The impact transition follows the green/climate transition Sector Contribution to SDGs Impact tech as SDG catalysts SDG synergy Building an Impact Investing Portfolio

1. PART 2 PUBLIC EQUITY IMPACT INVESTING - A DUTCH PERSPECTIVE - OUTLOOK 2019
More THESES from my eBook STELLINGEN bij mijn e-Book*
-7- THE IMPACT TRANSITION WILL FOLLOW THE GREEN TRANSITION
The surge of green & climate (mitigation) investments builds on setting key criteria such as carbon emission &
E(SG) focus, developing strategies (Theory's of Change) and innovative green investment products such as Green
Bonds. Built on green standards & guidelines (ClimateBonds.net & ICMA), financial principles (sector) and
accreditation, labeling (by ESG research experts). Lobby & Advocacy, knowledge exchange (conferences, awards,
newsletters, networks. commitments) and trade facilitation. Easy access through the Green Xchange (LGX) in
Luxembourg and the LondonStockExchange (Group) Global Sustainable Investment Centre and NASDAQ Baltics
Green Leaves : https://www.climatebonds.net/ & https://www.icmarkets.com/ https://www.bourse.lu/green &
https://www.lseg.com/sustainable https://www.nasdaqbaltic.com/market/?pg=bonds&lang=en
Thought Piece: https://www.slideshare.net/alcanne/the-impact-transition-english
NL -7- DE IMPACT TRANSITIE VOLGT DE GROENE TRANSITIE
De versnelde opmars van Groen en/of Klimaat (transitie) investeren bouwt op Key Performance Indicators zoals CO²
uitstoot & vermindering & E(SG) focus, doing less harm impact strategieën (Theory's of Change) en innovatieve groene
investeringsproducten zoals Groene of Klimaat obligaties op basis van groene standaarden (ClimateBonds.net &
ICMA), financiële principes (sector) & certificering door geaccrediteerde ESG research experts. Lobby & Agendering,
kennis uitwisseling (conferenties, prijzen, nieuwsbrieven, netwerken) en Marketing op de Green Xchange (LGX) in
Luxemburg de LondonStockExchange (Group) Global Sustainable Investment Centre en NASDAQ Baltic's
groene blaadjes
*eBook https://www.slideshare.net/alcanne/e-book-impact-investing-nl-7-jaar-investeren-met-impact-126379703
https://www.bourse.lu/green & https://www.lseg.com/sustainable & https://www.climatebonds.net/ & https://www.icmarkets.com/
eBook p. 2, 3, 26 p. 2 https://image.slidesharecdn.com/ebookimpactinvestingnlpdf-pages-1-29-190107160032/95/e-book-impact-investing-
nl-pdf-pages129-3-638.jpg?cb=1546966247 p. 3 https://image.slidesharecdn.com/ebookimpactinvestingnlpdf-pages-1-29-
190107160032/95/e-book-impact-investing-nl-pdf-pages129-4-638.jpg?cb=1546966247 p. 12
https://image.slidesharecdn.com/ebookimpactinvestingnlpdf-pages-1-29-190107160032/95/e-book-impact-investing-nl-pdf-pages129-3-
638.jpg?cb=1546966247 p. 26 https://image.slidesharecdn.com/ebookimpactinvestingnlpdf-pages-1-29-190107160032/95/e-book-impact-
investing-nl-pdf-pages129-26-638.jpg?cb=1546966247 p. 39 https://image.slidesharecdn.com/ebookimpactinvestingnlpdf-pages-30-65-
190107155550/95/e-book-impact-investing-nl-pdf-pages3065-10-638.jpg?cb=1546966626
Thought Piece: https://www.slideshare.net/alcanne/de-impact-transitie-introductie
Drs Acanne J. Houtzaager MA, Tools & Thoughtpieces on Inclusive² Impact Investing, p.1

2. -8- Sector Contribution to SUSTAINABLE DEVELOPMENT GOALS (Eccles, Betti & Consolandi)
Professor Costanza Consolandi of the University of Siena and Bob Eccles visiting professor at Oxford Said Business
School identified the (sub)sectors most important for all and individual SDGs. Giving impact investors relevant data to
e.g. invest in the sectors contributing most to all the SDGs: Food & Beverages : 36; Healthcare : 32,6; & Resource
Transformation (RT) 28.42. RT Five industries: containers & packaging (39.4), chemicals (31.3), aerospace & defense
(30.8), electrical & electronic equipment (23.7), and industrial machinery & goods (17.0).
Food & Beverage : SDG 4 (57.8) SDG 2 (57.5) SDG 3 (43.1)
Health Care : SDG 4 (54.17) SDG 15 (40.91) SDG 3 (39.81)
Resource Transform : SDG12 (45.71) SDG14 (42.86) SDG15 (42.50)
Consumption : SDG 4 (53.13) SDG 2 (51.56) SDG 13 (48.44)
Elaborate analysis of the top sectors on Forbes.com
''we analysed 26 material environmental, social, and governance
(ESG) issues (organized in terms of the categories environment, social
capital, human capital, business model and innovation, and leadership
and governance) of in all 77 industries organized into 11 sectors,
developed by the SASB.org Sustainability Accounting Standards Board
to the 169 targets of the SDGs”. SASB Materiality Map:
https://www.sasb.org/standards-overview/materiality-map/
Lowest score probably Financials as it's top 3 score just below Services. For investors with Theory of Change /
Catalytic Investment Strategy Finance Top3: : SDG 4 (25) SDG 9 (22.22) SDG 10 (21.43) Also rather surprising
extractive resources & mining just under F&B, healthcare & Resource Transformation. But Renewables much better :)
Consolandi & Eccles also give (impact) investors data to effectively invest in individual SDGs: e.g. People themes:
SDG 1 No Poverty Health Care (25) Consumption (21) Nonrenewable Resources (20)
SDG 2 No Hunger Consumption (52) Health Care (40) Nonrenewable Resources (27)
SDG 3 Health&Wellbeing Consumption (42) Health Care (40) Resource Transformation (33)
SDG 4 Education Health Care (54) Consumption (53) Services (28)
SDG 5 Gender Equality Health Care (33) Technology & Communications (31) Consumption (29)
SDG 10 Reduced Inequalities Technology & Communications (25) Health Care (22) Financials (21)
MIT Sloan Management Review https://sloanreview.mit.edu/article/supporting-sustainable-development-goals-is-easier-
than-you-might-think/ & Forbes https://www.forbes.com/sites/bobeccles/#345f308d5aa6
Drs Acanne J. Houtzaager MA, Tools & Thoughtpieces on Inclusive² Impact Investing, p.2

3. NL -8- SECTOREN en de SUSTAINABLE DEVELOPMENT GOALS
In 2018 publiceerden Bob Eccles, G. Betti en Dr Constanza Consolandi methodiek papers voor het berekenen van
de bijdrage van (sub)sectoren aan de SDG's en het belang van (sub)sectoren per SDG (thema). Met SASB Standards
vullen ze de kennis lacune tussen de duurzame bedrijfsvoering en de impact van kernactiviteiten voor hun bijdrage
aan de SDGs. Het is een verbreding & verdieping van thematisch beleggen in voor de hand liggende (sub)sectoren zoals
health & biotech, hernieuwbare energie, water & milieu of microkrediet & community finance. ''we analysed 26 material
environmental, social, and governance (ESG) issues (organized in terms of the categories environment, social capital,
human capital, business model and innovation, and leadership and governance) of in all 77 industries organized into 11
sectors, developed by the SASB, Sustainability Accounting Standards Board to the 169 targets of the SDGs”.
SASB Materiality Map : https://www.sasb.org/standards-overview/materiality-map/
Bovenaan: Food & Beverages : 36; Healthcare : 32,6; & Resource Transformation (RT) 28.42. RT Five industries:
containers & packaging (39.4), chemicals (31.3), aerospace & defense (30.8), electrical & electronic equipment (23.7),
and industrial machinery & goods (17.0).
Food & Beverage : SDG 4 (57.8) SDG2 (57.5) SDG 3 (43.1)
Health Care : SDG 4 (54.17) SDG 15 (40.91) SDG 3 (39.81)
Resource
Transformation : SDG12 (45.71) SDG14 (42.86) SDG15 (42.50)
Consumption : SDG 4 (53.13) SDG 2 (51.56) SDG 13 (48.44)
Laagst scorende sector is waarschijnlijk Finance omdat de top 3
net iets lager scoort dan Services. Voor impact investeerders met een
Theory of Change / catalytic investment strategy de Finance Top3: :
SDG 4 (25) SDG 9 (22.22) SDG 10 (21.43). Sectoren in tabellen in
MIT Sloan Magazine Review en beschrijvingen van nu 5 sectoren en
sub sectoren op Forbes.com
Ook verrassend: Extractive Resources & Mining scoort net onder F&B, Healthcare & Resource Transformation.
(Maar) Hernieuwbare zonne-energie scoort hoog: solar energy (38.2), biofuels (30.8), wind energy (18.3), fuel cells
& industrial batteries (17.0), forestry and logging (14.3), and pulp an paper products (24.4). Forbes.com/eccles
Drs Acanne J. Houtzaager MA, Tools & Thoughtpieces on Inclusive² Impact Investing, p.3

4. Consolandi & Eccles geven (impact) investors ook data om effectief te investeren in specifieke SDG doelen zoals
People themas : (rounded numbers)
SDG 1 No Poverty Health Care (25) Consumption (21) Nonrenewable Resources (20)
SDG 2 No Hunger Consumption (52) Health Care (40) Nonrenewable Resources (27)
SDG 3 Health&Wellbeing Consumption (42) Health Care (40) Resource Transformation (33)
SDG 4 Education Health Care (54) Consumption (53) Services (28)
SDG 5 Gender Equality Health Care (33) Technology & Communications (31) Consumption (29)
SDG 10 Reduced Technology & Health Care (22) Financials (21)
Inequalities Communications (25)
MIT Sloan Management Review https://sloanreview.mit.edu/article/supporting-sustainable-development-goals-is-easier-than-you-might-
think/ & Forbes https://www.forbes.com/sites/bobeccles/#345f308d5aa6
-9- IMPACT TECH
Achieving the SDGs for as many people as possible is not going to happen without impact tech. #Fintech is boosting
microfinance & inclusive finance (micro insurance/mortgage/inclusive investing) We need #Agritech to boost food
production without growing water & land use, chemical (mined) fertilizers & emissions. #Healthtech & #eHealth are
the answer to growing & ageing populations, a limited number of doctors (& hard to reach area's) and lifestyle &
environmental diseases. #Edtech will offer education to all & all ages using the internet & improve learning results
Drs Acanne J. Houtzaager MA, Tools & Thoughtpieces on Inclusive² Impact Investing, p.4

5. through infotainment (Tedtalks, visualization, video's, quizzes) & gaming techniques challenging students. #AI,
Artificial Intelligence will accelerate the Ratiolution* making big scale & long term effects clear e.g. in the way offering
micro/inclusive finance to women has numerous spin offs for their family & children, health & the local economy.
#Cleantech will increase Sanitation goals and save sweet water, #Smarttech will boost renewable energy.
#InclusiveGrowth as the purpose of economic progress creating more decent work & less inequality. #Frugal
Innovation should focus on resource efficiency (real assets & finance!) #Robotics make manual labor safer & easier
and will develop more super aids for people with disabilities & (Automation will effect employment globally. SDG10 aims
at inequalities among & within countries. #Housing & Logistics, efficient affordable transport in (healthy) sustainable
cities & communities, #BasicNeeds as focal point for Responsible Consumption & Production (not technical possibilities
or Say's law). #Climate, #Blue & #GreenTech as safeguards for the planet & biodiversity and something as simple
as #Compliance IT can support strong institutions including businesses creating economic growth, decent work,
fulfillment of basic needs & innovative impact tech. #ComplianceIT is 'cleaning house' in finance (banking) & pinching
off the dark economy. It is expanding into efficient ESG investments & privacy regulation. Missing in the visual is
SDG17 Partnership for the Goals : rational decisions, long term thinking, purpose & leadership. (=*Ratiolution)
-9- NL... IMPACT TECH
Impact Tech is cruciaal om de VN Duurzame Ontwikkelings Doelen te bereiken voor zoveel mogelijk mensen. #Fintech
voor efficiënter & goedkoper micro/mesokrediet & inclusive finance (micro insurance/mortgage/inclusive investing...).
#Agritech is nodig voor meer voedsel en zuiniger gebruik van zoet water, land, mest & gewasbeschermers.
#Healthtech & #eHealth voor meer & betere zorg voor meer & oudere mensen met een beperkt aantal artsen &
Drs Acanne J. Houtzaager MA, Tools & Thoughtpieces on Inclusive² Impact Investing, p.5

6. dunbevolkte en/of slecht te bereiken plekken effect van leefstijl & milieu ziekten zoals luchtvervuiling. #Edtech voor
(beroeps) onderwijs voor iedereen op alle leeftijden & leerdoelen en zal leerresultaten verbeteren door infotainment
(Tedtalks, infographics, video's, quizzes) & gaming technieken die leergierigen uitdagen. #AI, artificial Intelligence zal
de Ratiolutie* ver-snellen door grootschalige en lange termijn scenarios & (mega) trends inzichtelijk te maken. Zoals
bijv. microkrediet / inclusive finance voor vrouwen omdat zij het besteden aan hun gezin en investeren in de lokale
economie. #Cleantech verbetert hygiëne & bespaart zoet water, #Smarttech maakt hernieuwbare energie beter &
betaalbaarder. #Inclusieve Groei door economische vooruitgang & fatsoenlijk werk. #Frugal, zuinige (grondstoffen &
kapitaal!) Innovatie gericht op nut&noodzaak. #Robotics maken werk veiliger & lichter en zullen super hulpmiddelen
ontwikkelen voor mensen met beperkingen. (Automatisering zal werk wereldwijd veranderen. SDG10 gaat ook over
ongelijkheid in en tussen landen. #Housing & Logistics, huisvesting & efficiënt betaalbaar transport voor duurzame
steden en gemeenschappen, #BasicNeeds de focus van verantwoordelijke Consumptie & Productie (niet technisch
kunnen en de Wet van Say. Klimaat, #Blauwe & #GroeneTech voor de
planeet & biodiversiteit & #ComplianceIT om instituties -ondernemingen-
te ondersteunen en bijv. banking & finance op te schonen (incl. 'dark '
economy). Het verbreedt nu naar ESG investing & privacy regulation
(GDPR).
SDG17 Partnership for the Goals ontbreekt, het omvat ook rationele
besluitvorming, lange termijn planning, visie & leiderschap. WIN WIN:
De *Ratiolutie (inclusief #AI input & analysis zonder stagnant biases)
-10- SDGs & SYNERGY
The Dutch have a popular Easter Egg Hunt rhyme which goes: 1 Egg is no
Egg, 2 Eggs are half an Easter Egg & 3 Eggs are an Easter Egg.
The same goes for SDGs: without SDG8 Economic Growth & Decent Work
it's impact can never scale. SDG9 Sustainable, Environmentally sound
Industry, Resilient Innovation & Infrastructure: transport, irrigation,
energy and ITC are the facilitators. Without technology & innovation,
industrialization (scale) will not happen, and without industrialization,
development will not happen.
Drs Acanne J. Houtzaager MA, Tools & Thoughtpieces on Inclusive² Impact Investing, p.6

7. People or Planet SDGs added to SDG8&9 steer efforts towards an impact optimum. https://www.globalgoals.org/
SDG Impact metrics monitoring will uncover optimum SDG synergy. UNDP collaborates in an academic partnership
to develop & monitor SDG metrics & progress. https://www.maastrichtuniversity.nl/news/um-joins-undp-partnership
-10- NL : SDG & SYNERGY
Het bekende Paasrijmpje een ei is geen ei heeft een SDG variant:
SDG8 Economic Growth & Decent Work is nodig voor impact opschaling.
SDG9 Sustainable, Environmentally sound Industry, Resilient
Innovation & Infrastructure: transport, irrigation, energy and ITC zijn
randvoorwaarden voor SDG8. Zonder innovatie & infrastructuur geen
industrializering en dat is een voorwaarde ontwikkeling.
https://www.globalgoals.org/
De andere SDG(s) richt(en) SDG8&9 op positieve impact voor mensen
en/of de planeet.
SDG Impact metrics & monitoring zullen de optimale SDG synergieën
transparant maken. UNDP werkt hiervoor samen met universiteiten :
https://www.maastrichtuniversity.nl/news/um-joins-undp-partnership
11 – Building an Impact Investing Portfolio
with Safe Large caps (debt) & Sexy Impact Techs
ESG investing is surging generally prioritising solid large caps & ESG
scored operations over core activity & disruptive innovations undermining technological or operational dinosaurs. For
retail investors the accessible, affordable & less volatile investment products universe is growing. With Finance First
retrospective founded products favoring dividend aristocrats & value (or stock price) track records of large caps. (But)
Investing is a future oriented decision making process and we live in interesting times surfing the 4th
Industrial
Revolution with a Planetary Apocalypse on the horizon. Thus I keep an eye out for the (potential) impact of new, lean
technology & business model entrants to markets. Favoring cleary impact (SDG) aware social entrepreneurs.
Drs Acanne J. Houtzaager MA, Tools & Thoughtpieces on Inclusive² Impact Investing, p.7

8. Net Impact focused selection of investment products will highly likely lead
retail investors to (impact / basic needs / impact tech) sector impact ETFs.
With the majority holding the usual suspects: large caps as top holdings.
And that's OK. Because often they are mature & rock solid. (But) It would
be GREAT if such (impact) sector ETPs were built around debt, fixed
income, bonds with attractive coupons and low fees like e.g. the iShares &
Lyxor Green Bond ETPs. But with more attractive returns/coupons......
I expect the ICMA guidelines for social and sustainability bonds to trigger
People Impact Bonds and am hopeful they will offer more attractive returns
offering societal property & the promise of exponential growth. More
attractive, less nerdy than carbon & water footprints. Heaven for Quants that
helps.
So apart from a debt/fixed income and large cap orientation I call on retail
investors to do their due diligence & look out for impact tech micro, small &
mid caps & market entrants and their potential impact & return.(also large
caps transitioning towards impact)
The visual suggests a selection system focusing on BASIC NEEDS large caps
value stock in (sector) funds (diversified) with additional IMPACT TECH companies (zebra's > unicorns) favored by
impact investors & VC's selecting Impact Tech Growth stock. Grants for & stakeholder collaboration with expert
NGOs are a quality criterium.
LEADS: UNPRI UN Principles for Responsible Investment published the Impact Investing Market Map with leads in:
typical 'impact investing sectors with track records & catalytic actors: Affordable Housing, Education, Health, Inclusive
finance, Energy Efficiency, Green Buildings, Renewable Energy, Sustainable Agriculture, Sustainable Forestry & Water.
https://www.unpri.org/thematic-and-impact-investing/impact-investing-market-map/3537.article
Drs Acanne J. Houtzaager MA, Tools & Thoughtpieces on Inclusive² Impact Investing, p.8

9. [BOX ] ESG Debt funds have surged as well but suffer from the same finance first bias and impact washing for which
I developed the Impact Investing Funds Checklist. Emerging Markets ESG funds show the same characteristics.
A quick scan of US offered EM debt ETFs show mainly government debt including totalitarian & corrupt (-ion suffering)
regimes: Finance First in the darkest sense,
Checklist: https://www.slideshare.net/alcanne/impact-investment-funds-checklist [ BOX ]
11 NL : Een Impact Investing Portfolio,
Large Caps in Basis Behoeften & opkomende Impact Techs
ESG investing groeit hard met een voorkeur voor solide large caps met mooie
ESG scores voor de bedrijfsvoering. Voor kleine beleggers betekent dit meer
keuze in toegankelijke, betaalbare & mionder volatiele beleggingsproducten.
(Maar) Kernactiviteiten en disruptive innovations zijn ondergeschikt aan soms
technologische of operationele dinosaurussen. (Maar) Finance First
retrospectieven op track record bevoordelen dividend aristocrat & value (of
koers) track records van large caps.
Investeren is toekomstgericht en we leven in een tijd van grote veranderingen
& paradox: de 4th
Industriële Revolutie en een Aarde Apocalyps aan de
horizon. Dus zoek ik naar de (potentiële) impact van beurstoetreders met
nieuwe technologie & business modellen en impact (SDG) bewuste sociale
ondernemers.
Netto Impact gerichte selectie gidst kleine beleggers richting (impact /
basisbehoeften/impact tech) sector ETFs. Met large caps als top holdings.
En dat is OK.
Visual : Selectie gericht op BASISBEHOEFTEN large caps value stock in sector
fondsen (spreiding) aangevuld met IMPACT TECH ondernemingen (zebras > unicorns) favoriet bij impact inveseerders
& Venture Capitalisten in Impact Growth stock. Meer over de visual in mijn eBook ImpactInvestingNL p. 106
https://image.slidesharecdn.com/ebookimpactinvestingnlpdf-pages-65-107-190107155045/95/e-book-impact-investing-nl-pdf-pages65107-28-
638.jpg?cb=1546968027 De visual is ontwikkeld voor de SDG 1 No Poverty
inventarisatie: https://www.slideshare.net/alcanne/investeren-in-no-poverty-1e-inventarisatie-pdf to be continued...
Drs Acanne J. Houtzaager MA, Tools & Thoughtpieces on Inclusive² Impact Investing, p.9

10. Het zou BETER zijn als deze (impact) sector ETFs schuldpapier/obligaties met aantrekkelijke coupons tegen lage kosten
bevatten. Zoals de iShares & Lyxor Green Bond ETFs (maar dan met aantrekkelijke rendement... ) Ik verwacht dat de
ICMA guidelines for social & sustainability bonds People Impact Bonds zullen initiëren met aantrekkelijke(r) coupons
voor maatschappelijk vastgoed (UK charity bonds op LSE ORB) & exponentiële groei potentie. Minder nerdy, wel sexier
than CO² & Water voetafdruk.
Naast due diligence selectie van largecaps & impact obligaties roep ik kleine beleggers op om te zoeken naar de impact
potentie van mid/small caps, markt toetreders & effectieve transformeerders (of opsplitsers). Giften en samenwerking
met goede doelen/denktanks/data verzamelaars & duiders zijn een kwaliteitskenmerk.
UNPRI UN Principles for Responsible Investment publiceerde de Impact Investing Market Map met high impact
leads in: affordable housing, education, health, inclusive finance, energy efficiency, green buildings, renewable energy,
sustainable agriculture, sustainable forestry & water
https://www.unpri.org/thematic-and-impact-investing/impact-investing-market-map/3537.article
[ BOX ] ESG Debt fondsen hebben de Finance First bias, Planet Preference & Impact Washing waarvoor ik de Impact
Investing Funds Checklist ontwikkelde. Emerging Markets ESG fondsen hebben dezelfde impact zwakte. Een quick
scan van Amerikaanse EM debt ETFs top portfolios toont veel staatspapier waaronder van totalitaire & corrupte
regimes: Finance First in de donkerste betekenis.
Checklist: https://www.slideshare.net/alcanne/checklist-impact-investment-funds-nl ebook p. 82-83 [ BOX ]
Alcanne is Drs Politieke Eigentijdse Geschiedenis: Strategieën & Trends in Ontwikkelingssamen-
werking (RUU Prop. & RUG, 1984-1988), Master of Arts Politics of Alternative Development
Strategies, (Erasmus) Institute of Social Studies (Den Haag) in (1989-1990). Ik heb 20 jaar
gewerkt voor grote chari's in PR, MarCom & Fondsenwerving en ben nu 7 jaar impact investor.
Contact & Columns: https://nl.linkedin.com/in/alcannehoutzaager
Lezingen & Panels: https://www.zijspreekt.nl/sprekers/profile/Alcanne-Houtzaager-/721/
Twitter: @alcanne YT: https://www.youtube.com/channel/UCWy9RStgcgCMe59mhcHsbQQ
Tools & Thoughtpieces: https://www.slideshare.net/alcanne/presentations
Q&A Ask me Anything NL ENGLISH Friday 1st
February 2019 Noon UTC +1
https://www.facebook.com/events/384503515642180/
Drs Acanne J. Houtzaager MA, Tools & Thoughtpieces on Inclusive² Impact Investing, p.10