Carrying a relatively low degree of market risk and total return over time, the Fixed Income Fund is invested primarily in intermediate and long-term US Dollar-denominated government and investment-grade corporate fixed income obligations. Four organizations manage portions of the Fixed Income Fund on behalf of UCF —

Organization Management

Nuveen Core Impact Bond

Nuveen seeks to provide a long-term total return through income by investing in investment-grade securities that meet the team’s ESG criteria, with a special consideration to social impact (Proactive Social Investments), which has been ~30-40% of the portfolio. Impact themes include affordable housing; community and economic development; renewable energy; and climate change and natural resources. Click here to learn more about Nuveen Core Impact Bond.

The Pension Boards-United Church of Christ, Inc.

The Pension Boards-United Church of Christ, Inc’s (PBUCC) Fixed Income team manages the Core Fixed Income portfolio, a diversified portfolio comprised of US government and corporate bonds. The team comprises long-term investors who seek to capitalize on opportunities that arise when valuations move toward extremes. It believes that over longer periods, the majority of returns in the bond market will be derived from yield and not capital appreciation. Since the 2008 financial crisis, tactical adjustments have been driven more often by macro factors such as changes in the economic, political, and regulatory environment. Based at the combined PBUCC/UCF headquarters in NYC, the Fixed Income team manages over $1 billion, and has invested on behalf of the UCF since 1987.

Lazard Asset Management

Lazard Asset Management manages the emerging market debt (EMD) blend strategy with both a global thematic approach and a bottom-up credit research focus that stresses total return, a benchmark agnostic approach, and active asset allocation to EMD asset classes. The emerging market debt blend strategy includes both dollar denominated as well as local currency sectors. The portfolio is broadly diversified across currencies, countries and sectors. Founded in 1970, Lazard is located in New York City and manages $183 billion across many strategies.

Community Capital Management

Founded in 1998, Community Capital Management (CCM) is an SEC-registered investment advisor that specializes in managing impact investing and fossil fuel free portfolios. Its intermediate fixed income strategy, launched in 1999, focuses on making qualified investments under the Community Reinvestment Act. Over the last 16 years, it has delivered steady risk-adjusted returns while providing added diversification and positive impact on the community.

News and resources

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UCF Statement on Regional Bank Failures

Silicon Valley Bank’s collapse and the recent takeover of Credit Suisse Bank by UBS have sparked concerns of a more significant banking crisis and investment losses due to sudden events. David Klassen, Chief Investment Strategist, has prepared this statement to explain the event, market reaction and UCF’s position on our investment strategies. Click to read more.

UCF Exceeds Goal in Asset Manager Diversity

UCF today announced that it exceeded goal in asset manager diversity by contracting of a new asset manager, Xponance, a Black-founded and majority Black-owned multi-strategy investment firm. Xponance will manage a portion of UCF’s large cap portfolio utilizing a passive, S&P 500 screened index strategy, consistent with UCF’s existing social screens.

An Interview with Xponance

As we celebrate Women’s History Month in March and International Women’s Day on March 8, Stacey Pettice, UCF’s Institutional Relationships Executive, sat down with Tina Byles Williams, founder, CEO and Chief Investment Officer of Xponance, to discuss the importance of diversity in finance management, responsible investing strategies and which women have most inspired Williams herself. Click to watch the video.