Sphere 500 Climate Fund
Data updated: 2024-05-30
C000230850 — Sphere 500 Climate Fund. United States Large Cap Blend / Core Equity · $8.27M AUM. Holdings, fees, performance and SEC filings.
C000230850 Fund Overview
Sphere 500 Climate Fund is a US mutual fund managed by Manager Directed Portfolios, categorised as United States Large Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Manager Directed Portfolios
- Category: United States Large Cap Blend / Core Equity
- Assets under management: $8.27M
- 1-year return: 31.3%
- SEC CIK: 0001359057
- SEC series ID: S000073733
- Share class ID: C000230850
C000230850 Investment Objective and Strategy
Sphere 500 Climate Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Manager Directed Portfolios.
Investment objective
The Sphere 500 Climate Fund (the Fund) seeks to track the performance, before fees and expenses, of the Sphere 500 Fossil-Free Index TM (the Index).
Principal investment strategy
The Fund employs a passive management (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is designed to reflect the performance of large companies listed on U.S. exchanges while excluding fossil fuel, utility and other companies with material climate-related risks. More information about the Index can be found at www.bitadata.com/pages/SPFFXI. The Index The Index is constructed beginning with the largest 500 U.S. companies that trade on regulated U.S. exchanges by market capitalization. As of December 31, 2023, the market capitalization of companies in the Index ranged from approximately $10 billion to $3 trillion. The index administrator, BITA GmbH (the Index Administrator), then eliminates companies from this investable universe using data obtained from As You Sow, an unaffiliated non-profit organization that promotes environmental responsibility through shareholder advocacy.
As You Sow eliminates companies from the Index based on their risk profile of being exposed to the fossil fuel industry or other exclusionary screens. On a periodic basis, As You Sow publishes the current uninvestable lists, which are principally comprised of companies that contribute to climate change through fossil fuel activities. As You Sow designates a company as an uninvestable fossil fuel company if the company is engaged in producing, distributing, or refining fossil fuels; holding reserves of fossil fuels; is a utility that is primarily fossil fuel-powered; or is a producer of equipment for any of the above ( i.e. , companies that engage in oil, gas, or coal production, and downstream activities). The Index also excludes other uninvestable companies as determined from time to time by As You Sow.
If a company is included in As You Sows uninvestable list, that company is not eligible for inclusion in the Index. The Index Administrator then re-weights the remaining companies on a free-float market capitalization basis. A companys free float-adjusted market capitalization is calculated by multiplying the number of shares readily available in the market by the price of such shares. The Index is typically composed of approximately 400-450 companies and is rebalanced and reconstituted quarterly as of close on the third Friday of March, June, September, and December, based on data as of the close of business on the Friday of such reconstitution month. As of December 31, 2023 the Index was composed of 417 companies. The Funds Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index in weightings that approximate the relative composition of the Index.
By investing in component securities of the Index, under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities issued by companies that do not (1) derive any revenue from the sale of fossil fuels, (2) hold fossil fuel related assets or reserves, (3) use fossil fuels for power generation, or (4) produce fossil fuel-related equipment. By excluding companies that engage in these fossil fuel activities, the Index, and therefore the Fund, are not exposed to companies with material climate change risk. The Fund may invest in companies that use fossil fuel as part of their business or have used fossil fuels in the past. Reflection Asset Management, LLC (the Adviser), serves as the investment adviser for the Fund and is responsible for trading on behalf of the Fund in line with the Index.
Consistent with the Index, the Adviser rebalances the Fund quarterly. The Fund will generally use a replication strategy to achieve its investment objective, meaning it will invest in all the component securities of the Index in approximately the same weightings as in the Index. This is referred to as a passive or indexing approach to investing. To the extent the Index concentrates ( i.e. , holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of the fiscal year ended September 30, 2023, the Index was not concentrated in any industry or group of industries; however, the Index, and therefore the Fund, had significant exposure to the information technology sector.
As of the fiscal year ended September 30, 2023, the Fund had invested 31% of its net assets in the information technology sector. Climate-Focused Investing By investing in the Index, the Fund will invest in companies that do not contribute to climate change in a material way through their fossil fuel activities. According to the U.S. Energy Information Administration, in 2021 , 73% of greenhouse gas emissions came from burning fossil fuels. The Fund also seeks to vote proxies in a climate-focused way, such as voting for proposals to reduce or eliminate greenhouse gas emissions, using voting guidelines from As You Vote, an affiliate of As You Sow.
C000230850 Holdings
Top 10 holdings of Sphere 500 Climate Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Microsoft Corp | 7.71% |
| Apple Inc | 6.62% |
| NVIDIA Corp | 5.43% |
| Amazon.com Inc | 4.15% |
| Meta Platforms Inc | 2.67% |
| Alphabet Inc | 2.22% |
| U.S. Bank Money Market Deposit Account | 2.21% |
| Alphabet Inc | 2.01% |
| Eli Lilly & Co | 1.65% |
| Broadcom Inc | 1.51% |
C000230850 Portfolio Allocation
Asset-class allocation of Sphere 500 Climate Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 97.4% |
| Cash & Equivalents | 2.2% |
C000230850 Performance
Total returns for C000230850 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 31.3% |
| 3 years (annualised) | 9.0% |
C000230850 Risk Information
Risk metrics for C000230850, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 13.9%
C000230850 Costs and Fees
C000230850 costs about $7 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.07%
- Gross expense ratio: 0.07%
- Portfolio turnover: 16%
- Brokerage commissions: 3.20 bps of average net assets (SEC N-CEN)
C000230850 Cashflows
Over the 12 months to 2024-03, Sphere 500 Climate Fund had net inflows of $6.36M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-03 | $391.91K |
| 2024-02 | $335.60K |
| 2024-01 | $476.75K |
| 2023-12 | $1.00M |
| 2023-11 | $382.01K |
| 2023-10 | $668.54K |
C000230850 Debt Constituents
No individual debt constituents are reported in Sphere 500 Climate Fund's latest SEC N-PORT filing.
C000230850 Prospectus and SEC Filings
Official Sphere 500 Climate Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-01-26
- Prospectus (485BPOS) — filed 2022-11-14
- Prospectus supplement (497) — filed 2023-02-06
- Portfolio holdings (N-PORT) — filed 2024-05-30
- Portfolio holdings (N-PORT) — filed 2024-02-29
- Portfolio holdings (N-PORT) — filed 2023-11-29
- Annual census (N-CEN) — filed 2023-12-14
- Annual census (N-CEN) — filed 2022-12-14
Related Funds
Other United States Large Cap Blend / Core Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.