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How are mission investments holding up in a down market?

Lisa Hagerman, Tuesday, December 16th, 2008

Welcome to the More for Mission Campaign blog. We hope to hear from you with your thoughts, trends, and general news on what is happening in mission investing.  How are program-related Investments holding up in a down market?  We don’t have comprehensive data, but here are two examples worth noting. 

Faith Brown, Acting President & CEO of the Vermont Community Foundation, reports that as of 9.30.08 the Vermont Community Foundation’s mission investments of $5.8 million in the state of Vermont returned 2.6% per annum during the last five years (net of management fees).  On the social returns side of the question, data through 2007 across community investing, venture capital, and bond funds totaled 119 affordable housing units, 30 affordable housing mortgages, 31 businesses financed, 2 community facilities financed, and 407 jobs created.

The F.B. Heron Foundation reports a return of 3% on program-related investments (through 10.31.08) and estimates the annual return for 2008 will be 3.6%.

On market rate investments, the F.B. Heron Foundation reports on the the U.S. Community Investing Index, designed in conjunction with Innovest Strategic Value Advisors (symbol: CMTYIDX) that distinguishes publicly traded companies (subset S&P 900 firms) with superior practices on a series of screens that measure commitment and engagement with urban and rural economically disadvantaged communities in the U.S.  Luther Ragin, Vice President, Investments at the Heron Foundation points out that even with significant losses in these troubled financial times, the U.S. Community Investing Index has outperformed the S&P 500 by 1.5%, a relative bright spot amid absolutely bleak numbers for the markets.  For more on the F.B. Heron Foundation, and mission investing generally, see this article in the November 17th issue of the Chronicle of Philanthropy.

We hope to hear from you with your stories on mission investing, debates, and resources that will be useful to foundations new to the practice.


 

posted 4:40PM 12/16/2008 by Lisa Hagerman

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