Praxis Impact Bond Fund
Objectives
To seek current income and to a lesser extent seek capital appreciation, while incorporating stewardship investing criteria.Basics
- Inception date
- 5/1/2006
- Symbol
- MIIIX
- CUSIP
- 74006E769
- Minimum investment amount
- $100,000
- Annual expense ratio1
- 0.47%
Net asset value
- as of 11/20/2024
- $9.31
- NAV change
- -0.11%
Literature
Impact Bond Fund Quarterly Commentary (PDF)
Real Impact Quarterly (PDF)
SEC N-PX Filing
Strategy
- Invests primarily in a wide range of U.S. corporate debt securities, notes and bonds issued by agencies of the U.S. government, and mortgage-backed securities.
- Invests primarily in securities with a maximum maturity of 30 years.
- Invests primarily in securities rated within the top four rankings of one or more nationally recognized rating organizations.
- Avoids investments in U.S. Treasury bills, notes and bonds.
Risk
Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.
Making a difference
Praxis stewardship investing is a values-based approach to socially responsible investing that incorporates:
- Values-based restrictive screens and active ESG data integration
- Corporate engagement strategy
- Positive impact bond investments benefitting the climate and communities
- One percent of the fund assets committed to community development investing
Fund performance chart
as of 10/31/2024
| 1mon | 3mon | YTD | 1yr | 3yr | 5yr | 10yr | Inception (May 1, 2006) | |
|---|---|---|---|---|---|---|---|---|
|
Praxis Impact Bond Fund - Class I
(without sales charge) |
-2.63% | 0.11% | 2.23% | 11.06% | -1.94% | -0.05% | 1.54% | 3.37% |
| Praxis Impact Bond Fund - Class I (with sales charge) |
-2.63% | 0.11% | 2.23% | 11.06% | -1.94% | -0.05% | 1.54% | 3.37% |
| Bloomberg U.S. Aggregate Bond Index | -2.48% | 0.25% | 1.86% | 10.55% | -2.20% | -0.23% | 1.49% | — |
Download the quarterly fact sheet (PDF) for standardized performance.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.
For the periods indicated, the performance depicted for Class A shares uses historic performance of the Class B shares for the period from Jan. 4, 1994, to May 11, 1999, but imposes the expense structure of Class A shares. The performance depicted for Class I shares uses historic performance of the Class B shares for the period from Jan. 4, 1994, to May 11, 1999 and Class A shares for the period May 12, 1999 to April 30, 2006; but imposes the expense structure of Class I shares.
Bloomberg U.S. Aggregate Bond Index is an index of widely held fixed-income securities often used as a proxy for the bond market. It is comprised of the U.S. Treasury and U.S. agency bonds, mortgage-backed bonds, and higher-grade corporate bonds. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.
Fund holdings
as of 10/31/2024
Sectors
Top Holdings
View all holdings → Subject to change| FHLB 5.5% 07/15/36 | 2.08% |
| FNMA .875% 8/05/2030 | 2.05% |
| FNMA 5.625% 7/15/37 | 1.61% |
| FNMA 6.625% 11/15/30 | 1.47% |
| FNMA UMBS 3.5% 05/01/2052 | 1.41% |
| FHLB 3.25% 11/16/28 | 1.30% |
| FHLMC 1.487% 11/25/30 | 1.29% |
| FNMA 4.50% DUE 07/01/2052 | 1.25% |
| FN MA4306 2.5 04/01/2051 | 1.24% |
| FEDHOMEBNK 4.25% 12/10/27 | 1.14% |
Positive impact bonds diversification
About 36% percent of the Praxis Impact Bond Fund assets are in positive impact bonds as of June 30, 2024.
See the top sectors of positive impact bonds in the portfolio.
Download the current Real Impact Quarterly (PDF) to read more about real impact.
Investments are subject to market fluctuations, may lose value, are subject to change, and are not subject to any company or government guarantees.
*Community Impact Other: includes education, philanthropy, women-impact investments and more.
Management
Benjamin J. Bailey, CFA®
Benjamin Bailey joined Everence in 2000 and was named co-portfolio manager of the Praxis Impact Bond Fund in March 2005, and co-manager of the Praxis Genesis Portfolios in June 2013. In 2015, he was named senior fixed income investment manager, providing leadership to the fixed income team and oversight to external sub-advisory relationships. In 2017, Benjamin was named Vice President of Investment, providing leadership to the investment management team. He is a 2000 graduate of Huntington College in business-economics. Benjamin is a CFA® charterholder.
Benjamin on positive impact investments (video)
Benjamin's biography (PDF)
Chris Woods, CFA®
Chris Woods was named co-portfolio manager of the Praxis Impact Bond Fund in May 2018. He began his investment career with Everence in 2017 after working with fixed-income investment portfolios since 1983 in Columbus, Ohio, Washington, D.C., and New York City. Chris earned a bachelor’s degree in finance from The Ohio State University. Chris is a CFA® charterholder.
Chris on maximizing returns and maintaining values (video)
Chris' biography (PDF)
Stories of impact
Disclosure
1 Reflects the expense ratio as reported in the Prospectus dated April 29, 2024.