TIAA-CREF Green Bond Fund
Name
As of 05/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-1.7%
1 yr return
0.5%
3 Yr Avg Return
-2.7%
5 Yr Avg Return
0.9%
Net Assets
$153 M
Holdings in Top 10
17.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.77%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 27.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 05/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
TGRLX - Profile
Distributions
- YTD Total Return -1.7%
- 3 Yr Annualized Total Return -2.7%
- 5 Yr Annualized Total Return 0.9%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.18%
- Dividend Yield 4.4%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameTIAA-CREF Green Bond Fund
-
Fund Family NameTIAA-CREF FUNDS COMPLEX
-
Inception DateNov 16, 2018
-
Shares OutstandingN/A
-
Share ClassPremier
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJessica Zarzycki
Fund Description
Under normal circumstances, the Fund invests at least 80% of its assets in bonds. For these purposes, bonds include fixed-income securities of all types. The Fund primarily invests in a broad range of investment-grade bonds and fixed-income securities, including, but not limited to, U.S. Government securities, corporate bonds, taxable municipal securities and mortgage-backed or other asset-backed securities. Generally, the Fund intends to invest in bonds issued by both domestic and foreign issuers; including foreign issuers from emerging market countries. While the Fund’s investments will generally be denominated in
U.S. dollars, the Fund may also invest in non-dollar-denominated instruments. The Fund may also invest in securities issued by U.S. Government-sponsored enterprises (“GSEs”) such as the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The Fund may also invest in other fixed-income securities, including those of non-investment-grade quality or unrated securities of comparable quality (usually called “high-yield” or “junk bonds”). Securities of non-investment-grade quality are speculative in nature. The Fund may also invest in securities having a variable or floating interest rate. The Fund may invest in fixed-income securities of any maturity or duration. As of May 31, 2023, the duration of the Fund’s benchmark index, the Bloomberg MSCI U.S. Green Bond Index, was 5.41 years. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.
The Fund seeks to invest the substantial majority of its assets in “green” investments. “Green” investments include, but are not limited to, securities of companies that develop or provide products or services that seek to provide environmental solutions and/or support efforts to reduce their own environmental footprint; investments that support environmental projects; structured securities that are collateralized by assets supporting environmental themes; and securities that, in the opinion of the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), have no more than a negligible direct negative environmental impact, which may include securities issued by the U.S. government or its agencies, and GSEs. Teachers Insurance and Annuity Association of America (“TIAA”)’s proprietary Impact framework that the Fund takes into consideration is a non-fundamental investment policy. Such framework may be changed without the approval of the Fund’s shareholders.
Advisors seeks to invest the Fund’s assets in fixed-income instruments according to the Impact framework as implemented by the Fund’s portfolio management team. The Fund’s overall design and investment strategy centers on rigorous and independent research analysis to help identify bonds with both favorable yields and compelling relative value, and the potential for positive environmental impact as it relates to each respective issuer’s and/or individual project’s use of proceeds. These investments provide access to the following environmental themes: (1) renewable energy and climate change (renewable energy projects, smart grid and other projects designed to make generation and transmission systems more efficient, and other projects which seek to reduce greenhouse gas emissions); and (2) natural resources (land conservation, sustainable forestry and agriculture, remediation and redevelopment of polluted or contaminated sites, sustainable waste management projects, water infrastructure and other sustainable building projects). Advisors engages with certain issuers of investments deemed by Advisors to represent impact securities to communicate impact reporting preferences and encourage alignment with industry best practices regarding responsible investment.
The Board of Trustees of the Trust or a designated committee thereof (“Board of Trustees”) periodically reviews the Impact framework used to evaluate securities held by the Fund. Advisors seeks to ensure that the substantial majority of the Fund’s investments are consistent with its Impact framework, but Advisors cannot guarantee that this will always be the case for every Fund investment.
Investing on the basis of the Fund’s Impact framework is qualitative and subjective by nature. There can be no assurance that every Fund investment will meet the Impact framework, or will do so at all times, or that the Impact framework or any judgment exercised by Advisors will reflect the beliefs or values of any particular investor.
The Fund is actively managed and does not rely exclusively on rating agencies when making investment decisions. Instead, Advisors performs its own credit analysis, paying particular attention to economic trends and other market events. Subject to the Impact framework described above, individual securities or sectors may be overweighted or underweighted relative to the Fund’s benchmark index when Advisors believes that the Fund can boost returns above that of the index.
The Fund is not restricted from investing in any securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities. Advisors considers investments in these securities to be consistent with the Fund’s Impact framework.
The Fund also invests in certain asset-backed securities, mortgage-backed securities and other securities that represent interests in assets such as, but not limited to, pools of mortgage loans, automobile loans or credit card receivables. These securities are typically issued by legal entities established specifically to hold assets and to issue debt obligations backed by those assets. Asset-backed or mortgage-backed securities are normally created or “sponsored” by banks or other institutions or by certain government-sponsored enterprises such as Fannie Mae or Freddie Mac. Advisors does not take into consideration whether the sponsor of an asset-backed security in which the Fund invests meets the Impact framework. That is because asset-backed securities represent interests in pools of loans, and not of the ongoing business enterprise of the sponsor. It is therefore possible that the Fund could invest in an asset-backed or mortgage-backed security sponsored by a bank or other financial institution in which the Fund could not invest directly.
The Fund’s investments in mortgage-backed securities can include pass-through securities sold by private, governmental and government-related organizations and collateralized mortgage obligations (“CMOs”). Mortgage pass-through securities are created when mortgages are pooled together and interests in the pool are sold to investors. The cash flow from the underlying mortgages is “passed through” to investors in periodic principal and interest payments. CMOs are obligations that are fully collateralized directly or indirectly by a pool of mortgages from which payments of principal and interest are dedicated to the payment of principal and interest on the CMO.
The Fund may also engage in relative value trading, a strategy in which the Fund reallocates assets across different sectors and maturities. Relative value trading is designed to enhance the Fund’s returns but increases the Fund’s portfolio turnover rate.
The Fund may purchase and sell futures, options, swaps, forwards and other fixed-income derivative instruments to carry out the Fund’s investment strategies. The Fund may also invest in credit default swaps or index credit default swaps primarily to hedge or manage risks associated with assets held by the Fund or to facilitate the implementation of portfolio strategies for the Fund.
TGRLX - Performance
Return Ranking - Trailing
Period | TGRLX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.7% | -13.7% | 2.7% | 15.12% |
1 Yr | 0.5% | -11.8% | 10.3% | 17.86% |
3 Yr | -2.7%* | -11.1% | 24.7% | 17.35% |
5 Yr | 0.9%* | -7.0% | 190.8% | 14.09% |
10 Yr | N/A* | -2.7% | 73.4% | N/A |
* Annualized
Return Ranking - Calendar
Period | TGRLX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.2% | -16.2% | 8.1% | 41.66% |
2022 | -15.6% | -34.7% | 131.9% | 39.18% |
2021 | -3.3% | -11.6% | 4.4% | 45.58% |
2020 | 4.1% | -10.1% | 946.1% | 49.67% |
2019 | 4.5% | -1.7% | 16.9% | 79.91% |
Total Return Ranking - Trailing
Period | TGRLX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.7% | -13.7% | 2.7% | 15.12% |
1 Yr | 0.5% | -11.8% | 10.3% | 17.86% |
3 Yr | -2.7%* | -11.1% | 24.7% | 17.35% |
5 Yr | 0.9%* | -7.0% | 190.8% | 14.09% |
10 Yr | N/A* | -2.7% | 73.4% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | TGRLX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.6% | -11.3% | 11.0% | 28.07% |
2022 | -12.5% | -32.2% | 131.9% | 18.27% |
2021 | 1.5% | -9.4% | 9.2% | 5.43% |
2020 | 10.5% | -1.9% | 1009.0% | 13.33% |
2019 | 8.7% | 1.1% | 21668.0% | 52.35% |
NAV & Total Return History
TGRLX - Holdings
Concentration Analysis
TGRLX | Category Low | Category High | TGRLX % Rank | |
---|---|---|---|---|
Net Assets | 153 M | 2.9 M | 314 B | 84.65% |
Number of Holdings | 235 | 1 | 17889 | 82.05% |
Net Assets in Top 10 | 27.3 M | -106 M | 34.8 B | 89.35% |
Weighting of Top 10 | 17.82% | 4.4% | 134.1% | 71.23% |
Top 10 Holdings
- Fixed Income Clearing Corp (FICC) 5.08%
- United States Treasury Note 2.47%
- United States Treasury Note 2.05%
- Apple, Inc 1.57%
- European Investment Bank 1.28%
- New York State Energy Research Development Authority 1.18%
- DTE Electric Co 1.17%
- Kreditanstalt fuer Wiederaufbau 1.09%
- State Street Navigator Securities Lending Government Money Market Portfolio 1.02%
- Overseas Private Investment Corp (OPIC) 0.91%
Asset Allocation
Weighting | Return Low | Return High | TGRLX % Rank | |
---|---|---|---|---|
Bonds | 83.96% | 0.00% | 215.98% | 83.86% |
Other | 15.97% | -13.23% | 50.66% | 11.93% |
Convertible Bonds | 2.17% | 0.00% | 7.93% | 24.63% |
Cash | 1.50% | -54.51% | 79.52% | 70.61% |
Preferred Stocks | 0.48% | 0.00% | 74.68% | 9.37% |
Stocks | 0.00% | 0.00% | 99.83% | 60.43% |
Bond Sector Breakdown
Weighting | Return Low | Return High | TGRLX % Rank | |
---|---|---|---|---|
Corporate | 55.96% | 0.00% | 100.00% | 5.26% |
Securitized | 22.15% | 0.00% | 98.40% | 76.66% |
Government | 13.75% | 0.00% | 86.23% | 76.86% |
Municipal | 6.22% | 0.00% | 100.00% | 6.16% |
Cash & Equivalents | 1.50% | 0.00% | 76.23% | 66.47% |
Derivative | 0.00% | -9.72% | 50.66% | 68.15% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | TGRLX % Rank | |
---|---|---|---|---|
US | 83.96% | 0.00% | 215.98% | 79.09% |
Non US | 0.00% | 0.00% | 33.48% | 64.10% |
TGRLX - Expenses
Operational Fees
TGRLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.77% | 0.01% | 39.10% | 43.84% |
Management Fee | 0.40% | 0.00% | 1.76% | 63.75% |
12b-1 Fee | 0.15% | 0.00% | 1.00% | 17.32% |
Administrative Fee | N/A | 0.01% | 0.50% | N/A |
Sales Fees
TGRLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
TGRLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
TGRLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 27.00% | 2.00% | 493.39% | 6.72% |
TGRLX - Distributions
Dividend Yield Analysis
TGRLX | Category Low | Category High | TGRLX % Rank | |
---|---|---|---|---|
Dividend Yield | 4.37% | 0.00% | 10.21% | 48.52% |
Dividend Distribution Analysis
TGRLX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annually | Monthly | Monthly |
Net Income Ratio Analysis
TGRLX | Category Low | Category High | TGRLX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.18% | -1.28% | 4.79% | 21.78% |
Capital Gain Distribution Analysis
TGRLX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.032 | OrdinaryDividend |
Feb 29, 2024 | $0.032 | OrdinaryDividend |
Jan 31, 2024 | $0.031 | OrdinaryDividend |
Dec 29, 2023 | $0.031 | OrdinaryDividend |
Nov 30, 2023 | $0.031 | OrdinaryDividend |
Oct 31, 2023 | $0.030 | OrdinaryDividend |
Sep 29, 2023 | $0.030 | OrdinaryDividend |
Aug 31, 2023 | $0.030 | OrdinaryDividend |
Jul 31, 2023 | $0.029 | OrdinaryDividend |
Jun 30, 2023 | $0.028 | OrdinaryDividend |
May 31, 2023 | $0.028 | OrdinaryDividend |
Apr 28, 2023 | $0.030 | OrdinaryDividend |
Mar 31, 2023 | $0.028 | OrdinaryDividend |
Feb 28, 2023 | $0.029 | OrdinaryDividend |
Jan 31, 2023 | $0.028 | OrdinaryDividend |
Nov 30, 2022 | $0.027 | DailyAccrualFund |
Oct 31, 2022 | $0.026 | DailyAccrualFund |
Sep 30, 2022 | $0.025 | DailyAccrualFund |
Aug 31, 2022 | $0.024 | DailyAccrualFund |
Jul 29, 2022 | $0.022 | DailyAccrualFund |
Jun 30, 2022 | $0.022 | DailyAccrualFund |
May 31, 2022 | $0.023 | DailyAccrualFund |
Apr 29, 2022 | $0.021 | DailyAccrualFund |
Mar 31, 2022 | $0.018 | DailyAccrualFund |
Feb 28, 2022 | $0.020 | DailyAccrualFund |
Jan 31, 2022 | $0.019 | DailyAccrualFund |
Nov 30, 2021 | $0.021 | DailyAccrualFund |
Oct 29, 2021 | $0.018 | DailyAccrualFund |
Sep 30, 2021 | $0.019 | DailyAccrualFund |
Aug 31, 2021 | $0.021 | DailyAccrualFund |
Jul 30, 2021 | $0.019 | DailyAccrualFund |
Jun 30, 2021 | $0.018 | DailyAccrualFund |
May 28, 2021 | $0.021 | DailyAccrualFund |
Apr 30, 2021 | $0.020 | DailyAccrualFund |
Mar 31, 2021 | $0.018 | DailyAccrualFund |
Feb 26, 2021 | $0.022 | DailyAccrualFund |
Jan 29, 2021 | $0.020 | DailyAccrualFund |
Nov 30, 2020 | $0.022 | DailyAccrualFund |
Oct 30, 2020 | $0.022 | DailyAccrualFund |
Sep 30, 2020 | $0.021 | DailyAccrualFund |
Aug 31, 2020 | $0.023 | DailyAccrualFund |
Jul 31, 2020 | $0.025 | DailyAccrualFund |
Jun 30, 2020 | $0.023 | DailyAccrualFund |
May 29, 2020 | $0.026 | DailyAccrualFund |
Apr 30, 2020 | $0.023 | DailyAccrualFund |
Mar 31, 2020 | $0.023 | DailyAccrualFund |
Feb 28, 2020 | $0.025 | DailyAccrualFund |
Jan 31, 2020 | $0.025 | DailyAccrualFund |
Dec 31, 2019 | $0.025 | DailyAccrualFund |
Nov 29, 2019 | $0.028 | DailyAccrualFund |
Oct 31, 2019 | $0.026 | DailyAccrualFund |
Sep 30, 2019 | $0.032 | DailyAccrualFund |
Aug 30, 2019 | $0.027 | DailyAccrualFund |
Jul 31, 2019 | $0.027 | DailyAccrualFund |
Jun 28, 2019 | $0.026 | DailyAccrualFund |
May 31, 2019 | $0.025 | DailyAccrualFund |
Apr 30, 2019 | $0.028 | DailyAccrualFund |
Mar 29, 2019 | $0.039 | DailyAccrualFund |
Feb 28, 2019 | $0.026 | DailyAccrualFund |
Jan 31, 2019 | $0.027 | DailyAccrualFund |
TGRLX - Fund Manager Analysis
Managers
Jessica Zarzycki
Start Date
Tenure
Tenure Rank
Nov 16, 2018
3.54
3.5%
Jessica is a portfolio manager for Nuveen’s global fixed income team. She is an integral part of the ESG/Impact fixed income strategy team and co-portfolio manager on the Core Impact Bond, Global Core Impact Bond, Green Bond and Short Duration Impact Bond strategies. She is a frequent panelist and speaker at ESG and Impact conferences and was a member of the ICMA Advisory Board (2020-21), which provides insight and guidance to the Executive Committee on issues affecting the Green, Social, and Sustainable Bond markets. Jessica joined the firm in 2008 as an agency MBS analyst before joining the International/EMD sector team as a European sovereign and agency analyst. Jessica’s analyst responsibilities included sovereigns and local markets throughout Western and Eastern Europe. Prior to Nuveen, she worked at Citi Global Wealth Management (GWM), helping to manage liquidity and risk of the GWM balance sheet. Jessica graduated with a B.S. in Business Administration with an emphasis in Finance from The Ohio State University. She holds the CFA designation and is a member of the CFA Society New York and the CFA Institute.
Stephen Liberatore
Start Date
Tenure
Tenure Rank
Nov 16, 2018
3.54
3.5%
Stephen M. Liberatore, CFA is a managing director and fixed-income portfolio manager for the TIAA-CREF Asset Management. Mr. Liberatore is the lead portfolio manager for the TIAA’s Socially Responsible Investment (SRI) fixed income mandates and holds responsibility for investment strategy and securities selection. He joined the TIAA-CREF Asset Management in 2004. Mr. Liberatore has rich industry experience, including positions at Nationwide Mutual Insurance Co. and Protective Life Corporation, where he was responsible for portfolio management, credit research and trading for both total return and liability-driven assets. Mr. Liberatore holds a B.S. from the State University of New York at Buffalo and an MBA in finance and operations from Wake Forest University’s Babcock Graduate School of Management. He also earned the Chartered Financial Analyst designation and is a member of the CFA Society North Carolina and the CFA Institute. Mr. Liberatore is considered a subject matter expert on the management of total return SRI fixed-income portfolios, and he frequently presents at both SRI and fixed-income conferences. His views on developments in these areas have been featured in numerous industry publications. Mr. Liberatore is a member of the initial executive committee of the Green Bond Principles and the CERES Green Bond Working Group.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 33.43 | 6.81 | 1.16 |