10 Years of the DJSI. S. Paulo 7 October Edoardo Gai, SAM Research AG
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1 10 Years of the DJSI S. Paulo 7 October 2009 Edoardo Gai, SAM Research AG
2 SAM at a Glance Investment boutique focused exclusively on Sustainability Investing since 1995 Offering complementary capabilities of Sustainability Investing Powering Dow Jones Sustainability Indices since 1999 Member of Robeco (part of AAA-rated Rabobank Group) EUR 8.9 billion total assets (as per ) Servicing a global and diversified client base Approx. 100 employees headquartered in Zurich, Switzerland 1
3 Geographic Focus International Client Base Banks, insurance companies, pension funds, family offices and private clients New York Zürich Sydney SAM Offices Key Geographic Focus 2
4 SAM in Brief Assets under Management, Advice and Licenses (as of June 2009) USD 3.6 billion Assets under Management and Advice USD 0.8 billion Clean Tech Private Equity Assets USD 8.0 billion Assets under Licenses Total AuM in USD bn Assets under Management Clean Tech Private Equity Assets Assets under Licenses
5 Dow Jones Sustainability Indexes Assets based on DJSI (in million USD) 9' ' ' ' ' ' ' ' ' /99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 08/09 4
6 Some misbelieves over the last 10 years Sustainable investment is good for the consciousness, but not for the wallet Corporate Governance?? all that matters are good quarterly results Energy efficiency programs increase costs and kill jobs Increase of population will create new markets Hybrids car will never make it break even Climate change is something for the Greenpeace fanatics Through our risk management we are safe from any risk Our liberal country will never save a company from bankruptcy The financial system has learned from its mistakes 5
7 Sector specific trend analysis Sustainability Trends Economic Interconnectivity Deregulation Accountability Innovation speed Global trade Access (information, capital) Ageing infrastructure Ecological Instability of ecological systems Climate Change Biodiversity Scarcity of natural resources (water, energy, soil) Socio-cultural Transparency Healthy living Ageing population Demographic changes Social tensions Urbanization Discontinuities / Challenges Sector / Issue / Markets Sector Challenges 6 Quelle: SAM Research
8 Our methodology & assessment process Sustainability trends E.g.: globalisation & liberalisation, demographics, climate change, energy security, mgt. of intangibles, General / Industry-specific challenges E.g.: resource efficiency, stakeholder mgt., shortage of skilled labour, reputational risks, Assessment Criteria Corporate Governance, Eco-Efficiency, Human Capital Development, Links to financial performance Sales growth, ROIC, WACC, 7
9 Our methodology & assessment process General assessment criteria (2008) Corporate governance Codes of conduct & corruption Risk & crisis management Eco-efficiency Environmental reporting Environmental Management System Labour practice indicators Human capital management Talent attraction & retention Corporate citizenship & philanthropy Social reporting + Industry specific criteria 8
10 SAM Research Assessment Criteria % 33% 100% 57% 33% 43% 33% 20% Economic Dimension Environmental Dimension Social Dimension Total Industry Criteria General Criteria Actual weightings for the economic, environmental and social dimension may differ between industry groups to reflect the sector s specific exposure to certain sustainability trends. The graph above is illustrative of the approximate weightings. 9
11 Measuring corporate sustainability Information gathering Web-based questionnaire Company documents Criteria Company interactions Media & Stakeholder analysis SAM Network Scores Sustainability Database: Investment universes for Investment Products Clients portfolios 10
12 Participation Trend Participation of Companies in DJSI has been Constantly Increasing Over the Years Companies participated Self-assessed Linear (Companies participated)
13 DJSI assessment and selection process DJSI World 2,500 largest companies of the Dow Jones Total Global Stock Market Index Sustainability Assessment and score calculation Selection of top 10% in each industry group 20% target market cap coverage in each industry group DJSI STOXX 600 companies of the Dow Jones STOXX 600 Index Sustainability Assessment and score calculation Selection of top 20% in each industry group 45% target market cap coverage in each market sector DJSI North America 600 largest North American companies* of the DJ Total Global Stock Market Index Sustainability Assessment and score calculation Selection of top 20% in each industry group 45% target market cap coverage in each market sector DJSI Asia/Pacific largest companies from Asia/Pacific** of the DJ Total Global Stock Market Index Sustainability Assessment and score calculation Selection of top 20% in each industry group 45% target market cap coverage in each market sector * 600 largest companies from Canada and the United States * *600 largest companies from South Korea, Australia, New Zealand, Japan, Hong Kong, Taiwan, and Singapore
14 DJSI Licensees as of August 31, 2009 Aegon (NL) Ahorro (ES) Allianz Global Investors (DE) Banca IMI S.p.A. (IT) Bancaja (ES) Banca Monte dei Paschi di Siena (IT) Barclays Capital (UK) Barclays Global Investors (DE) BCGE Asset Management (CH) BFT Gestion (FR) BNL Gestioni (IT) BT Financial Group (AU) Chicago Climate Exchange (US) CIC Asset Management (FR) Credit Suisse Asset Management (CH) Credit Suisse (CH) Danske Bank (SE) Danske Capital, Sampo Bank (FI) Danske Invest (DK) Deutsche Bank (DE) Deutsche Postbank (DE) Dresdner Kleinwort (UK) DZ Bank (DE) Folksam Sak (SE) Fortis Investment Management (BE) Generali Investments Italy SpA (IT) Invesco (DE) Kepler Fonds (AT) Landesbank Berlin (DE) MEAG Munich Ergo (DE) Metzler Asset Management (DE) Nikko Asset Management (JP) Nordea Bank Finland (FI) PRIMA sgr (IT) Rabo Bank (UK) Raiffeisen Centrobank (AT) Robeco (NL) SAM Sustainable Asset Management (CH) Skandinaviska Enskilda Banken (SE) Seligson & Co Fund Management (FI) Sella Gestioni (IT) SH Asset Management (KR) Sparinvest (DK) State Street Global Advisors (US) Storebrand Kapitalforvaltning (NO) TD Asset Management (CA) The Dreyfus Corporation (US) Theodoor Gilissen Bankiers (NL) UBS Deutschland AG (DE) Union Investment (DE) Vontobel (CH) VZ VermögensZentrum (CH) WestAM (DE) WestLB (DE) 13
15 DJSI World Selection 2009 Dow Jones Global Total Stock Market Index 2,500 largest companies 57 DJSI clusters 51 countries Component Selection Top 10% of companies in terms of sustainability in each DJSI sector 15% target market cap coverage in each supersector DJSI World 317 Components 57 DJSI clusters 27 countries Annual Review 09: 33 Adds (9.2% of mcap), 33 Deletes (3.5% of mcap) 14
16 Core DJSI World Performance Since Launch, 08/99 08/09 (EUR, Total Return) Dow Jones Sustainability World Index (in EUR, TR) MSCI World (in EUR, TR) DJSI World: -20.5% MSCI World: -23.2% Aug-99 Aug-00 Aug-01 Aug-02 Aug-03 Aug-04 Aug-05 Aug-06 Aug-07 Aug-08 Aug- 15
17 DJSI World 80 Selection DJSI World 318 Components Global Sustainability Leaders Component Selection Largest 80 components out of the DJSI World (maximum 10 per super sector) DJSI World components weighted by sustainability score 16
18 DJSI World 80 Performance 09/02 08/09 (EUR, Total Return) DJSI World 80 (EUR, TR) Dow Jones Global Titans 50 Index (EUR, TR) 0 Sep- 02 Mar- 03 Sep- 03 Mar- 04 Sep- 04 Mar- 05 Sep- 05 Mar- 06 Sep- 06 Mar- 07 Sep- 07 Mar- 08 Sep- 08 Mar
19 SAM Research - Alpha Generation Performance of top and bottom quintile based on SAM scores Cumulative outperformance vs. universe Cumulative Outp.(% Log Return) Top Bottom Top - Bottom Jan02 Jan03 Jan04 Jan05 Jan06 Jan07 Jan08 Sample period Long/short portfolio combined Sustainability Leaders (Top 20%) Sustainability Laggards (Bottom 20%) Description Scope: Time frame: Geography: Sustainability metric: Statistical method: Restrictions: Source: SAM DJSI Participants (8 years) Developed markets Total score Portfolio back-testing Size, sector, region, neutrality 18
20 What will happen in the next 10 years? 19
21 Market Developments Breakdown of UN PRI Signatories by Region 20
22 Sustainability Investing Market Developments (Source: Eurosif European SRI Survey, 2008) Broad SRI*; Core SRI; EUR Billion 1500 Broad SRI*; 302 Broad SRI*; 928 Core SRI; 105 Core SRI Broad SRI* 1000 Core SRI; (EU - 8 countries) 2005 (EU - 9 countries) 2007 (EU - 13 countries) 21 *Re-calculated according to the new Broad SRI definition. Note: The market coverage is not constant. 8 countries were covered in 2002, 9 in 2005 and 13 in 2007.
23 Sustainability Investing Market Developments (Source: Booz&Company/Robeco, 2008) Estimated Market Growth of Responsible Investing (AUM as % of total AUM) % 15% 10 7% 10% 10% 0 2% Europe United States Asia RI AUM (2015 USD trillion) Global total RI AUM in 2015: USD 26.5 trillion 22
24 Evolution of Sustainability Investing Theme Investments Theme products as Water, Energy, Healthy Living, Climate, Materials etc. Alternative Investments Return Expectations SRI Social Responsibility Investments Exclusion of sectors Screening Shareholder activism Ethical Investments Ethical values Exclusions of industries / companies Political issues Philanthropic Investments Microfinance Donations Sustainability Investments Best-of-class Integration sust. Factors & integrated analysis Performance orientation Impact on corporate competitiveness
25 Key Points Increased competition from companies for the leading positions Increasing volume and interest in sustainability investment Development of new indexes in different asset classes and themes Errare humanum est, perseverare diabolicum est. The recent events have shown... The risks and repercussions of a fault in a global system can have catastrophic impacts. Every single player has to take his own responsibilities, be vigilant, and be able to adapt 24
26 Disclaimer Important legal information: The details given on these pages do not constitute an offer. They are given for information purposes only. No liability is assumed for the correctness and accuracy of the details given. The value of the units and the return they generate can go down as well as up. They are affected by market volatility and by fluctuations in exchange rates. Past performance is no indication of future results. The values and returns indicated here do not consider the fees and costs which may be charged when subscribing, redeeming and/or switching units. The breakdown into sectors, countries and currencies as well as possibly indicated benchmarks are liable to change at any time in line with the investment policy determined in the Prospectus. The translation into action of fund recommendations contained in these documents shall always lie in the sole responsibility of the intermediary or investor. Investments should only be made after a thorough reading of the current Prospectus and/or the Fund Regulations, the current simplified prospectus and articles of association, the latest annual and semi-annual reports and after advice has been obtained from an independent finance and tax specialist. The documents mentioned can be obtained free of charge by calling the local SAM office, on or from any address indicated below. The range of SAM investment funds with domicile in Luxembourg (SICAV) is registered for public offering in Luxembourg, Switzerland, Germany, Austria, Spain and Italy. However, due to the different registration proceedings in the various countries, no guarantee can be given that each fund or share category is or will be registered in every jurisdiction and at the same time. For an up to date registration list, please refer to Please note that in any jurisdiction where a fund or share category is not registered for public offering, they may, subject to the applicable local regulation, only be sold in the course of private placement or institutional investments. Particularly, the SAM funds are not registered and, therefore, may not be offered for sale or be sold in the United States of America and their dependencies. In a case of private placement this pages are destined exclusively for internal use by the intermediary appointed by SAM and/or the institutional investor and shall not be passed over to third parties. Particularly, this document shall under no circumstances be used as material for public offering or any other kind of promoting to the public of the SAM Funds or their share categories. Switzerland: Representative is Julius Baer Investment Funds Services Ltd., Hohlstrasse 602, Postfach, CH-8010 Zurich. Germany: Paying and Information Agent is Bank Julius Bär (Deutschland) AG, An der Welle 1, Postfach , D Frankfurt/Main. Austria: Paying Agent is Erste Bank der österreichischen Sparkassen AG, Graben 21, A-1010 Vienna. Spain: SAM investment funds are registered in the Registry of Foreign Collective Investment Institutions Commercialized in Spain of the CNMV: Julius Baer Multipartner (No. 421). For a list of registered distributors in Spain, please refer to Copyright 2009 SAM - all rights reserved. 25
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