Humankind Investments LLC — 13F Portfolio

Humankind Investments LLC is an SEC-registered investment advisor based in New York, NY, focused on creating broadly diversified, U.S. equity portfolios that are explicitly aligned with a proprietary measure of social and environmental impact. The firm is best known as the adviser to the Humankind US Stock ETF (HKND), which seeks to invest in companies according to their estimated contribution to human well-being while maintaining substantial exposure to the overall U.S. equity market. Founded by James M. Katz, Humankind Investments develops and maintains a research framework that quantifies what it terms "Humankind Value"—an estimate of the long-term value companies create for investors, customers, employees, and society, net of harms. This framework sits at the core of the firm’s portfolio construction process, informing security selection and portfolio weights in a systematic, rules-driven manner. The firm operates as a fiduciary asset manager for both pooled vehicles and separate accounts, with a mandate that combines broad market exposure and explicit impact objectives. Humankind Investments LLC files Form 13F with the U.S. Securities and Exchange Commission under CIK #0001845373. These filings capture the firm’s reportable long U.S. equity holdings—which largely reflect the underlying positions of its flagship ETF and any directly managed separate accounts—at each quarter-end. Within a 13F analytics platform, Humankind’s 13F History provides a transparent, position-level record of how its impact-oriented U.S. equity book has been implemented and adjusted over time, independent of marketing materials or index descriptions.

Humankind Investments pursues a quantitative, impact-centered U.S. equity strategy that aims to align long-term capital compounding with measurable benefits to human well-being. The core of the process is a proprietary assessment of "Humankind Value" for each company in its investable universe, incorporating a range of inputs related to: - Impacts on customers (e.g., health, safety, product utility) - Impacts on employees (e.g., wages, workplace practices) - Impacts on society at large (e.g., externalities, corporate conduct) - Impacts on the environment (e.g., emissions, resource use) Companies are scored and ranked according to this composite metric, and portfolio weights are then set using a systematic methodology that balances impact scores with risk and diversification constraints. Firms with higher Humankind Value scores receive higher weights, while those assessed as causing net harm tend to be excluded or significantly underweighted. In practice, the resulting 13F portfolio resembles a broad U.S. stock universe tilted toward companies with favorable impact and governance profiles and away from sectors and firms associated with substantial negative externalities. This typically means structural underweights to fossil fuels, tobacco, controversial weapons, and other industries viewed as causing net social or environmental harm, and overweights to select technology, healthcare, consumer, and service-oriented companies that score highly on the Humankind Value metric. The approach is long-only and broadly diversified across market sectors and capitalizations, with an emphasis on large- and mid-cap names for liquidity and implementability. Turnover is generally low to moderate, driven mainly by periodic re-estimation of Humankind Value, index rebalance events, and corporate actions, rather than frequent discretionary trading. Examining Humankind’s 13F Portfolio Composition over time allows allocators to see how the impact-screened universe and weighting scheme translate into sector tilts, top holdings, and diversification characteristics relative to a conventional U.S. equity benchmark. Applying a Portfolio Simulator or Backtesting Service to this 13F history can generate an approximate Historical Track Record for the firm’s disclosed U.S. equity sleeve, under the standard assumption that reported holdings are carried between filing dates.

Humankind Investments LLC occupies a distinctive position among 13F filers as a quantitatively driven, impact-focused U.S. equity manager whose holdings are designed to reflect a proprietary measure of net benefits to human well-being. Its filings under CIK #0001845373 reveal a diversified, long-only portfolio that closely tracks the breadth of the U.S. stock universe while embedding systematic tilts away from companies and sectors assessed to cause net harm and toward those with higher Humankind Value. By transforming the firm’s 13F History into a continuous, holdings-based replica, an allocator can evaluate how this impact methodology has influenced the capital trajectory of the strategy over time. Detailed analysis of 13F Portfolio Composition, sector tilts, and top-holding weights, combined with risk metrics such as Max Drawdown Depth and Sharpe Ratio, provides a quantitative framework for assessing the trade-offs between impact alignment, diversification, and risk-adjusted outcomes. The principal analytical limitation is that 13F data capture only the U.S. equity portion of client-facing products, and even there at a quarterly snapshot frequency. Nonetheless, for a manager like Humankind—whose philosophy and process are encoded directly into portfolio holdings—the 13F record offers an unusually clear, behavior-based lens on the implementation of its impact thesis. For allocators considering the role of an impact-driven U.S. equity strategy within a broader portfolio, a central open question is how sensitive Humankind’s reconstructed capital path is to shifts in sector leadership, factor cycles, and regulatory or societal changes related to ESG issues, and whether that regime sensitivity complements or conflicts with their existing exposures and long-term objectives.

The risk profile of Humankind Investments’ U.S. equity portfolios combines broad market exposure with systematic impact and exclusion tilts. Because the strategy seeks to maintain diversified exposure to the U.S. stock market, its primary risk driver is equity market risk; however, the ESG- and impact-based construction introduces meaningful tracking error relative to traditional cap-weighted indices. Key dimensions of risk include: - Sector and industry tilts: Structural underweights to carbon-intensive energy, tobacco, and other negatively screened industries, and overweights to higher-scoring sectors (often technology, healthcare, and selected consumer and service industries), can create performance differentials versus broad benchmarks during cycles when excluded sectors strongly outperform or underperform. - Stock-level concentration: While the strategy holds a large number of names, the weight distribution—especially among the highest Humankind Value companies—affects sensitivity to company-specific events. Analysis of top-holding weights is central to understanding potential idiosyncratic risk. - Factor exposures: The impact methodology can interact with conventional factors such as quality, profitability, low carbon, and governance. These implicit factor tilts influence volatility and drawdown behavior across different market regimes. Using reconstructed time series from Humankind’s 13F filings, allocators can estimate realized volatility, study peak-to-trough outcomes via Max Drawdown Depth, and compute a Sharpe Ratio for the 13F-visible equity sleeve. These analytics, derived from Performance Backtests Online or similar tools, show how the combination of broad market exposure and impact tilts has shaped the realized path of capital through various stress events and style cycles. Because the flagship ETF and related mandates are intended to be fully invested equity allocations, risk is not typically managed through large, discretionary cash balances. Instead, risk control is embedded in diversification, position sizing, and systematic exclusions. As with all 13F-centric analysis, non-reportable assets (such as cash holdings or non-U.S. positions, if any) lie outside the dataset, so the picture is focused on the U.S. equity engine itself.