Spotlight Bias Report:
Asset Managers

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STATE PENSION FUNDS

ASSET MANAGERS

This table shows the percentage of ESG and anti-ESG resolutions that the states’ pension fund asset managers supported in 2022. These firms managed investments for state pension funds in 2022. The first 16 categories are summarized as “Pro-ESG” and the last two categories are summarized as “Anti-ESG” votes. The averages shown are weighted according to the number of resolutions in each category. Assets under management (AUM) is updated through December 31, 2022.

Click here to see the 2023 “Votes to Watch” page: a sample of over 800 ESG-related shareholder resolutions from 2022 and 2023.

Click here to see the voting consistency across fund families for these asset managers.

AUM
(billions)		Pro-ESG Avg.Anti-Social (Anti-ESG) Avg.Board Diversity Require Environmental/Social Qualifications Establish Environmental/Social Committee Link Executive Pay to Social Goals Climate Change GHG Emissions Climate Change Action Report on Healthcare/Abortion Weapons-Related Proposals Social Proposal Income Inequality Political Activities and Action Political Contributions and Lobbying Political Lobbying Disclosure Racial Equity Audit Management Environmental Proposals Anti-Social (Anti-ESG) Charitable Contributions
Acadian Asset Management92.9100%N/AN/AN/AN/AN/AN/A100%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
ACM Funds1.1213%0%N/AN/AN/AN/A0%0%N/AN/AN/AN/AN/AN/AN/A0%100%N/A0%0%
Adams Funds2.756%0%0%N/A0%0%14%0%N/A0%0%0%N/AN/A0%0%0%100%0%0%
AGF Investments America Inc41.8100%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100%100%N/AN/A
Allianz Global Investors234524%7%18%20%0%0%28%21%29%7%9%8%0%0%11%14%30%70%6%7%
Allspring46554%8%12%0%5%17%49%70%0%96%0%0%0%0%49%76%53%95%3%13%
American Century Investment Management215.378%7%70%100%76%100%85%84%100%81%77%55%100%13%92%81%79%40%5%9%
Ancora460%0%0%N/AN/AN/A33%50%N/AN/AN/A0%0%N/A60%100%100%100%0%0%
AQR Capital Management, LLC94.580%8%83%N/A100%100%82%86%0%100%100%57%100%17%100%100%100%27%0%15%
Ariel Investments, LLC16.254%29%N/AN/AN/AN/A33%100%N/AN/AN/AN/AN/AN/A0%75%50%N/A50%20%
Aristotle Capital Management54.1241%27%25%0%0%N/A20%29%N/AN/A0%N/AN/AN/A50%67%80%100%0%60%
Ark Investments11.5431%0%N/A100%N/AN/A40%100%N/AN/AN/AN/AN/AN/A0%0%N/AN/A0%0%
Artisan Partners127.937%0%33%N/A0%0%30%0%N/A50%0%0%N/A0%17%44%20%100%0%0%
Baillie Gifford28461%11%50%N/A100%0%40%N/AN/AN/A50%0%N/A0%50%92%67%N/A0%14%
Baird37550%0%0%N/A0%N/A67%N/AN/A100%0%N/AN/AN/A0%100%33%N/AN/A0%
Baron Global Advantage4042%13%40%N/A0%N/A50%20%N/A100%0%0%N/A0%44%63%50%100%0%17%
Berkshire1.70%0%0%0%0%N/A0%N/AN/AN/AN/A0%N/AN/A0%0%0%N/A0%0%
BlackRock859430%3%19%0%3%0%22%23%15%5%4%3%0%3%8%22%54%99%4%3%
Blackstone97560%7%50%0%N/AN/A29%50%N/AN/AN/A0%0%N/A71%92%60%83%0%20%
Blue Chip1.520%0%0%N/AN/AN/A0%0%N/AN/AN/AN/AN/AN/AN/AN/A0%N/AN/A0%
BNY Mellon Funds180042%4%19%0%0%0%31%50%0%11%0%14%0%0%31%57%51%88%0%7%
Boston Partners84.55652%22%19%N/A0%0%44%41%N/A50%N/A0%N/A20%81%66%64%87%24%21%
Brandes Investment Partners18.92936%0%N/AN/AN/AN/A50%33%N/AN/AN/AN/AN/AN/A50%0%50%N/A0%0%
Brookfield Asset Management80066%N/A0%N/AN/AN/A100%14%N/AN/AN/A0%N/AN/AN/AN/A100%100%N/AN/A
Brown Advisory98.354%8%0%N/A0%0%47%71%0%100%0%0%0%0%50%75%79%100%10%7%
Causeway Capital Management38.761%25%N/AN/AN/A0%0%0%N/AN/AN/A0%N/AN/AN/A100%100%100%0%100%
Champlain Funds7.8100%N/A100%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100%N/AN/AN/A
Clarkston Partners-Inst6.52458%0%N/AN/AN/AN/AN/A100%N/AN/A0%N/AN/AN/A60%67%0%N/A0%0%
Clearwater Advisors, LLC-TBAs3.6362%0%0%N/A0%N/A40%90%N/A100%0%0%50%0%60%85%81%100%0%0%
Cohen & Steers Capital Management, Inc.80.42556%N/A0%N/AN/A0%57%32%N/AN/AN/A0%N/AN/A100%0%63%96%N/AN/A
Coho Partners6.16553%78%N/AN/AN/AN/A43%75%N/A50%N/A50%N/AN/A50%50%60%N/A67%100%
Columbia Capital4.753%8%17%N/A0%0%42%55%0%3%0%39%100%0%46%69%83%85%2%13%
Congress Equity16.90%0%0%N/A0%N/A0%0%N/AN/AN/AN/AN/AN/A0%0%0%N/A0%0%
Copeland Capital Management3.967%0%0%N/AN/AN/A0%0%N/A0%N/A0%N/AN/A33%N/A0%N/A0%0%
Counterpoint Global (Morgan Stanley)70.9660%0%100%N/AN/AN/A0%100%N/AN/AN/AN/AN/AN/A0%0%100%N/AN/A0%
Credit Suisse61683%N/AN/AN/AN/AN/AN/A0%N/AN/AN/AN/AN/AN/AN/AN/A100%100%N/AN/A
Davis Selected Advisers19.8850%0%0%N/A0%N/A0%0%N/AN/A0%0%N/AN/A0%0%0%N/A0%0%
Dimensional Fund Advisors, Inc.338.46516%9%7%0%0%0%22%29%3%6%4%6%0%18%13%11%5%22%8%9%
Dodge & Cox32326%0%38%N/A0%25%0%38%13%N/AN/A0%N/AN/A17%0%0%100%0%0%
DoubleLine Capital0.19471%0%N/AN/AN/AN/A100%100%N/A0%0%N/AN/AN/A100%100%100%N/A0%0%
Eagle Capital Management, LLC23.9260%0%0%N/A0%N/A0%0%N/AN/AN/AN/AN/AN/AN/A0%0%N/AN/A0%
Emerald Asset Management063%40%100%N/A100%N/A100%N/AN/A0%N/A0%N/AN/A0%33%75%N/A67%0%
Europacific Growth Fund R6027%N/AN/AN/A0%N/AN/A0%0%N/AN/A0%N/AN/AN/AN/AN/A100%N/AN/A
Evercore Group LLC10.53734%0%0%N/A0%N/A40%50%N/A0%0%0%N/AN/A0%50%80%N/A0%0%
Fidelity Insitutional Asset Management LLC388023%2%10%0%0%0%20%28%1%2%1%0%0%0%19%19%21%98%1%3%
Fiera158.57%13%0%N/A0%N/A0%N/AN/A0%0%N/AN/AN/A0%0%0%100%0%20%
First Eagle International Value13126%0%8%N/A0%N/A23%24%N/AN/AN/A0%N/A0%41%39%4%100%0%0%
FIS Group, Inc.5.269%44%100%N/A100%0%33%50%N/A0%100%50%N/AN/A50%100%100%100%33%50%
Fisher Investments21169%29%56%N/A67%N/A64%67%N/AN/A50%50%N/AN/A89%83%56%71%20%31%
FPA20.222%18%0%N/A0%N/A19%0%N/A100%0%0%N/A0%43%17%27%100%20%17%
Franklin Templeton138762%8%66%25%65%63%55%62%6%52%N/A42%0%79%71%N/A61%49%7%10%
Frontier Capital Management9.321%5%0%N/A0%0%33%0%N/A0%0%N/AN/AN/A0%15%38%100%0%8%
Fuller Thaler1660%0%0%N/AN/AN/A0%67%N/AN/AN/AN/AN/AN/A50%N/A100%N/AN/A0%
GMO57.653%2%36%N/A0%100%66%62%0%67%N/A25%N/A0%67%36%67%47%0%3%
Goldman Sachs Asset Management267231%6%11%0%4%0%46%57%0%0%8%10%0%0%4%30%7%94%0%13%
Golub5.657%14%0%N/A0%0%60%100%N/A100%0%0%N/AN/A50%100%67%N/A0%33%
GQG Partners8869%8%100%N/AN/AN/A45%24%N/A100%N/A45%N/AN/A70%100%94%100%10%7%
Grandeur Peak Global Advisors, L.L.C.1.689100%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100%N/AN/AN/A
Greenspring Funds0.1250%0%0%N/AN/AN/A0%0%N/AN/AN/AN/AN/AN/A0%0%0%N/A0%0%
Guggenheim Funds22563%6%14%0%7%0%46%79%0%100%11%2%0%0%69%82%74%100%1%12%
Harding-Loevner, LP55.59631%22%0%N/A0%N/A0%64%0%0%0%50%N/AN/A17%7%20%100%25%20%
Heartland1.950%N/AN/AN/AN/AN/AN/A100%N/AN/AN/A0%N/AN/AN/AN/AN/AN/AN/AN/A
Homestead Funds290%0%N/AN/AN/AN/AN/A0%N/A0%N/AN/AN/AN/A0%N/AN/AN/A0%N/A
Hood River Capital Management3.10%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0%0%N/AN/AN/A
Horizon0.36166%7%25%0%25%0%59%84%N/A100%25%30%N/A0%6%86%85%100%3%12%
Hotchkis & Wiley Capital Management, LLC28.49542%0%38%N/A100%0%37%36%N/AN/AN/A0%100%0%67%86%29%100%0%0%
IMPAX Leaders CalSTRS43.888%26%40%N/A67%N/A87%100%100%100%100%100%N/A100%100%77%89%87%33%17%
Invesco Advisors157%12%22%25%0%0%63%53%0%24%15%8%0%20%55%74%66%90%10%15%
JP Morgan Asset Management245045%6%25%0%4%27%41%43%18%8%10%34%0%6%37%66%33%97%6%7%
Kayne Anderson ISC53.533%N/A0%N/AN/AN/A100%0%N/AN/AN/AN/AN/AN/AN/AN/AN/A100%N/AN/A
Lazard Asset Management, LLC21668%3%17%N/A0%N/A63%55%0%83%0%0%N/A0%60%83%81%100%0%6%
Loomis Sayles31040%0%40%N/AN/AN/A25%100%N/A0%N/A0%N/A20%0%40%88%N/A0%0%
Lord, Abbett & Company19433%3%0%N/A0%N/A16%35%0%100%0%0%N/AN/A9%62%50%100%3%N/A
LSV Asset Management9236%2%17%N/A0%N/A25%44%N/A0%N/A0%N/A0%36%21%61%100%3%0%
Macquarie Investment Management Advisers5710%N/AN/AN/AN/AN/AN/A0%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Madison2228%5%0%N/AN/AN/A33%31%N/A0%N/AN/AN/AN/A0%33%50%100%0%11%
Mercer34551%19%36%N/A50%0%41%50%0%75%0%22%N/A0%63%59%54%92%7%29%
MFS Institutional Advisors, Inc.54859%12%28%N/A4%8%43%70%0%9%4%9%N/AN/A61%75%76%90%13%12%
Miller Funds1.680%0%0%N/A0%N/A0%0%N/AN/AN/A0%N/AN/AN/A0%0%N/A0%0%
Monarch Capital Partners V LP1156%0%50%N/A0%0%67%N/AN/A0%0%100%N/AN/A0%75%100%N/A0%0%
Mondrian Investment Partners4352%33%0%N/A0%N/A60%20%N/AN/AN/A0%N/AN/A0%83%83%100%100%20%
Morgan Stanley130562%6%54%0%0%0%45%71%0%100%0%47%N/A0%64%43%90%93%0%11%
NEEDHAM & CO, NEW YORK0.60%0%N/AN/A0%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0%N/AN/A0%0%
Neuberger Berman Investment Advisers LLC42743%26%N/AN/A29%67%N/AN/A86%17%N/A33%N/AN/A6%47%N/A95%25%28%
Ninety One183.750%67%0%N/AN/A0%N/AN/AN/AN/A0%N/AN/AN/A0%100%50%100%100%50%
North Star Investment Holdings LLC1.625%75%100%N/AN/AN/A0%100%N/AN/AN/AN/A0%N/AN/A0%N/AN/A100%50%
Northern Trust Asset Management125085%2%22%0%N/A20%96%82%100%100%100%59%25%0%100%94%99%71%2%2%
Nuveen Real Estate110053%9%9%0%N/A0%44%59%0%76%0%7%0%0%46%70%58%100%6%12%
O’Shaughnessy264%0%50%N/AN/AN/A20%67%N/A100%N/AN/AN/AN/A100%67%67%N/A0%0%
Oakmark Intl-Inst145%0%0%N/AN/A0%0%0%N/AN/A0%0%N/AN/A0%0%0%100%0%0%
Oberweis Asset Management, Inc.2.660%N/AN/AN/AN/AN/AN/A0%N/AN/AN/AN/AN/AN/AN/AN/AN/A100%N/AN/A
Partners Group14233%N/AN/AN/AN/AN/AN/A0%N/AN/AN/AN/AN/AN/AN/AN/A25%100%N/AN/A
Payden13535%0%40%N/AN/AN/A17%44%N/AN/A0%N/AN/AN/A0%40%63%N/A0%0%
Penn Capital1.821%0%0%N/A0%N/A13%0%N/A0%0%N/AN/AN/A86%0%0%N/A0%0%
PGIM Quantitative Solutions, LLC137746%4%51%50%N/A0%35%39%0%41%0%33%100%20%22%55%68%88%1%7%
PIMCO174078%2%83%N/AN/A50%20%82%N/A86%67%60%N/A0%94%96%96%56%0%4%
PineBridge141.150%6%0%0%N/AN/A33%67%0%100%0%0%N/AN/A50%100%67%N/A0%13%
Polen Capital Management36.0511%13%N/AN/AN/AN/A0%N/AN/AN/A50%0%N/AN/A33%0%0%N/A0%17%
Principal Capital Investors LL63558%5%35%10%N/A56%40%63%7%76%0%0%17%0%71%66%62%94%1%9%
Prudential Financial145%5%67%N/AN/AN/A50%29%N/A100%0%N/AN/AN/A0%55%67%N/A0%10%
Prudential Investments137747%5%48%100%N/A0%40%39%0%35%0%33%100%0%N/A52%54%91%2%8%
Putnam8226%7%13%N/AN/A0%30%15%N/A0%0%0%N/A0%14%24%34%98%3%11%
Pzena Investment Management, LLC4547%N/AN/AN/AN/AN/A0%0%0%N/AN/AN/AN/AN/AN/AN/AN/A100%N/AN/A
RBC Capital Markets LLC81650%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0%100%N/AN/A
Redwood Inv EAFE2.410%0%N/AN/AN/AN/AN/AN/A0%N/AN/A0%N/AN/AN/A0%0%100%0%N/A
Riverbridge Partners, LLC6.280%0%0%N/A0%N/A0%N/AN/AN/AN/AN/AN/AN/A0%0%0%N/AN/A0%
Rockefeller10.470%50%N/AN/AN/AN/AN/AN/AN/AN/AN/A100%N/AN/AN/A100%50%N/A0%100%
Salient4.50%N/AN/AN/AN/AN/AN/A0%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Sanders Capital6135%N/A35%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Sands Capital Management, LLC3911%0%0%N/A0%N/A0%N/AN/AN/AN/AN/AN/AN/AN/A33%0%N/AN/A0%
Segall, Bryant and Hamill22.245%0%0%N/AN/AN/A38%50%N/A100%N/A0%N/AN/A67%25%58%100%0%0%
SPDR Funds029%0%17%0%0%0%32%44%N/A0%0%0%N/A0%24%25%47%N/A0%0%
Sprott Funds23.40%N/AN/AN/AN/AN/A0%0%N/AN/AN/AN/AN/AN/A0%N/AN/AN/AN/AN/A
State Street Funds350050%13%32%0%0%0%45%58%93%9%0%25%50%50%33%52%52%85%14%11%
State Street Global Advisors350038%0%17%0%0%0%29%47%100%0%0%20%N/A0%24%28%45%100%0%0%
STERLING CAPITAL PARTNERS62.837%0%20%N/A0%N/A27%62%N/A0%0%0%N/A0%12%43%80%N/A0%0%
Symmetry Funds0.20933%13%15%0%25%0%29%38%75%50%0%15%N/A0%38%31%27%71%8%19%
T. Rowe Price Associates, Inc.127021%1%23%0%0%0%24%11%0%0%0%0%0%0%34%18%9%100%0%1%
TCW24340%17%22%N/A0%0%26%57%N/A0%67%40%N/A0%47%53%38%N/A13%20%
Tortoise Capital14.5420%N/A0%N/AN/AN/A33%25%N/AN/AN/AN/AN/AN/A0%0%0%N/AN/AN/A
UBS390653%7%43%N/A0%0%30%47%8%78%0%40%N/A0%63%74%69%90%0%11%
USAA Funds20481%5%66%83%71%88%72%90%0%0%100%52%100%0%94%93%97%33%2%8%
Vanguard720021%2%22%4%6%3%28%22%16%4%0%20%0%3%8%15%7%94%2%3%
Virtus Funds149.467%7%36%N/A0%17%47%63%0%100%44%30%0%0%74%83%83%93%0%13%
Vontobel204.477%0%100%N/AN/A100%75%100%N/A100%0%N/AN/AN/A50%100%100%N/A0%0%
Voya Investment Management31749%4%28%0%5%83%38%65%21%92%5%2%100%0%56%52%35%100%1%6%
Wasatch Advisors2643%17%0%N/AN/AN/A0%0%N/AN/AN/A0%N/AN/A100%50%100%100%0%33%
WCM60.557%33%N/AN/AN/AN/AN/A100%N/AN/A50%N/AN/AN/A50%N/AN/A50%N/A33%
Westfield Capital Management12.647%0%0%N/AN/AN/A0%50%N/AN/AN/AN/AN/A50%50%N/A100%N/A0%0%
Westwood Management14.838%3%22%N/A33%N/A29%50%N/A0%0%N/AN/AN/A17%39%62%N/A0%6%
William Blair Investment Management, LLC55.993%11%100%N/A100%N/A100%100%0%N/A100%50%N/AN/A100%100%100%100%0%13%
Zevenbergen Capital Investments LLC30%0%N/AN/AN/AN/A0%N/AN/AN/AN/AN/AN/AN/AN/A0%N/AN/AN/A0%

Disclaimer: The information contained in this report, ‘Proxy Voting,’ is intended for educational purposes only and does not constitute financial or investment advice. Click here for the full disclaimer.

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