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Adviser Profile

As of Date 03/27/2024
Adviser Type - Large advisory firm
Number of Employees 48
of those in investment advisory functions 23
Registration SEC, Approved, 11/8/2002
AUM* 4,537,178,648 -0.49%
of that, discretionary 4,537,178,648 -0.49%
Private Fund GAV* 1,110,850,100 -34.19%
Avg Account Size 11,939,944 5.53%
% High Net Worth 71.24% -4.28%
SMA’s Yes
Private Funds 6 2
Contact Info 617 xxxxxxx
Websites

Client Types

- High net worth individuals
- Investment companies
- Pooled investment vehicles
- Pension and profit sharing plans
- Charitable organizations
- State or municipal government entities
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses
- Selection of other advisers
- Educational seminars/workshops

Compensation Arrangments

- A percentage of assets under your management
- Fixed fees (other than subscription fees)

Recent News

Reported AUM

Discretionary
Non-discretionary
6B 5B 4B 3B 3B 2B 836M
2015 2016 2017 2018 2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypeOther Private Fund Count6 GAV$1,110,850,100

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Brochure Summary

Overview

Boston Common was founded in 2002 by Geeta B. Aiyer, CFA, who remains the largest employee shareholder. Boston Common is registered with the United States Securities and Exchange Commission as an investment adviser that provides discretionary investment management services in the areas of equity and balanced accounts to a variety of clients. Clients include charitable organizations, pension and profit-sharing plans, state entities, taxable and tax- exempt institutional clients, high net worth individuals, commingled investment vehicles and mutual funds. All client portfolios are constructed with the aim of being consistent with the client’s objectives and risk tolerances. Boston Common also provides investment advisory services through wrap accounts sponsored by other investment advisers or broker- dealers, and in the form of an ESG model portfolio that third-party, unaffiliated advisers license, and may use to make investment decisions on their clients’ behalf. Boston Common integrates Environmental, Social and Governance (“ESG”) criteria into its investment process (as described below). Over the years, Boston Common has developed an extensive global network of contacts, including non-governmental organizations, regional social investment organizations, corporate social responsibility practitioners, social justice organizations and industry associations, which assist the firm in obtaining primary information on corporate activities in a wide range of locations. The firm also uses third-party ESG research providers in its stock selection process and may rely on this research in determining whether a particular company is in accordance with its clients’ or firms’ ESG guidelines. Through company dialogue and the shareholder resolution process, Boston Common voices shareowner concerns to management of select portfolio companies as part of the firm’s efforts to encourage them towards greater transparency, accountability, and commitment to ESG issues. Clients with portfolios containing assets greater than certain thresholds established by Boston Common may customize the specific ESG guidelines that are applied to their portfolios. A. Boston Common Separate Accounts Boston Common directly manages separate accounts in five broad investment strategies: Large Cap International Equities, Large Cap U.S. Equities, Global Impact, Emerging Markets, and Balanced Accounts. Clients’ investment objectives, restrictions, and guidelines are considered, along with their respective risk profiles. Traditional investment research by both in-house staff and outside resources informs the portfolio management process. The firm seeks companies with strong ESG attributions from both a product and process perspective, that meet our comprehensive ESG guidelines (required for inclusion in the investable universe), and where we determine we can create a positive ESG momentum through active engagement in Form ADV Part 2A: Investment Adviser Brochure Page 5 order to generate alpha. Boston Common assists clients’ social missions through integrating sustainability research into the stock selection process, as well as through shareowner engagement, each driven by an in-house ESG research process. Further discussion can be found in Item 8: Methods of Analysis, Investment Strategies and Risk of Loss. B. Registered Investment Companies – Mutual Funds Boston Common ESG Impact International Fund Boston Common manages an international mutual fund, the Boston Common ESG Impact International Fund, which is available in an institutional share class and listed under ticker symbol BCAIX (“BCAIX”). BCAIX is one of a series of a master business trust named Professionally Managed Portfolios (the “Trust”). The Trust is a Massachusetts business trust registered with the U.S. Securities and Exchange Commission as an open-end investment company and is administered by U.S. Bank Global Fund Services. The Trust engaged Boston Common to manage the Fund. BCAIX primarily invests in stocks domiciled and traded in countries represented in the Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index. BCAIX generally invests at least 80% of its net assets, including borrowings for investment purposes, in equity securities of non-U.S. companies that meet the firm’s ESG criteria. Equity securities include common and preferred stocks, as well as securities that are convertible into common stocks. Equity securities also include American Depositary Receipts (“ADRs”), European Depositary Receipts and Global Depositary Receipts. Up to 10% of BCAIX’s total assets may be invested in securities of companies located in emerging markets. BCAIX typically invests in stocks with a market capitalization of $2 billion USD or more. Foreside Distributors, LLC d/b/a Quasar (“Quasar”), a broker-dealer registered with the Financial Industry Regulatory Authority (“FINRA”) under the Securities and Exchange Act of 1934, distributes BCAIX. Boston Common compensates Quasar for its services as a distributor. Boston Common ESG Impact U.S. Equity Fund Form ADV Part 2A: Investment Adviser Brochure Page 6 Boston Common manages a U.S. equity mutual fund, the Boston Common ESG Impact U.S. Equity Fund, which is available in an institutional share class and listed under ticker symbol BCAMX (“BCAMX”). BCAMX is one of a series of a master business trust named Professionally Managed Portfolios (the “Trust”). The Trust is a Massachusetts business trust registered with the U.S. Securities and Exchange Commission as an open-end investment company and is administered by U.S. Bank Global Fund Services. The Trust engaged Boston Common to manage the Fund. BCAMX primarily invests in stocks domiciled and traded in countries represented in the S&P 500® Index. BCAMX generally invests at least 80% of its net assets, including borrowings for investment purposes, in equity securities of U.S. companies that meet the firm’s ESG criteria. Equity securities include common and preferred stocks, as well as securities that are convertible into common stocks. BCAMX may also invest up to 20% of its total assets in American Depositary Receipts (“ADRs”). BCAMX typically invests in stocks with a market capitalization of $2 billion USD or more. Foreside Distributors, LLC d/b/a Quasar (“Quasar”), a broker-dealer registered with FINRA under the Securities and Exchange Act of 1934, distributes BCAMX. Boston Common compensates Quasar for its services as a distributor. Boston Common ESG Impact Emerging Markets Fund Boston Common manages an Emerging Markets mutual fund, the Boston Common ESG Impact Emerging Markets Fund, which is available in an institutional share class and listed under ticker symbol BCEMX (“BCEMX”). BCEMX is one of a series of a master business trust named Professionally Managed Portfolios (the “Trust”). The Trust is a Massachusetts business trust registered with the U.S. Securities and Exchange Commission as an open-end investment company and is administered by U.S. Bank Global Fund Services. The Trust engaged Boston Common to manage the Fund. BCEMX primarily invests in stocks domiciled and traded in countries represented in the Morgan Stanley Capital Emerging Markets (MSCI EM) Index. BCEMX generally invests at least 80% of its net assets, including borrowings for investment purposes, in equity securities of Emerging Markets companies that meet the firm’s ESG criteria. Equity securities include common and preferred stocks, as well as securities that are convertible into common stocks. Equity securities also include American Depositary Receipts (“ADRs”), European Depositary Receipts and Global Depositary Receipts. BCEMX typically invests in stocks with a market capitalization of $2 billion USD or more. Foreside Distributors, LLC d/b/a Quasar (“Quasar”), a broker-dealer registered with the Financial Industry Regulatory Form ADV Part 2A: Investment Adviser Brochure Page 7 Authority (“FINRA”) under the Securities and Exchange Act of 1934, distributes BCEMX. Boston Common compensates Quasar for its services as a distributor. C. Private Commingled Vehicles In addition to the publicly-offered mutual funds described above, Boston Common offers sustainable equity management through private commingled vehicles which are only open to accredited investors. This means that the investor/purchaser must meet certain financial criteria to be eligible to purchase an interest in a private vehicle. Boston Common International Equity Strategy Boston Common manages an international equity strategy that seeks to invest in a diversified portfolio of stocks of high quality, non-U.S. companies that are selected with regard for both financial criteria and Boston Common’s comprehensive social guidelines. The International Equity Strategy typically invests in stocks with equity capitalizations (including all classes) greater than $2 billion USD. The International Equity Strategy primarily invests in stocks domiciled and traded in countries represented in the Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index.1 The International Social Strategy may also invest in stocks domiciled and traded in countries not represented in the MSCI EAFE Index. However, investments in emerging markets may not exceed 10% of the overall portfolio. Boston Common considers ESG factors at every stage of its investment process in the International Equity Strategy. Through rigorous analysis of financial and ESG factors, Boston Common seeks to identify innovative, attractively valued companies for investment. The International Equity commingled fund is open solely to accredited investors. 1 The MSCI EAFE (Net) Index is a free-float adjusted market capitalization index that is designed to measure developed market equity performance in approximately 21 countries, excluding the U.S. and Canada. Form ADV Part 2A: Investment Adviser Brochure Page 8 Boston Common Catholic implementation of its International Strategy Boston Common manages a Catholic implementation
of its international strategy that seeks to invest in a diversified portfolio of stocks of high quality, non-U.S. companies that are selected with regard for both financial criteria and Boston Common’s comprehensive social guidelines as well as restrictions generally based on the U.S. Conference of Bishops’ guidelines. The Catholic implementation of the International strategy generally invests in stocks with equity capitalization (including all classes) greater than $2 billion USD. The Catholic implementation of the International strategy primarily invests in stocks domiciled and traded in countries represented in the Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index. The Catholic implementation of the International strategy may also invest in stocks domiciled and traded in countries not represented in the MSCI EAFE Index, however, investments in emerging markets may not exceed 10% of the overall portfolio. Boston Common considers ESG factors at every stage of its investment process in the Catholic implementation of the International strategy. Through rigorous analysis of financial and ESG factors, Boston Common seeks to identify innovative, attractively valued companies for investment. The Catholic implementation of the International strategy commingled fund is open solely to accredited investors. Boston Common International Sustainable Climate Strategy Boston Common manages an international sustainable climate strategy that seeks to achieve long-term capital appreciation by investing in a diversified portfolio of non-U.S. stocks of high-quality companies, selected with regard for financial criteria, sound governance and a history of responsible, consistent financial management. The International Sustainable Climate strategy seeks to avoid investing in companies engaged in the production, extraction, exploration, manufacturing or refining of fossil fuels. Boston Common considers ESG factors at every stage of its investment process in the International Sustainable Climate Strategy. Through rigorous analysis of financial and ESG factors, Boston Form ADV Part 2A: Investment Adviser Brochure Page 9 Common seeks to identify innovative, attractively valued companies for investment. The All Country International Climate Strategy primarily invests in stocks domiciled and traded in countries represented in the Morgan Stanley Capital International All Country World x-U.S.A. (MSCI ACWI x-U.S.A.) Index2. The International Sustainable Climate commingled fund is open solely to accredited investors. Boston Common Sustainable Emerging Markets Strategy Boston Common manages a sustainable emerging markets strategy that seeks to achieve long-term capital appreciation by investing in a diversified portfolio of non-U.S. stocks of high-quality companies that are selected with regard for both financial and sustainability criteria. The Sustainable Emerging Markets strategy’s country allocation is based on the Morgan Stanley Capital International (MSCI) Emerging Markets Index3. Boston Common considers ESG factors at every stage of its investment process in the Sustainable Emerging Markets strategy. Through rigorous analysis of financial and ESG factors, Boston Common seeks to identify innovative, attractively valued companies for investment. The Sustainable Emerging Markets commingled fund is open solely to accredited investors. Boston Common Global Impact Strategy Boston Common manages a Global Impact strategy that seeks to invest in a diversified portfolio of global stocks of high-quality 2 The Morgan Stanley Capital International All Country World x U.S.A Index is a free-float adjusted, market capitalization-weighted index of the largest publicly traded companies listed on the exchanges of developed and emerging market countries around the world, excluding U.S.-based companies. 3 The MSCI Emerging Markets Index (“EM Index”) is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. The EM Index covers many emerging market country indices. Designation as an emerging market is determined by a number of factors. MSCI evaluates factors such as gross national income per capita; market depth and liquidity; local government regulations; perceived investment risk; foreign ownership limits and capital controls; and the general perception by the investment community when determining an "emerging" classification of a market. Form ADV Part 2A: Investment Adviser Brochure Page 10 companies that are selected with regard for both financial and sustainability criteria. The Global Impact strategy generally invests in stocks with equity capitalization (including all classes) greater than $2 billion USD. The Global Impact strategy primarily invests in stocks domiciled and traded in countries represented in the Morgan Stanley Capital All Country World (“MSCI ACWI”)4 Index. Boston Common considers ESG factors at every stage of its investment process in the Global Impact Strategy. Through rigorous analysis of financial and ESG factors, Boston Common seeks to identify innovative, attractively valued companies for investment. The Global Impact commingled fund is open solely to accredited investors. Boston Common Catholic implementation of Emerging Markets Strategy Boston Common manages a Catholic implementation of its sustainable emerging markets strategy that seeks to achieve long- term capital appreciation by investing in a diversified portfolio of non-U.S. stocks of high-quality companies that are selected with regard for both financial criteria and Boston Common’s comprehensive social guidelines as well as restrictions generally based on the U.S. Conference of Bishops’ guidelines. The Catholic implementation of the Emerging Markets strategy’s country allocation is based on the Morgan Stanley Capital International (MSCI) Emerging Markets Index5. Boston Common considers ESG factors at every stage of its investment process in the Catholic implementation of the Emerging Markets strategy. Through rigorous analysis of financial and ESG 4 The MSCI ACWI Index is a global equity index consisting of developed and emerging market countries. 5 The MSCI Emerging Markets Index (“EM Index”) is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. The EM Index covers many emerging market country indices. Designation as an emerging market is determined by a number of factors. MSCI evaluates factors such as gross national income per capita; market depth and liquidity; local government regulations; perceived investment risk; foreign ownership limits and capital controls; and the general perception by the investment community when determining an "emerging" classification of a market. Form ADV Part 2A: Investment Adviser Brochure Page 11 factors, Boston Common seeks to identify innovative, attractively valued companies for investment. The Catholic Emerging Markets commingled fund is open solely to accredited investors. Boston Common’s Chief Compliance Officer reviews the compliance controls and policies of its sub-adviser, including but not limited to its practices regarding side-by-side management of accounts, trade allocation, soft dollar brokerage allocation, best execution, and managing conflicts of interest. D. Other Sponsored Advisory Accounts Boston Common offers investment advisory services on a discretionary basis to clients of sponsoring broker-dealers or financial consultants who offer comprehensive brokerage, custodial and advisory services for a comprehensive “wrap fee,” which is typically based on the amount of client assets under management. The sponsors of these wrap programs remit a portion of the fees to Boston Common. Boston Common’s fees for providing investment advisory services to the sponsored accounts range from 0.7% to 1.0% of the assets that have been allocated to it for management. This range is determined between Boston Common and the sponsoring broker-dealer or financial consultant. In these arrangements, Boston Common makes decisions regarding what securities should be bought and sold for the wrap client’s account; the wrap sponsor selects the brokers that will effectuate the transactions. Boston Common is required to direct all brokerage transactions to the sponsoring broker- dealer. Execution prices are often less favorable than execution prices achieved in non-wrap accounts. Generally, Boston Common may terminate its participation in a wrap program upon thirty days’ notice. Please refer to Item 12 for a more complete discussion of the effects of Directed Brokerage. Model Manager – Third Party Platforms Boston Common’s services are also offered on third-party Unified Managed Account (“UMA”) platforms managed by other investment advisers. In these cases, Boston Common does not make any investment decisions on behalf of these Form ADV Part 2A: Investment Adviser Brochure Page 12 accounts, but provides a Model Portfolio that the client’s manager may use to invest client accounts. Boston Common refers to these advised accounts as “Licensed Model Portfolio Assets.” Firm Ownership Boston Common is majority owned by 23 of its employees and Geeta Aiyer, the firm’s Founder, President and largest employee shareowner (15%). A minority stake of 15% is owned by an outside private entity: BC Acquisition LLC. Assets under Management As of December 31, 2023, Boston Common managed approximately $4.7 billion in assets, including sub-advised assets. In addition, it advised, on a non-discretionary basis, approximately $359 million in Licensed Model Portfolio Assets.