New Covenant Income Fd
NCICX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- Jeffersonville, IN 47130 Jeffersonville IN United States of America 47130
- IPO Date
- Jun 30, 1999
- CIK
- 0001070222
- Website
- newcovenantfunds.com
- Similar Companies
- Business
- New Covenant Income Fund (NCICX) is an open-end mutual fund that seeks a high level of current income with preservation of capital by investing, under normal market conditions, at least 80% of its net assets in a diversified portfolio of bonds and other debt obligations of varying maturities; corporate bonds; securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, including those supported by the full faith and credit of the U.S. government (such as Government National Mortgage Association securities), or by the right of the issuer to borrow from the U.S. Treasury (such as Federal National Mortgage Association and Federal Home Loan Mortgage Corporation securities); bonds of international corporations or foreign governments; mortgage-backed securities (including To Be Announced securities and Dollar Rolls); asset-backed securities; up to 20% in commercial paper within the two highest short-term rating categories; fully-collateralized repurchase agreements; futures contracts (including on U.S. Treasury obligations and Eurodollar instruments), put and call options (including on futures), and swaps (including credit default swaps) for hedging, duration management, yield curve exposure, or speculative purposes; and up to 20% in below-investment-grade (high-yield or junk) bonds. At least 65% of net assets are invested in bonds rated within the four highest long-term credit rating categories by independent rating agencies (or unrated equivalents deemed investment grade by the sub-advisers), targeting an overall weighted-average credit quality of AA or higher; up to 40% may be allocated to fixed-income securities of foreign issuers across developed and emerging markets (including investment-grade sovereign debt, foreign agency obligations, and Yankee bonds), selected individually without fixed geographic allocations. The fund adheres to social-witness principles of the Presbyterian Church (U.S.A.), avoiding investments in companies involved in tobacco, alcohol, gambling, for-profit prisons, certain weapons production (including antipersonnel land mines, handguns, and assault weapons), and serious human rights violations, while considering environmental, social, and governance (ESG) criteria (such as issuers' business models, corporate governance, stakeholder relationships, and controversy history) in security selection; sub-advisers may overweight higher-ranked ESG securities relative to the benchmark. Average portfolio maturity typically ranges from four to twelve years, with duration between three and six years; the remainder of assets may be held in cash or cash equivalents. The fund operates within the intermediate core-plus bond segment, targeting institutional and retail investors seeking income with moderate credit and interest rate risk, primarily in the U.S. but with global fixed-income exposure; investments emphasize interest-rate and yield-curve analyses, credit evaluations for appreciation potential, and high-yield opportunities in domestic and foreign government/company debt. SEI Investments Management Corporation (SIMC), based in Oaks, Pennsylvania, serves as investment adviser, acting as a manager-of-managers by allocating assets among specialized sub-advisers; current sub-advisers include Income Research + Management and Metropolitan West Asset Management, LLC (MetWest, Los Angeles, California, an indirect subsidiary of TCW Group, Inc.), with a team led by Bryan Whalen (Chief Investment Officer), Jerry Cudzil, and Ruben Hovhannisyan (Stephen Kane ceased involvement effective December 31, 2024). In September 2024, SIMC and the Board of Trustees terminated Western Asset Management Company, LLC (Pasadena, California) and Western Asset Management Company Limited (London, United Kingdom) as sub-advisers, reallocating their managed assets to MetWest, with the transition completed by October 31, 2024; earlier in August 2024, portfolio managers S. Kenneth Leech, John L. Bellows departed Western Asset (replaced in part by Michael C. Buchanan as Chief Investment Officer). New Covenant Funds, the Delaware statutory trust encompassing NCICX (launched circa 1999), maintains its principal address c/o U.S. Bank Global Fund Services, Milwaukee, Wisconsin, with legal domicile at 1209 Orange Street, Wilmington, Delaware; administrator and distributor services are provided by SEI Investments entities. The fund reported a portfolio turnover rate of 106% in the most recent fiscal year.