26 januari 2018

Dear Bill Gates

you're probably used to the annual press release stating: the rich are getting richer owning as much as half the worlds poorest people do. 

The report is timely presented just before the World Economic Forum meeting in Davos. It's aim: to urge attending companies, politicians, visionary leaders, researchers and non profits to collaborate on global challenges such as poverty & inequality and integrate them in the transformation into the 4th Industrial Revolution*.

As you made your fortune in IT, the catalyst of the 3rd Industrial Revolution, built one of the largest companies in the world and work in impact investment, a catalyst for societal & environmental returns, you have a unique set of skills, expertise, network and financial means.

I challenge you to buy a dozen listed companies

In basic needs & impact tech sectors and transform the companies into ''model'' New Capitalism companies offering solutions to societal challenges. Without undermining profitability, because without profit and growth the companies will perish and so will their societal solutions.


A dozen companies as beacons & examples to stress the urgency of inclusive basic needs and impact tech's leapfrog promise to accelerate & scale solutions rapidly & globally.

Private but Public Equity Capital
I know impact investing is often considered as mainly a private equity investment activity, but the UN Sustainable Development Goals specifically include all private capital & companies to pursue these Global Goals.
Super Sustainable sector leaders, especially in Europe, have embraced the SDGs, but American companies seem to be inert or lag behind**. As do most traditional small & midcap companies considering ESG: Environmental, Social & Governance policies a luxury they cannot afford.

Perfect timing
Many politicians made sure ''they didn't waste a good crisis'' for reform and future proof transformations during the last global financial & credit crisis. Companies can use the present economic progress to invest in sectoral challenges and opportunities. Mission Possible, but you have to start today to think at least ten years from now.

Unique instrument
A dozen show cases of listed companies fast forwarding the 4th Industrial Revolution incorporating the UN's SDGs in their mission, strategy and tactics can inspire, lead, offer a road map and save on (capital) investments.
It has never been done before

Why listed companies?

Because of their financial transparency educating financial analysts on strategies towards New Capitalism, so to avoid decades of discussion on the return of responsibly & sustainably managed companies. Also a dozen case studies in the here & now are much sexier than educating analysts and intermediaries on Facts & Figures, Trends, visions etc. 
 

Obviously the model companies will be(come) integrated reporters (GRI), publish ESG performance and impact metrics.

Listed companies are ''inclusive'' for (retail) investors. Being catalysts for the 4th Industrial Revolution gives them opportunity to attract new and bigger investors***, get access to (cheaper) capital and new customers in their new marketing strategy of societal solutions (revenue & profit).

Private equity may get better returns but the public listed equity market is much larger & better regulated. It will attract more investors (back) in the present economic climate because of it's safeguards from regulation & legislation.

An iconic initiative in transforming listed companies will affect the financial system and global economy on a much larger scale than exclusive, less transparent private equity investments.

We need a skilled entrepreneur, with knowledge of global challenges & experience in sustainable & impact investing as strategic theory of change.
My proposal is a tactical move with exponential effect on financial markets.

Are you game?

kind regards,

Alcanne Houtzaager

Inclusive² Impact Investing
Tools & Thoughtpieces




*** The introduction of Green or Climate Bonds in 2007 has sparked a market with over 1560billion US$ in emissions in 2017 with expectations for 2-018 ranging from 250-300 Billion US$. Www.Climatebonds.net

19 januari 2018

New-Capitalism (Dutch & English)

Incentives voor beursnotering van Impact Investments.
@durkveenstra schetst vanmorgen op @RTLZ het voornemen van de eigenaars van TMG, Telegraaf Media Groep om het van de beurs te halen als begrijpelijk gezien de kostenbesparing en mindere transparantieplicht. Een niet-beursgenoteerd bedrijf hoeft minder transparant te zijn en dat kan nuttig zijn uit concurrentieoverwegingen, zeker tijdens een transitie fase.

#Omdenken
New Capitalism*, waarin bedrijven hun bestaansrecht ontlenen aan de maatschappelijke oplossingen die zij vermarkten, kan versneld worden door beursnoteringen van sociale & impact ondernemingen. De verplichte transparantie geeft hun concullega's in maatschappelijke oplossingen inzicht in de bedrijfsvoering en keuzes en dat kan zowel kosten besparen ie kapitaal verspilling verminderen als opschaling versnellen.

'Beter goed gejat dan slecht bedacht'

'Een beursnotering prospectus maken is een hele klus'' verzuchte een social entrepreneur recent wiens bedrijf binnenkort naar NPEX gaat. En dan gaat het alleen nog maar over het financiĆ«le gedeelte. En straks moeten ze dus met openbare kwartaalverslagen komen.....

Stel je voor hoe arbeidsintensief, maar ook hoe interessant het wordt als er ook impact informatie wordt toegevoegd! Moet worden toegevoegd....

Beurzen kunnen directe actie nemen zoals de London Stock Exchange die voor charity bonds op haar retail ORB platform geen fees rekent en een handige zoekfunctie heeft. En er is een speciaal emissie platform voor Retail Charity Bonds (Plc).  


FMO de Nederlandse ontwikkelingsbnak ondersteunt Keniaanse financials bij een
framework to create the industry’s first pooled green bond facility.

De gelabelde (met impact metrics) Groene Obligatiemarkt haalde in 2017 155miljard US$ op en marktversneller Climatebonds.net verwacht in 2018 verdubbeling naar 250-300miljard US$.

10 jaar naar de lancering van de 1e Climate Bond van de EIB.

Voor een trendwatcher & accelerator van beursgenoteerde impact investing is het een logische gedachte dat beursplatforms en overheden markt-ontwikkeling direct kunnen versnellen en daardoor New Capitalism uit de kip-ei-kramp kan komen van gebrek aan initiatieven door gebrek aan private financiering, overheidsfacilitering etc.

Bijvoorbeeld door versnelling van de groei van ondernemingen met maatschappelijk oplossingen en hun impact door de olievlekwerking van verplichte transparantie van beursgenoteerde ondernemingen.

Ideetje?

@Dijkhoff @WiebesEric @MinsiterieEZK @WBHoekstra @Financien?

Alcanne Houtzaager



Flashback
Ik riep beursplatformen eerder al op om impact indices te bouwen**.Zoals de biotech index van Amsterdam, maar ook voor bedrijven in basisbehoeften sectoren (valuestock) en impact tech waar de grootste koersstijgingen verwacht worden (growthstock).

Lastig omdat de meeste beursgenoteerde largecaps op de hoofdindex geen impact investments zijn of zelfs op exclusie lijsten staan. En/of ze hebben mixed activities waar wellicht flink geĆÆnvesteerd wordt in impact / STAR activiteiten, maar de daar aan toe te rekenen inkomsten bepaald nog niet leidend zijn en de grootste inkomsten uit niet impact activiteiten behaald worden.




 
Accelerating New Capitalism

Listing Incentives for Impact Corporations
The new owner of a Dutch media company has expressed intent to delist it as it's transition from print media proved to be challenging and it's new media attempts have sparked controversy. Financial reporter Durk Veenstra @RTLZ, a Dutch business news channel, supports delisting as it is both cost & transparency saving. And less transparency can be beneficial in a shrinking & competitive market.
#Think different
In New Capitalism*, companies' license to operate is based on their contribution to societal solutions. New Capitalism can be accelerated by listing e.g. social enterprises as it requires (financial) transparency. Insights in for instance businessmodel, strategy, innovation & investments etc are usefull for investors and competitors. Companies also offering societal solutions which means they can observe, adapt, save money and scale faster.
'Better a good copy than a bad original'
A social entrepreneur almost listing at @NPEX, the Dutch SME exchange recently told me finalizing the prospectus ''is a lot of work....''
And that is just assembling the financial data for the IPO. Next is publishing quarterly & updates, annual reports, investor presentation etc.
Imagine how interesting it is as impact is added.
Stock Exchanges can take the initiative in incentivizing listing of impact investments, by copying the London Stock Exchange, LSE.

It doesn't charge for charity bonds listed at it's ORB retail bond platform. Present listings are easily accessible through search (charity bond). At the moment asset backed charity bonds for supported social housing are most prominent. Charity bonds publish (annual) impact reports. The UK social investment market also has a unique listing vehicle: Retail Charity Bonds (Plc)
The Government of Singapore has a grant scheme for the addional costs of labeled Green or Climate Bond listings. The first Climate bond was listed in 2007 (EIB in Luxembourg, 'top' lister with 100+ and a Green Xchange). 
In 2017 emission reached 157 Billion US$. Expectations for 2018 range from 250-300 Billion US$. A noticeable market share and all bonds come with impact metrics based on thematic standards & criteria and external verification.

The Dutch Development bank FMO supports Kenyan financilas setting up the framework to create the industry’s first pooled green bond facility.
For public equity impact investing it makes sense that stock exchanges and governments accelerate impact investing through listings. To liberate New Capitalism from the chicken-egg problem of lack of initiatives, by lack of access to finance and supportive regulation. It will accelerate the sector through the transparency and spark market analyst interest. Always keen on IPO's social enterprise listings offer the opportunity to broaden & deepen knowledge & skills in the field op impact ie total return of companies & investments.
How about it?
Alcanne Houtzaager
Impact Investing Trendwatcher & Accelerator



Flashback: I called on stock exchanges to develop impact indices, such as the Euonext Amsterdam biotech index. Think companies delivering basic needs (valuestock) and impact tech promising steep yields (growthstock).

Tricky as most listed large caps in the main indices aren't impact investments or even excluded. Largecaps also often have mixed activities with maybe serious investments in impact / STAR activities, but at present modest turnover & profit margins. Potential Impact Growth Stock in transition towardfs offering only New Capitalism 'societal solutions'.

15 januari 2018

1st Inclusive Impact Investment rating

Assura Plc gets a Public Equity Impact Investment Rating©: buy

Why?  
Because of it's core activity & purpose, asset backed, available, affordable & attractive: finance shows 4% div. positive analysts outlook & big backers. 
 

Impact Investment Rating©
Is based on essential characteristics for inclusive impact investing:

3: ESG Opportunity & 5: (Local) Access to Basic Need: Care 

It's Available & Affordable: offered by Dutch price fighter broker DeGIRO & traded at the London Stock Exchange at about 68 UK pennies. Assura Plc seeks additional capital to organically grow it's core activities. 

It's Attractive: with positive analysts outlook from Liberum Capital & Peel Hunt and a recent FT anonymous poll summary (4).

Assura Plc stock gives 4% dividend yield and is part of the FTSE250 & FTSE High Yield 350. 
 
It is held by institutional investors: asset managers Invesco & StateStreet offering it in ETF's,charity advisor CCLA Fund, and pension funds: the Dutch Medical Specialists Fund & North East Scotland Pension Fund
 
Aviva, a UK insurance company & asset manager with an excellent CSR reputation, lend it long term debt (170MUKp)



IMPACT METRICS 
Delivered by Allstreet in it's annual impact report of members of the Social Stock Exchange.
'WhoBenefits: Increased access to safe primary care facilities that provide integrated health services based on their needs for 3.7 million patients provided by 2380 Gps'. Assura plc was a founding listing company of the Social Stock Exchange, but has not published impact reports and seems de-listed since 2018. 

CSRHubscore: Total 49: Community 45, Employees 54 Environment 48, Governance 48. Sources: 8 (10).

UN Sustainable Development Goals 
#SDG3: Health & Wellbeing
#SDG11: Cities #AccesstoHealthServices &
#SDG12: Infrastructure #Healthproperty

Assura Plc develops property in the UK for General Practitioners (67%) & the National Health Service  (18%). It's mission is: 'to bring care closer to home by creating the modern fit-for-purpose buildings that doctors say they urgently need, in the right places for patients.' 
Assura Plc properties facilitate health & care services to ill & old people & children in developed markets.

Assura Plc core activity is developing property designed for Basic Need Local Health Services.

CONCLUSION

Assura Plc is an organically growing local health care property developer surveying clients & communities on needs and desires.
Sourcing locally and introducing environmental management systems such as BREEAM.
Finance check shows high yield, positive analyst outlook and institutional (major interest & voting) support

RECOMMENDATION for investors (and Assura plc):
Monitor impact awareness, ambition and performance.
 
The website offers information on it's marketing activities, but focuses more on output, maybe outcomes (PR&PA) not yet on impact. Note that it is a small company with 48 employees and in Nov17 announced ambition to raise 300million UK£ through shares for property development.  

The Blogger is a recent retail Assura Plc investor

Inclusive Impact Investment
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Impact Investment Rating©

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10 januari 2018

Impact Investing in 2018

2018: Paradoxen & Prospects

Pioniers & Power to the People

Als door&door optimist ga ik elk jaar in met goede voornemens en grote verwachtingen. Ook dit jaar: mijn goede voornemen is het impact investing universum exponentieel op te schalen met impact ratings op basis van:  
 

Beschikbaarheid & Betaalbaarheid

Impact visie & ambitie, impact databases & publicaties
 
Finance: Toegankelijke valuta:  
Beleggingsproduct(en);
Indices, Benchmarks; 
& Buy of Hold adviezen. 
Voor crowdfundingplatforms: AFM toezicht, krediet & risico check.

Exponentiƫle Opschaling
Door Impact Ratings te geven wordt het micro SDG universum verruimd, hopelijk met exponentiƫle impact ondernemingen, maar ook met onderschatte en ondergewaardeerde ondernemingen met impact kernactiviteiten.

PARADOXEN
1: Impact investing streeft naar inclusie dwz voorzien in basisbehoeften van iedereen, maar financiĆ«le partijen zetten in de praktijk vooral in op exclusieve impact investing producten en dienstverlening: big deals & big fees ofwel ouderwetse trickle down economics & business old style.  

2: De synergetische Sustainable Development Goals met 17 doelen & thema's en 173 subdoelen levren tot nu toe micro indices met 30, 50 & 100 largecaps die actief zijn in allerlei sectoren en niet geconcentreerd op basisbehoeften of de SDG doelen. De SDG micro indices bieden een fractie van het bekende duurzame darlings universum in plaats van een golf aan SDG prospects die actief zijn in deze thema's maar buiten hetESG largecap universum vallen.....

Total Return Metrics = economische winst – maatschappelijke kosten zijn een discipline in ontwikkeling net als brede implementatie. Beleggers blijven aangewezen op uitsluiting, thematisch beleggen en (relevante) ESG & sustainability transparantie & prestaties van de bedrijfsvoering niet de kernactiviteiten.


Power to the People, 
promoot Pioniers

Impact Investing is steeds toegankelijker en betaalbaarder door online brokers, ETF's en disruptive innovators: PEAKS.nl, mycNote.com, deKredietunie.nl (MKB financiering, de werkgelegenheidsmotor) en AFM gereguleerde crowdfundingplatforms & (US) roboadvisors for impact.

@peaks & https://up.peaks.nl/portfolio/op-drie-manieren-duurzaam-met-peaks/ wisselgeld duurzaam investeren (Rabobank backed)
@gocNote & https://www.mycnote.com/ 2,5% rente op US deposito's van Community Development Institutions

Veel kleintjes maken een grote, houd pioniers in de gaten 
 
BIG Inclusive Finance

Impact Shares bouwt thematische impact ETFs met (Amerikaanse) bedrijven die volgens chari's een bijdrage leveren aan maatschapperlijke thema's. (i.p.v. directe donaties aan chari's, Rockefeller Foundation backed

Al genoteerd:
Impact Shares NAACP Minority Empowerment ETF (NYSE Arca: NACP) & Impact Shares YWCA Women’s Empowerment ETF (NYSE Arca: WOMN) op basis van de Nederlandse #GenderEquality index @Equileap #HupHolland  @ImpactETFs & http://www.impactshares.org/news/


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