategy and Governance**

Organizational Chart

Relationship Mgmt/Marketing Financial Research ESG Research/Engagement Operations/Administration

Lauren Compere Director of Shareowner Engagement

Constantina Bichta, Ph.D. ESG Research/Shareowner Engagement

Steven Heim Director of ESG Research

Geeta Aiyer, CFA President/Founder

Praveen Abichandani, CFA Research / Portfolio Management

Energy, Industrials

Corné Biemans Research / Portfolio Management

Financials, Real Estate

Abbott Lawrence, CFA Securities Research

Consumer Discretionary, Materials

Margien Tolson, CFA Research/Portfolio Implementation

Matt Zalosh, CFA CIO, International Strategies

Healthcare

Carol Malnick Client Relations / Business Development

Client Portfolio Management

Nancy Spady, CFA Managing Director

Investment Generalist

Andrew Thompson, CFP® Client Relations

Matthew Meade, CFA Investment Research

Kristin Jenko Client Relations / Communications

Lisa Hayles Business Development / ESG Specialist

Kristina Eisnor Chief Compliance Officer

Marykelly Smith Controller

Emmanuel Sabiiti, CFA, CFP® Head Trader / Securities Research

Fixed Income

Sonela Panajoti Operations Manager

Investment Research

KEY: Management Team

Integrated ESG Investment Team

Jillian Woods Compliance

Marlon Gerra, CFA Quantitative/Securities Research, Utilities

Ashley Lyon Client Relations / Business Development

Kevin Hart Client Relations

Hyewon Han ESG Research Analyst

Kyle Parker Director of Operations

Shushih Tseng Senior Accountant

Lei Ge, CFA Securities Research

Technology

Tara Kenney Business Development

3

Colin Mew Client Relations

Liz Su, CFA Research / Portfolio Management

Consumer Staples, Industrials

Investment Team Education BCAM/Total1 Former Affiliations Int'l Experience2Geeta Aiyer, CFA

President/Portfolio Management

Matt Zalosh, CFA M.A. Johns Hopkins SAIS (2003) Dodge & CoxPortfolio Management/Securities Research B.A. Colby College (1995) State Street Research & Mgmt Co.

Praveen Abichandani, CFA M.B.A. University of Texas at Austin (1990) GermanySecurities Research/Portfolio Management B.S. Osmania University, India (1988) Japan

Margien Tolson, CFA M.B.A. University of San Francisco (1990)Securities Research/Portfolio Implementation B.A. University of Pennsylvania (1981)

Corné Biemans M.S. Tilburg University, Netherlands (1989) BNP Paribas Investment Partners / Fortis Investments NetherlandsSecurities Research/Portfolio Management B.S. Tilburg University, Netherlands (1987) Rabobank Finland

Abbott Lawrence, CFA M.B.A. Northwestern University (2001)Securities Research B.A. Harvard University (1993)

Marlon Gerra, CFA UBS Investment BankQuantitative/Securities Research Deloitte and Touche, LLP

Liz Su, CFA Batterymarch Financial Management; Standish MellonPortfolio Management/Securities Research Asset Management; Deutsche Asset Management

Lei Ge, CFA BNP Paribas Investment Partners / Fortis Investments China, JapanSecurities Research Zhejang Bohong Investment Consulting Hong Kong

Emmanuel Sabiiti, CFA, CFP®Securities Research

Matt Meade, CFASecurities Research

ESG Team Education BCAM/Total1 Former Affiliations Int'l Experience2Steven Heim Walden Asset Management; Rural VermontESG Research/Shareowner Engagement Good Money Publications

Lauren Compere M.S. Southern New Hampshire University (1995) Walden Asset Management; Social Investment ForumShareowner Engagement B.A. University of Vermont (1989)

Constantina Bichta, PhD PhD. University of Bath, U.K. (2000) Institute of Social and Ethical Accountabil ity GreeceESG Research M.A. University of Bath, U.K. (1995) Global Reporting Initiative UK

Hyewon HanESG Research

B.A Middlebury College (2007) 7/7 Peace Corps Costa Rica, Italy

B.S. Massachusetts Institute of Technology (1997) 16/30

16/30

10/17

B.A. Boston College (2018)

Past performance does not guarantee future results. All investments involve risk, including the risk of losing principal. The All Account International Equity Composite includes all discretionary, fee-paying equity accounts managed by Boston Common Asset Management in its International Equity strategy that bear explicit commission costs, regardless of tax status, and that are not publicly traded. As of January 1, 2011, the All Account International Equity composite was redefined to exclude publicly traded instruments due to their increased liquidity requirements and expense structure. The All Account International Equity Composite includes only equity accounts with assets greater than $100,000. The Morgan Stanley Capital International (Net) Europe, Australasia and Far East Index is a free-float adjusted market capitalization index that is designed to measure equity performance in developed markets as determined by MSCI, excluding the U.S. and Canada. The Index’s performance results are presented net of estimated foreign withholding taxes on dividends, interest and capital gains. The withholding tax rates are applicable to Luxembourg holding companies. The Index is unmanaged and does not incur management fees, transaction costs, or other expenses. The composition of this portfolio is different from the composition of the Index because of differences in sector and industry exposure, risk, volatility, and holdings.

Boston Common Asset Management International Equity Composite, All Accounts (as of June 30, 2019)

5

Total (Gross)

Total (Net) MSCI EAFE

1Yr 0.3% -0.3% 1.1% 3Yr 9.9% 9.2% 9.1% 5Yr 3.5% 2.8% 2.2% 7Yr 7.4% 6.7% 7.3% 10Yr 7.5% 6.8% 6.9% Inception 6.2% 5.5% 4.5% Inception: 12/31/2004. Periods greater than one year annualized.

Returns for Select Periods (Annualized) Returns for Select Periods (Cumulative)

Total (Gross)

Total (Net) MSCI EAFE

1Yr 0.3% -0.3% 1.1% 3Yr 32.6% 30.1% 29.9% 5Yr 18.5% 14.7% 11.8% 7Yr 65.2% 57.9% 63.8% 10Yr 105.7% 93.0% 94.9% Inception 137.9% 117.2% 90.0% Inception: 12/31/2004. Periods greater than one year cumulative.

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

1Yr 3Yr 5Yr 7Yr 10Yr Inception

Total (Gross) Total (Net) MSCI EAFE

Returns for Select Periods (Annualized)

Total (Gross)

Total (Net)

MSCI EAFE

Total (Gross)

Less EAFE

Total (Net)

Less EAFE

2009 31.8% 31.0% 31.8% +0.0% -0.8%

2010 9.3% 8.6% 7.8% +1.5% +0.8%

2011 -10.7% -11.2% -12.1% +1.4% +0.9%

2012 15.4% 14.6% 17.3% -1.9% -2.7%

2013 22.6% 21.8% 22.8% -0.2% -1.0%

2014 -5.2% -5.9% -4.9% -0.3% -1.0%

2015 -0.9% -1.5% -0.8% -0.1% -0.7%

2016 0.5% -0.2% 1.0% -0.5% -1.2%

2017 28.5% 27.7% 25.0% +3.5% +2.7%

2018 -13.0% -13.5% -13.8% +0.8% +0.3%

2019 14.4% 14.1% 14.0% +0.4% +0.1%

Yearly Return History – 12/31/2008 – 6/30/2019

Market and Portfolio Highlights Second Quarter 2019 – International

6

Past performance does not guarantee future results. All investments involve risk, including the risk of losing principal. The Morgan Stanley Capital International (Net) Europe, Australasia and Far East Index is a free-float adjusted market capitalization index that is designed to measure equity performance in developed markets as determined by MSCI, excluding the U.S. and Canada. The Index’s performance results are presented net of estimated foreign withholding taxes on dividends, interest and capital gains. The withholding tax rates are applicable to Luxembourg holding companies. The Index is unmanaged and does not incur management fees, transaction costs, or other expenses. The composition of this portfolio is different from the composition of the Index because of differences in sector and industry exposure, risk, volatility, and holdings.

• The MSCI EAFE Index returned +3.7% in Dollar terms, as easing central bank policy and trade war progress helped lift investor sentiment. Looser monetary policy in the US boosted the Yen (+2.7%) and the Euro (+1.4%), while the UK Pound (-2.3%) declined on continued Brexit uncertainty.

• In the Eurozone, factory output is contracting while service activity continues to accelerate. The UK Conservative party began looking for a successor to Prime Minister May. Presidents Trump and Xi met at the G20 summit and agreed to a temporary truce.

• Technology was the best-performing sector thanks to progress towards a trade settlement. Defensive sectors lagged the Index: Consumer Staples and Utilities. Switzerland was the best-performing country, while the UK market underperformed along with its depreciating currency.

• Boston Common’s International Equity strategy returned +4.3%. Stock selection in Industrials was the primary contributor, while Communication Services also helped relative returns. Deteriorating supply-demand dynamics pressured holdings in Materials. The UK was the largest regional contributor while Europe ex. UK weighed on performance.

International Equity Sector Attribution Model Portfolio – Second Quarter 2019

7

This presentation shows performance attribution for the model international equity account managed in the Boston Common International Equity strategy. It is not composite-level attribution. The account’s performance, and the performance and weights of each of its sectors, were calculated monthly using the modified Dietz method in Advent APX. Returns are presented in US Dollars net of transactions costs. Interest and dividends are accrued. Past performance is no guarantee of future results. With any investment, there is a risk of profit or loss, including loss of principal. The attribution was calculated using the portfolio’s monthly sector weights and sector returns, and those of the MSCI EAFE. Because the portfolio experiences intra-month trading among sectors, the monthly attribution is an approximation only, and is subject to loss in precision over time. Average sector weights over the analysis period are included for informational purposes, but were not used in constructing the attribution analysis. The analysis is based on time-weighted monthly data, which is not subject to the larger precision loss of quarterly averages. The “Allocation Effect” measures how much of the portfolio’s relative performance is attributable to sector allocation decisions. The “Allocation Effect” is measured first by constructing the performance of a portfolio that uses the International Equity beginning-of-month sector allocation but buys MSCI EAFE sector portfolios instead of the International Equity strategy’s stocks. The “Allocation Effect” compares the performance of this theoretical portfolio to the performance of the MSCI EAFE. The “Selection Effect” measures how much of the portfolio’s relative performance is attributable to stock selection. The “Selection Effect” is measured first by constructing the performance of a portfolio that replicates the International Equity stock selection decisions, but maintains the sector allocation of the MSCI EAFE. The “Selection Effect” compares the performance of this theoretical portfolio to the performance of the MSCI EAFE. The “Total Effect” is the sum of the “Allocation Effect” and “Selection Effect” and represents the total relative performance of the portfolio. Supplemental Information: See full composite and benchmark disclosures in Appendix.

Gross of Fees Model Portfolio MSCI EAFE Difference Attribution Effects

Industry Sector Avg Wgt Return Contrib Avg Wgt Return Contrib Avg Wgt Return Contrib Alloc Select Total Utilities 3.24 8.63 0.29 3.65 1.49 0.05 -0.42 7.15 0.23 0.01 0.23 0.24 Financials 19.11 6.12 1.16 19.09 4.28 0.80 0.02 1.84 0.36 0.01 0.35 0.36 Real Estate 3.21 -1.83 -0.06 3.75 -2.17 -0.09 -0.54 0.34 0.02 0.01 0.01 0.02 Consumer Staples 10.17 1.99 0.20 11.80 1.91 0.23 -1.64 0.08 -0.03 0.03 0.01 0.04 Consumer Discretionary 8.20 -1.95 -0.17 11.05 5.90 0.64 -2.85 -7.85 -0.80 -0.05 -0.66 -0.71 Communication Services 5.66 13.96 0.76 5.46 4.03 0.22 0.19 9.93 0.54 -0.02 0.53 0.51 Industrials 13.75 14.42 1.88 14.57 5.88 0.86 -0.82 8.54 1.02 -0.02 1.14 1.12 Materials 7.77 -6.12 -0.50 7.37 3.90 0.29 0.40 -10.03 -0.79 -0.01 -0.82 -0.84 Technology 9.28 2.82 0.24 6.50 6.56 0.43 2.78 -3.74 -0.18 0.07 -0.33 -0.26 Healthcare 14.37 4.77 0.75 11.01 2.03 0.24 3.36 2.73 0.51 0.00 0.39 0.40 Energy 2.46 -7.18 -0.19 5.74 0.37 0.02 -3.28 -7.55 -0.20 0.10 -0.20 -0.10 Cash & Equivalents 2.79 0.49 0.01 0.00 0.00 0.00 2.79 0.49 0.01 -0.12 0.01 -0.10 Total 100.00 4.37 4.37 100.00 3.68 3.68 0.00 0.69 0.69 0.03 0.65 0.69

-1 -0.5 0 0.5 1 1.5

Cash & EquivalentsEnergy

HealthcareTechnology

MaterialsIndustrials

Communication ServicesConsumer Discretionary

Consumer StaplesReal Estate

FinancialsUtilities

Allocation Effect

-1 -0.5 0 0.5 1 1.5

Selection Effect

-1 -0.5 0 0.5 1 1.5

Total Effect

International Equity Regional Attribution Model Portfolio – Second Quarter 2019

8

This presentation shows performance attribution for the model international equity account managed in the Boston Common International Equity strategy. It is not composite-level attribution. The account’s performance, and the performance and weights of each of its regions, were calculated monthly using the modified Dietz method in Advent APX. Returns are presented in US Dollars net of transactions costs. Interest and dividends are accrued. Past performance is no guarantee of future results. With any investment, there is a risk of profit or loss, including loss of principal. The attribution was calculated using the portfolio’s monthly regional weights and regional returns, and those of the MSCI EAFE. Because the portfolio experiences intra-month trading among regions, the monthly attribution is an approximation only, and is subject to loss in precision over time. Average regional weights over the analysis period are included for informational purposes, but were not used in constructing the attribution analysis. The analysis is based on time-weighted monthly data, which is not subject to the larger precision loss of quarterly averages. The “Allocation Effect” measures how much of the portfolio’s relative performance is attributable to regional allocation decisions. The “Allocation Effect” is measured first by constructing the performance of a portfolio that uses the International Equity beginning-of-month regional allocation but buys MSCI EAFE region portfolios instead of the International Equity strategy’s stocks. The “Allocation Effect” compares the performance of this theoretical portfolio to the performance of the MSCI EAFE. The “Selection Effect” measures how much of the portfolio’s relative performance is attributable to stock selection. The “Selection Effect” is measured first by constructing the performance of a portfolio that replicates the International Equity stock selection decisions, but maintains the regional allocation of the MSCI EAFE. The “Selection Effect” compares the performance of this theoretical portfolio to the performance of the MSCI EAFE. The “Total Effect” is the sum of the “Allocation Effect” and “Selection Effect” and represents the total relative performance of the portfolio. Supplemental Information: See full composite and benchmark disclosures in Appendix.

Gross of Fees Model Portfolio MSCI EAFE Difference Attribution Effects

Region Set Avg Wgt Return Contrib Avg Wgt Return Contrib Avg Wgt Return Contrib Alloc Select Total United Kingdom 10.71 8.78 0.93 16.99 0.91 0.16 -6.28 7.86 0.77 0.18 0.84 1.02 Developed Europe ex UK 53.02 3.88 2.11 46.45 5.70 2.62 6.57 -1.82 -0.52 0.15 -0.96 -0.81 Japan 20.72 5.17 1.00 23.93 1.02 0.25 -3.21 4.15 0.76 0.10 0.86 0.96 Asia-Pacific ex Japan 6.24 5.77 0.41 12.63 5.14 0.65 -6.39 0.63 -0.24 -0.09 0.05 -0.04 Emerging Markets 6.53 -1.66 -0.09 0.00 0.00 0.00 6.53 -1.66 -0.09 -0.21 -0.14 -0.35 Cash & Cash Equivalents 2.79 0.49 0.01 0.00 0.00 0.00 2.79 0.49 0.01 -0.11 0.01 -0.10 Total 100.00 4.37 4.37 100.00 3.68 3.68 0.00 0.69 0.69 0.01 0.67 0.69

-1 -0.5 0 0.5 1 1.5

Cash & Cash Equivalents

Emerging Markets

Asia-Pacific ex Japan

Japan

Developed Europe ex UK

United Kingdom

Allocation Effect

-1 -0.5 0 0.5 1 1.5

Selection Effect

-1 -0.5 0 0.5 1 1.5

Total Effect

International Ten Best & Worst Performers Model Portfolio (Portfolio-Weighted Basis) – Second Quarter 2019

9

The information in this document should not be considered a recommendation to buy or sell any security. There is no assurance that any securities discussed in this report will remain in an account’s portfolio at the time you receive this document. The securities discussed do not represent an account’s entire portfolio and may represent only a small portion of an account’s holdings. It should not be assumed that any securities transactions we discuss were or will prove to be profitable. Past performance does not guarantee future results. All investments involve risk, including the risk of losing principal.

Contributors Relative

Contribution Company Name Avg. Weight Return Sector Country NINTENDO COMPANY LTD 1.4% 28.9% 0.30% Communication Services Japan SAP 1.9% 20.1% 0.29% Technology Germany SPIRAX-SARCO ENG 1.4% 25.7% 0.29% Industrials United Kingdom SCHNEIDER ELECTRIC SE 1.9% 18.8% 0.27% Industrials France STANDARD CHARTERED 2.0% 17.9% 0.25% Financials United Kingdom FERGUSON 2.8% 13.0% 0.24% Industrials United Kingdom HOYA CORP 2.2% 15.9% 0.24% Healthcare Japan KION GROUP 1.5% 22.4% 0.20% Industrials Germany ORSTED 1.8% 14.2% 0.19% Utilities Denmark ALCON INC 0.5% 68.4% 0.18% Healthcare Switzerland

2.44%

Detractors Relative

Contribution Company Name Avg. Weight Return Sector Country UMICORE 1.4% -27.0% -0.53% Materials Belgium SOCIEDAD QUIMICA MINERA DE CHILE 1.0% -18.1% -0.23% Materials Chile NOKIA OYJ 1.3% -12.3% -0.21% Technology Finland SHIMANO INC 1.8% -8.1% -0.21% Consumer Discretionary Japan EQUINOR ASA 1.4% -8.9% -0.18% Energy Norway SVENSKA HANDELSBANKEN 1.5% -7.1% -0.17% Financials Sweden VONOVIA SE 1.8% -5.1% -0.16% Real Estate Germany ALIBABA GROUP HOLDINGS 1.7% -7.0% -0.15% Consumer Discretionary China NOVO NORDISK 2.4% -2.6% -0.15% Healthcare Denmark ING GROEP 2.9% -1.0% -0.13% Financials Netherlands

-2.11%

10

The information contained in this report is subject to change. We urge you to compare the information in this report with statements and notices you receive from your custodian. The information in this document should not be considered a recommendation to buy or sell any security. There is no assurance that any securities discussed in this report will remain in an account’s portfolio at the time you receive this document. The securities discussed do not represent an account’s entire portfolio and may represent only a small portion of an account’s holdings. It should not be assumed that any securities transactions we discuss were or will prove to be profitable. Past performance does not guarantee future results. All investments involve risk, including the risk of losing principal.

Portfolio Activity International Equity Model Portfolio – Second Quarter 2019

TRIMS

ADDS

Weight Changes by Sector Europe ex. UK & Asia-Pacific ex. Japan

UK & Japan

Weight Changes by Region Communication Services & Healthcare

Materials & Industrials

NEW POSITIONS

• Attractive valuations and stable businesses: SingTel, Kao, Vonovia, Red Electrica

• Chinese companies with appealing long-term prospects: Alibaba, Hang Lung

Europe/Healthcare: Alcon – newly independent eye care company with opportunity for margin expansion

Europe/Healthcare: bioMerieux – leader in molecular tests for anti-microbial resistance, a significant global health problem

• Weakening outlook: Novozymes, Reckitt Benckiser

• Outperforming Japanese cyclical holdings: Shimano, Shiseido, Hoya

Japan/Industrials: Kubota – poor execution and deteriorating US agricultural end market

CLOSED POSITIONS

Economic Outlook & Portfolio Strategy Second Quarter 2019 – International

11

• The Eurozone economy is benefitting from a solid labor market, improving wage growth, and easing credit conditions, while fiscal stimulus could boost demand. Geopolitical instability is depressing the manufacturing sector, but valuations look attractive at least partially discounting key risks. We are overweight Europe ex. UK with emphasis on environmental solutions and sustainable businesses. We remain underweight the UK given ongoing Brexit uncertainty.

• Japan’s improving governance practices are encouraging, and modernizing capital allocation should benefit shareholder returns. The country’s demographic challenges remain a powerful disinflationary force. We are underweight the market, having found relatively few domestic stocks with attractive growth profiles relative to valuation.

• Prospects for Asia Pacific & Emerging Markets are closely tied to trade tensions. A Sino-US deal seems likely, as the dispute has had broad negative consequences. Chinese policymakers are easing monetary policy and using tax cuts to boost the economy as it shifts from industrial production and construction to consumption and services. Our portfolios are positioned to benefit from this transition, with an overweight of emerging Asian consumer and financial stocks and an underweight of the commodity-oriented Australian market.

Present Positioning Model Portfolio – International Equity (as of June 30, 2019)

12

Past performance does not guarantee future results. All investments involve risk, including the risk of losing principal. The Morgan Stanley Capital International (Net) Europe, Australasia and Far East Index is a free-float adjusted market capitalization index that is designed to measure equity performance in developed markets as determined by MSCI, excluding the U.S. and Canada. The Index’s performance results are presented net of estimated foreign withholding taxes on dividends, interest and capital gains. The withholding tax rates are applicable to Luxembourg holding companies. The Index is unmanaged and does not incur management fees, transaction costs, or other expenses. The composition of this portfolio is different from the composition of the Index because of differences in sector and industry exposure, risk, volatility, and holdings. Supplemental Information: See full composite and benchmark disclosures in Appendix.

*As % of equities

Equity Portfolio Sectors*

3.6%

6.7%

3.6%

7.4%

14.8%

11.2%

18.9%

5.6%

11.7%

11.1%

5.4%

3.4%

9.5%

3.7%

7.6%

13.6%

15.7%

19.3%

2.3%

10.3%

8.2%

6.3%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Utilities

Technology

Real Estate

Materials

Industrials

Healthcare

Financials

Energy

Consumer Staples

Consumer Discretionary

Communication Services

Portfolio

MSCI EAFE

Equity Portfolio Regions*

0.0%

12.7%

23.7%

46.9%

16.8%

6.7%

7.1%

20.5%

55.5%

10.3%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

Emerging Markets

Developed Asia-Pacific x Japan

Japan

Developed Europe x UK

United Kingdom

Emerging Market Exposure Country Weight Chile 1.0% China 1.9% Indonesia 1.4% South Africa 1.4% Taiwan 1.0%

Portfolio Characteristics Model Portfolio – International Equity (as of June 30, 2019)

13

The information contained in this report is subject to change. We urge you to compare the information in this report with statements and notices you receive from your custodian. The information in this document should not be considered a recommendation to buy or sell any security. There is no assurance that any securities discussed in this report will remain in an account’s portfolio at the time you receive this document. The securities discussed do not represent an account’s entire portfolio and may represent only a small portion of an account’s holdings. It should not be assumed that any securities transactions we discuss were or will prove to be profitable. Past performance does not guarantee future results. All investments involve risk, including the risk of losing principal. The Morgan Stanley Capital International (Net) Europe, Australasia and Far East Index is a free-float adjusted market capitalization index that is designed to measure equity performance in developed markets as determined by MSCI, excluding the U.S. and Canada. The Index’s performance results are presented net of estimated foreign withholding taxes on dividends, interest and capital gains. The withholding tax rates are applicable to Luxembourg holding companies. The Index is unmanaged and does not incur management fees, transaction costs, or other expenses. The composition of this portfolio is different from the composition of the Index because of differences in sector and industry exposure, risk, volatility, and holdings.

Top 10 Equity Holdings* Market Cap Distributions

Range Weight 0-2B 0.8% 2-10B 14.2% 10-50B 51.4% 50B+ 33.6% Total 100.0%

# Holdings 60 Smallest Cap 995 Median Cap 36,407 Largest Cap 441,175

Name % Weight Sector Name ROCHE HLDGS 3.5% Healthcare ORIX CORPORATION 3.1% Financials FERGUSON 2.9% Industrials UNILEVER 2.9% Consumer Staples ING GROEP 2.9% Financials NOVARTIS 2.7% Healthcare DAIKIN INDUSTRIES LTD 2.6% Industrials NOVO NORDISK 2.5% Healthcare SAP 2.2% Technology SCHNEIDER ELECTRIC SE 2.1% Industrials Total 27.3%

Equity Portfolio Characteristics Valuation Portfolio MSCI EAFE Price/EPS (NTM) 15.2 13.6 Price/Book 2.0 1.6 Price/Sales 1.8 1.2 Dividend Yield 2.7% 3.2% Growth 5yr EPS Growth 8.5% 8.5% 5yr Sales Growth 3.0% 1.5% Risk Beta 1.02 1.00 Wtd Market Cap. 65,398 66,854 LT Debt to Cap. 28.8% 32.0% Source: Bloomberg & Factset *As % of equities

Regional Market Valuation International (as of June 30, 2019)

14 The MSCI Europe ex UK Index captures large and mid-cap representation across the developed market countries in Europe, excluding the United Kingdom. The Morgan Stanley Capital International (Net) Japan Index captures large and mid-cap segments of the Japanese market. The Morgan Stanley Capital International (Net) Emerging Markets Index captures large and mid-cap representation across the emerging market countries, as defined by Morgan Stanley.

Source: Bloomberg Key Acronyms: LTM: Last-Twelve Months; EPS: Earnings per share lhs: Left-hand side; rhs: Right-hand side

• European earnings growth should accelerate with signs of recovery.

• Trading at 17x trailing earnings (in line with long-term median), valuation looks reasonable.

• Japanese earnings have declined from recent highs, driven by exporters affected by China’s slowdown.

• The Japanese market looks inexpensive, trading at 13x earnings (long-term median is 18x).

• Emerging Markets earnings have rolled over after rebounding nearly 30% from 2016 lows.

• Emerging Markets valuation at 13x earnings, in line with long-term median, masks stark contrasts among countries and industries.

Americas 39%

Europe 36%

Asia/Pacific 22%

Africa/ Middle East

3%

Sales by Region - FY2018

Company Profile

The information in this document should not be considered a recommendation to buy or sell any security. There is no assurance that any securities discussed in this report will remain in an account’s portfolio at the time you receive this document. It should not be assumed that any securities transactions we discuss were or will prove to be profitable. Past performance does not guarantee future results. All investments involve risk, including the risk of losing principal. The Sustainable Development Goals were adopted by the Member States of the United Nations by resolution A/RES/70/1 of the General Assembly of 25 September 2015.

Portfolio Company Spotlight Air Liquide (AI-FP) 123.05 EUR (as of June 30, 2019)

15

Source: Factset

50%

44.1% 17.0%

8.1%

1.7%

1.9%

Sales by Business Segment - FY2018

Large IndustriesIndustrial MerchantHealthcareElectronicsEngineering & ConstructionGlobal Markets & Technologies

Valuation Highlights

Current 5 Yr. Average Market Capitalization ($Millions) 60,065

EV/EBITDA 12.6 11.7

Next 12 Months Price/Earnings 21.3 19.4

Price/Book Value 3.0 2.9

Dividend Yield 2.2% 2.4%

Financial Highlights

Current 5 Yr. Average Operating Margin 16.4% 16.9%

Return on Equity 12.4% 13.8%

Sales Growth 3.3% 6.7%

Source: Factset

Air Liquide, inventor of the original scuba diving equipment, pioneered the industrial gas business in the early 1900s and today is a leading supplier across a multitude of industries. With 66,000 employees in over 80 countries, Air Liquide provides industrial gas and energy solutions through a network of plants and pipelines to large industrial and commodity operators. It also supplies high-pressure gas cylinders to diverse businesses in the automotive, food, and pharmaceutical industries, among others.

ESG Integrated Investment Thesis As one of the largest industrial gas suppliers in the world, Air Liquide is well positioned to benefit from growing demand for its products as businesses seek to maximize the Eco-Efficiency of their operations. From heavy manufacturing to electronics and healthcare, Air Liquide’s gases help customers to make their own processes less resource-intensive, cleaner, and more efficient. In 2017, the company’s Oxygen helped steel manufacturers reduce costs while avoiding 11.5 million tons of GHG emissions. Air Liquide’s hydrogen is used to remove sulfur from hydrocarbons, which prevents acid rain. Air Liquide has a leading position in the development of hydrogen as a source of emissions-free energy for both commercial (forklifts) and consumer (automobile) uses. The industrial gas industry is relatively concentrated, with pricing power and long-term contracts guaranteeing stable base volume growth. Expectations of continued improvements to profitability metrics, relative insulation from short-term cyclical pressures, and a positive environmental profile make for a compelling investment. Risks: weaker capital spending could weigh on project pipeline, delays in hydrogen opportunity.

ESG Engagement Opportunities While Air Liquide has one of the highest total GHG emissions among portfolio holdings, its products help others reduce emissions and pollution. We began engaging the company in 2016 to improve its Eco-Efficiency practices and reduce its carbon footprint. By 2018, the company had committed to developing new energy efficiency targets and to conducting a global water risk assessment. Air Liquide also announced the goal of reducing carbon intensity by 30% (between 2015-2025), the most ambitious climate goals for its industry.

Thematic Spotlight Gender Equality (as of June 30, 2019)

16

ESG Integrated Investment Thesis

• Greater representation of women in senior management, boards, and the overall workforce fosters better decision making.

• Balanced gender policies will allow corporations to attract and retain a broader pool of high-quality employees.

• Empowered female consumers represent an underserved market.

• Sustainable development and social stability require inclusive growth.

• Women-led corporations tend to be concentrated in consumer and service industries.

• Japan and Korea substantially lag in corporate gender diversity.

• Products targeted for women can exploit social biases (unhealthy focus on aesthetics).

Opp

ortu

niti

es

Risk

s

Corporate Boards: Gender Diversity

6/30/2019 Market Price/Earnings Est. 3 year Est. 3 year Area of

Name Local Price Cap. ($) NTM1 Sales CAGR EPS CAGR Country StrengthSvenska Handelsbanken AB 91.88 19,253 10.5 3% 1% Sweden Female CEOKoninklijke Philips N.V. 38.19 39,607 19.5 5% 11% Netherlands Products & ServicesPortland General Electric Company 54.17 4,840 21.6 3% 4% USA Female CEOMicrosoft Corporation 133.96 1,026,937 26.3 12% 15% USA Workplace PracticesPT Bank Rakyat Indonesia (Persero) Tbk 4,360.00 37,725 13.5 11% 14% Indonesia Products & ServicesHengan International Group Co., Ltd. 57.45 8,869 13.5 6% 8% China Products & ServicesSource: Factset, Est. = consensus estimates 1 Next twelve months

Boards with at least 30% women representation

Port

folio

Wei

ght (

%)

*

*Indices: MSCI EAFE, Russell 1000 Value, MSCI ACWI. Certain information ©2019 MSCI ESG Research LLC. Reproduced by permission; no further distribution. There is no assurance that any securities discussed in this report will remain in an account’s portfolio at the time you receive this document. The securities discussed do not represent an account’s entire portfolio and may represent only a small portion of an account’s holdings. It should not be assumed that any securities transactions we discuss were or will prove to be profitable. Past performance does not guarantee future results. All investments involve risk, including the risk of losing principal.

Investing in Sustainability Quantifying Portfolio Exposure to UN-based SDGs (as of June 30, 2019)

17

SDGs refers to the Sustainable Development Goals adopted by the Member States of the United Nations by resolution A/RES/70/1 of the General Assembly of 25 September 2015.The information in this document should not be considered a recommendation to buy or sell any security. There is no assurance that any securities discussed in this report will remain in an account’s portfolio at the time you receive this document. The securities discussed do not represent an account’s entire portfolio and may represent only a small portion of an account’s holdings. It should not be assumed that any securities transactions we discuss were or will prove to be profitable. Past performance does not guarantee future results. All investments involve risk, including the risk of losing principal. Supplemental Information: See full composite and benchmark disclosures in Appendix.

Sustainable Development Goal Social Benefit Category Solutions Exposure Total Company Examples

Recycling/Efficiency 5.9 23.7 29.6Umicore, Schneider Electric

Access to Health 1 11.7 12.7 bioMerieux, Novartis

Renewable Energy 2 6.1 8.1 Orsted, Orix

Education & Communication Empowerment

0 9.1 9.1 Singtel, NTT

Inclusive Finance 1.4 13.2 14.6Bank Rakyat, Standard Chartered

Community Investing 0 2 2 Vonovia

Organic/Healthier Products

2.3 6.3 8.6 Croda, Wessanen

Sustainable Transportation

2.5 4.3 6.8 Shimano, SQM

Water Quality & Waste Management

0 1.7 1.7 Shiseido

Total 15.1 78.1 93.2

% of International Portfolio

Goal 1: No Poverty Goal 2: Zero Hunger Goal 3: Good Health & Well-being Goal 4: Quality Education Goal 5: Gender Equality Goal 6: Clean Water & Sanitation Goal 7: Affordable & Clean Energy Goal 8: Decent Work & Economic Growth Goal 9: Industry, Infrastructure, and Innovation Goal 10: Reduced Inequalities Goal 11: Sustainable Cities & Communities Goal 12: Responsible Consumption & Production Goal 13: Climate Action Goal 14: Life Below Water Goal 15: Life on Land Goal 16: Peace, Justice, and Strong Institutions Goal 17: Partnerships for the Goals

Solutions - Solutions companies are defined as those companies in which more than 50% of revenues are derived from solutions activities.

Exposure - Companies with exposure are defined as those companies in which some portion of their revenues are derived from solutions activities. This portion comprises less than 50% of their total revenues.

Total - The percentage of the portfolio which is invested in both solutions companies and companies with exposure to solutions activities.

Key

Drop Down Lists

Drop Down List 1Drop Down List 2

ExposureRecycling/Efficiency

SolutionsAccess to Health

NoneRenewable Energy

Education & Communication Empowerment

Microfinance

Community Investing

Organic/Non-toxic products

Water Quality & Waste Management

Intl Catholic 3-31-2018 SDGs

NameSymbolExposureCategory% Port. Without CashSectorIndustryCountryExchange

CHECK POINT SOFTWARE TECH LTD ORDchkpNone01.3TechnologyInternational Catholic Model PortfolioSum of % Port. Without CashExposure Level

DEUTSCHE TELEKOM AG-REGdte grNone01.6Telecommunications% of International Catholic PortfolioCompanies by CategoryExposureNoneSolutionsGrand Total

JULIUS BAER GRUPPEbaer swNone01.9FinancialsSustainable Development GoalSocial Benefit CategorySolutionsExposureTotalCompany Examples09.39.3

REPSOL SArep smNone01.3EnergyRecycling/Efficiency5.628.033.6Spirax-Sarco, Atlas CopcoAccess to Health6.13.59.6

STATOIL ASAstl noNone01.4EnergyAccess to Health3.56.19.6Smith & Nephew, SonovaCommunity Investing3.125.1

SVENSKA HANDELSBANKEN A SHSshba ssNone01.8FinancialsRenewable Energy2.86.59.3Orsted, OrixCommunity Investing 0.90.9

CSL LTDcsl auExposureAccess to Health0.6HealthcareEducation & Communication Empowerment03.83.8Singtel, NTT DoCoMoEducation & Communication Empowerment3.83.8

GETINGE AB-Bgetib ssSolutionsAccess to Health0.4Health CareMicrofinance012.812.8Bank RakyatMicrofinance12.812.8

HOYA CORP7741 jpExposureAccess to Health2.8TechnologyCommunity Investing2.03.15.1Shimano, JCDecauxOrganic/Non-toxic products8.13.611.7

SMITH & NEPHEWsn/ lnExposureAccess to Health1.5HealthcareOrganic/Non-toxic products3.68.111.7Croda, NovozymesRecycling/Efficiency285.633.6

SONIC HEALTHCAREshl auSolutionsAccess to Health0.6Health CareWater Quality & Waste Management1.42.13.5Veolia, KubotaRenewable Energy6.52.89.3

SONOVA HOLDING AGsoon swSolutionsAccess to Health1.3Health CareN/A010.610.6Deutsche Telekom, HandelsbankenWater Quality & Waste Management2.11.43.5

SUNDRUG CO LTD9989 jpExposureAccess to Health1.2Health CareTotal18.981.1100Grand Total71.49.318.999.6

TERUMO CORP4543 jpSolutionsAccess to Health1.2Health Care

JCDECAUX SAdec fpExposureCommunity Investing1Consumer DiscretionaryKey

SAMPO OYJsampo fhExposureCommunity Investing2.1FinancialsSolutions - Solutions companies are defined as those companies in which more than 50% of revenues are derived from solutions activities.

SHIMANO INC7309 jpSolutionsCommunity Investing2Consumer DiscretionaryExposure - Companies with exposure are defined as those companies in which some portion of their revenues are derived from solutions activities. This portion comprises less than 50% of their total revenues.

UNICHARM CORP ORD8113 jpExposureCommunity Investing 0.9Consumer StaplesTotal - The percentage of the portfolio which is invested in both solutions companies and companies with exposure to solutions activities.

NTT DOCOMO, INC.9437 jpExposureEducation & Communication Empowerment1.4Telecommunication Services

SINGAPORE TELECOMMst spExposureEducation & Communication Empowerment1.6Telecommunications

SWISSCOM AGscmn swExposureEducation & Communication Empowerment0.8Telecommunication Services

AIA GROUP LTD1299 hkExposureMicrofinance2.3Financials

ALIBABA GROUP HOLDINGS - SP ADRbabaExposureMicrofinance1.4Technology

AXAcs fpExposureMicrofinance1.4Financials

BANK RAKYATbbri ijExposureMicrofinance1.7Financials

BARCLAYS PLCbarc lnExposureMicrofinance1.5Financials

ING GROEP NVinga naExposureMicrofinance2.7Financials

STANDARD CHARTEREDstan lnExposureMicrofinance1.8Financials

CRODA INTL PLC ORDcrda lnSolutionsOrganic/Non-toxic products2.2Materials

DANONEbn fpExposureOrganic/Non-toxic products0.6Consumer Staples

HENKEL AG&CO. KGAAhen3 grExposureOrganic/Non-Toxic Products2.3Consumer Staples

KERRY GROUP PLC-Akyg idExposureOrganic/Non-toxic products0.9Consumer Staples

NOVOZYMES A/S-B SHARESnzymb dcSolutionsOrganic/non-toxic products1.4Materials

SHISEIDO CO LTD4911 jpExposureOrganic/non-toxic products1.6Consumer Staples

UNILEVER NVuna naExposureOrganic/Non-Toxic Products2.7Consumer Staples

AIR LIQUIDEai fpExposureRecycling/Efficiency1.3Materials

ASML HOLDING NVasml naExposureRecycling/Efficiency0.7Technology

ASSA ABLOY ABassab ssExposureRecycling/Efficiency1.9Industrials

ATLAS COPCO NPVatcob ssExposureRecycling/Efficiency1.4Industrials

BMW BAYERISCHE MOTOREN WORKE AGbmw grExposureRecycling/Efficiency1.7Consumer Discretionary

DAIKIN INDUSTRIES LTD6367 jpExposureRecycling/Efficiency2.5Industrials

FERGUSON PLCferg lnExposureRecycling/Efficiency2.8Industrials

HANG LUNG PROPERTIES LTD101 hkExposureRecycling/Efficiency1.4REITs

INFINEON TECHNOLOGIES AGifx grExposureRecycling/Efficiency1.4Information Technology

KAO CORP4452 jpExposureRecycling/Efficiency1.4Consumer Staples

KEYENCE CORP6861 jpExposureRecycling/Efficiency1.5Technology

KONINKLIJKE PHILIPS NVphia naExposureRecycling/Efficiency1.3Industrials

MELIA HOTELS INTERNATIONALmel smExposureRecycling/Efficiency1.5Consumer Discretionary

NASPERSnpn sjExposureRecycling/Efficiency1.4Consumer Discretionary

RENESAS ELECTRONICS CORP6723 jpExposureRecycling/Efficiency1.3Information Technology

SAP AGsap grExposureRecycling/Efficiency1.9Technology

SCHNEIDER ELECTRIC SEsu fpSolutionsRecycling/Efficiency2.4Industrials

SPIRAX-SARCO ENGspx lnSolutionsRecycling/Efficiency1.7Industrials

TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADRtsmExposureRecycling/Efficiency1.3Technology

TDK CORP6762 jpExposureRecycling/Efficiency1.3Information Technology

UMICOREumi bbSolutionsRecycling/Efficiency1.5Materials

MACQUARIE GROUP LTDmqg auExposureRenewable Energy2.2Financials

ORIGIN ENERGYorg auExposureRenewable Energy1.4Energy

ORIX CORPORATION8591 jpExposureRenewable Energy2.9Financials

ORSTEDorsted dcSolutionsRenewable Energy1.5Utilities

SOCIEDAD QUIMICA MINERA DE CHI SPON ADR SER BsqmSolutionsRenewable Energy1.3Materials

KUBOTA CORP6326 jpExposureWater Quality & Waste Management2.1Industrials

VEOLIA ENVIRONNEMENTvie fpSolutionsWater Quality & Waste Management1.4Utilities

ACWIxUS 3-31-2018 SDGs


JULIUS BAER GRUPPEbaer swNone01.1FinancialsAll Country International Model PortfolioCompanies by Category

SUNNY OPTICAL TECH2382 hkNone02Information Technology% of All Country International Portfolio0

CHECK POINT SOFTWARE TECH LTD ORDchkpNone01.2TechnologySustainable Development GoalSocial Benefit CategorySolutionsExposureTotalCompany ExamplesAccess to Health

CTRIP COM INTL LTD AMERICAN DEP SHSctrpNone01.1Consumer DiscretionaryRecycling/Efficiency4.825.730.5Spirax-Sarco, Atlas Copco, UmicoreCommunity Investing

DEUTSCHE TELEKOM AG-REGdte grNone01.1TelecommunicationsAccess to Health010.310.3PT Kalbe Farma, NovartisEducation & Communication Empowerment

HDFC BANK LIMITED ADR F SPONSORED ADR 1 ADR REP 3 ORDhdbNone01.7FinancialsRenewable Energy3.26.19.3Orsted, OrixMicrofinance

REPSOL SArep smNone01.2EnergyEducation & Communication Empowerment04.54.5Singtel, YandexOrganic/Non-toxic products

STATOIL ASAstl noNone01.1EnergyMicrofinance016.516.5Bank Rakyat, Itau UnibancoRecycling/Efficiency

SVENSKA HANDELSBANKEN A SHSshba ssNone00.9FinancialsCommunity Investing1.31.42.7Shimano, SampoRenewable Energy

ASTELLAS PHARMA INC4503 jpExposureAccess to Health1.4HealthcareOrganic/Non-toxic products2.88.010.8Croda, NovozymesWater Quality & Waste Management

HOYA CORP7741 jpExposureAccess to Health2TechnologyWater Quality & Waste Management2.91.24.1Coway, KubotaGrand Total

NOVARTIS AGnovn swExposureAccess to Health1.4Health CareN/A011.311.3Deutsche Telekom, Handelsbanken

NOVO NORDISK A/S-Bnovob dcExposureAccess to Health1.3Health CareTotal1585100

PT KALBE FARMA ORDklbf ijExposureAccess to Health0.9Healthcare

ROCHE HLDGS AGrog swExposureAccess to Health2Health CareKey

SMITH & NEPHEWsn/ lnExposureAccess to Health1.3HealthcareSolutions - Solutions companies are defined as those companies in which more than 50% of revenues are derived from solutions activities.

SAMPO OYJsampo fhExposureCommunity Investing1.4FinancialsExposure - Companies with exposure are defined as those companies in which some portion of their revenues are derived from solutions activities. This portion comprises less than 50% of their total revenues.

SHIMANO INC7309 jpSolutionsCommunity Investing1.3Consumer DiscretionaryTotal - The percentage of the portfolio which is invested in both solutions companies and companies with exposure to solutions activities.

NAVER CORP035420 ksExposureEducation & Communication Empowerment0.9Technology

NIPPON TEL & TEL CORP ORD9432 jpExposureEducation & Communication Empowerment1Telecommunication Services


YANDEX N V SHS CLASS AyndxExposureEducation & Communication Empowerment1.5Technology




BANK RAKYATbbri ijExposureMicrofinance2Financials

BARCLAYS PLCbarc lnExposureMicrofinance1Financials

GRUPO FINANCIERO BANORTEgfnorteo mmExposureMicrofinance1.2Financials


ITAU UNIBANCO HLDG SA SPON ADR REP PFDitubExposureMicrofinance1.7Financials

KASIKORNBANK PLC FOREIGNkbank/f tbExposureMicrofinance1.7Financials

PING AN INSURANCE GROUP CO-H2318 hkExposureMicrofinance1.7Financials

TORONTO DOMINION BANKtdExposureMicrofinance0Financials



LG HOUSEHOLD & HEALTH CARE051900 ksExposureOrganic/Non-toxic products1.1Consumer Staples


RECKITT BENCK GRPrb/ lnExposureOrganic/non-toxic products1.3Consumer Staples

SHISEIDO CO LTD4911 jpExposureOrganic/non-toxic products2Consumer Staples

UNILEVER NVuna naExposureOrganic/Non-Toxic Products2Consumer Staples





BMW BAYERISCHE MOTOREN WORKE AGbmw grExposureRecycling/Efficiency1Consumer Discretionary

CANADIAN PAC RAILWAY LTDcpExposureRecycling/Efficiency1.5Industrials


FERGUSON PLCferg lnExposureRecycling/Efficiency2Industrials






PANASONIC CORP6752 jpExposureRecycling/Efficiency1.2Consumer Discretionary

SAMSUNG ELECTRONICS CO LTD005930 ksExposureRecycling/Efficiency1.8Technology






BYD CO LTD-H1211 hkExposureRenewable Energy1.1Consumer Discretionary

MACQUARIE GROUP LTDmqg auExposureRenewable Energy1.7Financials





BEIJING ENTERPRISES WATER GR371 hkSolutionsWater Quality & Waste Management0.9Utilities

COWAY CO LTD021240 ksSolutionsWater Quality & Waste Management1Consumer Discretionary


VEOLIA ENVIRONNEMENTvie fpSolutionsWater Quality & Waste Management1Utilities

Int'l 3-31-2018 SDG Draft

JULIUS BAER GRUPPEbaer swNone02.1FinancialsInternational Model PortfolioCompanies by Category

CHECK POINT SOFTWARE TECH LTD ORDchkpNone01.2Technology% of International Portfolio0

DEUTSCHE TELEKOM AG-REGdte grNone01.5TelecommunicationsSustainable Development GoalSocial Benefit CategorySolutionsExposureTotalCompany ExamplesAccess to Health

MITSUBISHI UFJ FINANCIAL GROUP8306 jpNone00FinancialsRecycling/Efficiency5.923.729.6Umicore, Schneider ElectricCommunity Investing

REPSOL SArep smNone01.2EnergyAccess to Health111.712.7bioMerieux, NovartisEducation & Communication Empowerment

STATOIL ASAstl noNone01EnergyRenewable Energy26.18.1Orsted, OrixMicrofinance

SVENSKA HANDELSBANKEN A SHSshba ssNone01.4FinancialsEducation & Communication Empowerment09.19.1Singtel, NTTOrganic/Non-toxic products

ASTELLAS PHARMA INC4503 jpExposureAccess to Health1.3HealthcareInclusive Finance1.413.214.6Bank Rakyat, Standard CharteredRecycling/Efficiency

HOYA CORP7741 jpExposureAccess to Health2.6TechnologyCommunity Investing022VonoviaRenewable Energy

NOVARTIS AGnovn swExposureAccess to Health2Health CareOrganic/Healthier Products2.36.38.6Croda, WessanenWater Quality & Waste Management

NOVO NORDISK A/S-Bnovob dcExposureAccess to Health1.7Health CareSustainable Transportation2.54.36.8Shimano, SQMGrand Total

ROCHE HLDGS AGrog swExposureAccess to Health2.4Health CareWater Quality & Waste Management01.71.7Shiseido

SMITH & NEPHEWsn/ lnExposureAccess to Health1.5HealthcareTotal15.178.193.2

SUNDRUG CO LTD9989 jpExposureAccess to Health1Health Care

JCDECAUX SAdec fpExposureCommunity Investing1Consumer DiscretionaryKey


SHIMANO INC7309 jpSolutionsCommunity Investing1.7Consumer DiscretionaryExposure - Companies with exposure are defined as those companies in which some portion of their revenues are derived from solutions activities. This portion comprises less than 50% of their total revenues.

NIPPON TEL & TEL CORP ORD9432 jpExposureEducation & Communication Empowerment1.3Telecommunication ServicesTotal - The percentage of the portfolio which is invested in both solutions companies and companies with exposure to solutions activities.






BARCLAYS PLCbarc lnExposureMicrofinance1.5Financials

HSBC HOLDINGS PLChsba lnExposureMicrofinance0Financials


STANDARD CHARTEREDstan lnExposureMicrofinance1.9Financials





SHISEIDO CO LTD4911 jpExposureOrganic/non-toxic products1.6Consumer Staples

UNILEVER NVuna naExposureOrganic/Non-Toxic Products2.6Consumer Staples



ASSA ABLOY ABassab ssExposureRecycling/Efficiency2Industrials


BMW BAYERISCHE MOTOREN WORKE AGbmw grExposureRecycling/Efficiency1.6Consumer Discretionary





KAO CORP4452 jpExposureRecycling/Efficiency1.4Consumer Staples


KONINKLIJKE PHILIPS NVphia naExposureRecycling/Efficiency1.3Industrials



NATIONAL GRID PLCng/ lnExposureRecycling/Efficiency0Utilities






TDK CORP6762 jpExposureRecycling/Efficiency1.1Information Technology


MACQUARIE GROUP LTDmqg auExposureRenewable Energy2Financials







EM 3-31-2018 SDGs Draft


BANK OF COMMUNICATIONS CO-H3328 hkNone02.9Financials% of Emerging Markets PortfolioCompanies by Category

CTRIP COM INTL LTD AMERICAN DEP SHSctrpNone01.7Consumer Discretionary0

ENN ENERGY HOLDINGS LTD2688 hkNone02.1UtilitiesSustainable Development GoalSocial Benefit CategorySolutionsExposureTotalCompany ExamplesAccess to Health

HDFC BANK LIMITED ADR F SPONSORED ADR 1 ADR REP 3 ORDhdbNone02.6FinancialsRecycling/Efficiency1.023.924.9Growthpoint Properties, Delta ElectronicsCommunity Investing

KWG PROPERTY HOLDING LTD1813 hkNone01.2Real EstateAccess to Health2.25.98.1Dr. Reddy's, IHH HealthcareEducation & Communication Empowerment

POLSKIE GORNICTWO NAFTOWE Ipgn pwNone01.5EnergyRenewable Energy2.82.65.4GCL-Poly, BYDMicrofinance

SUNNY OPTICAL TECH2382 hkNone02.4Information TechnologyEducation & Communication Empowerment010.010.0FarEasTone, Tower BersamaOrganic/Non-toxic products

VIPSHOP HLDGS LTD SPONSORED ADRvipsNone01.6Consumer DiscretionaryMicrofinance025.625.6Bank Rakyat, Itau UnibancoRecycling/Efficiency

DR REDDYS LABS LTD ADRrdySolutionsAccess to Health1.1HealthcareCommunity Investing02.22.2Standard BankRenewable Energy

HENGAN INTL GROUP CO LTD1044 hkSolutionsAccess to Health1.1Consumer StaplesOrganic/Non-toxic products05.15.1PPT Global, LG Household & Health CareWater Quality & Waste Management

HYPERMARCAS SAhype3 bzExposureAccess to Health1.1HealthcareWater Quality & Waste Management2.802.8Coway, Beijing Enterprises Water GroupGrand Total

NA015.915.9HDFC Bank

IHH HEALTHCARE BHDihh mkExposureAccess to Health1HealthcareTotal8.891.2100

PT KALBE FARMA ORDklbf ijExposureAccess to Health1.3Healthcare

RAIA DROGASIL SAradl3 bzExposureAccess to Health1.4Consumer StaplesKey

ULTRAPAR PARTICPAC-SPON ADRugpExposureAccess to Health1.1EnergySolutions - Solutions companies are defined as those companies in which more than 50% of revenues are derived from solutions activities.

STANDARD BK GR LTDsbk sjExposureCommunity Investing2.2FinancialsExposure - Companies with exposure are defined as those companies in which some portion of their revenues are derived from solutions activities. This portion comprises less than 50% of their total revenues.

FAR EASTONE TELECOMM CO LTD4904 ttExposureEducation & Communication Empowerment1.2UtilitiesTotal - The percentage of the portfolio which is invested in both solutions companies and companies with exposure to solutions activities.

NAVER CORP035420 ksExposureEducation & Communication Empowerment1.7Technology

SK TELECOM LTD SPONSORED ADRskmExposureEducation & Communication Empowerment1.8Telecommunications

TENCENT HOLDINGS LTD700 hkExposureEducation & Communication Empowerment2.4Technology

TOWER BERSAMA INFRASTRUCTUREtbig ijExposureEducation & Communication Empowerment0.7Utilities


AKBANK T.A.S.akbnk tiExposureMicrofinance1Financials





KASIKORNBANK PLC NVDRkbank-r tbExposureMicrofinance2Financials

OTP BANK PLCotp hbExposureMicrofinance1.6Financials

PING AN INSURANCE GROUP CO-H2318 hkExposureMicrofinance4Financials

SBERBANK RUSSIA SPONSORED ADRsbrcyExposureMicrofinance2.7Financials

SHINHAN FINANCIAL GROUP LTD055550 ksExposureMicrofinance1.6Financials


PTT GLOBAL CHEMICAL PCL-NVDRpttgc-r tbExposureOrganic/Non-toxic products2.6Materials

AIRTAC INTERNATIONAL GROUP1590 ttExposureRecycling/Efficiency1.1Industrials

DELTA ELECTRONICS INC2308 ttSolutionsRecycling/Efficiency1Technology

GROWTHPOINT PROPERTIES LTD SHSgrt sjExposureRecycling/Efficiency2.5Financials

HYUNDAI MOTOR CO005380 ksExposureRecycling/Efficiency1.2Consumer Discretionary

KIMBERLY-CLARK DE MEXICO-Akimbera mmExposureRecycling/Efficiency0.9Consumer Staples

KOC HLDGkchol tiExposureRecycling/Efficiency0.9Industrials

LG CHEMICAL051910 ksExposureRecycling/Efficiency1.1Industrials





GCL-POLY ENERGY HOLDINGS LTD3800 hkSolutionsRenewable Energy0.7Technology

INFOSYS LTD SPONSORED ADRinfyExposureRenewable Energy1.4Technology



COWAY CO LTD021240 ksSolutionsWater Quality & Waste Management1.6Consumer Discretionary

IntClimate 3-31-2018 SDGs Draft


CHECK POINT SOFTWARE TECH LTD ORDchkpNone01.3TechnologyInternational Sustainable Climate Model PortfolioCompanies by Category

CTRIP COM INTL LTD AMERICAN DEP SHSctrpNone01.1Consumer Discretionary% of Int'l Sustainable Climate Portfolio0

DEUTSCHE TELEKOM AG-REGdte grNone01TelecommunicationsSustainable Development GoalSocial Benefit CategorySolutionsExposureTotalCompany ExamplesAccess to Health

HDFC BANK LIMITED ADR F SPONSORED ADR 1 ADR REP 3 ORDhdbNone01.7FinancialsRecycling/Efficiency5.026.531.5Spirax-Sarco, Atlas CopcoCommunity Investing

JULIUS BAER GRUPPEbaer swNone01.1FinancialsAccess to Health09.99.9PT Kalbe Farma, NovartisEducation & Communication Empowerment

SUNNY OPTICAL TECH2382 hkNone01.8Information TechnologyRenewable Energy4.65.19.7Orsted, GCL-PolyMicrofinance

SVENSKA HANDELSBANKEN A SHSshba ssNone00.9FinancialsEducation & Communication Empowerment04.54.5Singtel, YandexOrganic/Non-toxic products

ASTELLAS PHARMA INC4503 jpExposureAccess to Health1.4HealthcareMicrofinance017.517.5Bank Rakyat, Itau UnibancoRecycling/Efficiency

HOYA CORP7741 jpExposureAccess to Health2TechnologyCommunity Investing1.31.42.7Shimano, SampoRenewable Energy

NOVARTIS AGnovn swExposureAccess to Health1.3Health CareOrganic/Non-toxic products3.28.111.3Croda, NovozymesWater Quality & Waste Management

NOVO NORDISK A/S-Bnovob dcExposureAccess to Health1.2Health CareWater Quality & Waste Management3.11.24.3Coway, Kubota(blank)

PT KALBE FARMA ORDklbf ijExposureAccess to Health0.9HealthcareNA08.68.6Deutsche Telekom, HandelsbankenGrand Total

Total17.282.8100

ROCHE HLDGS AGrog swExposureAccess to Health1.9Health Care

SMITH & NEPHEWsn/ lnExposureAccess to Health1.2HealthcareKey


SHIMANO INC7309 jpSolutionsCommunity Investing1.3Consumer DiscretionaryExposure - Companies with exposure are defined as those companies in which some portion of their revenues are derived from solutions activities. This portion comprises less than 50% of their total revenues.

NAVER CORP035420 ksExposureEducation & Communication Empowerment0.9TechnologyTotal - The percentage of the portfolio which is invested in both solutions companies and companies with exposure to solutions activities.

NIPPON TEL & TEL CORP ORD9432 jpExposureEducation & Communication Empowerment1.1Telecommunication Services






BANK RAKYATbbri ijExposureMicrofinance2Financials

BARCLAYS PLCbarc lnExposureMicrofinance1Financials




KASIKORNBANK PLC FOREIGNkbank/f tbExposureMicrofinance1.7Financials

PING AN INSURANCE GROUP CO-H2318 hkExposureMicrofinance1.7Financials

TORONTO DOMINION BANKtdExposureMicrofinance1Financials






SHISEIDO CO LTD4911 jpExposureOrganic/non-toxic products2Consumer Staples

UNILEVER NVuna naExposureOrganic/Non-Toxic Products2Consumer Staples





BMW BAYERISCHE MOTOREN WORKE AGbmw grExposureRecycling/Efficiency1Consumer Discretionary

CANADIAN PAC RAILWAY LTDcpExposureRecycling/Efficiency1.5Industrials



HANG LUNG PROPERTIES LTD101 hkExposureRecycling/Efficiency1REITs

HEXAGON AB-B SHShexab ssExposureRecycling/Efficiency1.2Information Technology













ENERGY DEVELOPMENT CORPedc pmSolutionsRenewable Energy0.4Utilities

GCL-POLY ENERGY HOLDINGS LTD3800 hkSolutionsRenewable Energy0.3Technology

MACQUARIE GROUP LTDmqg auExposureRenewable Energy2Financials



SIEMENS GAMESA RENEWABLE ENERGY SAsgre smSolutionsRenewable Energy0.6Industrials



COWAY CO LTD021240 ksSolutionsWater Quality & Waste Management1Consumer Discretionary



US Climate 3-31-2018 SDGs Draft


3M CO COMmmmExposureWater Quality & Waste Management1.9IndustrialsUS Sustainable Climate Model PortfolioCompanies by Category

ADVANCE AUTO PARTS INC COMaapExposureRecycling/Efficiency0.9Consumer Discretionary% of US Sustainable Climate Portfolio0

ALBEMARLE CORP COMalbExposureRenewable Energy1.9MaterialsSustainable Development GoalSocial Benefit CategorySolutionsExposureTotalCompany ExamplesAccess to Health

ALPHABET INC CAP STK CL CgoogExposureEducation & Communication Empowerment4.5TechnologyRecycling/Efficiency3.817.020.8Hannon Armstrong, MohawkCommunity Investing

AMERICAN WTR WKS CO INC NEW COMawkSolutionsWater Quality & Waste Management1UtilitiesAccess to Health014.314.3Baxter International, UnitedHealthEducation & Communication Empowerment

ANALOG DEVICES INC COMadiExposureRecycling/Efficiency1.6Information TechnologyRenewable Energy1.04.35.3First Solar, AvangridMicrofinance

AON PLC SHS CL AaonNone01.1FinancialsEducation & Communication Empowerment015.315.3Alphabet, AppleOrganic/Non-toxic products

APPLE INC COMaaplExposureEducation & Communication Empowerment6.2TechnologyMicrofinance02.72.7VisaRecycling/Efficiency

APPLIED MATLS INC COMamatExposureRenewable Energy0.9Information TechnologyCommunity Investing010.710.7MondelēzRenewable Energy

APTARGROUP INC COMatrExposureRecycling/Efficiency1MaterialsOrganic/Non-toxic products1.17.78.8International Flavors & Fragrances, PVH Corp.Water Quality & Waste Management

AVANGRID INC COMagrExposureRenewable Energy1.5UtilitiesWater Quality & Waste Management1.05.66.6Ecolab, American Water WorksGrand Total

NA0.015.515.5Fifth Third Bancorp

BAXTER INTL INC COMbaxExposureAccess to Health1HealthcareTotal6.993.1100

BIOGEN INC COMbiibExposureAccess to Health1.3Healthcare

BOOKING HOLDINGSbkngNone02Consumer DiscretionaryKey

BRISTOL MYERS SQUIBB CO COMbmyExposureAccess to Health1.3HealthcareSolutions - Solutions companies are defined as those companies in which more than 50% of revenues are derived from solutions activities.

CARLISLE COS INC COMcslExposureRecycling/Efficiency1.2IndustrialsExposure - Companies with exposure are defined as those companies in which some portion of their revenues are derived from solutions activities. This portion comprises less than 50% of their total revenues.

CHECK POINT SOFTWARE TECH LTD ORDchkpNone01TechnologyTotal - The percentage of the portfolio which is invested in both solutions companies and companies with exposure to solutions activities.

CITIZENS FINL GROUP INC COMcfgExposureCommunity Investing1.4Financials

CME GROUP INC COMcmeNone02Financials

COGNIZANT TECHNOLOGY SOLUTIONS CL ActshNone01.1Technology

COLGATE PALMOLIVE CO COMclExposureAccess to Health1.4Consumer Staples

COSTCO WHSL CORP NEW COMcostExposureOrganic/Non-toxic products1.5Consumer Staples

CROWN CASTLE INTL CORP NEW COMcciNone01.3Telecommunications

CUMMINS INC COMcmiExposureRecycling/Efficiency1.6Industrials

DANAHER CORP DEL COMdhrExposureWater Quality & Waste Management1.4Health Care

DISNEY WALT CO COM DISNEYdisExposureCommunity Investing1.7Consumer Discretionary

ECOLAB INC COMeclExposureWater Quality & Waste Management1.3Materials

EMERSON ELEC CO COMemrExposureRecycling/Efficiency0.5Industrials

ESTEE LAUDER COMPANIES-CL AelNone02.3Consumer Staples

FACEBOOK INC CL AfbExposureEducation & Communication Empowerment2Information Technology

FIFTH THIRD BANCORP COMfitbNone01.4Financials

FIRST SOLAR INC COMfslrSolutionsRenewable Energy1Technology

FORD MTR CO DEL COM PAR $0.01fExposureRecycling/Efficiency0.1Consumer Discretionary

GILEAD SCIENCES INC COMgildExposureAccess to Health1.4Healthcare

HANNON ARMSTRONG SUST INFR CAP COMhasiSolutionsRecycling/Efficiency1Financials

HOME DEPOT INC COMhdExposureOrganic/Non-toxic products2.3Consumer Discretionary

INTERNATIONAL FLAVORS&FRAGRANC COMiffSolutionsOrganic/Non-toxic products1.1Materials

JOHNSON & JOHNSON COMjnjExposureAccess to Health2.5Healthcare

JPMORGAN CHASE & CO COMjpmExposureCommunity Investing3.8Financials

KANSAS CITY SOUTHERNksuSolutionsRecycling/Efficiency1.5Industrials

MERCK & CO INC COMmrkExposureAccess to Health1.9Healthcare

MICROSOFT CORP COMmsftExposureRecycling/Efficiency4.7Technology

MOHAWK INDS INC COMmhkSolutionsRecycling/Efficiency1.3Consumer Discretionary

MONDELEZ INTL INC CL AmdlzExposureCommunity Investing1.1Consumer Staples

MORGAN STANLEY COM NEWmsExposureCommunity Investing1.2Financials

NORTHERN TR CORP COMntrsNone01.6Financials

NOVO NORDISK A/S ADRnvoExposureAccess to Health1.3Health Care

ORACLE CORP COMorclExposureRecycling/Efficiency2.3Technology

PARKER HANNIFIN CORP COMphExposureRecycling/Efficiency0.8Industrials

PEPSICO INC COMpepExposureWater Quality & Waste Management1Consumer Staples

PNC FINL SVCS GROUP INC COMpncExposureCommunity Investing1.5Financials

PPG INDUSTRIES INCppgExposureOrganic/Non-toxic products1.3Materials

PVH CORP COMpvhExposureOrganic/Non-toxic products1.2Consumer Discretionary

REGENERON PHARMACEUTICALSregnExposureAccess to Health0.9Healthcare

ROYAL CARIBBEAN CRUISES LTD COMrclNone01.5Consumer Discretionary

SNAP-ON INC COMsnaExposureRecycling/Efficiency0.9Industrials

SOUTHWEST AIRLS CO COMluvExposureRecycling/Efficiency1.4Industrials

UNITEDHEALTH GROUP INC COMunhExposureAccess to Health1.3Healthcare

VERIZON COMMUNICATIONS INC COMvzExposureEducation & Communication Empowerment2.6Telecommunications

VISA INC COM CL A STKvExposureMicrofinance2.7Technology

WEYERHAEUSER CO COMwyExposureOrganic/Non-toxic products1.4Real Estate

Core 3-31-2018 SDGs Draft


ROYAL CARIBBEAN CRUISES LTD COMrclNone01.5Consumer DiscretionaryUS Core Model PortfolioCompanies by Category

AON PLC SHS CL AaonNone01Financials% of US Core Portfolio0

BOOKING HOLDINGSbkngNone02Consumer DiscretionarySustainable Development GoalSocial Benefit CategorySolutionsExposureTotalCompany ExamplesAccess to Health

CHECK POINT SOFTWARE TECH LTD ORDchkpNone01TechnologyRecycling/Efficiency3.715.819.5Hannon Armstrong, MohawkCommunity Investing

CIMAREX ENERGY CO COMxecNone01.5EnergyAccess to Health014.514.5Baxter International, UnitedHealthEducation & Communication Empowerment

CME GROUP INC COMcmeNone01.6FinancialsRenewable Energy04.04.0Avangrid, AlbemarleMicrofinance

COGNIZANT TECHNOLOGY SOLUTIONS CL ActshNone01.2TechnologyEducation & Communication Empowerment015.515.5Apple, AlphabetOrganic/Non-toxic products

CROWN CASTLE INTL CORP NEW COMcciNone01.2TelecommunicationsMicrofinance02.62.6VisaRecycling/Efficiency

EOG RES INC COMeogNone02.2EnergyCommunity Investing010.510.5MondelēzRenewable Energy

ESTEE LAUDER COMPANIES-CL AelNone02.3Consumer StaplesOrganic/Non-toxic products1.07.78.7International Flavors & Fragrances, WeyerhaeuserWater Quality & Waste Management

FIFTH THIRD BANCORP COMfitbNone01.4FinancialsWater Quality & Waste Management1.05.26.2Ecolab, American Water WorksGrand Total

NA0.018.518.5Fifth Third Bancorp

NORTHERN TR CORP COMntrsNone01.6FinancialsTotal5.794.3100

BAXTER INTL INC COMbaxExposureAccess to Health0.9Healthcare

BIOGEN INC COMbiibExposureAccess to Health1.4HealthcareKey

BRISTOL MYERS SQUIBB CO COMbmyExposureAccess to Health1.3HealthcareSolutions - Solutions companies are defined as those companies in which more than 50% of revenues are derived from solutions activities.

COLGATE PALMOLIVE CO COMclExposureAccess to Health1.5Consumer StaplesExposure - Companies with exposure are defined as those companies in which some portion of their revenues are derived from solutions activities. This portion comprises less than 50% of their total revenues.

GILEAD SCIENCES INC COMgildExposureAccess to Health1.4HealthcareTotal - The percentage of the portfolio which is invested in both solutions companies and companies with exposure to solutions activities.



NOVO NORDISK A/S ADRnvoExposureAccess to Health1.2Health Care

REGENERON PHARMACEUTICALSregnExposureAccess to Health1Healthcare








ALPHABET INC CAP STK CL CgoogExposureEducation & Communication Empowerment4.6Technology

APPLE INC COMaaplExposureEducation & Communication Empowerment6.3Technology

FACEBOOK INC CL AfbExposureEducation & Communication Empowerment2Information Technology


VISA INC COM CL A STKvExposureMicrofinance2.6Technology

COSTCO WHSL CORP NEW COMcostExposureOrganic/Non-toxic products1.5Consumer Staples

HOME DEPOT INC COMhdExposureOrganic/Non-toxic products2.4Consumer Discretionary

INTERNATIONAL FLAVORS&FRAGRANC COMiffSolutionsOrganic/Non-toxic products1Materials




ADVANCE AUTO PARTS INC COMaapExposureRecycling/Efficiency0.9Consumer Discretionary

ANALOG DEVICES INC COMadiExposureRecycling/Efficiency1.7Information Technology

APTARGROUP INC COMatrExposureRecycling/Efficiency1Materials

CARLISLE COS INC COMcslExposureRecycling/Efficiency1.1Industrials



HANNON ARMSTRONG SUST INFR CAP COMhasiSolutionsRecycling/Efficiency0.9Financials

KANSAS CITY SOUTHERNksuSolutionsRecycling/Efficiency1.5Industrials




SNAP-ON INC COMsnaExposureRecycling/Efficiency1Industrials


ALBEMARLE CORP COMalbExposureRenewable Energy1.7Materials

APPLIED MATLS INC COMamatExposureRenewable Energy0.9Information Technology

AVANGRID INC COMagrExposureRenewable Energy1.4Utilities

3M CO COMmmmExposureWater Quality & Waste Management1.6Industrials

AMERICAN WTR WKS CO INC NEW COMawkSolutionsWater Quality & Waste Management1Utilities


ECOLAB INC COMeclExposureWater Quality & Waste Management1.3Materials

PEPSICO INC COMpepExposureWater Quality & Waste Management0.9Consumer Staples

US Value 3-31-2018 SDGs Draft


ALASKA AIR GROUPalkNone00.9IndustrialsUS Value Model PortfolioSum of % Port. Without CashColumn Labels

AMERICAN EXPRESS CO COMaxpNone01Financials% of US Value PortfolioCompanies by CateogryExposureNoneSolutionsGrand Total

APACHE CORP COMapaNone01.3EnergySustainable Development GoalSocial Benefit CategorySolutionsExposureTotalCompany Examples019.919.9

ARTHUR J GALLAGHER & COajgNone01.1FinancialsRecycling/Efficiency2.218.620.8Hannon Armstrong, MohawkAccess to Health15.21.216.4

CIMAREX ENERGY CO COMxecNone02.1EnergyAccess to Health1.215.116.3Baxter International, UnitedHealthCommunity Investing19.819.8

CME GROUP INC COMcmeNone01.1FinancialsRenewable Energy0.92.63.5Avangrid, AlbemarleEducation & Communication Empowerment5.85.8

CROWN CASTLE INTL CORP NEW COMcciNone01.1TelecommunicationsEducation & Communication Empowerment05.65.6Apple, Time WarnerMicrofinance11

EOG RES INC COMeogNone02.5EnergyMicrofinance01.01.0MetLifeOrganic/Non-toxic products6.517.5

FIFTH THIRD BANCORP COMfitbNone01.7FinancialsCommunity Investing019.819.8Mondelēz, Procter & GambleRecycling/Efficiency18.62.220.8

HD SUPPLY HLDGS INC COMhdsNone01.1IndustrialsOrganic/Non-toxic products1.06.57.5International Flavors & Fragrances, WeyerhaeuserRenewable Energy2.60.93.5

LEGG MASON INC COMlmNone01.3FinancialsWater Quality & Waste Management2.82.65.4Ecolab, American Water WorksWater Quality & Waste Management2.52.65.1

NORTHERN TR CORP COMntrsNone02.2FinancialsNA020.120.1Fifth Third BancorpGrand Total7219.97.999.8

T ROWE PRICE GROUP INC COMtrowNone01.5FinancialsTotal8.191.9100

TJX COS INC NEW COMtjxNone01.2Consumer DiscretionaryKey

AMGEN INC COMamgnExposureAccess to Health2Health CareSolutions - Solutions companies are defined as those companies in which more than 50% of revenues are derived from solutions activities.

BAXTER INTL INC COMbaxExposureAccess to Health1.4HealthcareExposure - Companies with exposure are defined as those companies in which some portion of their revenues are derived from solutions activities. This portion comprises less than 50% of their total revenues.

BIOGEN INC COMbiibExposureAccess to Health1HealthcareTotal - The percentage of the portfolio which is invested in both solutions companies and companies with exposure to solutions activities.

BRISTOL MYERS SQUIBB CO COMbmyExposureAccess to Health1.2Healthcare

COLGATE PALMOLIVE CO COMclExposureAccess to Health2.1Consumer Staples



NOVO NORDISK A/S ADRnvoExposureAccess to Health1Health Care

THERMO FISHER SCIENTIFIC INC COMtmoSolutionsAccess to Health1.2Health Care








PROCTER AND GAMBLE CO COMpgExposureCommunity Investing1.2Consumer Staples

US BANCORP DEL COM NEWusbExposureCommunity Investing2.1Financials

APPLE INC COMaaplExposureEducation & Communication Empowerment1.2Technology

AT&T INC COMtExposureEducation & Communication Empowerment1.5Telecommunication Services

TIME WARNER INC NEWtwxExposureEducation & Communication Empowerment1Consumer Discretionary


METLIFE INC COMmetExposureMicrofinance1Financials

INTERNATIONAL FLAVORS&FRAGRANC COMiffSolutionsOrganic/Non-toxic products1Materials

KROGER CO COMkrExposureOrganic/Non-toxic products1Consumer Staples



UNILEVER N V N Y SHS NEWunExposureOrganic/Non-Toxic Products1.3Consumer Staples


ANALOG DEVICES INC COMadiExposureRecycling/Efficiency1.6Information Technology

CARLISLE COS INC COMcslExposureRecycling/Efficiency1Industrials


EMERSON ELEC CO COMemrExposureRecycling/Efficiency2.2Industrials


HANNON ARMSTRONG SUST INFR CAP COMhasiSolutionsRecycling/Efficiency1Financials

ILLINOIS TOOL WKS INC COMitwExposureRecycling/Efficiency1.7Industrials

INTEL CORP COMintcExposureRecycling/Efficiency2.8Information Technology




QUALCOMM INC COMqcomExposureRecycling/Efficiency0.6Technology


TE CONNECTIVITY LTDtelExposureRecycling/Efficiency1.6Information Technology

8POINT3 ENERGY PARTNERS LPcafdSolutionsRenewable Energy0.9Utilities

ALBEMARLE CORP COMalbExposureRenewable Energy1.4Materials

AVANGRID INC COMagrExposureRenewable Energy1.2Utilities

AMERICAN WTR WKS CO INC NEW COMawkSolutionsWater Quality & Waste Management1.1Utilities


ECOLAB INC COMeclExposureWater Quality & Waste Management1Materials

XYLEM INC COMxylSolutionsWater Quality & Waste Management1.7Industrials

Global 3-31-2018 SDGs Draft


ROYAL CARIBBEAN CRUISES LTD COMrclNone01.2Consumer DiscretionaryGlobal Model PortfolioCompanies by Category

BOOKING HOLDINGSbkngNone01.5Consumer Discretionary% of Global Portfolio0

CHECK POINT SOFTWARE TECH LTD ORDchkpNone01.2TechnologySustainable Development GoalSocial Benefit CategorySolutionsExposureTotalCompany ExamplesAccess to Health

CIMAREX ENERGY CO COMxecNone00.8EnergyRecycling/Efficiency3.818.622.4Spirax-Sarco, Carlisle Cos.Community Investing

CME GROUP INC COMcmeNone01.8FinancialsAccess to Health012.212.2PT Kalbe Farma, BiogenEducation & Communication Empowerment

COGNIZANT TECHNOLOGY SOLUTIONS CL ActshNone00.8TechnologyRenewable Energy3.32.25.5Orsted, OrixMicrofinance

CROWN CASTLE INTL CORP NEW COMcciNone01.3TelecommunicationsEducation & Communication Empowerment012.912.9Singtel, AppleOrganic/Non-Toxic Products

CTRIP COM INTL LTD AMERICAN DEP SHSctrpNone01.4Consumer DiscretionaryMicrofinance010.910.9Bank Rakyat, Itau UnibancoRecycling/Efficiency

EOG RES INC COMeogNone01.3EnergyCommunity Investing06.56.5MondelēzRenewable Energy

ESTEE LAUDER COMPANIES-CL AelNone01.5Consumer StaplesOrganic/Non-toxic products08.58.5Henkel, WeyerhaeuserWater Quality & Waste Management

FIFTH THIRD BANCORP COMfitbNone01.5FinancialsWater Quality & Waste Management1.33.54.8Kubota

Documents

Quarterly Update International Equity - Boston Common Assetnews.bostoncommonasset.com/wp-content/uploads/2019/07/... · 2019-07-22 · Past performance does not guarantee future results