Ssir impact investing boston
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At Aetos, we run a wide variety of strategies for our clients, primarily in hedge funds, primarily in custom mandates. And I lead ESG efforts there. How do you define sustainable investing and how do you see that as different or similar to impact investing? But the way we think about it at Aetos, we think about it in two ways. First, at the firm level, in the way we run our business, the way Michael and Anne set up the business was with a very strong focus on culture and people. And we have several committees that look at the way we think about hiring our employees, carbon footprint, and the sustainability of the business.
And then the other way we think about sustainability is through our investments. And we integrate ESG into our investment process across the firm. We have ratings for the managers in which we invest on how well they integrate ESG into their investment process.
And then we also have specific products that focus on ESG and sustainability. And that is focusing on specific areas of sustainability that is attractive from an investment perspective, but also attractive in terms of their impact. And then in addition to that, we also think about specific companies and sectors that managers exclude from their investment universe.
Sometimes for value reasons, but also for potential tail risk associated with stranded asset risk or litigation or legal liabilities of those assets. One area that you see excluded are things like firearms or coal companies. We think of it as a tool that we use and that our managers use to help make better investment decisions in how we think about risk and opportunities in the portfolio.
With impact investing, there is a strong focus on both the return and the impact of the investment, and both need to be measurable. And in some cases, for impact investments, there is a willingness to have reduced return in order to achieve the desired impact.
So the range of return outcomes may be a little bit different depending on the impact investment, but there is definitely a very measurable impact in addition to financial return. I also want to applaud you and Aetos because what you were saying about the sustainability of your business. So kudos to you and all of your team for that. And the differences she saw between that and impact investing more broadly.
Many investors may also be hearing about socially responsible investing, or socially responsible investments, also called SRIs. How would you define an SRI and what do you see as the difference between socially responsible investing, ESG focused-investing, and impact investing? And I think primary distinction between the three approaches is really how much involvement does an investor want to have in the actual impact, or the result, of the investments? And the tradeoff, how much tradeoff do they want to have in terms of financial gains versus the other non-financial returns?
They just want to do good while trying to do well. And we do see this as a common source of confusion among not only investors but also even industry participants. So I think understanding these distinctions is very important. But before we get to that, can you tell us a little bit about what you are looking for when evaluating companies for impact?
NITIN: What we look at has sort of evolved over years, because first of all, one of the biggest challenges in the industry is the availability of data. Now that is changing, of course. A couple of larger, well-known data providers in the financial services industry are starting to develop their own methodologies. So instead of coming up with something that we build, we are starting to lean on more broadly accepted methodologies that these two providers are building.
And, again, those two are very large reputable firms, but their methodologies are very different from each other. Are they really proactive? Are they really tight about managing all the risks? Are they financially prepared to take any hit on any of those issues? Juliette, let me ask a similar question to you. I would say that depending on the strategy, the way you think about ESG integration is going to be very different.
How do they dispose of waste? And the way to think about materiality, there are a number of vendors out there that have developed some material ESG issues, typically, starting with certain sectors having a handful of material issues, and then you drill down to the specific companies and focus on those material factors based on the sector and then based on the specific company dynamics. So the managers who do it right, they tend to look at a combination of those outside vendors, which there are quite a lot right now, from the rating agencies to those focused on AI.
So you have some AI mapping tools today that scrub data on the internet, that have scrubbed satellite images, to other frameworks, like the SASB Materiality Framework to understand what those material issues are. The people who do it well are those that can take, call it the inefficient data, and get some alpha out of it. So in addition to integrating ESG into the investment process, the other thing which we see in a good ESG approach today is the engagement aspect.
You can appreciate that a lot of companies are just not there today in terms of their ESG integration. So even companies that could be quite thematic, in terms of their impact from an E or S perspective, may need a little help and push on some of the other issues, like the governance or E or S. So, for example, some solar company has clearly a very positive impact, but may have some issues around their supply chain or labor.
So we primarily invest in public markets. To the extent that some of your companies are aligned with things like the UN SDGs, how are you reporting that? The advice I would give is to go with an open eye. But I also encourage individuals to be open-minded in terms of some of the names that they see in the portfolio, for example. At this point, I believe that most investors can transform their full portfolio into sustainable investing products without worrying about the upside or the return potential.
So we do have enough of that, but at the same time, we also have some green-washing out there, so you need to do the work. MICHAEL: Nitin, anything that you want to add to that point, or to the ideas about ways that individual investors should be thinking about these approaches? First of all, Schwab has a lot of clients, we are talking about some 30 million clients, and secondly, they present a full range of preferences and interests.
In any case, there are ratings available for individual stocks and funds, both at Schwab and at other firms in the industry. And even at Schwab Charitable, for example, we have a number of mutual funds that investors can use across asset classes. So they are, again, very natively ESG fund. So, again, there are a lot of options, both for investors in Schwab Charitable or otherwise.
And as Juliette said, are you more E friendly or S or G or all of them in equal ratios? And then going around and finding the fund or the security or the bond that suits your personal values and beliefs. So, again, we provide a lot of tools and products and let investors either work on it directly or through advisors. In partnership with ImpactAssets, the Foundation offers a number of thematic charitable funds that allow donors to make recoverable grants that can be repaid and redeployed for maximum impact.
Minimum investment required. In addition, we work with a number of Boston and New England-based impact investing opportunities, funds that are able to leverage impact investment dollars to provide a potential return for donors while addressing some of the region's most pressing problems. We are also happy to work with members of our donor community who have custom impact investments they wish to support.
Contact us to learn more Impact Partnerships with Donors In addition to our offerings for donors, the Boston Foundation partners with donors in a number of custom impact investing efforts - from our Business Equity Fund to a series of program-related investments in housing and economic development, and many more. Even donors who do not take part in these efforts benefit from our developed expertise and understanding of the multiple dimensions of impact investments.
Featured Partnership: Business Equity Fund BEF Investment Report The Business Equity Fund at the Boston Foundation is designed to address longstanding barriers to growth financing and technical assistance that have historically limited opportunity for entrepreneurs of color.
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