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Research

MIT refers to ESG investing as “aggregate confusion”

Cliff Asness “constrained investing results in higher expected returns”

Jared Dillian “ESG another stock bubble.”

Aswath Damodaran “[ESG] sounding good or doing good?”

Barclay’s “ESG funds don’t give ESG exposure…same risk-adjusted returns as conventional funds.”

Tariq Fancy, “ESG is a dangerous placebo that harms the public interest.”

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© 2023 Constrained Capital LLC

Investing involves risk including the possible loss of principal. Past performance is no guarantee of future results.

To obtain a prospectus or view ORFN holdings, please click here to go the fund page for more information. (hyperlink this to the fund specific web page)

Constrained Capital defines the Orphaned Sector as companies that are commonly “orphaned”, discarded, or excluded by Environmental, Social, and Governance (“ESG”) criteria. Companies in these sectors such as, Alcohol, Tobacco, Fossil Fuel, Weapons, Nuclear Energy and Gambling are particularly vulnerable to potential obsolescence due to technological advances and global competition. A company’s profitability may also be affected by pricing pressure, government regulation, environmental factors and unpredictable changes in consumer demand. There is no guarantee that including or excluding companies based on certain criteria will result in favorable performance or produce the desired results.

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Median 30-Day Spread Percentage

30-Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

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.