Following the success of the Portfolio 21 fund, Progressive Investment Management has decided to introduce an institutional share class, which sports a 1.22 percent net expense ratio.
Portfolio 21 has outperformed both the MSCI World Equity Index and the S&P 500 Index since the inception of the fund in 1999. Based on the fundís success, Portfolio 21 has introduced an institutional class of shares with a lower expense ratio for clients of investment managers and other institutional investors.
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance date current to the most recent month-end may be obtained by calling 877-351-4115 or by visiting www.portfolio21.com. The Fund will assess a 2.00% fee on certain redemptions for shares purchased and held for less than 2 months. Performance data does not reflect the redemption fee. If it had, returns would be lower.
**Portfolio 21 Institutional Shares commenced operations on March 30, 2007. Performance prior to the Fund's commencement of operations is the performance of Portfolio 21 Retail Shares, adjusted for expenses, which commenced operations on September 30, 1999.
Portfolio 21 is a global equity mutual fund investing in companies designing ecologically superior products, using renewable energy, and developing efficient production methods. Portfolio 21 companies seek to prosper in the 21st Century by recognizing environmental sustainability as a fundamental human challenge and a tremendous business opportunity.
"In the coming years, global warming will have an enormous impact on the world economy; companies that are already addressing the risks and opportunities presented by climate change have a big head start," said Spencer Beebe, President of Ecotrust.
Portfolio 21 believes there is a business and investment case for environmental sustainability. "Real opportunities and potential future successes lie in understanding the ecological crisis," said Carsten Henningsen, co-founder of Portfolio 21. "We believe companies that demonstrate this understanding with environmental business strategies have a competitive advantage today and are poised for further leadership and innovation in the future."
The institutional share class has a 1.22% net expense ratio (1.35% gross expense ratio)** and is available with a $1 million minimum investment. Registered investment advisors may purchase institutional shares on behalf of their clients with less than $1 million per account, if the total of all their client accounts in Portfolio 21 is $1 million or more. Other institutional investors, such as defined contribution plans, may also qualify for purchasing institutional shares with less than $1 million per account.
Portfolio 21 returns are compared with the MSCI World Equity Index. We use this index as a benchmark because Portfolio 21 is a global fund, investing in stocks throughout the world. Portfolio 21 does not attempt to replicate the MSCI World Equity Index. However, comparing performance results with a benchmark is helpful to identify relevant market conditions and fluctuations. The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. One cannot invest directly in an index.
Investment performance reflects fee waivers. In the absence of such waivers, total return would be reduced.
**The Advisor has contractually agreed to reduce its fees and/or pay Portfolio expenses for at least ten years, and indefinitely thereafter.
Mutual fund investing involves risk. Principal loss is possible. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund also invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Fund's environmental policy could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not have an environmental policy
The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 877-351-4115, or visiting www.portfolio21.com. Read it carefully before investing.
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