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Domini Social Equity Fund ®

Fund Information

Daily Price (NAV)
as of 07/02/2015
Symbol DSFRX
Daily NAV Change $0.00 (0.00%)


Class R Shares Overview

Class R shares are available for certain qualified retirement plans. Please see the Fund's prospectus for further details, or call 1-800-498-1351.

Socially and environmentally concerned investors have social, as well as financial, objectives. The Domini Social Equity Fund seeks to meet these objectives by offering a diversified stock portfolio for long-term capital appreciation that is consistent with social and environmental priorities.

Investment Objective

The Fund seeks to provide its shareholders with long-term total return.

Investment Strategy

The Fund invests primarily in stocks of U.S. companies that meet Domini Social Investments’ social and environmental standards.

Subject to these standards, Wellington Management Company, LLP, the Fund’s subadvisor, seeks to add value using a diversified quantitative stock selection approach, while managing risk through portfolio construction.

Shareholder Activism

The Fund also advances its social and environmental objectives through proxy voting, dialogue with corporations, and the filing of shareholder resolutions

Social and Environmental Standards

Domini evaluates the Fund’s current and potential investments against its social and environmental standards based on the businesses in which they engage, as well as on the quality of their relations with key stakeholders, including communities, customers, ecosystems, employees, investors, and suppliers.

Domini may determine that a security is eligible for investment even if a corporation’s profile reflects a mixture of positive and negative social and environmental characteristics.

Investor Profile

Who Should Invest:

  • Investors seeking long-term growth of capital.
  • Investors committed to the Fund's socially responsible investment standards.

Who Should Not Invest:

  • Investors unwilling or unable to accept moderate to significant fluctuations in share price.


Class R Shares Performance

Month-End Returns as of 5/31/15
YTD1Yr3 Yr*5 Yr*10 Yr*Since Inception (6/3/91)*
S&P 5003.23%11.82%19.67%16.54%8.12%9.50%

Quarter-End Returns as of 3/31/15
YTD1Yr3 Yr*5 Yr*10 Yr*Since Inception (6/3/91)*
S&P 5000.95%12.73%16.11%14.47%8.01%9.46%
Calendar Year Returns
Quarterly Returns
1st Qtr 20151.23%0.95%
4th Qtr 20143.33%4.93%
3rd Qtr 20141.58%1.13%
2nd Qtr 20145.79%5.23%
1st Qtr 20142.89%1.81%
4th Qtr 20139.59%10.51%
3rd Qtr 20137.22%5.24%
2nd Qtr 20132.85%2.91%
1st Qtr 201310.30%10.61%

*Average annual total returns.

On 11/30/06, the Fund changed to an active management strategy. Past performance through 11/29/06 represents the former passive investment strategy, and is not indicative of future results. Prior reported periods reflect the performance of the Investor shares prior to November 28, 2003, the date the Class R shares were first offered. This earlier performance has not been adjusted to take into account the lower expenses applicable to Class R shares.

Annual Expense Ratio: Gross: 0.90% / Net: 0.90%. Per current prospectus. Domini has contractually agreed to cap Class R share expenses to not exceed 0.90% until 11/30/15, subject to earlier modification by the Fund’s Board of Trustees. See prospectus for details. The Funds’ performance would have been lower had these fees not been waived.


Ten Largest Holdings as of 5/31/15
Apple Inc.6.6%
Microsoft Corp.4.3%
Merck & Co. Inc.3.2%
Intel Corp.3.1%
Gilead Sciences Inc.2.9%
Cummins Inc.2.7%
The Kroger Co.2.7%
Pepsico Inc.2.6%
Consolidated Edison Inc.2.6%
Celgene Corp.2.5%

Sector Weightings as of 3/31/15
Information Technology22.6%
Consumer Discretionary13.7%
Health Care13.2%
Consumer Staples8.3%
Telecommunication Services3.8%

View the most recent quarterly holdings report filed with the Securities and Exchange Commission.


Portfolio Overview

Socially screened, mid- to large-capitalization domestic equity fund.


Investment Style:


Weighted Average Market Capitalization:


Portfolio Statistics

  DSEFX S&P 500
Price-to-Earnings Ratio (projected) 13.4 14.7
Price-to-Book Ratio 2.3 2.9
Beta (projected) 1.03 --
R-squared (projected) 0.97 --
Market Cap Asset Weighted Avg. (Millions) $94,148 $133,331
Total Number of Holdings 146 500

All data as of 3/31/15 unless otherwise noted.


The Price/Earnings Ratio is a stock’s current price divided by the company’s trailing 12-month earnings per share. The Price/Book Ratio is used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share. The P/E and P/B ratio of a fund is the weighted average of the price/earnings and price/book ratios of the underlying stocks in a fund’s portfolio. 

R-squared measures how a fund’s performance correlates with a benchmark index’s performance and shows what portion of it can be explained by the performance of the overall market/index. R-squared ranges from  0, meaning no correlation, to 1, meaning perfect correlation.

Beta is a measure of the volatility of a fund relative to its benchmark index. A beta greater (less) than 1 is more (less) volatile than the index.


Class R Shares Performance Commentary

The Fund is managed through a two-step process designed to capitalize on the strengths of Domini Social Investments and Wellington Management. Domini creates an approved list of companies based on its social, environmental and governance analysis, and Wellington then utilizes a systematic and disciplined process to manage the portfolio. Download Commentary as a PDF.

Total Returns as of March 31, 2015

1st Qtr
Since Inception
DSFRX -2.64% 5.53% -1.48% 1.23% 1.23% 12.40% 14.31% 13.74% 7.61% 8.91%
S&P 500 -3.00% 5.75% -1.58% 0.95% 0.95% 12.73% 16.11% 14.47% 8.01% 9.46%

For the first quarter of 2015, the Fund’s Class R shares returned 1.23%, outperforming the S&P 500 Index return of 0.95%.

Relative performance was helped the most by strong security selection in the health care and consumer staples sectors. This was partially offset by weaker security selection in the information technology, energy and telecommunications services sectors.

The following portfolio holdings were the top positive contributors to the Fund’s relative performance:

  • Kohl's Corp, the department store retail chain which returned nearly 29% for the quarter. 
  • Kroger, the national supermarket chain and the Fund’s fourth largest holding, which returned more than 19% for the quarter after an impressive fourth quarter in 2014. Kroger’s earnings per share have increased year over year, with higher fuel margins and store sales that surpassed consensus estimates driving performance. Our overweight position in the company benefited performance.
  • Hospira Inc., the U.S.-based global pharmaceutical and medical technology company which returned more than 43% for the quarter. 

The following portfolio holdings were the largest detractors to the Fund’s relative performance:  

  • National-Oilwell Inc., an oilfield services company whose shares declined more than 23% for the quarter.
  • Intel Corp, a U.S. manufacturer of semiconductor chips whose shares dropped more than 13% for the quarter after management’s mid-March announcement of a quarter over quarter revenue drop for the first quarter of 2015 due to reduced demand for business desktop PCs, lower inventory levels in the PC supply chain and negative macro and currency trends in Europe. The announcement of Intel’s planned acquisition of Altera also received a mixed response from investors, as the acquisition suggests the company’s current strategy to address eroding processor sales is not working.
  • Centurylink Inc., an integrated communications company which fell more than 11% for the quarter after poor fourth quarter 2014 performance. The company has suffered from lower revenue in strategic business and data hosting as well as increased cash cost pressures.

Making a Difference

Domini engages in direct dialogue with corporations in our portfolios and files shareholder proposals on a broad range of social, environmental, and corporate governance issues. Shareholder activism — the practice of active ownership — lies at the heart of what we believe responsible investing is all about. Here are a few ways your investment in the Domini Funds has made a difference. For more stories, click here.

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