impact - start | responsability · 04 impact responsability 2017 1.5 million tons of co 2 emissions...

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IMPACTCONCEPTMEASUREMENTINNOVATION

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RESPONSABILITY IN 10 NUMBERS

Invested since inception

USD 9 billion

Founded

2003

AuM private equity

15%

Assets under Management (AuM)

USD 3 billion

AuM private debt

85%

Total revenue of portfolio companies

USD 17.6 billion

Offices worldwide

10

Investment countries

90

High impact portfolio companies

540

Employees worldwide

240

INNOVATIONWhy retail funds are key in driving market development

page 29

MARKETSWhy providing 350 million people with basic services changes lives

page 20

PARTNERSHIPS How the public sector spearheads private investments

page 30

ACCESS Why female CEOs are good for business

page 18

CLIMATEHow 5 million end clients get equipped to live in a +3°C world

page 24

TECHNOLOGYHow affordable solar systems improve health and income

page 10

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SHINING THE LIGHT ON IMPACT

Showing investors how their funds improve lives requires a systemic approach. As we refine how we measure impact, we are increasingly excited to reveal in

numbers what we have inherently known all along.

Since inception, impact has not only been at the core of everything responsAbility does, it accounts for literally 100% of our investment activities. That means that each and every one of our portfolio companies provides a positive impact for low income households, SMEs and the broad-er community in developing countries, all while delivering attractive returns. These same investments also directly and indirectly benefit the staff and clients of SME banks, smallholder cooperatives, microfinance institutions, solar home system providers, developers of hydropower plants and countless other inclusive businesses.

MAKING THE SDGS POSSIBLE The only way to reach the United Nations' Sustainable De-velopment Goals (SDGs) is by mobilizing the private sector and striving for both efficiency and scale on all levels. As the number of investable markets has jumped over the last decade since many countries sought to attract more capital, it is increasingly imperative that all stakeholders, including governments, civil society, non-governmental organizations and the international community, continue to build an ena-bling environment. We take our role as a pioneer in the field very seriously, and always search for how potential partner-ships could benefit both investors and the movement of the SDGs to create a better world.

DRIVING MARKET DEVELOPMENT Our funding has enabled our portfolio companies, many of which have been our partners for at least four years, to

profoundly expand their reach, broaden their product range and/or invest in new assets. At the country-level, such ac-tivities have helped to construct and mold whole markets, contributing to the growth of entire financial sectors, agri-cultural value chains and energy industries. This creates a virtuous circle of stronger companies that can reach more people, strengthen economies and foster innovation.

In addition, most of our portfolio companies operate where local debt and equity markets are very illiquid or non-existent. Through private debt and private equity transactions, we link companies in the developing world to international funding that would otherwise be inaccessible.

WHY WE INVEST IN THREE SECTORSresponsAbility focuses on three key sectors: sustainable ag-riculture, renewable energy and inclusive financial servic-es. All three sectors fulfil our criteria for achieving positive impact, and are essential for sustainable, inclusive growth. At the same time, by supporting businesses in each of these sectors, responsAbility manages to address some of the most fundamental issues of development, while capi-talizing on the fact that these sectors offer a wealth of busi-ness models that are investable. This lays the groundwork for building a diversified portfolio for our investors, as the sectors deliver a sufficiently high number of portfolio com-panies that meet our high impact and financial criteria. Therefore, a consistent investment pipeline built on these three sectors, allows us to scale the impact of our investees over the long term.

IMPACTresponsAbility’s approach

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IMPACTresponsAbility’s approach

HOW WE SHOW RESULTS – SIX IMPACT THEMES A systemic, evidence-based approach is necessary to achieve and monitor development impact. Therefore, we apply a framework of six impact themes, based on a study by the University of Cambridge, that focuses on how best to align impact investor activities with the United Nations’ SDGs. These six themes show the key areas in which a prospective investment (or sector) should contribute to de-velopment, and the ways our current portfolio companies do contribute. Our six impact themes are: basic needs, well-being, decent work, healthy ecosystem & resource se-curity, climate stability, and markets & infrastructure.

RELEVANT FOR ALL – THREE FOCUS TOPICS To address topics that are of highest relevance across all six impact themes, we apply three more broadly focused topics: gender equality, rural populations and resilience.

The topic of gender equality demonstrates best, per-haps, how one topic can be applicable to every aspect of development: Despite representing half of the population, women systematically have less access to basic services, jobs, land and financing. As a result, they experience worse levels of income, quality of life, and economic and political empowerment. Many of the biggest challenges faced by the developing world are problems mostly faced by women. If we fail to address these challenges, then we fail to achieve development as a whole.

ACHIEVING IMPACT BEYOND ESG The growth of sustainable investment underlines the influ-ence of the SDGs and wider, societal trends toward incorpo-rating sustainability. Yet much of this investment is limited to the application of Environmental, Social and Governance (ESG) filters, which promotes investments based on a set of fixed criteria to exclude the companies with the most harm-ful business practices and to prioritize those that perform best in their class. Such ESG investments tend to focus on listed companies in liquid capital markets.

While responsAbility does use ESG criteria in its risk as-sessment for investments, satisfying these criteria is not suf-ficient grounds for eligibility. First and foremost, our portfo-lio companies must comply with our impact thresholds. This approach can best be summarised as “High Impact + ESG”.

MOVING FORWARD BY LOOKING BACK By its nature, development is forward-looking – we invest now to provide services and create opportunities that will lead to greater prosperity and quality of life in the future. Yet the process of development involves so many stake-holders, and is so affected by local context, that investors must be ready to adapt their approach to maximise their impact. This is what motivates our need to obtain data on the impact we have successfully created, and to learn more about what we can improve. Only then can we achieve sus-tainable development that has positive impact on emerging markets around the globe. <

“By its nature development is forward-

looking – we invest now to provide services that will lead to greater prosperity

and quality of life in the future.”

Paul Hailey, Head of Impact

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IMPACTresponsAbility 2017

1.5 million tons of CO2 emissions avoided

350 million people supplied with essential services

540 portfolio companies

drive inclusive growth

1.4 million ha sustainably cultivated

53,000 projects financed in energy efficiency

USD 400 million for education and

healthcare

10 million lives improved by off-grid energy

510,000 smallholder farmers sourced from

100% of end clients in developing countries

71 million clientsserved by portfolio companies

31 million women entrepreneurs financed

USD 3 billion invested in inclusive

businesses

764,000 MWh of clean energy generated

USD 198 million off-grid solutions sold

WITH USD 3 BILLION AuMTHE IMPACT YOU GET:

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IMPACTresponsAbility 2017

WITH USD 12,000 INVESTEDTHE IMPACT YOU GET:

You reach 92 low incomepeople in developing countries,of which 80 are in rural areas,and half of the 23 families thatthey belong to are nourished

by female entrepreneurs,and you also provide financing

for sustainable smallholder farming of 2.4 ha, and you reduce

10 tons of CO2 emissions and generate 4 MWh of

clean energy.

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IMPACTConcept

BASIC NEEDS

WELL-BEING

DECENT WORK

HEALTHY ECOSYSTEM & RESOURCE SECURITY

CLIMATE STABILITY

MARKETS, INFRASTRUCTURE & INNOVATION

Themes Key SDGs

BASIC NEEDS Which essential services are provided to low-income households and SMEs?

WELL-BEING What is the contribution to better health, education and other quality-of-life indicators?

DECENT WORK How much formal employment with decent pay and safe working conditions is provided?


What is the contribution to local bio-diversity and the quality of land and water?

CLIMATE STABILITY To what extent is the impact of climate change mitigated?


What is the contribution to the long-term development of markets?

THEMATICTRADITIONAL SUSTAINABLE IMPACT FIRST PHILANTHROPY

competetive financial returns

ESG risk managment

high impact solutions

Agriculture

Energy

Finance

POSITIONINGWhen responsAbility kicked off de-velopment investments in 2003, the objective was to create development impact while unlocking attractive new markets for investors. For this we chose a thematic approach, focusing on three sectors.

1

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IMPACT MEASUREMENTWe believe that transparency is key when it comes to investments. This is why we measure the development impact of everything we do – as a company, for each investment sector and investment vehicle as well as for every portfolio company.

IMPACT THEMES15 years down the line, development impact ranks high on the global agen-da, thanks to the Sustainable Devel-opment Goals promoted by the United Nations. They serve as the basis for our impact approach centered around 6 impact themes.

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IMPACT CONCEPT

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IMPACTESG & impact

ESG & IMPACTADDING UP IN ONE EQUATION

For many years, Environmental, Social and Governance (ESG) criteria have been the compass of the sustainable investment community. For responsAbility,

they are just one important investment criteria.

70% low

30% medium

ESG is a set of standards investors can use to screen po-tential projects and companies in three core dimensions:

> Environmental criteria look at how a company performs as a steward of the natural environment.

> Social criteria examine how it manages relationships with employees, suppliers, customers and the communities where it operates.

> Governance criteria deal with leadership, executive pay, audits, internal controls and shareholder rights.

ESG management aims to make risks in these areas trans-parent and can be used to shape portfolios either by pre-venting negative, unintended externalities or by selecting portfolio companies with the highest relative ESG-scores.

A FULLY INTEGRATED ESG APPROACHAt responsAbility, ESG assessment is an integral part of the investment process. Our investment teams determine the ESG risk profile and management practices of all pro-posed portfolio companies. Where significant ESG risks are identified during the due diligence process, mitigation measures must be introduced before an investment can be taken further.

In the process of evaluating the ESG risks, responsAbil-ity attributes an ESG rating to every investment. The defi-nition for each category is aligned with international stand-ards1, and defines the magnitude and severity of potential negative consequences.

1 https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/

sustainability-at-ifc/policies-standards/es-categorization

ESG RISK RATING FOR RESPONSABILITY PORTFOLIO 2017

No investments classified as «high-risk» within the responsAbility portfolio

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IMPACTESG & impact

ESG & IMPACTWHAT IS THE DIFFERENCE

IMPACT

ESG RISK

High

By applying ESG criteria, investors simplyadd a sustainability filter

to conventional portfolios.

ExcludedHighMediumLow

responsAbility portfoliodeveloping countriesinclusive businesses

typically: non-listed companies

standard ESG portfoliotypically: listed companies

70% OF INVESTMENTS LOW RISKA ‘low’ ESG risk investment is one where the activities can have minimal or no adverse ESG impact. With a significant portion of responsAbility’s microfinance investments falling under this category, roughly 70% of all investments within the responsAbility portfolio score low on ESG risk.

The remainder of responsAbility’s portfolio is classified as ‘medium’ ESG risk – investments that could cause ad-verse ESG impact but are limited in number, site-specific and can be addressed if the right mitigation measures are put in place. For instance, a small-scale hydropower plant could create issues for the local environment and commu-nity unless the right control measures are introduced early on in the process.

Investments with ‘high’ ESG risk can create significant, irreversible damage on the environment or on society. Giv-en the nature of responsAbility’s investments, there are no such investments in the current portfolio.

ESG VERSUS IMPACTFor responsAbility – with impact at the core of our DNA - the application of ESG criteria is only one selection criteria within our investment process. It is not, however, sufficient in itself. Therefore, for our portfolio, responsAbility targets high impact companies defined by a set of measurable im-pact themes. Careful ESG assessment and monitoring is, then, an important addition to the equation that guarantees no unforeseen risks arise in the areas of environment, so-cial and governance.

Low

Impact investments enrich portfolios and drive positive

development.

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Total Impact 2018, ESG3 October 2018

“Poverty is the deprivation of

opportunity.”Amartya Sen

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IMPACTCase SolarNow

RENEWABLE ENERGYENERGIZING AFRICA

OFF THE GRID

SolarNow is driving the electrification of rural Ugan-da and Kenya by providing off-grid solar photovol-taic systems for households, farms and businesses.

Energy access has been described as ‘the “gold-en thread” that weaves together economic growth, human development and environmental sustaina-bility.’1 This thread still needs to be spun for an estimated 1 billion people currently lacking elec-tricity supply, mainly in Africa and South Asia.

AFFORDABLE TECHNOLOGYThanks to the increasing affordability of solar technology and mobile payment systems, decen-tralized options represent the most cost-effective solution to supply electricity to some 60% of these un(der)served populations.2

SolarNow, active in Uganda and Kenya, ad-dresses the demand for electricity by selling and financing solar home systems. Founded in 2011, the company provides over 25,000 clients with off-grid solar systems for households, small busi-nesses and farms. Besides solar panels and bat-teries, SolarNow also sells appliances like torch-es, electric irons, televisions, refrigerators and solar pumps.

IMPACT BEYOND ELECTRICITY SUPPLYIt is SolarNow’s ambition to ‘transform the lives of East Africans’, and with each kerosene lamp that is replaced with solar, clients report not only a well-lit home, but also improved health and safe-ty. And with further access to electric appliances, their quality of life blossoms further, with greater connectivity to the outside world, from access to TV and radio, to less time spent on domestic work thanks to appliances such as electric irons (instead of charcoal), to longer business hours that create more revenue and happier local customers. <

1,2 International Energy Agency: Energy Access Outlook 2017

SolarNow starter packs start small, but many customers scale up their equipment over time.

I M PA CT P R O F I L ESOLARNOW

Themes Key SDGs

BASIC NEEDS Access to electricity for over 12,000 households

WELL-BEING Reduced domestic pollution for 60,000 users

DECENT WORK 897 jobs under fair and safe working conditions

CLIMATE STABILITY

Reduced CO2 emissions by 2,909 tons


80% of customers who used kerosene before have eliminated usage


174 MW of clean energy capacity installed

Focus Topics

RURAL POPULATIONS

60 branch offices in rural Uganda and Kenya

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IMPACTCase ASA International

INCLUSIVE FINANCETHE POWER OF REPLICATION

ASA International has demonstrated how a scala-ble business model can be replicated in new mar-kets using only private sector capital

When responsAbility evaluated ASA International in 2007, it was obvious that it would require time and effort to replicate the highly successful ASA Bangladesh microfinance business model across Asia and Africa using a greenfield approach. Yet this was a unique opportunity to demonstrate the power of private capital for development invest-ments. To the best of our knowledge, establishing a multi-country holding structure of specialized microfinance institutions without any subsidies from the public sector had never been done be-fore. And to do this in markets in dire need of financial sector development made it even more interesting from a return and development impact perspective.

AN INNOVATIVE APPROACH VALIDATEDSome 10 years down the line, ASA International is a global microfinance leader with a gross loan portfolio of USD 315 million. The network con-sists of twelve profitable financial institutions in Asia and Africa including three banks and six reg-ulated non-bank institutions. Some of these coun-tries of operation – Sierra Leone, Rwanda, Uganda or Tanzania – are among the poorest in the world. Others, like Myanmar, Pakistan or the Philippines, are significantly threatened by the effects of cli-mate change and are in dire need of funding to adapt to it.

SUCCESSFUL IPO AFTER 11 YEARSIn 2018, ASA International shareholder CMI took this success story to the London Stock Exchange, which was the first IPO of a 100% privately fi-nanced microfinance group in Europe, ever. Only three months after going public, the share price increased by 46%. <

11 years of operations, 12 successful microfinance institutions serving 2 million female clients in some of the world’s poorest countries

I M PA CT P R O F I L EASA INTERNATIONAL

Themes Key SDGs

BASIC NEEDS Average loan amount: USD 164

Over USD 50 million savings

WELL-BEING In 2017 USD 14.1 million taxes paid in 12 countries, 10 of which are among the 50 poorest in the world

DECENT WORK 10,046 stable, formal jobs created


12 microfinance institutions established

1,557 branches

Successful IPO on London Stock Exchange

Focus Topics

GENDER EQUALITY

Provides financial inclusion for 2 million female clients

RESILIENCE USD 122.6 m loan portfolio in countries highly vulnerable to climate change

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IMPACTCase microfinance client

INCLUSIVE FINANCE“ALL THE BANKS

TURNED ME AWAY”

I M PA CT P R O F I L EPEDRO VILCA

Themes Key SDGs

BASIC NEEDS Loans provided when he had next to nothing, have enabled Pedro to generate annual revenues of USD 130,000 from his main store alone

WELL-BEING He could afford to put all his children through higher education

DECENT WORK Employs family and staff, as well as himself

Pedro Vilca left home aged twelve to work in Arequipa.Today he owns four formal menswear stores.

Access to credit, paired with entrepreneurial spirit, has allowed Pedro Vilca of Arequipa, Peru, to set up his own micro-business and grow it into a successful enterprise.

Pedro, how did you learn your trade?I am from a rural family and never received a for-mal education. There simply wasn’t any money. I moved to Arequipa when I was 12 and started working at a tailor’s. This is where I learned how to manufacture suits.

When did you decide to become self-employed?I always knew that I wanted to set up my own business. When I felt confident that I knew my craft, back in 2002, I went and rented a room. Not a shop, mind you, just a room. It took three more years for me to move to my first real shop, another two to open the next. All that time, I re-in-vested all my earnings. Five years down the line I was operating four shops.

When did you apply for your first loan?When I went into business for myself, I approached all types of banks for credit. Not much – I had some savings. But I wanted USD 550 to buy ma-terial, fabric. All of them turned me away, though, except for what today is Compartamos Financiera. They sent someone to assess my business, my property, everything. Finally, they gave me USD 275. I have been borrowing from them ever since.

Are you still expanding your business?Yes – but in different areas. We have employees running the shops now, and I am a partner in a credit cooperative for rural clients. I also invest in agriculture myself to diversify my income base. My daughter is an accountant and helps me with the business and one of my sons, an engineer, looks after the cooperative. None of my four chil-dren are interested in suits, however! <

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IMPACTCase SLCM

SUSTAINABLE AGRICULTURE

PRESERVING VALUE

I M PA CT P R O F I L ESOHAN LAL COMMODITY MANAGEMENT

Themes Key SDGs

BASIC NEEDS USD 283.3 million of loans to the agricultural sector

WELL-BEING USD 5.6 million paid in taxes

DECENT WORK 120,000 direct and indirect employments


Post-harvest food waste reduced to 0.5% from an average of 10% in India


Operates over 2,950 warehouses and 19 cold storages for 920 agricultural commodities

Focus Topics

RURAL POPULATIONS

2.9 million smallholders impacted

Adequate storage solutions drastically reduce food waste for clients of Sohan Lal Commodity Management in India and Myanmar.

Agri-logistics group Sohan Lal Commodity Man-agement integrates professional storage solutions and agricultural financing.

With the world’s population growing at an un-precedented pace, food security ranks high on the global agenda. While there is more than enough food produced today to feed everyone, still about 821 million people are chronically un-dernourished. Food waste and loss is the blind spot in the fight against hunger and investments in this area are urgently needed.

STORE, DON’T WASTEInfrastructure is the key to counteracting the endless cycle of waste. More than 40 percent of food loss and waste in developing countries occurs at the post-harvest and processing stag-es due to inadequate access to warehousing and logistics.

Luckily, such waste can be prevented. Sohan Lal Commodity Management (SLCM), a post-har-vest agri-logistics group operating in India and Myanmar, works with all players of agricultural value chains including farmers, processors, trad-ers and commodity exchanges. To service them, the company provides warehouse management, procurement, collateral management and financ-ing solutions including lending against storage receipts of agricultural commodities.

GET MORE OUT OF THE HARVESTSLCM warehouse management ensures that eachharvest is maximized. Facilities are equipped with technology to offer storage and protection servic-es across the board, with the capability to handle nearly 920 commodities. In a country like India, where post-harvest losses are pegged at 10%, SLCM has been instrumental in devising technol-ogy that has cut wastage to 0.5% irrespective of infrastructure, crop or geographic location. <

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Themes Key SDGs

BASIC NEEDS Provides 2-3% of Rwanda's electricity

DECENT WORK 309 jobs created during the construction period, 6 permanent, 43 for women

CLIMATE STABILITY

14,000 tons of yearly CO2 emissions avoided


Generates electricity equivalent to the average consumption of 930,000 Rwandans

IMPACTCase Rwaza hydropower plant

RENEWABLE ENERGY(EM)POWERING RURAL RWANDA

The 2.7 MW hydropower plant at Rwaza, connect-ed to the grid in September 2018, supplies close to 1 m people with electricity.

The East African Republic of Rwanda ranks among the lowest in terms of per capita electricity con-sumption in the region. Only 41% of its 12 mil-lion inhabitants currently have access to the grid, most of them in urban areas. This leaves roughly 8 million Rwandans unserved, particularly in the countryside where less than 1 out of 10 can simply switch on the light when entering their homes.

ADDING HYDROPOWER CAPACITYRwaza, a remote rural area in the Northern Prov-ince, close to the city of Musanze, was chosen as the location for a hydropower project by a re-sponsAbility-managed company designed to fi-nance, build, own and operate renewable energy projects in Sub-Saharan Africa. The construction of a 2.7MW run-of-the-river hydropower plant on the Mukungwa River was finalised in 2018.

The plant generates 20 gigawatt hours or 2-3% of the total electricity produced in the country. By helping to stabilize the local grid, it ensures an improved power supply to local businesses and industries. Apart from improving access to elec-tricity, the hydropower plant also provides employ-ment opportunities.

CAPITAL PLUS DEVELOPMENT SKILLSThe challenges of the Rwaza plant’s construction highlight the barriers to developing electricity generation in Sub-Saharan Africa. While the ini-tial developers first began the Rwaza planning in late 2013, the project came to a sudden halt due to financing constraints. Luckily, not long after, a responsAbility-managed company was able to team up with two more partners, and in a joint effort, were able to continue the development in mid 2014.

The newly constructed hydropower plant at Rwaza adds 2.7 MW of electricity to the Rwandan electricity grid, a 3% increase

I M PA CT P R O F I L ERWAZA HYDROPOWER

Focus Topics

RURAL POPULATIONS

Stabilizes the Rwandan electricity grid, especially in rural areas

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Themes Key SDGs

BASIC NEEDS Higher premium for organic produce received by 824 smallholder farmers

DECENT WORK Directly employs 180 staff

HEALTHY ECOSYSTEMS

90% of revenues from organic sales

8,240 ha under cultivation


Handles 22% of all Bolivian quinoa exports

Access to international export markets for 41 farmers’ associations

IMPACTCase Jacha Inti

Jacha Inti S.A., the leading exporter of organic quinoa worldwide, is supporting smallholders to maximise efficiency in sustainable farming.

“Royal” premium quinoa grows on some of the most marginal and fragile agricultural lands in the world. At the shores of the salt flats in the Bolivian Altiplano, at some 3,700 metres above sea level, farmers must cope with drought, frost, high winds and less than 20 cm per year of rainfall. Soils are sandy, saline and low in organic matter. Despite this, in 2017, Bolivian smallholder farmers har-vested 55,000 tons of quinoa, 25% of the world’s supply.

THE COST OF RISING PROSPERITYIn the past 10 years, Bolivian exports of quinoa have tripled to 30,000 tons per year. This boom increased the incomes of farmers from an average of USD 35 per family per month to USD 170.

But while increasing demand has lifted small-holder quinoa farmers out of poverty, it has also brought a new set of environmental pressures. Mass production is degrading soil health and resistance to wind erosion. This negatively im-pacts the quality and yields of quinoa production, threatening farmers’ livelihoods.

A PROMINENT MARKET FORCEBy promoting sustainable organic farming, Boliv-ia-based Jacha Inti S.A. is counteracting this de-velopment. Incorporated in 2008 and certified to the highest food safety and fair trade standards, the leading exporter sources from 824 smallholder organic quinoa farmers in 41 associations and 91 villages. Jacha Inti’s processing facility handles 22% of all Bolivian quinoa exports. In addition, the company also provides farmers with research and development on sustainable agricultural prac-tices, community projects and assistance with fair trade certification. <

Originally scorned as peasant food, the Incas’ “mother of all grains” is now a super food in high demand.

I M PA CT P R O F I L EJACHA INTI S.A.

Focus Topics

RURAL POULATIONS

Works with 824 smallholder farmers in 91 villages

SUSTAINABLE AGRICULTURE

LONG LIVE QUINOA

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Total Impact 2018, Overall Modellling – ConceptPHAIL, 26 September 2018

“There is no tool for development

more effective than the empowerment

of women.”Kofi Annan

IMPACTChallenge

THE

CHAL

LEN

GEThe need for change

630 millionpeople live in extreme poverty.

(World Bank, 2017)

821 millionpeople are malnourished or

undernourished. (FAO, 2017)

1.7 billionadults have no access to finance.(World bank global finder, 2017)

USD 150 billioncredit gap for smallholder

farmers in the developing world.(Dalberg, 2016)

1.1 billionpeople do not have access to electricity.

(IEA, 2017)

4 millionpeople die per year due to

domestic pollution.(WHO, 2016)

THE INVESTMENT GAPThe UN estimates the gap in financing to achieve the Sustainable Development Goals (SDGs) at USD 2.5 trillion per year in devel-oping countries alone.

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Sou

th A

mer

ica

Sub

-Sah

aran

Afr

ica

IMPACTGender equality

GEN

DER

EQU

ALIT

YFemale CEOs – better performance?

EMPOWERMENT IS KEYWomen in the developing world experience devel-opment outcomes that are worse than the local average for men: Women are less likely to have ac-cess to basic services, obtain formal employment or earn the same amount as men for the same work. Consequently, any strategy to tackle poverty and bring about development must address and measure its impact on women.

responsAbility portfolio companies reach 31 million women entrepreneurs and provide them with basic services that give them the opportuni-

ty to grow and even thrive. But how do they fare when it comes to empowering women within their own structures? We have taken a look at the finan-cial institutions within our portfolio.

Female borrowers constitute the majority of clients for the banks and microfinance institutions that we work with. In spite of this, the share of women at the board, management and staff level remains relatively modest. That said, we are quite proud that the proportion of women in manage-ment is above the traditional banking sector in almost every region.

FINANCE PORTFOLIO: WOMEN IN SENIOR MANAGEMENT*

FINANCE PORTFOLIO: 20 FEMALE CEOS – PER REGION**

1Africa and

Middle East

responsAbility portfolio

national average

Asi

a P

acifi

c

Cen

tral

Am

eric

a

Cen

tral

Asi

a

Eas

tern

Eur

ope

M.

Eas

t &

N.

Afr

ica

0%

10%

20%

30%

40%

50%

5Asia

Pacific

11Latin

America

3Eastern Europe

* Sources: International Labour Organization, responsAbility** Based on data provided by 200 financial institutions within

the responsAbility portfolio

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FINANCIAL INCLUSION*: WOMEN BENEFIT MOST

SDG target 5.5: “Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making in political, economic and public life.”

* Increase in compound annual growth rate (CAGR) following a financial inclusion programme.

Source: Swamy, V (2014), Financial Inclusion, Gender Dimension, and Economic Impact on

Poor Households, World Development Vol. 56, pp 1-15

Increase in income

8.4%for women

4.0%for men

Increase in living standards

4.4%for women

1.8%for men

IMPACTGender equality

FINANCIAL INSTITUTIONS LED BY FEMALE CEOS*…

*20 female-led financial institutions within the responsAbility portfolio in 2017 in comparison

with the total portfolio of 200 financial institutions

All financial institutions Female-led financial institutions

Female clients

Female borrowers

Performance (ROA)

Portfolio NOT in arrears (PAR30)

61%

1.0%

97%

34%

77%

2.8%

85%

95%

41%

Female management

80%

… employ

20%more female managers

… serve

25%more female clients

… attract

5%more female borrowers

… had

27%less of their portfolio in arrears

… achieved a

180%better performance

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IMPACTMarkets & infrastructure

SDG target 2.a: “Increase investment… in rural infrastructure.”MAR

KETS

, IN

FRAS

TRU

CTU

RE &

INN

OVAT

ION Smallholder farmers: going global

INNOVATION IS ESSENTIALThe lack of markets, infrastructure and innovative approaches are key obstacles to economic devel-opment. Therefore, innovation is an essential el-ement of responsAbility’s impact thesis in order to overcome hurdles and open the door to invest-ment. Such innovation allows investors to contrib-ute to the long-term improvement of markets while creating a virtuous circle: by attracting increasing investment through innovation, more attractive returns are generated, the orginal investments become even more attractive, and therefore more investors invest.

Our portfolio companies help to build:> a strong and inclusive financial sector with

sophisticated financial institutions. These in-stitutions are able to provide a wider range of products to ever greater numbers of low-income households and SMEs, which helps to develop local capital markets.

> installations of energy infrastructure, energy efficiency projects and off-grid energy plants, which increases energy generation and local technical expertise.

> stronger agricultural value chains, generating value locally.

62% OF PORTFOLIO COMPANIES ARE INTEGRATED VERTICALLY

Inputsupply

ProductionProcessing

and logisticsDistribution and retail

USD 5,203 millionworth of commodities

exported (84%)

USD 979 millionworth of commodities

sold locally (16%)

CREATING MARKET ACCESS In emerging markets, agricultural value chains are often fragmented and inefficient. Our investments support the development of structured and tight value chains. This allows smallholder farmers to have reliable access to high-paying markets, fi-nancing, training and innovation, which means a notable improvement in their quality of life.

62% of our portfolio companies are integrated vertically, meaning involvement in at least two segments of the agricultural value chain (i.e. be-ing both a producer and processor). Such compa-nies have a long-standing relationship with small-holder suppliers, and since most of their sales are exported, farmers receive reliable access to pre-mium, high-paying structured markets.

21

ESSENTIAL SERVICES MADE AFFORDABLEThe fulfilment of basic needs – including energy, health, education or finance – is one of the most fundamental aims of development. Redressing this gap lies at the core of the 17 SDGs. To this day, the ability of low-income populations in the developing world to access key services remains extremely lim-ited. This challenge will only be overcome through business models which manage to provide basic services at affordable prices as well as at scale. As low-income households typically have very limited

SDG target 1.4: “… ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services…and financial services.”BA

SIC

NEE

DSTarget: the bare necessities

Source: Global Consumption Database, World Bank, 2010

Sectors impacted through responsAbility investments

HOW HOUSEHOLDS SPEND MONEY IN EMERGING ECONOMIES

resources to spend, they carefully evaluate which service or product justifies the expense. Only com-panies that correctly target these clients’ demands can be financially sustainable.

The broad range of services and products pro-vided by responsAbility portfolio companies is of-fered on an entirely commercial basis. The fact that these companies are financially successful testifies to their ability to develop and operate sustainable business models that cater to the needs and aspira-tions of millions of low-income households.

21%Housing

14%Clothing

11%Energy

8%Education

10%Health

3%Personal care

2%Financial service

1%Water

11%ICT18%

Transport

Share of household consumption excl. food and “others”

IMPACTBasic needs

HOUSING

HEALTH

USD

28 millionin microloans for sanitation and healthcare emergencies

USD

182 millionloans for health /

healthcare institutions

USD

4 billion +provided in housing loans

BASI

C N

EEDS

IMPACTBasic needs

22

Why do 71 million people pay for services from our portfolio companies?

FINANCIAL SERVICES

ENERGY

EDUCATION

FINANCIAL SERVICES

ENERGY

EDUCATION

USD

112 billionof credit targeted at

micro-businesses and SMEs

USD

93 billionaccepted in deposits – mostly

< USD 2,000

USD

189 millionin financing for student loans

10.4 millionpeople provided with access to electricity

USD

724 millionin loans to energy efficiency

and renewable energy projects (on-lending)

IMPACTBasic needs

23

24

IMPACTClimate stability

CLIM

ATE

STAB

ILIT

YGlobal warming – building defenses

PROMOTING RESILIENCEThe impact of global warming disproportionally affects developing countries. 26.4 million people per year were displaced between 2008 and 2015 due to climate- and weather-related disasters. The FAO estimates that 122 million people could be forced into extreme poverty by 2030 (especially those in agriculture).

responsAbility identifies countries most vul-nerable to natural disasters, rising sea levels, droughts and floods, which do not have the insti-tutional capacity and economic readiness to face those coming issues. Between 2015 and 2017, we increased our direct exposure to those coun-tries by USD 80 million.

Providing financial services contributes signif-icantly to the building of resilience among low in-come populations.1 Equally, off-grid energy solu-tions help communities and households to obtain energy independence, providing access to energy and a means to deal with climate change.

SDG target 13.1: “Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries.”

1 Honduras*

2 Haiti*

3 Myanmar

4 Nicaragua*

5 Philippines*

6 Bangladesh*

7 Pakistan*

8 Vietnam*

9 Thailand*

10 Dominican Republic*

SERVICES PROVIDED BY OUR PORTFOLIO COMPANIES IN COUNTRIES WHERE RESILIENCE-BUILDING IS CRITICAL

COUNTRIES MOST VULNERABLE TO CLIMATE CHANGE

USD 10.4 billion loans outstanding

670,000 people with improved energy access

USD 200 million exposure with funds under management

USD 1.3 million remittances received

USD 102.5 million in payments to

smallholder farmers

USD 10.4 billion deposits

5 millionend beneficiaries

*responsAbility investment countries

1 “Unbreakable: Building the Resilience of the Poor in the Face of Natural

Disasters”, Hallegatte et al., World Bank, 2017

25

“By serving 1,000 microfinance

customers you provide 1,000 people with

access to the financial system. That’s the

impact.” Muhammad Yunus

26

15 YEARS ONE PURPOSE

One clear vision, dedicated investors, entreprenurial experts worldwide – these are key factors that have made responsAbility a pioneer. And to continue to lead and

deliver real impact takes a long-term, big-picture mindset.

You have been with responsAbility since the beginning. How do you feel about the achievements? Thankful and proud. From the start, the founders were driven by a simple idea: developing countries need the ex-pansion of basic services, companies and infrastructure. This was an investment opportunity. It was also an oppor-tunity to merge the increasing demand from investors for sustainability and inclusivity with investments in emerging markets that are an attractive opportunity within overall portfolio construction. So responsAbility became a scala-ble platform that bridges the needs of developing countries with investor interest to ultimately contribute to sustaina-ble, inclusive growth.

Looking back, none of our achievements would be pos-sible without the patience and trust of our investors. Equal-ly true is that none of our achievements would be pos-sible without the outstanding entrepreneurial talents and dedication of hundreds of experts in nearly 100 countries. These long-term relationships with our investors and our portfolio companies are the cornerstone of our business.

Did you envision 15 years ago that impact investing would be moving into the mainstream?Though it might sound strange: yes, we did. Did the Raif-feisen movement 150 years ago envision that they would become part of the mainstream banking sector? I really don’t know whether they even thought about this. But that is the difference today – we live in a much faster time. The incredible developments over just the last 50 years show

IMPACTThe CEO’s view

27

IMPACTThe CEO’s view

the magnitude of the potential for change. 15 years ago we envisioned that development investments would spread into a mainstream activity. Even so, we celebrated each USD 1 million increase. Today our AUM has reached USD 3 billion, which we never would have imagined at the beginning. What are your thoughts about responsAbility’s place in shaping the industry?As you know, we also work within public-private partner-ships. The key question with public sector representatives is: what additionality does the public sector bring to the table? responsAbility also has such additionality to bring to the industry. Besides generating impact on the ground in developing countries, we also proactively shape our in-dustry by being transparent with the lessons we’ve learned, our successes and failures and by participating in various dialogues on impact investment. But perhaps even more important, we do this by being innovative and courageous with our own business development. Offering sustainable agriculture for retail investors, making freedom of the press investable or operating permanent capital structures are just a few of our exciting approaches.

Why are reports such as this relevant?Impact is an integral part of our investment solutions and we have been reporting on impact since inception. And reporting means not only showing results, but also sharing our thoughts on conceptualization. We continue to learn how to best achieve the highest possible level of trans-parency for our investors. Therefore, we embrace feed-back from our stakeholders and implement change where possible. What has not changed from the very beginning, and will not change in the future, is our deepest belief in sustainable approaches at all levels. Being impactful in a sustainable manner always requires attractive returns. To do so, we focus on solid companies with inclusive busi-ness models that also deliver a meaningful contribution to humanity. What will be the next big shift in impact investing?This is a complex question as the forces behind impact investing are manifold and powerful. We currently see a huge shift of assets between generations and an increased urgency to counterbalance some of the most imminent global risks. At the same time, there are technological de-velopments that will allow us to connect more and more people who have been excluded so far from basic services, because the cost problem of “the last mile” has been one of the key obstacles. This connectivity will lead to increas-ing prosperity in many countries, reinforcing demand. With this increased demand comes new investment opportuni-ties for those who want to invest sustainably and meaning-fully, which shifts the industry towards a large growth cycle for development investments. Our job is to manage these shifts. It is one thing to get excited, another thing to deliver consistent results. <

“15 years ago we envisioned that

development investments would spread into a

mainstream activity.”Rochus Mommartz, CEO

28

IMPACTShaping the industry

BOTTOM OF THE PYRAMID FREEDOM OF THE PRESS

In 2007, responsAbility launched a fund of funds in-vesting in small, local, private equity funds that in turn invest in local SMEs. At that time, this approach was only pursued by development finance institutions using public money. Therefore, our product boldly brought the private sector into the equation for the first time.

With investments in ten funds and a portfolio value of USD 30 million, the fund has provided investment for 66 companies that employ nearly 30,000 people. These companies, ranging from start-ups to mature businesses, operate across a variety of sectors that are crucial to the vitality of the local communities and are spread across 12 countries in Africa, Eastern Europe and Asia Pacific. In 2010, the innovative nature of the fund was rec-ognized when the fund was one of 14 winners of the G-20 SME Finance Challenge. This initiative, led by the G-20, Ashoka Changemakers and the Rockefel-ler Foundation, rewards what Bill Drayton, Chairman and CEO of Ashoka, called “some of the most innova-tive solutions to help SMEs attract commercial bank and investor interest.”1 The acknowledgement of the fund's success continues to motivate us when unique solutions are needed.

1 “G-20 Pledges Millions to Scale Winning Solutions”, November 2010,

G-20 / Ashoka

Timely and accurate information is critical to free so-cieties. Yet media in the developing world must often work amid poor connectivity and infrastructure, and under threat of censorship or violence. As a result, nearly 87% of the global population live in a press environment defined by Reporters Without Borders as problematic, bad or very bad.

To address this problem, responsAbility teamed up with a leading Swiss private bank and a media devel-opment fund to launch a press freedom structure in 2011. The fund finances and invests in independent media across the developing world, as they work in environments with poorly developed financial sectors, while also remaining subject to the abovementioned political and security pressures. The structure allows investors to participate in the value development of a single transaction, offering a comparable risk-return potential. For the second issuance in 2012, two-thirds of a CHF 5 million loan to the fund was guaranteed by foundations promoting press freedom, securitized and issued by the bank and responsAbility, and ad-ministered by responsAbility. This structure allowed the fund to mobilise private investors that it other-wise could not have reached. Currently, the media development fund covers 49 organisations in 29 countries, reaching 77 million people, half of them via digital media.

SHAPING THE INDUSTRYMARKET BUILDING AND INNOVATION – A CORE

COMPANY PURPOSE

responsAbility leads the way in demonstrating the true potential of private sector development investments by pioneering and driving market development,

always with an eye towards innovation and a hands-on approach.

29

IMPACTShaping the industry

IMPACT FUNDS FOR RETAIL INVESTORS

When responsAbility set out to link impact-conscious investors with inclusive business models through in-vestment products, the objective was to develop two different markets: first, the investment teams would scout for attractive portfolios; and second, our rela-tionship managers would fuel investor interest to mo-bilize the necessary funds.

To truly establish development investments in the (impact) investing landscape, they must be accessi-ble to all types of investors: big and small, private and qualified. With this in mind, responsAbility applied for a Swiss retail licence for the very first microfinance fund in the portfolio, only months into its existence. This made it one of the first investment vehicles of its kind to be open for investments from the sum of USD 1,000. Similarily, the private debt fund that focused on sustainable agriculture was launched with a retail licence from the outset, as it perfectly suited Swiss consumers’ interest in fairly traded commodities.

Both investment products were met with a lively response and clearly struck a cord with Swiss retail investors, as they signed up in considerable numbers. This appetite for innovative impact-related products was also fostered by successful partnerships with leading financial institutions, many of them among responsAbility’s shareholders, who actively promoted these retail funds for inclusive finance and sustaina-ble agriculture throughout their networks.

Our habit of cultivating and harnessing artful and bold

financial innovation remains crucial to SMEs across the

developing world.

30


TEAMING UPWITH THE PUBLIC SECTOR

Partnership between the private and the public sector is crucial to catalyze sustainable development. responsAbility has collaborated with the public sector since

inception and continues to do so with development finance institutions worldwide.

IMPACTPublic-private partnerships

30

31


ADVISORY AND KNOWLEDGE Public funds are provided for capacity building activi-ties including consultancy, research and training – e.g. to help financial institutions in developing countries build a green loan portfolio or train agricultural cooper-atives on how to obtain fair trade certification for their members. Since 2014, USD 20 million has been com-mitted to such technical assistance at responsAbility and over 100 projects have been completed globally.

IMPACTPublic-private partnerships

BLENDED FINANCEIn areas where private investors hesitate to tread because of potential risks or very innovative investment solutions, pub-lic investors can provide financial de-risking instruments. A few examples are first-loss guarantees or seed capital that is required to get investments off the ground or scale them up. Public funding has been instrumental in launching re-sponsAbility-led investment solutions dedicated to climate change, energy access and renewable energy generation.

31

32

IMPACTresponsAbility and impact

Agriculture Finance Energy

Privat debt

USD 230 million

USD 1.8 billion

USD 660 million

Privat equity

USD 66 million

USD 300 million

USD 74 million

RESPONSABILITY IN BRIEF

Ever since its beginning in 2003, responsAbility has focused on delivering development impact through investments, while at the same time presenting investors

with access to sizeable and fast-growing markets in emerging economies.

IMPACT AND RETURNSOur purpose is to deliver high impact and attractive re-turns. To do that, we focus on development investments, that is providing private debt and private equity to inclusive businesses in developing countries. These businesses are non-listed, highly profitable companies that create measur-able, positive impact in line with the SDGs.

As an asset manager, responsAbility offers a wide range of investment vehicles targeted at the specific needs of private, institutional and public investors.

6 BUSINESS LINES:ASSETS UNDER MANAGEMENT – JUNE, 2018

ASSETS UNDER MANAGEMENT BY INVESTOR GROUP

50% Wholesale

19% Public

31% Institutional

GLOBAL REACHThe responsAbility investment universe consists of more than 500 portfolio companies in over 90 developing coun-tries. And while we were initially known for the impact that we created through microfinance, we have now diversified and are very active in the sectors of sustainable agriculture, inclusive finance and renewable energy. With this expanded reach, we successfully provide essential services to low-in-come households and small to medium-sized businesses that allow these businesses to thrive – benefiting their cli-ents, their investors as well as overall global development.

33

IMPACTresponsAbility and impact

IMPACTHOW RESPONSABILITY

SCORES

responsAbility, as a company, applies the same scrutiny we use to evaluate portfolio companies to also evaluate our own operations.

In 15 years of operations, we have mobilised USD 9 billion of funding for inclusive business models, while structuring and launching 15 in-vestment products that combine innovation and impact. Our activities continue to be fundamen-tally aligned with key elements of development, and have played, and continue to play, a key role in demonstrating the value of development invest-ments as an investment topic.

100% OF ACTIVITIES SDG-ALIGNEDWith USD 3 billion under management, responsA-bility is one of the biggest private development investors in the world. In 2017, we placed nearly USD 1.5 billion in debt and equity transactions, a 32% increase on the previous year. And all of the funds were placed with companies that help to fulfil the basic needs of low-income households and SMEs in the developing world. To support these companies even further, USD 1.7 million was also disbursed for technical assistance pro-jects.

At the end of 2017, responsAbility had 259 employees in ten offices, 94% of whom were on permanent contracts. And as the nature of our work requires an unswerving commitment to di-versity, 67 different nationalities were represent-ed among our staff.

OFFSETTING ALL CO2 EMISSIONSresponsAbility emitted 1,338 tons of CO2 equiv-alents in 2017, a 2% reduction from the previ-ous year. However, to compensate, we created the “Sustainability at rA” initiative. This initiative successfully offset all of our emissions by spon-soring a forestry protection initiative in the Dem-ocratic Republic of Congo, and an off-grid energy project in rural Burundi. <

I M PA CT P R O F I L ERESPONSABILITY INVESTMENTS

Themes Key SDGs

SDG INVESTING USD 1.5 billion invested in the course of 2017

100% of investments contribute to the SDGs

WELL-BEING USD 1,440 spent on training per employee

DECENT WORK 259 formal jobs

67 different nationalities among responsAbility staff


One innovative fund launched

14 innovative investment solutions managed

FINMA regulated since 2003

USD 380 million placed with 49 new portfolio companies

CLIMATE STABILITY

100% of carbon dioxide emissions (1,338 tons) offset


72% of agriculture portfolio companies certified organic, fair trade or RFA

Swiss financial institutions

responsAbility

WOMEN AT RESPONSABILITY

0%

40%

20%

60%

10%

50%

30%

senior management

38%

5%

29%

22%

board membersstaff

39%

44%

34

IMPACTAnnex

KEY IMPACT INDICATORS 2017 Portfolio companies (direct investments only) 365 Countries 86 Debt financing disbursed USD 1.4 bn Private equity invested USD 79.9 m End beneficiaries 71.1 m Borrowers 41.7 m Depositors 43.6 m Gross loan portfolio USD 111.9 bn Deposits USD 92.6 bn Average loan size USD 2,254 Average loan maturity 35 months Smallholders sourced from 510,023 Payments to smallholders USD 2.3 bn People with improved energy access 12 m Taxes paid by portfolio companies USD 898.7 m Remittances received USD 13.7 bn Remittances transmitted USD 11.2 bn Loans for education USD 189.2 m Loans to healthcare institutions USD 210.2 m Portfolio companies with financial literacy programs or business education 88 Staff 300,693 Seasonal staff 15,613 Commission/construction-based employees 6,786 Staff turnover 20.5%Amount spent on training per employee USD 162 Portfolio companies with certification (organic, fair trade etc.) 62 Hectares under cultivation 1.4 m ha Certified hectares under cultivation 713,777 ha Certified commodities sold USD 929.4 m Organic commodities sold USD 444.2 m Portfolio companies with a technical assistance team 59 Portfolio companies supporting energy efficiency or renewables 109 Portfolio companies' investments in energy efficiency or renewables USD 2.7 bn CO

2 reduction achieved by private equity portfolio 37,546 tons Value of energy projects financed USD 213.2 m Clean energy generated 764,727 MWh

Investments in solar energy USD 198.4 m Investments in hydropower USD 14.8 m Volume of energy efficiency loans (on-lending only) USD 65.4 m Volume or renewable energy loans (on-lending only) USD 659.6 m Volume of green loans in rural areas USD 376.3 m Energy savings (on-lending only) 376,494 MWh CO2 emission reductions 1.5 m tons Portfolio companies/transactions fostering innovation at institutional level 86 Portfolio companies/transactions that are innovative at market level 60 Portfolio companies/transactions that have an impact on market development 113 IPOs over last 3 years 12 Portfolio companies using credit bureau services 137 Local processing factories built/expanded 176 Vertically integrated agricultural portfolio companies 54 Installed clean energy capacity 11,618 MW

GENDER EQUALITY Women-led portfolio companies 20 Proportion of women in senior management 31.7%Proportion of women on the board 17.1%Gender-inclusive portfolio companies 185 Proportion of female end beneficiaries 59.4%Proportion of female borrowers 76.1%Proportion of female depositors 48.5%Proportion of gross loan portfolio to female borrowers 31.9%Proportion of deposits by women 39.5%Proportion of female smallholders 26.3%Proportion of female staff 38.0%Proportion of women in seasonal staff 45.0%Proportion of women in commission/construction-based employees 6.6%

RURAL POPULATIONSProportion of end beneficiaries in rural areas 46.0%Proportion of borrowers in rural areas 47.8%Proportion of depositors in rural areas 35.6%Proportion of gross loan portfolio in rural areas 30.6%Proportion of deposits in rural areas 17.2%Proportion of staff in rural areas 49.3%

RESILIENCE* Resilience countries in the portfolio 17Portfolio companies in resilience countries 71End beneficiaries in resilience countries 42 mDebt financing disbursed in resilience countries USD 95.7 mGross loan portfolio in resilience countries USD 10.4 bnDeposits in resilience countries USD 10.4 bnSmallholders in resilience countries 14,975Payments to smallholders in resilience countries 102.5 m People with improved energy access in resilience countries 670,000Clean energy generated in resilience countries 289,563 MWh

ANNEX

THE DATAFor this publication responsAbility collected data from 294 portfolio companies through a dedicated questionnaire as well as through regular financial reporting.

Given the diversity of the responsAbility portfolio, not all questions were relevant to every type of company. Wherever an average is given in the report, the number of end beneficiaries is used to weight it. Portfolio companies that did not answer a specific question were excluded.

* Resilience refers to countries most threatened by climate change.

For a definition and list of countries see p. 24

05

PUBLISHING INFORMATION

Texts Paul Hailey, Ulli JanettEditor Stacy LucidoConcept and design Joppe BerlinPrinting Abächerli Media AG

Since 2016, responsAbility has been offsetting the carbon emissions of its activities.

Publisher responsAbility Investments AGJosefstrasse 59, 8005 ZurichPhone +41 44 403 05 [email protected]

Visit us at www.linkedin.com/company/ responsability-investments

Images Geri Krischker, pages 3 and 26-27; SolarNow, page 10; ASA International, page 11; SLCM, page 13; Vitaly Prokopets for Andean Natural, page 15; Jerry Riley, pages 14, 22-23 and 29 (from top: 1,2,3,5,6); Markus Bühler, page 29 (from top: 4,7)

DISCLAIMERThis information material was produced by respon-sAbility Investments AG (responsAbility) and/or its affiliates with the greatest of care and to the best of its knowledge and belief. However, responsAbility Investments AG provides no guarantee with regard to its content and completeness and does not accept any liability for losses which might arise from making use of this information. The opinions expressed in this information material are those of responsAbility Investments AG at the time of writing and are subject to change at any time without noti-ce. If nothing is indicated to the contrary, all figures are unaudited. This information material is provided for information purposes only and is for the exclusive use of the recipient. It does not constitute an offer or a recommendation to buy or sell financial instru-ments or services and does not release the recipient from exercising his/her own judgment. The recipient is in particular recommended to check that the information provided is in line with his/her own cir-cumstances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional advisor. This information material may not be reproduced either in part or in full without the written permission of responsAbility. It is expressly not intended for persons who, due to their nationali-ty or place of residence, are not permitted access to such information under local law. Every investment involves risk, especially with regard to fluctuations in value and return. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor’s reference currency. It should be noted that historical returns and financial market scenarios are no guarantee of future performance.

Copyright © 2018 responsAbility Investments AG. All rights reserved.

03

IMPACTOUR OFFICESZURICHGENEVAOSLOPARISLUXEMBOURGMUMBAIHONG KONGNAIROBILIMABANGKOK

www.responsAbility.com

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