30-Day SEC Yield
The 30-Day Yield represents net investment income earned by the Fund over the 30-Day period ended on the date indicated by the Yield, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.
The barbell strategy is an investment theory suggesting that the best way to stabilize reward and risk is to invest in the two extremes, high-risk and no-risk assets while avoiding conservative choices.
Constrained Capital refers to the phenomenon discussed by market practitioners such as Cliff Asness when he talks about the expected return being higher as, “…the virtuous don’t hold the sinful stocks and the sinful investors make more going forward than otherwise.”
Constrained Capital ESG Orphans Index
A representation of companies that have business operations in one of the following industries: alcohol, fossil fuel energy, gaming, nuclear power, tobacco and weapons/firearms. The Index is calculated, administered, and published by Solactive AG, the Index’s administrator.
ESG investing is defined as utilizing environmental, social, and governance (ESG) criteria as a set of standards for a company’s operations that socially conscious investors use to screen potential investments.
ESG Orphans are industry sectors or sub-sectors that is commonly orphaned, discarded, or excluded by ESG investment strategies. These sectors include, but may not be limited to, fossil fuel energy, nuclear power, tobacco, weapons/firearms, alcohol, and/or gaming. These sectors may change from time-to-time. In the case that a sector becomes an “ESG Inclusion” Constrained Capital will reassess and maintain the sectors detailed under the methodology.
Nasdaq is a global electronic marketplace for buying and selling securities. The first electronic stock market listing over 5000 companies.
Net Asset Value (NAV)
The “market value” of all a company’s assets, including but not limited to its properties, after subtracting the “market value” of all its liabilities and obligations.
“Orphan stocks” are stocks investors and analysts tend to ignore. It’s a colloquial term for stocks that analysts seem to disregard. The ESG Investing community has created their own set of Orphans in the 6 sectors that they are excluding from their investment club.