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Friday, February 10, 2023

GuideStone Debuts Two Impact Funds

Reported by Neil Anderson, Managing Editor

The folks at a faith-based, $15.2-billion-AUM (as of December 31) fund firm are rolling out a pair of actively managed, subadvised impact funds.

David Scott Spika
GuideStone Capital Management, LLC
President, Chief Investment Officer
Last week, David Spika, president and chief investment officer of GuideStone Capital Management, LLC [profile], unveiled the launch of the GuideStone Impact Bond Fund and the GuideStone Impact Equity Fund. Both funds are series of GuideStone Funds, with GuideStone CM serving as investment advisor and GuideStone Financial Resources of the Southern Baptist Convention and GuideStone Resource Management, Inc. handling shareholder services. The funds' inception date was January 27.

Both funds are designed to invest in order to advance a trio of Christian values: "the sanctity of life, stewardship of God's creation, and human dignity and advancement." Since 2021, GuideStone has also committed to putting 20 percent of its advisory fees towards "advancing the Gospel through missions and ministry."

"Our new impact funds allow anyone to join us in our mission to proactively invest in doing good in the world," Spika states.

The new bond fund comes with an expense ratio of 50 basis points for institutional shares and 79 bps for investor shares. The new equity fund comes with an expense ratio of 86 bps for institutional shares and 121 bps for investor shares.

Morgan Stanley's Parametric Portfolio Associates LLC serves as a subadvisor on both new funds. Brandon Pizzurro (vice president and investment officer at GuideStone), Spika, Richard Fong (director of investment management at Parametric), and Zach Olsen (portfolio manager at Parametric) are on the PM teams for both funds.

RBC Global Asset Management (U.S.) Inc. (RBC GAM) is the other subadvisor for the new bond fund. In addition to Olsen, Fong, Spika, and Pizzurro, that fund's PM team also includes Brian Svendahl, senior portfoloio manager for U.S. fixed income and co-lead portfolio manager for impact investing at RBC GAM.

Janus Henderson Investors US LLC is the other subadvisor for the new equity fund. In addition to Olsen, Fong, Spika, and Pizzurro, that fund's PM team also includes: Hamish Chamberlayne, head of global sustainable equity and portfolio manager at Janus Henderson; James Reber, managing director of portfolio management at Parametric; Aaron Scully, portfolio manager at Janus Henderson; and Thomas Seto, head of investment management at Parametric.

The new funds' other service providers include: BNY Mellon Investment Services (US) Inc. as transfer agent; Eversheds Sutherland (US) LLP as counsel to the independent trustees; Foreside Funds Distributors LLC as distributor and principal underwriter; the Northern Trust Company as custodian, fund accounting agent, fund administrator, and securities lending agent; PricewaterhouseCoopers LLC as independent accounting firm; and Stradley Ronon Stevens & Young, LLP as counsel to the trust. 

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