IMPACT INVESTING. Is It Right for Your Clients? Investing for Good SM. A Presentation for Financial Advisors
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1 IMPACT INVESTING Is It Right for Your Clients? A Presentation for Financial Advisors Investing for Good SM
2 All investments have social and environmental impacts that can be positive or negative. At Domini Impact Investments, we believe investors are well served to consider these impacts in order to address risks that can affect investment performance. As investors, we are not simply passive actors. Each investment decision is a decision to allocate capital. We should be mindful of the wider implications of these decisions. Amy Domini, Founder & Chair
3 A BROAD RANGE OF TERMINOLOGY Impact Investments: Investments made into companies, organizations, and funds with the intention to generate social and environmental impact alongside a financial return Source: What You Need to Know About Impact Investing. The GIIN (Global Impact Investing Network) Also known as: - Socially Responsible Investing (SRI) - Environmental Social, and Corporate Governance (ESG) Investing - Ethical Investing - Best in Class Investing - Triple-Bottom-Line Investing - Sustainable Investing - Values Investing There is no universal standard for use of any of these terms. Over the years, a variety of terms and practices have emerged in the field broadly known as Impact Investing. Although Impact Investing goes by many different names and can vary in its emphasis, these variations all share the fundamental goal of incorporating social and environmental factors into the investment decision-making process. At Domini, we believe impact investing most clearly and effectively communicates the intentionality of our work.
4 PRINCIPAL STRATEGIES OF IMPACT INVESTING Impact Investing ENVIRONMENTAL & SOCIAL STANDARDS CORPORATE ENGAGEMENT COMMUNITY INVESTING Impact Investment managers may use some or all of these three practices in addition to consideration of financial factors. Impact Investing as an investment strategy may incorporate some or all of three principal practices: 1. Application of social and environmental standards that influence the investment decision-making process A company s social and environmental record can speak volumes about its resiliency, its future prospects and its ability to produce value for society over the long-term. Investors have an important role to play by monitoring and evaluating the companies they invest in to ensure that profit-making is consistent with our shared interests as a global community. 2. Corporate engagement Communication with a company through proxy voting, letter-writing, filing shareholder resolutions, and direct dialogue with management can improve its policies and practices in social and environmental areas such as: Greenhouse gas emissions Supplier labor standards Workforce and board diversity 3. Community Investing We seek out investments that help: Increase access to capital for those historically underserved by the mainstream financial community Create public goods for those most in need Fill capital gaps left by contemporary financial practice
5 INVESTING WITH IMPACT Impact investors align their values with their investment dollars by assessing the performance of companies in a number of key issue areas. Take, for instance, the following example. KEY ISSUES OF LARGE PUBLICLY TRADED AGRICULTURAL PRODUCERS LABOR CONDITIONS FOR WORKERS WIDESPREAD USE OF ANTIBIOTICS HAS NEGATIVE HEALTH IMPLICATIONS FOR CONSUMERS MONOCULTURE DECREASES GENETIC DIVERSITY IN CROP POPULATIONS, MAKING CROPS SUSCEPTIBLE TO DISEASE RUNOFF FROM FARMS AND FACILITIES AND ITS EFFECTS ON LOCAL ECOSYSTEMS BY HOLDING THE BEST PERFORMERS AND EXCLUDING THE WORST PERFORMERS IN THE ABOVE AREAS IN THEIR PORTFOLIOS, IMPACT INVESTORS CAN PRODUCE NET POSITIVE IMPACT FOR SOCIETY AND THE ENVIRONMENT Since large publicly-traded corporations that specialize in agricultural production are generally focused on maximizing shareholder value, they will employ practices that can be problematic the use of pesticides, for example to keep costs down and keep profits up. On the other hand, some large agricultural producers may practice responsible pesticide use while still being profitable. Impact investors apply social and environmental standards and engage companies in order to determine which companies are performing well in areas such as those mentioned above and which companies might be eschewing responsible practices. They then make investment decisions based on this information.
6 RI CAN YIELD COMPETITIVE RETURNS 1,400 MSCI KLD 400 Index vs. S&P 500 Index 1,200 Cumulative Return (%) 1, KLD MSCI 400 Index S&P 500 Index The argument that integrating ESG factors into investment analysis and decision-making will only lead to underperformance simply cannot be made. -UNEP-FI and Mercer 1 Just like mainstream investing, some impact-focused investment managers show outperformance and some show underperformance. A study completed by Mercer notes that, in evaluating a responsible investment product, the financial strategy employed and the skills of the manager are particularly important factors, just as they are when evaluating any investment strategy. 2 ESG and Impact Investing is indeed a viable strategy for seeking competitive financial returns. The socially responsible investing index with the longest track record is the MSCI KLD 400 Social Index. It outperformed the S&P 500 in its first 20 years (May 1, 1990 through April 30, 2010) and beat the S&P 500 Index for the ten-year period as of January 31, In recent years, investment industry leaders such as BlackRock Inc. and Goldman Sachs Group Inc. launched socially responsible investing strategies. 1 Asset Management Working Group, UNEP-FI and Mercer, Demystifying Responsible Investment Performance: A review of key academic and broker research on ESG factors (October 2007), available at Investment_Performance_01.pdf 2 Shedding light on responsible investment: Approaches, returns and impacts (Mercer, November 2009). Many academic studies indicate that the use of sustainability factors is neutral to performance. See sristudies.org for a thorough listing of academic studies on the financial performance of SRI. Note: Domini Impact Investments LLC is not affiliated with BlackRock Inc. or Goldman Sachs Group Inc. Note : The MSCI KLD 400 Index (KLD 400) aims to serve as a benchmark for investors whose objectives include owning companies with very high ESG (environmental, social and governance) ratings and avoiding companies that are incompatible with specific values-based criteria. The Standard & Poor s 500 Index (S&P 500) is an unmanaged index of common stocks. Investors cannot invest directly in an index. On September 1, 2010 the FTSE KLD indices transitioned to the MSCI ESG Indices. The former KLD indices had multiple third party index calculators over time. Consequently the MSCI ESG index histories have been aggregated and compiled to create a continuous time series from a variety of sources sources which may have followed different index calculation methodologies in some instances. The MSCI KLD 400 Social Index was launched on May 1, Data prior to the launch date is back-tested data (i.e. calculations of how the index might have performed over that time period had the index existed). For more information on the MSCI KLD 400 methodology: com/resources/factsheets/index_fact_sheet/msci-kld-400-social-index.pdf
7 THE ADDED BENEFITS OF IMPACT INVESTING EXTRA SOCIAL AND ENVIRONMENTAL BENEFITS FINANCIAL RETURNS POSITIVE/NEGATIVE FINANCIAL RETURNS POSITIVE/NEGATIVE NON-RI APPROACH RI APPROACH Impact investing provides a social bonus. Financial returns depend on many factors, such as the skill of the money manager and the direction of the overall market. They can be positive or negative. However, regardless of the financial return, a responsible investment product provides a social bonus for investors. This social bonus to the investor can be the knowledge that: their investment is adding value to society, for example, by favoring companies that promote energy efficiency, vaccines for debilitating childhood diseases, financial services for the economically disadvantaged, or fair treatment of employees. their investment is not detracting value from society, for example, by investing in nuclear weapons manufacturers, producers of harmful and addictive products such as tobacco, or companies that have a record of polluting the environment or poor labor practices. the voting power of their investment is being used to urge management to improve its social and environmental behavior. Why pass up on the extra benefit?
8 IMPACT INVESTING ASSETS CONTINUE TO GROW Investment Funds Incorporating ESG Factors YEAR FUNDS ,002 ASSETS (BILLION) $12 $96 $154 $136 $151 $179 $202 $569 $1,013 $2,457 $2,597 US SIF (The Forum for Sustainable and Responsible Investment): Report on US Sustainable, Responsible and Impact Investing Trends Fig. B, pg. 14. Impact Investors are part of a large and growing market. According to US SIF, a leading voice on advancing impact investing practices across all asset classes, the market size of sustainable, responsible and impact investing in the United States in 2016 was $8.72 trillion, or one-fifth of all investment under professional management. This is a 33 percent increase since US SIF notes that client demand is one of the primary motivators for asset managers that introduce products that take ESG factors into account and cites the recent launch of services that issue ratings for thousands of mutual funds and ETFs on the ESG profiles of their portfolio companies as evidence that investor interest is indeed growing. From 1995, when US SIF first measured the size of the US sustainable and responsible investing market, to 2016, the SRI universe has increased nearly 14-fold, an annual growth rate of percent. 1 The above chart shows the growth of assets in publicly traded RI funds in the US through 2016 with assets well over $2.5 trillion. 1 Source: 2016 edition of Report on US Sustainable, Responsible and Impact Investing Trends published by US SIF and available at: Note: ESG funds include mutual funds, annuity funds, closed-end funds, exchange-traded funds (ETFs), alternative investment funds and other pooled products, but exclude separate account vehicles.
9 IMPACT INVESTING INCREASES CORPORATE TRANSPARENCY Growth in Reporting Since 1993 (percentage of companies with CR reports N100 G250 Base: N100/G250 companies Source: KPMG International, The KPMG Survey of Corporate Responsibility Reporting 2013, December 2013, p. 22. Companies around the world published 7,838 CSR reports in 2014 up 30 percent compared to According to US SIF, from 2014 through the first half of 2016, 176 institutional investors and 49 investment managers collectively overseeing $2.56 trillion in assets at the start of 2016 filed or cofiled shareholder resolutions on ESG issues. One of the effects of the impact investing industry is that more and more firms are measuring and reporting on their corporate social responsibility records. What is shareholder advocacy? Shareholders seek to impact decisions made at their companies annual meetings and board rooms by filings proposals on ESG issues. Shareholder resolutions may proceed to a vote open to all investors of a given company, thereby bringing important issues to the attention of company management and the board of directors, attracting media attention and raising public awareness of important issues. Even when shareholder resolutions do not make it to a vote, they can nonetheless be effective tools for initiating or advancing dialogue with companies on important issues. Many companies are open to negotiating with filers in order to find common ground.
10 ADVISOR ADVICE ON IMPACT INVESTING IS SOUGHT BY INVESTORS Where Investors Turn to Learn About Opportunities: FINANCIAL ADVISOR ONLINE RESEARCH WEBSITE FOR CHARITIES ORGANIZATION S WEBSITE PEOPLE AT THE ORGANIZATION PEOPLE IN THE INVESTMENT WORLD ACCOUNTANT PEOPLE IN THE NON-PROFIT WORLD FRIENDS AND FAMILY WEBSITE FOR INVESTMENTS MY RELIGIOUS COMMUNITY Chart Source: Hope Consulting, % 5% 10% 15% 20% 25% 30% Financial advisors can be a preferred and trusted source of information when it comes to Impact Investing. For example, Hope Consulting found that investors often turn to their financial advisors and brokers when pursuing information and opportunities in the impact investing space. 1 Mutual fund companies can expect SR [socially responsible] investors to be more loyal than investors in ordinary funds. - Nicholas P.B. Bollen, Associate Professor of Finance, Vanderbilt University 2 1 Money for Good: Impact Investing Overview. Hope Consulting, pg Bollen, N.P. Mutual fund attributes and investor behavior. Journal of Financial and Quantitative Analysis 42, pg
11 YOU CAN START SMALL INTERNATIONAL LARGE-CAP CASH BONDS SMALL CAP * Lighter slices represent RI Allocation. You can start with a small RI allocation slice for each asset class. Those coming to RI for the first time are often reluctant to plunge in all at once. RI does not need to be an all-or-nothing decision. Opportunities exist in each asset class to make small initial investments that can later either be built upon or withdrawn relatively easily usually by using mutual funds or pooled accounts as an option. A recent report, based on a nationwide survey of 1,065 financial advisors, finds that U.S. advisors are willing to place 2.5% of AUM in RI products. Of advisors surveyed, 72% expressed interest in offering RI products to clients 38% expressed strong interest. Source: Gateways to Impact.
12 UNDERSTANDING YOUR CLIENT SAFETY FIRST I want to know I ll get my money back and maybe some upside. Any social benefits are secondary. QUALITY ORGANIZATION Show me a strong business model and a good track record and I ll invest. PERSONALLY RECOMMENDED A business school classmate is a social entrepreneur. I m happy to invest in his venture. SOCIALLY FOCUSED This is a great way to support the causes that are important to me. HASSLE FREE If I don t have to look too hard and it s a pretty liquid investment, I m willing to try. SKEPTIC I keep my charitable giving and financial investments separate. I m not at all interested. In a survey of impact investors, Hope Consulting found six distinct types of investor attitudes toward RI, each with their own primary motives. Safety First: These are investors who are primarily concerned with the safety of their investments and worried that an RI tilt will increase the riskiness of their investments. They should be aware that all investments can be risky, conventional as much so as Impact Investing. Whichever approach they take, they should monitor carefully and understand fully these risks. Risks in RI accounts can be monitored and managed, just as in any other account.
13 Socially Focused: These are investors who want to hear the social and environmental stories that go with impact investments. Special efforts need to be made with these investors to present fully and honestly the social stories involved. There are many positive stories, but no impact investment is without some controversy. Socially Focused Investors may well be aware of these controversies and related challenges. The RI investment manager can help provide understanding and insight into how these issues are being addressed. Quality Organization: A common theme among responsible investors is that firms with quality management are likely to be forward looking on social and environmental issues. Stories that demonstrate the foresightedness and business acumen of corporate managers when it comes to products as well as stakeholders are often appreciated by this type of responsible investor. Hassle Free: Many investors coming to RI are either not particularly financially or socially sophisticated or simply don t want to be bothered with extensive details. Just as they are often willing to trust you on the financial side, these investors will be willing to trust you on the social and environmental side as well. Personally Recommended: Some impact investors will come to you with particular ideas companies, or other investment opportunities that they have heard are either particularly attractive or perhaps questionable from an RI perspective. Treat these inputs with respect. Sometimes they will represent valuable new insights that can be helpful. Skeptic: A position often taken by those not interested in RI is that they want to make as much money as they can in the market and then give to charity, not mix the two approaches. You can point out a couple of things. First, there is no guarantee that their non-ri investments will produce higher returns than other possible opportunities. Second, if they are concerned, for example, about the environment or human rights, it is a clearly inefficient approach to invest in companies that are creating these problems and then take their profits and give it to NGOs that are trying to solve the same problems. Source: Money for Good: Impact Investing Overview. Hope Consulting, pg.15.
14 INDICATORS OF IMPACT INVESTMENT PRACTICE One of the biggest challenges in responsible investing is for the investor to understand and evaluate the credibility and details of the investment manager s social and environmental approach. The following provides a list of best practices to help in the evaluation process. Investment Manager provides: A clear statement of the incorporation of social and environmental principles into the investment process Detailed documentation and explanation on the policies and practices used to implement these principles A clear accounting of communications and dialogue with corporations on social and environmental issues Domini Impact Investments A Case Study Domini Impact Investments publishes its Impact Investment Standards which outline all the social and environmental issues considered and the reasons for identifying these particular issues, as well as how these issues are implemented in the investment decision-making process. This detailed brochure is easily accessible in a downloadable format on its website, as well as in print. Domini publishes its proxy voting guidelines and actual votes on its website. Domini communicates with its investors on the results of its dialogues with corporations and efforts to promote responsible policies and practices.
15 INVESTING FOR GOOD SM Bringing investments into alignment with the goal of ecological sustainability and universal human dignity makes sense to a lot of people. Around the world, more and more investors are realizing that the way they invest does matter, and that they can make money and make a difference at the same time. In the U.S. alone, well over $500 billion is already invested in socially responsible funds, and that number is growing at a rapid pace. As the field of responsible investing continues to grow around the world, financial advisors are going to be the go-to source for information on RI products. In this global economy, investors have the opportunity and the responsibility to ensure that their investment dollars are having a positive impact on our planet and its people. By discussing socially responsible investing with your clients, you are giving them the opportunity to invest, not just for profit, but to invest for good. Investment professional use only. Not for distribution to clients. Past performance is no guarantee of future results. The Domini Funds are subject to market risks and are not insured. Investment return, principal value, and yield will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, visit or call Each Domini Fund charges a 2.00% redemption fee on sales or exchanges of shares made less than 30 days after the settlement of purchase or acquisition through exchange, with certain exceptions. See the applicable prospectus for further information. Please consider the Domini Funds investment objectives, risks, charges, and expenses carefully before investing. Visit or call for a copy of the Funds current prospectus for more complete information on these and other topics. Please read the prospectus carefully before investing or sending money. DSIL Investment Services LLC, Distributor. 1/17
16 INVESTMENT PROFESSIONAL USE ONLY P.O. Box 9785 Providence, RI Investor Services: Printed on elemental chlorine free paper from well-managed forests, containing 100% post consumer waste
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