Seven years after their launch, U.S. based Green Bond Funds are on the cusp of exceeding $1.0 billion in assets under management for the first time.  The seven mutual fund families and two ETFs that make up this group experienced a combined $65.5 million gain in assets for November (refer to Chart 1).

Chart 1:  Green Bond Funds by Assets Under Management (January 2020 – November 2020)

Green Bond Funds recorded an average gain of 1.56% in November compared to 0.98% by the Bloomberg Barclays US Aggregate Bond Index and 1.51% by the Bloomberg Barclays Municipal Bond Index (refer to Table 1).

Table 1:  Green Bond Funds by Assets and Performance (through November 2020)

Fund/Share ClassAssets ($ millions)1-Month Return (%)3-Month Return (%)YTD Return (%)Trailing 12-Month Return (%)
Calvert Green Bond A80.61.231.236.586.2
Calvert Green Bond I612.11.251.296.756.46
Calvert Green Bond R63.71.251.36.866.51
Franklin Municipal Green Bond A0.21.971.03
Franklin Municipal Green Bond Adv5.81.971.035.435.52
Franklin Municipal Green Bond C0.11.971.03
Franklin Municipal Green Bond R601.971.03
iShares Global Green Bond ETF1450.5826.285.73
Mirova Global Green Bond A4.81.472.697.16.54
Mirova Global Green Bond N11.71.472.757.36.71
Mirova Global Green Bond Y20.91.472.747.376.77
PIMCO Climate Bond A0.41.541.785.71
PIMCO Climate Bond C0.11.471.574.99
PIMCO Climate Bond I-201.561.855.99
PIMCO Climate Bond I-301.561.845.95
PIMCO Climate Bond Institutional15.41.571.886.1
TIAA-CREF Green Bond Advisor1.41.751.257.937.78
TIAA-CREF Green Bond Institutional25.11.751.257.947.79
TIAA-CREF Green Bond Premier1.11.741.237.837.67
TIAA-CREF Green Bond Retail5.11.731.097.687.5
TIAA-CREF Green Bond Retirement12.41.741.147.837.66
VanEck Vectors Green Bond ETF501.210.867.257.25
Total/Averages995.91.561.546.786.86
Bloomberg Barclays US Aggregate Bond Index0.980.487.367.28
Bloomberg Barclays Municipal Bond Index1.511.234.584.89
ICE BofAML Green Bond Index (Hedged)0.742.136.355.83

Notes of Explanation:  Blank cells=NA.  Fund total net assets and performance data source:  Morningstar Direct; fund filings. Research and analysis by Sustainable Research and Analysis LLC 

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