Accolades are not something we strive for, yet they are a complement to our long, rich history of putting our investors first, and they confirm for our investors that our capabilities, products and services are best in class.
2013 & 2014 Lipper Awards: "Best Overall Large Fund Company"1
In 2013 and 2014, we received the Lipper Award for Best Overall Large Fund Company in the United States, based on three-year risk adjusted performance among 36 and 48 large investment managers.1
72% of our mutual funds received an overall Morningstar rating of four or five stars (60% – 4 stars, 12% – 5 stars, as of September 30, 2014), based on risk-adjusted returns.2
This reflects our funds' ability to deliver consistent and competitive, risk-adjusted returns and that 100% of our mutual funds and variable annuities have expense ratios below the median of their Morningstar categories.3
We've been named an ENERGY STAR® Partner of the Year for Sustained Excellence by the U.S. Environmental Protection Agency five years in a row in recognition of our ongoing commitment to outstanding energy management practices and reduction of greenhouse gas emissions. In 2014, we also received Executive Member status of Energy Star Certification Nation, a special one-time recognition awarded to organizations that earned Energy Star certification for at least 50 buildings.
In 2013, our team received second place for the Real Estate Deal of the Year for our acquisition of Henderson Global Investors. And third place for Industry Figure of the Year was awarded to Tom Garbutt, our Senior Managing Director of Global Real Estate.
We received the aiCIO Industry Innovation Award in 2013 for our company-wide commitment to socially responsible investing.
Pensions & Investments
We're one of the largest managers of equity, fixed income assets and commercial real estate in the world, based on institutional tax-exempt assets under management.4,5
1 The Lipper Awards are based on a review of 36 companies' 2012 and 48 companies' 2013 risk-adjusted performance.
The Lipper Award is given to the group with the lowest average decile ranking of three years' Consistent Return for eligible funds over the three-year period ended November 30, 2012 and November 30, 2013, respectively. TIAA-CREF was ranked against 36 fund companies in 2012 and 48 fund companies in 2013 with at least five equity, five bond, or three mixed-asset portfolios. Past performance does not guarantee future results. For current performance and rankings, please visit the Research and Performance section on tiaa-cref.org.
2 72% of our mutual funds received an overall Morningstar rating of four or five stars, based on risk-adjusted returns (60% – 4 stars, 12% – 5 stars, as of September 30, 2014). Morningstar ratings based on the lowest cost class for each mutual fund, based on U.S. open end mutual funds. For a fund with multiple share classes and the same pricing, the share class with the longest performance history is used. Morningstar ratings may be higher or lower on a monthly basis. Morningstar is an independent service that rates mutual funds. The top 10% of accounts in an investment category receive five stars, the next 22.5% receive four stars and the next 35% receive three stars. Morningstar proprietary ratings reflect historical risk-adjusted performance and can change every month. They are calculated from the account’s three, five and ten-year average annual returns in excess of 90-day Treasury bill returns with appropriate fee adjustments, and a risk factor that reflects subaccount performance below 90-day T-bill returns. The overall star ratings are Morningstar’s published ratings, which are weighted averages of its three, five and ten-year ratings for periods ended September 30, 2014. Past performance cannot guarantee future results. For current performance and rankings, please visit https://www.tiaa-cref.org/public/tcfpi/InvestResearch.
3 Applies to mutual fund and variable annuity expense ratios. Source: Morningstar Direct, September 30, 2014. The expense ratio on all mutual fund products and variable annuity accounts managed by TIAA-CREF is generally less than half the mutual fund industry average. 69% are less than half their respective Morningstar Universe average and 58% are less than half their respective Morningstar Universe median.
Our mutual fund and variable annuity products are subject to various fees and expenses, including but not limited to management, administrative, and distribution fees; our variable annuity products have an additional mortality and expense risk charge.
4 Pensions & Investments, May 26, 2014. Rankings based on institutional tax-exempt assets under management as of December 31, 2013 reported by each responding asset manager.
5 Pensions & Investments, October 27, 2014. Rankings based on institutional tax exempt assets under management as of June 30, 2014 reported by each responding asset manager.