Reflections
Second Quarter 2025 Review
We live in a time of profound disruption — political, technological, and humanitarian. Distrust is woven into daily life. Markets chase short-term wins while long-term consequences go unexamined. And too often, the loudest market mantra is: whatever makes money is good, no matter the cost to people or planet.
At NorthStar, we see things differently.
We believe where you invest matters. That’s why we deliberately avoid industries we consider drivers of harm — fossil fuels, weapons manufacturing, nuclear energy, and the financial institutions that sustain them — in favor of companies working toward ecological balance, economic equity, and a more just society.
We don’t claim perfection. But we combine careful, principled investment selection with active shareholder engagement, because we believe the pursuit of profit and the pursuit of the greater good don’t have to be in conflict.
We remain steadfast in reaching for the North Star.
Please read our full quarterly letter to learn more — including our economic outlook, investment strategy, and the latest updates from our shareholder activism work.