NorthStar Asset Management, Inc.

Labor Day marks the unofficial end of summer for many Americans, particularly students who will begin a new school year soon thereafter. But Labor Day is more than just a last summer hurrah; it was established to recognize American laborer’s contributions to the nation’s economic achievements.   We cannot tell the story of the U.S.’s economic achievement without recognizing the historical precedent of forced, slave, and child labor that built its economic foundation. Unfortunately, these labor realities are far from being “trends of the past”. Forced labor, child labor, slave labor, low wages, and human rights violations continue to plague domestic and international supply chains. It is well documented that migrant children are working dangerous jobs in American factories or construction sites that violate child labor laws. Oftentimes, these companies will contract manufacturing practices to third party providers to escape responsibility for violations within the supply chain. NorthStar Asset Management, Inc. recently conducted a knowledge session with the UCLA Labor Center to discuss the consequences of using child labor to further economic growth; their work is extensive and an important resource for anyone seeing more knowledge of this issue, be sure to read their published one pager below.   This year, NorthStar Asset Management, Inc. successfully presented a shareholder proposal at TJX Companies calling for a report assessing due diligence on human rights in their supply chain. TJX sources from over 21,000 vendors across one hundred countries, and while the company boasts a Vendor Code of Conduct that prohibits forced, child and prison labor audits of factories are not required.    At NorthStar Asset Management, Inc., we use the shareholder engagement process to hold companies accountable. Over time these companies respond to our requests by making lasting changes. If you would like to learn more about the proposals we filed this season, please visit our 2024 Social Change & Activism Report on our website.   #LaborDay #HumanRights #SupplyChainEthics #CorporateResponsibility #SocialImpact #ESG #ShareholderActivism #ChildLabor #ForcedLabor #MigrantWorkers #EconomicJustice #ResponsibleInvesting

NorthStar Asset Management, Inc. uses shareholder engagement and activism initiatives to create long-term social change. Part of this process might include filing shareholder proposals which appear on company proxy ballots during their Annual General Meeting. The Securities and Exchange Commission plays an important role in approving which shareholder proposals are included on company ballots.   We’ve been monitoring the recent backsliding of company commitments to DEI and increasing attacks on the shareholder rights process related to proposals on climate and social change. This year, the SEC blocked 68% of shareholder resolutions from appearing on corporate ballots. These efforts support company pullbacks on sustainability and diversity initiatives amid growing conservative pressure.   NorthStar is a proud member of the Shareholder Rights Group, whose director responded to questions about the challenges in framing resolutions that are specific but do not micromanage. See the article below to learn more about the trends and challenges facing the shareholder rights process.   #ShareholderRights #ShareholderActivism #CorporateGovernance #SocialImpact #Sustainability #DiversityAndInclusion #DEI #ClimateAction #SECRegulation #ResponsibleInvesting Sanford Lewis  

Today is World Humanitarian Day 🌍, and to honor those this day celebrates, NorthStar Asset Management, Inc. would like to recognize the efforts of humanitarian and aid workers around the world. International Humanitarian Law calls for the protection of aid workers, allowing them to reach civilians who need it, care for those who are wounded and sick, protect resources necessary for survival like crops and water, and protect aid workers from violence and torture. Unfortunately, 2023 was the deadliest year on record for humanitarians and 2024 is shaping to be even worse.   At NorthStar, we gain insight into the most important issues of our time by engaging with activists and those working on the ground to understand the complexity of issues our world is facing. Humanitarians and those who provide crucial support to people impacted by war, violence, oppression, and marginalization provide crucial information that helps NorthStar decide on which topics we focus our activism and engagement efforts. Using this model, our firm has always been at the forefront, particularly when it comes to filing first-of-their-kind shareholder proposals on Human Rights, Economic Equality, Corporate Governance, and Racial Justice & Gender Equality. We were among the first to file proposals calling for companies to align their political contributions with company values and to ask companies to add sexual orientation and gender identity to their non-discrimination policies. Our Fair Chance Employment engagements have also provided inspiration for numerous other proposals and engagements. While our efforts in protecting human rights and combating systemic oppression have remained consistent, the total number of related shareholder proposals have skyrocketed. We see ourselves as catalysts to long-term sustainable change.   Whose humanitarian and activism work guides you? How is their work helping to address the most important issues of our time?   #WorldHumanitarianDay #HumanRights #SocialImpact #HumanitarianAid #HumanitarianWork #GlobalIssues #CorporateSocialResponsibility #SocialJustice #SustainableChange #ShareholderActivism #EconomicEquality #RacialJustice #GenderEquality

NorthStar Asset Management, Inc. Participates in CDFI (Community Development Financial Institutions) Roundtable  🗣💬   Last Monday, our Client Services Associate Alexandra and Trading & Research Associate Leah had the pleasure of attending a CDFI roundtable where eight firms from the Boston area came together to discuss strategies and challenges related to investing in CDFI (Community Development Financial Institution) loan funds.  Among the discussion topics were:    How are CDFIs (Community Development Financial Institutions) funded? - CDFIs have a variety of funding sources, including commercial banks, the CDFI Fund of the US Treasury and other governmental agencies, foundations making grants or loans, and individuals.  - Advisors learn about CDFI offerings through primary research and sources such as Aeris and through word of mouth and conferences (such as the Opportunity Finance Network conference).    What kinds of investments do CDFIs offer to individuals and foundations? - Most CDFIs that offer investments use promissory notes with varying interest rates and maturities.  - Some are exploring ideas related to crowdfunding, certificates of deposit, and “DTC eligible” bonds (which are easily purchased through a custodian such as Schwab or Morgan Stanley). What are some of the “pain points” for investors and their advisors: - Documentation (promissory notes, loan agreements, and funding instructions and processes) are a perennial challenge because each CDFI has its own forms and practices. There have been several efforts to address this with centralized platforms and standardized documentation, but this has so far proven to be difficult.  - Some CDFIs require investors to be accredited, which limits their use.  - There was also discussion of the desire to avoid burdening CDFIs with demands for information that make their jobs harder.    How can we improve our services to clients who want to invest in CDFIs? - Sometimes clients wish to invest in a CDFI that has not been approved by their advisory firm. It is possible to ask the client to sign an agreement acknowledging this and then help the client make the investment.  - Engaging adult children in the investment process, specifically adult children who are or will become increasingly involved in their family’s investments, was also discussed as an important strategy. Overall, this was a fascinating session, and we look forward to continuing our work in supporting and investing in CDFIs to drive community well-being.    #CDFI #ImpactInvesting #CommunityDevelopment #NorthStarAssetManagement #SustainableInvesting #BostonFinance

🎉Celebrating International Youth Day 👩🎓👨🎓!   Today, we're thrilled to highlight our ongoing commitment to empowering the next generation of leaders through our partnership with Apprentice Learning’s City Summer Internship program. For the past eight years, we've had the privilege of contributing to this transformative five-week career exploration journey for Boston girls entering ninth grade.   This incredible program combines engaging seminars and hands-on career field explorations to help these young women build essential career knowledge, confidence, and an awareness of the diverse opportunities available in Boston's vibrant downtown neighborhoods.   As part of our contribution this year, Michelle Graham, Lizzie Sanderson, and Julie Barthelemy led an interactive financial literacy workshop over two sessions. Through these sessions, they covered various aspects of our work, including financial planning, investment management, and shareholder activism.   Workshop Highlights: -Introduction to Financial Planning: An overview of budgeting and goal setting. -Understanding Shareholder Activism: Insights into the stock market and its impact.   We’re proud to be part of their journey, helping to lay a foundation for financial literacy and career exploration. Here's to empowering young minds and celebrating the future leaders of tomorrow!   #InternationalYouthDay #CareerExploration #FinancialLiteracy #YouthEmpowerment #FutureLeaders

🚨Market Update: Understanding the Current Sell-Off 🚨   Considering recent market volatility, we are pleased to share some reassuring insights from our CIO Nimrit’s CNBC appearance this Monday.   📈 Market Sell-off: Since 1970, average intra-year decline of 15% and we had a 10% last year and 5% earlier in this year. So, the current sell-off in equity markets fits historical patterns: -Entering the 2H, 2024 with a strong run up in markets (1H S&P was up 15% and Nasdaq up 19% after a strong year of returns in 2023) -We are also in an election year where we generally see higher volatility leading up to the election especially this one. -The growth in jobs continues to moderate. -Our base case is economy remains on a solid footing supported by strong infrastructure and private sector spending. The chips act and the $200B/year that Google, Amazon, MSFT, Meta are spending to build out the AI infrastructure. The economy has seen rolling recessions work through various parts of the economy since 2022. For example, we have been in freight and manufacturing recession for the last two years and are now starting to see some green shoots. -Since 2023, Magnificent 7 companies have been driving 50%+ returns for S&P 500 because of the very strong earnings momentum. With this earnings season, we are seeing pickup in other sectors and stocks and some moderation for the technology names. Longer term, some of the technology stocks still offer solid growth in revenues, earnings and cashflows but that doesn't mean that we don't have air pockets of underperformance from time to time and we very well might be heading into one of those periods now. We continue to focus our research on companies with strong fundamentals and a compelling value proposition.   Here is the link for the full CNBC interview with Nimrit and Victoria Greene, CFA Founding Partner and CIO of G Squared Private Wealth: https://lnkd.in/enfvrSyc   #MarketInsights #StockMarketUpdate #InvestmentAnalysis #FinancialResearch #MarketWatch #MarketOutlook #FinancialInsights #FinancialPlanning #EconomicTrends #Investing The views and opinions expressed herein are those of the presenter and do not necessarily represent the views and opinions of NorthStar Asset Management. The information is general in nature and is for informational and educational purposes and is not an offer or a recommendation to buy or sell any particular security.

Advancing the Black Worker Bill of Rights Webinar Shareholder Activism and fighting for equality have been the cornerstones of NorthStar Asset Management, Inc.’s work since our inception in 1990. Last month, we joined like-minded individuals across the nation to brainstorm ways we can influence the equitable hiring and compensation of Black workers. Hosted by the Interfaith Center on Corporate Responsibility (ICCR), “Advancing the Black Worker Bill of Rights” was a collaborative conversation focused on addressing systemic inequalities faced by Black workers.    The conversation was led by leaders in this space: Cassandra Welchlin from MS Black Women’s Round Table highlighted the dire need for better equal pay laws, noting that Black women in MS make 55 cents on the dollar compared to white men. Ronald Collins of LA Black Workers Center emphasized reparations and combating wage theft, advocating for corporate responsibility and partnerships with workers' centers. Melody Webb from Mother’s Outreach Network focused on anti-Black racism, pushing for guaranteed income to lift families above the federal poverty line. Lulit Shewan of the Center for Law and Social Policy stressed the importance of policy solutions for labor justice and the fight against corporate greed.   Here are some key takeaways: *Income Disparities: 54% of Black workers earn low wages, and Black women earn 63 cents less than their white counterparts. *Equitable Wages: The goal is to set wages reflective of the value of work and cost of living, ensuring fair compensation. *Workplace Access: Striving for equitable access to workplaces and opportunities for Black workers.    The group brainstormed potential solutions to the problem and ways to raise awareness for the cause: *Corporations' Responsibility: Corporations should partner with workers' centers, support unions, and lobby for legislation that benefits Black workers. *Social Safety Nets: Emphasize access to tax credits, refunds, and community-based support for low-income workers. *Worker Representation: Include workers in conversations about workplace changes and advocate for their rights and protections.   At NorthStar, we believe in centering workers' voices and supporting initiatives that elevate their well-being. We will continue to advocate for change that will help build a more equitable future for everyone.   #ShareholderActivism #Equality #BlackWorkerRights #CorporateResponsibility #NorthStarAssetManagement

As Disability Awareness Month comes to a close, it's crucial to ask ourselves: How do we ensure that we create work environments where everyone’s unique strengths are recognized and valued?   July marks the 34th anniversary of the passage of the Americans with Disabilities Act of 1990. As we commemorate this important legislation, it's essential to reflect on how we can continue fostering inclusion by incorporating the experiences and perspectives of people with disabilities in the workplace, and by ensuring accessibility and accommodations.   The ADA represents a significant milestone in the effort to eliminate discrimination against individuals with disabilities. Reflecting on the historical context leading up to its passage, we remember how grassroots organizations ensured the voices of people in the community were heard in the Senate. Today, we must continue the work of those activists by advocating for necessary accommodations and inclusion.   We hope businesses continue to recognize the value that individuals with disabilities bring to the workplace. At NorthStar Asset Management, Inc., we aspire to create an inclusive environment and are committed to amplifying our voice through our shareholder activism work. #DisabilityPrideMonth #EmployeeEngagement #DisabilityAwareness #Inclusion #Advocacy #Empowerment

"The cloud business for Alphabet is very important. Our base case is that Alphabet can navigate disruption to their core search business from Gen AI because they are going to have momentum in both YouTube and their cloud business”.   Nimrit Kang, CFA, our Chief Investment Officer, and Senior Portfolio Manager, shared her expectations for Alphabet's earnings report during “Worldwide Exchange” with Frank Holland on CNBC. Nimrit highlighted the significance of Alphabet's cloud business and discussed trends in the search (ad) business.    Watch Nimrit's full interview here: https://lnkd.in/ezyxThVc   #NorthStarAssetManagement #InvestmentInsights #AlphabetEarnings #CloudBusiness #AI #SustainableInvesting #FinancialExcellence #CNBC #WorldwidExchange #FrankHolland 𝑃𝑙𝑒𝑎𝑠𝑒 𝑛𝑜𝑡𝑒 𝑡ℎ𝑒 𝑣𝑖𝑒𝑤𝑠 𝑎𝑛𝑑 𝑜𝑝𝑖𝑛𝑖𝑜𝑛𝑠 𝑒𝑥𝑝𝑟𝑒𝑠𝑠𝑒𝑑 ℎ𝑒𝑟𝑒𝑖𝑛 𝑎𝑟𝑒 𝑡ℎ𝑜𝑠𝑒 𝑜𝑓 𝑡ℎ𝑒 𝑝𝑟𝑒𝑠𝑒𝑛𝑡𝑒𝑟 𝑎𝑛𝑑 𝑑𝑜 𝑛𝑜𝑡 𝑛𝑒𝑐𝑒𝑠𝑠𝑎𝑟𝑖𝑙𝑦 𝑟𝑒𝑝𝑟𝑒𝑠𝑒𝑛𝑡 𝑡ℎ𝑒 𝑣𝑖𝑒𝑤𝑠 𝑎𝑛𝑑 𝑜𝑝𝑖𝑛𝑖𝑜𝑛𝑠 𝑜𝑓 𝑁𝑜𝑟𝑡ℎ𝑆𝑡𝑎𝑟 𝐴𝑠𝑠𝑒𝑡 𝑀𝑎𝑛𝑎𝑔𝑒𝑚𝑒𝑛𝑡. 𝑇ℎ𝑒 𝑖𝑛𝑓𝑜𝑟𝑚𝑎𝑡𝑖𝑜𝑛 𝑖𝑠 𝑔𝑒𝑛𝑒𝑟𝑎𝑙 𝑖𝑛 𝑛𝑎𝑡𝑢𝑟𝑒 𝑎𝑛𝑑 𝑖𝑠 𝑓𝑜𝑟 𝑖𝑛𝑓𝑜𝑟𝑚𝑎𝑡𝑖𝑜𝑛𝑎𝑙 𝑎𝑛𝑑 𝑒𝑑𝑢𝑐𝑎𝑡𝑖𝑜𝑛𝑎𝑙 𝑝𝑢𝑟𝑝𝑜𝑠𝑒𝑠 𝑎𝑛𝑑 𝑖𝑠 𝑛𝑜𝑡 𝑎𝑛 𝑜𝑓𝑓𝑒𝑟 𝑜𝑟 𝑎 𝑟𝑒𝑐𝑜𝑚𝑚𝑒𝑛𝑑𝑎𝑡𝑖𝑜𝑛 𝑡𝑜 𝑏𝑢𝑦 𝑜𝑟 𝑠𝑒𝑙𝑙 𝑎𝑛𝑦 𝑝𝑎𝑟𝑡𝑖𝑐𝑢𝑙𝑎𝑟 𝑠𝑒𝑐𝑢𝑟𝑖𝑡𝑦.

We are excited to introduce Ethan Truong as NorthStar’s new Equity Research Intern. Ethan joined the firm in June, and over the course of the summer, he will be researching and analyzing International public equities.   Ethan is a rising Senior at Northeastern University pursuing a bachelor’s degree in finance with minors in Data Science and Sustainable Business. With prior experience in private wealth management and private equity, he is passionate about exploring different aspects of financial institutions and how they can be used as instruments of change to better society on the fronts of social and environmental impact. Originally from Arcadia, CA, he spends much of his free time chasing sunsets and searching for good eats.