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AFL-CIO Housing Investment Trust

PRI reporting framework 2020

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer
% of asset under management (AUM) in ranges
Fund management
Fund of funds, manager of managers, sub-advised products
Other
Total 100%

Further options (may be selected in addition to the above)

01.2. Additional information. [Optional]


OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

United States

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

34 FTE

02.4. Additional information. [Optional]


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2019

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Indicate the assets which are subject to an execution and/or advisory approach. Provide this figure based on the end of your reporting year

04.5. Additional information. [Optional]

The AFL-CIO Housing Investment Trust (HIT) is an internally managed, fixed income mutual fund benchmarked to the Bloomberg Barclays U.S. Aggregate Bond Index (Barclays Aggregate). The HIT seeks to earn competitive returns for pension and other institutional investors while pursuing its mission to finance housing construction and rehabilitation and generate family-supporting union construction jobs. The HIT stands out among fixed-income investments because of its specialization and overweight in high credit quality multifamily mortgage-backed securities (MBS).

The HIT has two operating subsidiaries. The HIT formed HIT Advisers LLC in 2016 as an investment adviser to manage a new pooled fund and separate account mandates consistent with the HIT's overall mission. HIT Advisers is the only equity holding in the HIT's portfolio, and constitutes less than 0.01% of the HIT's net assets. Its business strategy is in development and it currently has no clients. HIT Advisers owns 100% of Building America Community Development Entity (BACDE), a community development entity that is a second tier subsidiary of the HIT. BACDE is authorized by the U.S. Treasury Department to allocate New Markets Tax Credits to projects and businesses in low-income communities and supporting low-income persons. To date, BACDE has been awarded $185 million in credits which it has allocated to projects with total development costs of $966.5 million, thereby leveraging additional resources for the HIT’s mission and social responsibility impacts.


OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 0 0 0 0
Fixed income >50% 98.45 0 0
Private equity 0 0 0 0
Property 0 0 0 0
Infrastructure 0 0 0 0
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash <10% 1.55 0 0
Money market instruments 0 0 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

The HIT stands out among fixed income investments because of its specialization and overweight in high credit quality multifamily MBS. The 98.45% of assets in fixed income includes 73.56% invested in multifamily MBS, 18.66% in single-family MBS, 4.46% in US Treasuries, and 1.76% in private-label commercial MBS. Additionally, 1.55% of assets was invested in Cash at year-end 2019. Of the multifamily MBS, 19.94% represents directly sourced investments in multifamily housing projects which provide affordable housing in densely populated communities, reducing commutes for low- and moderate-income individuals and families, while creating quality union jobs.


OO 07. Fixed income AUM breakdown (Private)


OO 08. Segregated mandates or pooled funds (Not Applicable)


OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

100 Developed Markets
0 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]


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