Cómo la inversión de impacto puede mejorar el perfil rentabilidad-riesgo

La inversión de impacto es un segmento de rápido crecimiento en el marco de la inversión sostenible. Su objetivo es canalizar el dinero hacia las empresas que ejercen un impacto positivo en el mundo en el que operan y, de paso, ofrecer una rentabilidad superior a los inversores.

La inversión de impacto y el futuro del capitalismo

Julio de 2021 - Cada vez mas, las empresas se miden no sólo por la cantidad de dinero que ganan, sino también por el impacto social que tienen. Eric Rice, Head of Impact Investing en BlackRock Fundamental Equities y gestor del BlackRock Global Impact Fund, organizó una reunión virtual con Sir Ronald Cohen, el prestigioso «padre de la inversión de impacto» y autor del nuevo libro Impact: Reshaping Capitalism to Drive Real Change. La conversación versó sobre las fuerzas que impulsan el impacto y cómo este estilo de inversión está cambiando la ecuación tradicional de rentabilidad-riesgo.

Quyen

Welcome to Expert to Expert, a BlackRock Fundamental Equities video series that pairs our investment pros with the business heads, politicians, policymakers and academics who are leaders in their fields and influencers in our global economy.

 

Together they explore the topics that are driving markets and shaping investor decision-making.

 

Our second episode shines a bright light on impact investing, and I’m thrilled to introduce two pioneers and experts in the field.

 

Sir Ronald Cohen is widely recognized as the father of impact investing and European venture capital. He is driving forward the global impact revolution. Sir Ronald serves as chairman for the global steering group for impact investment, the Impact Weighted Accounts Initiative at Harvard Business School, and the Portland Trust. He was born in Egypt and left as a refugee at the age of 11, when his family cam to the United Kingdom. He is the author of Impact: Reshaping Capitalism to Drive Real Change.

 

Eric Rice is head of impact investing at BlackRock. He works as a portfolio manager and is the architect of the world’s first diversified public equity impact investing strategy, Global Impact. Earlier in his career Eric worked as a world bank country economist and a diplomat in Rwanda, with the U.S. Department of State.

 

In Part 1 of their three-part conversation, Sir Ronald and Eric dig into impact investing and the myth of lower returns.

 

Gentlemen, please take it away.

 

Eric

Thanks, Quyen. And hi, Ronnie. It's nice to see you.

 

Sir Ronald

Hi, Eric. Great to see you, too.

 

Eric

So Ronnie, you and I have both spent years as impact investors. And historically, impact investment has lived in a very circumscribed space, focused in the private markets, and only on companies that are dedicated to solving the world's big problems. But now, in your new book, Impact, you write about a broader concept of reimagining capitalism. So what does this idea of reimagining capitalism mean to you? And why is it so important at this moment in history?

Sir Ronald

Great question, Eric. The world is shifting economic paradigms. It's shifting from risk/return to risk/return impact. And the implications of that change are massive because that they will enable us to measure the impacts of companies and to compare not just their profitability, but their impacts, too. And this is informing investment decisions today. But with new information coming on stream, we will be able to compare in great detail the impacts of companies.

 

Eric

You broaden the scope through your work on impact-weighted accounts to that whole economy. Can you tell us a bit about what you would hope to accomplish with that?

 

Sir Ronald

Yeah. Everybody assumes we can't measure impacts. In fact, though, there's a ton of publicly available information which we can use algorithms and big data to analyze and to deliver to investors and other stakeholders. So what the impact-weighted accounts initiative does at Harvard Business School is take the metrics which have been laboriously prepared by some amazing organizations, like SASBI and GRI over the last decade or two, and sort out the most important metrics, and then create pathways to monetizing these metrics so we can reflect employment impact, and product impact, and operational impact on people and the planet through financial accounts.

 

Eric

I love the way you broaden that out to the entire economy, the entire market. For my team, we capture the narrow definition of impact investing. But we broaden the lens in a different way, which is to go from what was private markets to what's public markets, the recognition that if we're going to meet the demands of the United Nations sustainable development goals, it's been calculated that it's about $2.5 trillion a year shortfall for the emerging markets, and then to reach the Paris Climate Accord goals another about the same, $2.5 trillion. So to gets to the $5 trillion extra that's needed, we've looked at this and said, well, impact investing has to go from private markets to public markets. And that's how we've approached it.

 

Sir Ronald

I totally agree. I totally agree with your characterization, Eric. And what we're doing by bringing the transparency on corporate impacts to investors is we're enabling investors now to optimize risk/return and impact, whether they're investing in private asset classes, or in public equities, or in bonds or any other form of investment. So bringing measurement to ESG through ESG impact accounting, if you like, is turning ESG into impact investing, which has the intention to create impact, but also the measurement of the impact created.

 

Eric

It's amazing to me that there's one issue that never seems to die. We hear from our family office clients and from institutional investors still that impact investing, while it sounds great from a philanthropic lens, it leaves out the fiduciary obligation to maximize returns, this view that impact investing necessarily gives up returns.

 

Sir Ronald

So I think this myth is now being exploded, Eric. There’s a lot of-- there are a lot of reasons why risk/return impact should deliver better returns than just risk/return optimization.

 

Eric

I agree. It's funny. Some years ago, we used to think about this. And it wasn't tested yet. We could say, theoretically, wouldn't you rather invest in these long runways of unmet needs, whether social or environmental? Or would you rather invest in the incumbents who are struggling to stay in the same place or who are struggling with stranded assets?

 

But now, we've had a chance to test it. Now, we can see what the returns look like over quite a number of years. And at least from our view, they're very good. I don't know what you have seen from your perspective.

 

Sir Ronald

So I see the same thing. I see risk/return impact as a better way to do business and to invest today. You have to be crazy today to invest in a company with a good product, but which is creating huge environmental harm and using child labor, as an example because it's becoming clear that, with the changing values and the influence of policy makers that these changing values are having, these companies are going to be regulated and taxed. So the world has already started to shift.

 

Quyen

Sir Ronald and Eric discussed important issues about investing with impact.

 

The key takeaway, in my view, aligns with the message from BlackRock CEO Larry Fink. “The more your company can show its purpose in delivering value to its customers, its employees, and its communities, the better able you will be to compete and deliver long-term, durable profits for shareholders.”

 

We hope you’ll tune into Part 2 of our impact series where Sir Ronald and Eric focus on the three forces driving change.

 

Risks

 

Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. The investor may not get back the amount originally invested.

 

Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

 

Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.

 

Important information
Until 31 December 2020, issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.

 

From 1 January 2021, in the event the United Kingdom and the European Union do not enter into an arrangement which permits United Kingdom firms to offer and provide financial services into the European Economic Area, the issuer of this material is:

 

(i) BlackRock Investment Management (UK) Limited for all outside of the European Economic Area; and

(ii) BlackRock (Netherlands) B.V. for in the European Economic Area

BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.

 

For qualified investors in Switzerland: This document is marketing material. Until 31 December 2021, this document shall be exclusively made available to, and directed at, qualified investors as defined in the Swiss Collective Investment Schemes Act of 23 June 2006 (CISA), as amended. From 1 January 2022, this document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services (FinSA). For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa

 

For investors in Israel: BlackRock Investment Management (UK) Limited is not licenced under Israel's Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the Advice Law), nor does it carry insurance thereunder.

 

South Africa
Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.

 

Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.

 

This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.

 

© 2021 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, BUILD ON BLACKROCK and SO WHAT DO I DO WITH MY MONEY are trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

FOR MORE INFORMATION: blackrock.com

AEH0821E/S-1743052

Quyen

Welcome to Expert to Expert, a BlackRock Fundamental Equities video series that pairs our investment pros with the business heads, politicians, policymakers and academics who are leaders in their fields and influencers in our global economy.

 

Together they explore the topics that are driving markets and shaping investor decision-making.

 

Our second episode shines a bright light on impact investing, and I’m thrilled to introduce two pioneers and experts in the field.

 

Sir Ronald Cohen is widely recognized as the father of impact investing and European venture capital. He is driving forward the global impact revolution. Sir Ronald serves as chairman for the global steering group for impact investment, the Impact Weighted Accounts Initiative at Harvard Business School, and the Portland Trust. He was born in Egypt and left as a refugee at the age of 11, when his family cam to the United Kingdom. He is the author of Impact: Reshaping Capitalism to Drive Real Change.

 

Eric Rice is head of impact investing at BlackRock. He works as a portfolio manager and is the architect of the world’s first diversified public equity impact investing strategy, Global Impact. Earlier in his career Eric worked as a world bank country economist and a diplomat in Rwanda, with the U.S. Department of State.

 

In Part 1 of their three-part conversation, Sir Ronald and Eric dig into impact investing and the myth of lower returns.

 

Gentlemen, please take it away.

 

Eric

Thanks, Quyen. And hi, Ronnie. It's nice to see you.

 

Sir Ronald

Hi, Eric. Great to see you, too.

 

Eric

So Ronnie, you and I have both spent years as impact investors. And historically, impact investment has lived in a very circumscribed space, focused in the private markets, and only on companies that are dedicated to solving the world's big problems. But now, in your new book, Impact, you write about a broader concept of reimagining capitalism. So what does this idea of reimagining capitalism mean to you? And why is it so important at this moment in history?

Sir Ronald

Great question, Eric. The world is shifting economic paradigms. It's shifting from risk/return to risk/return impact. And the implications of that change are massive because that they will enable us to measure the impacts of companies and to compare not just their profitability, but their impacts, too. And this is informing investment decisions today. But with new information coming on stream, we will be able to compare in great detail the impacts of companies.

 

Eric

You broaden the scope through your work on impact-weighted accounts to that whole economy. Can you tell us a bit about what you would hope to accomplish with that?

 

Sir Ronald

Yeah. Everybody assumes we can't measure impacts. In fact, though, there's a ton of publicly available information which we can use algorithms and big data to analyze and to deliver to investors and other stakeholders. So what the impact-weighted accounts initiative does at Harvard Business School is take the metrics which have been laboriously prepared by some amazing organizations, like SASBI and GRI over the last decade or two, and sort out the most important metrics, and then create pathways to monetizing these metrics so we can reflect employment impact, and product impact, and operational impact on people and the planet through financial accounts.

 

Eric

I love the way you broaden that out to the entire economy, the entire market. For my team, we capture the narrow definition of impact investing. But we broaden the lens in a different way, which is to go from what was private markets to what's public markets, the recognition that if we're going to meet the demands of the United Nations sustainable development goals, it's been calculated that it's about $2.5 trillion a year shortfall for the emerging markets, and then to reach the Paris Climate Accord goals another about the same, $2.5 trillion. So to gets to the $5 trillion extra that's needed, we've looked at this and said, well, impact investing has to go from private markets to public markets. And that's how we've approached it.

 

Sir Ronald

I totally agree. I totally agree with your characterization, Eric. And what we're doing by bringing the transparency on corporate impacts to investors is we're enabling investors now to optimize risk/return and impact, whether they're investing in private asset classes, or in public equities, or in bonds or any other form of investment. So bringing measurement to ESG through ESG impact accounting, if you like, is turning ESG into impact investing, which has the intention to create impact, but also the measurement of the impact created.

 

Eric

It's amazing to me that there's one issue that never seems to die. We hear from our family office clients and from institutional investors still that impact investing, while it sounds great from a philanthropic lens, it leaves out the fiduciary obligation to maximize returns, this view that impact investing necessarily gives up returns.

 

Sir Ronald

So I think this myth is now being exploded, Eric. There’s a lot of-- there are a lot of reasons why risk/return impact should deliver better returns than just risk/return optimization.

 

Eric

I agree. It's funny. Some years ago, we used to think about this. And it wasn't tested yet. We could say, theoretically, wouldn't you rather invest in these long runways of unmet needs, whether social or environmental? Or would you rather invest in the incumbents who are struggling to stay in the same place or who are struggling with stranded assets?

 

But now, we've had a chance to test it. Now, we can see what the returns look like over quite a number of years. And at least from our view, they're very good. I don't know what you have seen from your perspective.

 

Sir Ronald

So I see the same thing. I see risk/return impact as a better way to do business and to invest today. You have to be crazy today to invest in a company with a good product, but which is creating huge environmental harm and using child labor, as an example because it's becoming clear that, with the changing values and the influence of policy makers that these changing values are having, these companies are going to be regulated and taxed. So the world has already started to shift.

 

Quyen

Sir Ronald and Eric discussed important issues about investing with impact.

 

The key takeaway, in my view, aligns with the message from BlackRock CEO Larry Fink. “The more your company can show its purpose in delivering value to its customers, its employees, and its communities, the better able you will be to compete and deliver long-term, durable profits for shareholders.”

 

We hope you’ll tune into Part 2 of our impact series where Sir Ronald and Eric focus on the three forces driving change.

 

Risks

 

Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. The investor may not get back the amount originally invested.

 

Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

 

Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.

 

Important information
Until 31 December 2020, issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.

 

From 1 January 2021, in the event the United Kingdom and the European Union do not enter into an arrangement which permits United Kingdom firms to offer and provide financial services into the European Economic Area, the issuer of this material is:

 

(i) BlackRock Investment Management (UK) Limited for all outside of the European Economic Area; and

(ii) BlackRock (Netherlands) B.V. for in the European Economic Area

BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.

 

For qualified investors in Switzerland: This document is marketing material. Until 31 December 2021, this document shall be exclusively made available to, and directed at, qualified investors as defined in the Swiss Collective Investment Schemes Act of 23 June 2006 (CISA), as amended. From 1 January 2022, this document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services (FinSA). For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa

 

For investors in Israel: BlackRock Investment Management (UK) Limited is not licenced under Israel's Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the Advice Law), nor does it carry insurance thereunder.

 

South Africa
Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.

 

Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.

 

This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.

 

© 2021 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, BUILD ON BLACKROCK and SO WHAT DO I DO WITH MY MONEY are trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

FOR MORE INFORMATION: blackrock.com

AEH0821E/S-1743052

Los nuevos cálculos

Se está produciendo un cambio importante, ya que las empresas se valoran cada vez más no solo por la cantidad de dinero que ganan, sino también por el impacto social que ejercen. En lugar de centrarse únicamente en la rentabilidad y el riesgo, los inversores se fijan en el riesgo, la rentabilidad y el impacto. Dos ejemplos: cuantificar el impacto de las empresas en la consecución de los 17 Objetivos de Desarrollo Sostenible de Naciones Unidas y medir su efecto en el progreso hacia el Acuerdo Climático de París para limitar el calentamiento global por debajo de los 2 grados centígrados. Rice afirma que se necesitan 5 billones de dólares más en inversiones para alcanzar estos dos objetivos, y que la participación del mercado público será fundamental para lograrlo.

El mito de la pérdida de rentabilidad

Un argumento que parece no desaparecer nunca —según el Rice— es que se trata de un modo de inversión filantrópico que descuida la obligación fiduciaria de maximizar los rendimientos. «Este mito está cayendo por su propio peso», confiesa Sir. Ronald, que señala que algunas empresas de vehículos eléctricos están exhibiendo valoraciones elevadas, mientras que diversas grandes empresas petroleras han perdido un valor considerable en los últimos años. «Hay muchas razones por las que el trinomio rentabilidad-riesgo-impacto debería ofrecer mejores rendimientos que la mera optimización del par rentabilidad-riesgo». Por ejemplo, una empresa con un gran producto que perjudica al medio ambiente o utiliza mano de obra infantil podría enfrentarse a boicots de los consumidores y a normativas más estrictas, lo que lastraría la rentabilidad.

«Llevar la cuantificación a los factores ESG... es convertir el ámbito ESG en inversión de impacto».

Sir Ronald Cohen

Tres fuerzas que impulsan el cambio

Sir Ronald, que también aparece en el Informe anual Global Impact de BlackRock, lleva décadas siendo inversor de impacto. Pero ahora, dice, hay tres fuerzas que impulsan un cambio acelerado. Estas son:

  • Los valores cambiantes de los consumidores
  • Las innovaciones tecnológicas, como el aprendizaje automático
  • La capacidad de aprovechar la potencia informática para analizar grandes conjuntos de datos y cuantificar el impacto de las empresas.

«Cuando coinciden estos tres factores —afirma—, podemos ver que esto tendrá un enorme efecto disruptivo en los modelos de negocio de las empresas y en las carteras de los inversores.»

Muchas empresas están adoptando este cambio en una «carrera hacia la cima». Y cuando hay cierta resiliencia, los inversores pueden implicarse con las empresas para impulsar el cambio.

«Creo que los inversores son, sin duda, los que llevan ahora a las empresas a examinar cuidadosamente sus efectos y a juzgar si sus resultados de impacto pueden afectar a su rentabilidad futura», afirma Sir Ronald. Rice está de acuerdo: «Creo que la implicación de impacto —la colaboración real con esas empresas cotizadas para asegurarse de que saben lo que se les va a exigir— es una nueva e importante etapa para nosotros».

El futuro de la inversión de impacto

Sir Ronald considera que esta cuantificación del impacto, ahora voluntaria, pasará a ser obligatoria para las empresas en los próximos tres a cinco años. Introducir la transparencia de impacto en las empresas cotizadas cambiaría las reglas del juego, afirma, ya que estas deben mostrar el efecto que ejercen en el medio ambiente, la diversidad, la igualdad de género y otros problemas sociales. Las empresas pueden tener que publicar planes de transición o arriesgarse a perder inversores. También pueden tener dificultades para atraer clientes y talento, tal y como el CEO de BlackRock, Larry Fink, puso de manifiesto en su carta anual.

«Esta revolución del impacto va a ser tan generalizada y profunda como la revolución tecnológica que la ha precedido.»

Sir Ronald Cohen

Ambos creen que esto tiene implicaciones significativas para la naturaleza de las carteras, y ya se percibe con la rotación hacia la energía limpia. Los inversores pueden esperar un nuevo cambio hacia empresas que ofrezcan tanto beneficios como un impacto positivo.