First Affirmative Financial Network withdrew a shareholder proposal filed at SBA Communications, Inc. that asked the company to issue a report describing the company’s environmental, social, and governance (ESG) policies, performance, and improvement targets. SBA Communications owns and operates wireless infrastructure in the US, Canada, and Central and South America and is a recent addition to the S&P 500. The Company is amongst a small minority of our major portfolio holdings that lack sustainability reporting, and is in the 15% minority of S&P 500 companies lacking such reporting.

Celebrating a Decade of Shareholder Advocacy First Affirmative reached an important milestone at the end of 2018, marking 10 years since we launched our advocacy program, completing our first full year of direct corporate engagement in 2009. We have since pursued an increasingly ambitious advocacy agenda to expand our engagement reach and impact.

Economy Moderates — Too Much? By Mel Miller, CFA® | Chief Economist Download PDF The third-quarter economic growth moderated from the torrid second-quarter expansion of 4.2% annualized, reflecting a healthy 3.5% growth rate. Did the pace continue to slow in the fourth quarter or did the economy rebound to the second quarter level? What is my forecast for 2019? My goal is to answer these questions.

Also In this Issue: 2019 Outlook — Modest Equity Returns Amid Higher Volatility | Quarterly Performance Benchmarks | Fixed Income Commentary Download PDF It's (still) the Earnings... By Theresa Gusman Ushering in a period of asynchronous and decelerating global economic and profit growth and negative earnings surprises, equity markets fell amid volatile trading in the fourth quarter, erasing gains for the year in the US. US equities slid 13.5% in the fourth quarter, overwhelming increases through the first nine months and resulting in a 4.4% decline for the year. The globally sensitive Energy (-18.1%), Materials (-14.7%), and Industrials (-13.3%) S&P 500 Sectors were the worst performing in 2018, and Health Care (+6.5%), Utilities (+4.1%), and Consumer Discretionary (+0.8%) fared best. Although the pace of decline in non-US equity markets slowed in the fourth quarter, emerging markets fell 14.6% in 2018, as developed international markets dropped 13.8%. Except for Wheat (+3.6%) and Live Cattle (+2.6%), commodity prices ended the year lower. WTI Crude Oil plunged 20.5% in 2018 and 37.5% in the fourth quarter and economic bell weathers Zinc (-23.4%) and Copper (-21.3%) were among the worst performers in 2018.

The UN Sustainable Development Goals: Targets for Positive Impact By James Griffitts Download the PDF On September 25th, 2015, all 193 member states of the United Nations adopted a set of 17 goals aiming to “end poverty, protect the planet and ensure prosperity for all as part of a new sustainable development agenda,” to be met by 2030. Building on the successes and aspirations of the Millennium Development Goals (MDGs) laid down in 2000, the UN Sustainable Development Goals (SDGs) aim to surpass them through a more comprehensive set of goals and a concerted effort to include all stakeholders in the solutions: The MDGs were aimed primarily at governments, whereas the SDGs are a call to action for international institutions, governments, individuals, and public and private organizations at every level.

One for the Record Books By Mel Miller, CFA® | Chief Economist Download PDF In spite of growing trade war tensions, especially with China, one would not expect a robust economic showing during the third quarter. Yet the economy continues the expansion that began in 2009. In fact, I want to highlight a couple of records that were broken in the third quarter.

Also In this Issue: Quarterly Performance Benchmarks Download PDF It's the Earnings... By Theresa Gusman U.S. equities surged 7.71% in the third quarter as earnings remained strong. The MSCI KLD 400 Social Index underperformed this quarter, but continued to track the broader market this year. U.S. interest rates and the dollar continued higher, along with the economy. Non-U.S. equities showed signs of life, as both emerging and developed markets advanced.

Can 43 Shares Make a Difference? YES! By Holly Testa Download the PDF The issue: The retail sale of products containing methylene chloride and N-Methyl-2-pyrrolidone (NMP). Commonly found in paint strippers, these chemicals have been linked to dozens of deaths by asphyxiation and heart attack, and are suspected carcinogens. In spite of the serious hazards presented, these chemicals are still widely available at many retailers, including Lowe’s. The Environmental Protection Agency (EPA) proposed a ban of these two chemicals from retail shelves in January 2017, but implementation has been delayed. The non-profit partner: Mind the Store, a campaign of Safer Chemicals, Healthy Families.

The Geo-Political Winds of Change are Blowing By Mel Miller, CFA® | Chief Economist Download PDF In my first quarter Economic Commentary, I stated, “The actions taken the first quarter by the President pose the greatest long-term risk to the economy of any decisions in my lifetime.” Specifically, I shared my concern about the newly enacted tax reform bill, which will add $1.5 trillion to the national debt and the imposition of 25% tariffs on imported steel and 10% on aluminum ran the risk of a full-blown trade war.

Also In this Issue: Quarterly Performance Benchmarks | The Smartest Guys in the Room Download PDF As Good As It Gets By Theresa Gusman Following a brief first quarter hiatus, the US equity market resumed climbing a wall of worry in the second quarter. International markets did not follow suit, with significant losses in emerging markets. As we look toward the second half and 2019, the outlook for global equities is clouded by decelerating economic and earnings growth, rising inflation and interest rates, higher oil prices, and trade headwinds.