Domini International Opportunities FundSM
The Domini International Opportunities FundSM invests in peer-relative environmental and social leaders around the world, as well as solution-oriented companies helping address global sustainability challenges.
The Domini International Opportunities Fund Investor Shares (RISEX) received a ★★★★ Overall Morningstar Rating™ in the Foreign Large Growth Category as of 3/31/24, based on its three-year rating among 383 funds.
Net Assets as of 3/28/24
Fund: $25.0 million
Investor shares: $4.0 million
Daily Price (NAV)
Daily NAV Change
Adviser
Domini Impact Investments LLC
Subadviser
SSGA Funds Management, Inc.
Inception Date
11/30/20
Symbol
RISEX
Portfolio Managers
Annual Expense Ratio2
Gross: 4.32%/Net: 1.40%
Per current prospectus
Front-End Sales Charge (Load)
None
Minimum Initial Investment
$2,500 for standard accounts
$1,500 for retirement accounts, custodial and educational accounts, and standard accounts opened with an automatic investment plan
Investment Strategy
The Fund combines two investment management strategies: “Core” and “Thematic Solutions.”
Core invests in a diversified selection of mid- to large-capitalization international companies that demonstrate peer-relative environmental and social leadership, as determined by Domini’s in-depth research and analysis of each company’s impact.
Thematic Solutions adds opportunistic exposure to a select number of solution-oriented companies of any size in which Domini has strong long-term conviction. Through Thematic Solutions, we seek to support the following sustainability themes:
- Accelerate the transition to a low-carbon future
- Contribute to the development of sustainable communities
- Help ensure access to clean water
- Support sustainable food systems
- Promote societal health and well-being
- Broaden financial inclusion
- Bridge the digital divide and expand economic opportunity
Under normal market conditions, Domini expects to allocate approximately 80-95% of the Fund’s net assets to Core and the remaining 5-20% to Thematic Solutions.
Domini’s Founder and Chair, Amy Domini, and CEO, Carole Laible, serve as the Fund’s co-portfolio managers. They are supported by a dedicated team of impact-investment research and financial analysts. SSGA Funds Management serves as the Fund’s subadviser, responsible for implementing Domini’s investment instructions for both of the Fund’s strategies and managing its cash needs.
The Fund may change any of the policies described above at any time.
Investor Shares Performance
| Fund | YTD | 1 YR | 3 YR* | 5 YR* | Since Inception |
|---|---|---|---|---|---|
| RISEX | 7.06 | 15.93 | 2.95 | N/A | 4.05 |
| MSCI EAFE NR | 5.79 | 15.32 | 4.78 | N/A | 4.8 |
| Fund | YTD | 1 YR | 3 YR* | 5 YR* | Since Inception |
|---|---|---|---|---|---|
| RISEX | 7.06 | 15.93 | 2.95 | N/A | 4.05 |
| MSCI EAFE NR | 5.79 | 15.32 | 4.78 | N/A | 4.8 |
1. Inception date November 30, 2020
| RISEX | MSCI EAFE NR | |
|---|---|---|
| 2023 | 18.88 | 18.24 |
| 2022 | -21.14 | -14.45 |
| 2021 | 9.55 | 11.26 |
| RISEX | MSCI EAFE (net) | |
|---|---|---|
| Q2 2022 | -15.07 | -14.51 |
| Q1 2022 | -10.42 | -5.91 |
| Q4 2021 | 3.46 | 2.69 |
| Q3 2021 | -0.18 | -0.45 |
| Q2 2021 | 5.27 | 5.17 |
| RISEX | MSCI EAFE NR | |
|---|---|---|
| Q1 2024 | 7.06 | 5.79 |
| Q4 2023 | 12.47 | 10.42 |
| Q3 2023 | -6.59 | -4.11 |
| Q2 2023 | 3.07 | 2.95 |
| Q1 2023 | 9.78 | 8.47 |
* Average annual total returns.
Returns for periods less than one year are not annualized.
2. The Fund’s Adviser has contractually agreed to waive certain fees and/or reimburse certain ordinary operating expenses in order to limit Investor and Institutional share expenses to 1.40% and 1.15%, respectively. These expense limitations are in effect through November 30, 2024. There can be no assurance that the Adviser will extend the expense limitations beyond such time. While in effect, the arrangement may be terminated for a class only by agreement of the Adviser and the Fund’s Board of Trustees.
Gross/Net Annual Expense Ratio: 4.32%/1.40% Per current prospectus.
Past performance is no guarantee of future results. The Fund’s returns quoted above represent past performance after all expenses. The returns reflect any applicable expense waivers in effect during the periods shown. Without such waivers, Fund performance would be lower. Investment return, principal value, and yield will fluctuate. Your shares, when redeemed, may be worth more or less than their original cost. See shares Performance above above for more complete performance information, including returns current to the most recent month-end, which may be lower or higher than the performance data quoted. See the prospectus for further information.
An investment in the Domini International Opportunities Fund is not a bank deposit and is not insured. The Fund is subject to certain risks, including the loss of principal, foreign investing, geographic focus, country, currency, impact investing, and portfolio management risks. Investing internationally involves special risks, such as currency fluctuations, social and economic instability, differing securities regulations and accounting standards, limited public information, possible changes in taxation, and periods of illiquidity. These risks may be heightened in connection with investments in emerging market countries.
The Adviser’s evaluation of environmental and social factors in its investment selections and the timing of the Subadviser’s implementation of the Adviser’s investment selections will affect the Fund’s exposure to certain issuers, industries, sectors, regions, and countries and may impact the relative financial performance of the Fund depending on whether such investments are in or out of favor. The value of your investment may decrease if the Adviser’s or Subadviser’s judgement about Fund investments does not produce the desired results. The Fund may forego some investment opportunities including investments in certain market sectors that are available to funds that do not consider environmental and social factors in their investment selections. There is a risk that information used by the Adviser to evaluate environmental and social factors, may not be readily available or complete, which could negatively impact the Adviser’s ability to evaluate such factors and Fund performance.
The performance above does not reflect the deduction of fees and taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return is based on the Fund’s net asset values and assumes all dividends and capital gains were reinvested.
Although the Domini International Opportunities Fund Investor shares are no-load, certain fees and expenses apply to a continued investment and are described in the prospectus.
Morgan Stanley Capital International Europe, Australasia, and Far East Net Total Return USD Index (MSCI EAFE NR) is a market-capitalization weighted index representing the performance of large- and mid-capitalization companies in developed markets outside the United States and Canada. MSCI EAFE returns reflect reinvested dividends net of withholding taxes but reflect no deduction for fees, expenses or other taxes. Investors cannot invest directly in the MSCI EAFE NR.
Holdings
| Security Name | Weight (%) |
|---|---|
| Novo Nordisk A/S B | 5.3 |
| ASML Holding NV | 4.6 |
| Toyota Motor Corp | 3.3 |
| Linde Plc | 2.7 |
| SAP SE | 2.5 |
| Astrazeneca Plc | 2.5 |
| Novartis Ag Reg | 2.4 |
| Siemens Ag Reg | 1.8 |
| Commonwealth Bank Of Australia | 1.6 |
| Schneider Electric SE | 1.6 |
| Total | 28 |
| Sector | Weight (%) |
|---|---|
| Financials | 19.1 |
| Industrials | 17.0 |
| Health Care | 16.2 |
| Information Technology | 13.2 |
| Consumer Discretionary | 12.2 |
| Materials | 7.9 |
| Consumer Staples | 6.9 |
| Communication Services | 3.8 |
| Real Estate | 2.1 |
| Utilities | 1.6 |
| Total | 100 |
| Performance | Weight (%) |
|---|---|
| Japan | 20.8 |
| United States | 10.0 |
| United Kingdom | 9.3 |
| Germany | 9.2 |
| France | 8.4 |
| Netherlands | 7.9 |
| Switzerland | 7.9 |
| Denmark | 6.8 |
| Australia | 4.3 |
| Spain | 3.9 |
| Other | 11.5 |
| Total | 100 |
Fund Portfolio weights exclude cash and cash equivalents. Numbers may not add up to totals due to rounding.
The composition of the Fund’s portfolio is subject to change. The Domini Funds maintain portfolio holdings disclosure policies that govern the timing and circumstances of disclosure to shareholders and third parties of information regarding the portfolio investments held by the Funds.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Domini Impact Investments. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification nor shall any such party have any liability therefrom.
Portfolio Characteristics
Portfolio Statistics*
| Performance | Fund | MSCI EAFE NR |
|---|---|---|
| Number of Holdings | 282 | 768 |
| Annual Turnover (as of July 31, 2023)** | 18% | — |
| Weighted-Average Market Cap ($M) | 131,698 | 103,377 |
| Median Market Cap ($M) | 18,242 | 14,118 |
| Price/Book Ratio | 2.5x | 1.9x |
| Price/Earnings Ratio (Trailing 12 Months) | 21.1x | 17.1x |
| Return on Equity (Trailing 12 Months) | 12.80% | 11.40% |
| Tracking Error (1-Year Projected) | 2.20% | — |
| Beta (1-Year Projected) | 1 | — |
* Source: Bloomberg Portfolio Risk & Analytics, except as noted by **.
All characteristics are as of March 31, 2024, unless otherwise noted.
Definitions
Annual Turnover is the lesser of purchases or sales for the trailing 12 months divided by the portfolio’s average trailing 13-month net asset values.
Price/Book Ratio is the weighted harmonic average of the price/book ratios of the stocks in the portfolio, which are the stocks’ most recent closing prices divided by their book value per share.
Price/Earnings Ratio is the weighted harmonic average of the price/earnings ratios of the stocks in the portfolio, which are the stocks’ most recent closing prices divided by their earnings per share over the trailing 12 months.
Return on Equity is the portfolio’s total net income less cash preferred dividends divided by the portfolio’s total common equity.
Tracking Error is the standard deviation of residual returns, which are the differences between fund’s projected returns and the index’s projected returns. Tracking error measures the degree of dispersion of fund returns around the index. Generally, the higher the tracking risk, the greater the active bets the manager has taken.
Beta is a measure of the volatility of a fund relative to its benchmark index. A beta greater (less) than 1 is more (less) volatile than the index.
Quick Links
Fund Distributions
Dividends
Accumulated daily, distributed monthly
Capital Gains
Distributed annually
Investor Profile
Who should invest?
- Investors seeking long-term growth of capital
- Investors committed to the Fund’s impact investment standards
Who should not invest?
- Investors unwilling or unable to accept moderate to significant fluctuations in share price
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The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end (including funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.
The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually hasthe greatest impact because it is included in all three rating periods. The Domini International Opportunities Fund Investor Shares was rated against the following numbers of Foreign Large Growth funds over the following time period: 383 funds in the last three years. The Fund received a Morningstar Rating™ of 4 stars for the 3-year period ended March 31, 2024, and has an Overall Morningstar Rating™ of 4 stars. Past performance is no guarantee of future results.
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