Calvert Investments confirms launch of new responsible indices/funds in major passive push

$13bn firm teams up with S-Network Global Indexes

Calvert Investments, the Maryland-based ESG specialist with $13bn (€11.4bn) under management, is launching three new responsible indices and new or renamed funds to track them as it seeks to tap the growing demand both for responsible investing and lower cost passive options.

The three new indices are US large cap core, growth and value offerings. As reported by RI, the existing Calvert Social Index Fund has become the Calvert U.S. Large Cap Core Responsible Index Fund (NASDAQ: CSXAX).

On top of this, RI can today report that Calvert is also launching two additional index funds, the Calvert U.S. Large Cap Growth Responsible Index Fund (NASDAQ: CGJAX) and the Calvert U.S. Large Cap Value Responsible Index Fund (NASDAQ: CFJAX), each based on one of the new indices.

The Funds are all available today (June 22). The firm, under new CEO John Streur, called it a “major new initiative” and the “next step in the evolution of responsible investing”. Additional indices and funds covering other sections of the global equity markets, such as U.S. mid cap, non-U.S. developed markets andemerging markets, are anticipated later this year.

“Investors want to access companies that are global leaders in ESG and that are capable of producing competitive returns,” said Streur. “An index strategy provides a truly cost efficient way to do that.” He said the firm was committed to meeting the evolving needs of its institutional and private clients with products that “improve on the characteristics of responsible investing and passive investing.”
Calvert, which is a subsidiary of Nebraska-based insurer Ameritas, has teamed up with New York-based index firm S-Network Global Indexes (SNGI) to manage the benchmark universes. Founded in 2005 by Joseph LaCorte and Richard Phillips, SNGI publishes over 200 indices, the foundations for ETFs and other financial products with approximately $4bn under management.
RI reported last week a series of sweeping changes at Calvert’s renamed 15-year-old Social Index Fund. On June 18 we highlighted changes to the portfolio team management team at the $2.9bn (€2.6bn) Calvert Equity Portfolio.