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responsAbility Investments AG

responsAbility Investments AG. New Perspectives on Liquidity. January 23, 2014. Klaus Tischhauser. How One Perceives Things Or How One Believes Things To Be. Liquidity Above All. The Easy Way , but …. Traditional Asset Classes. Cash Money Market Bonds Equities.

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responsAbility Investments AG

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  1. responsAbility Investments AG New Perspectives on Liquidity January 23, 2014 Klaus Tischhauser

  2. HowOnePerceives Things OrHowOneBelieves Things ToBe Klaus Tischhauser

  3. LiquidityAbove All The EasyWay, but… Traditional Asset Classes • Cash • Money Market • Bonds • Equities Investment Universe Investment Universe • Hedge Funds • Commodities • Isurance-Linked • Real Estate • Emerging Markets • FrontierMarkets • Developed Countries Non-Traditional Asset Classes Markets • Infrastructure • Development Investment • Energy Investment Themes Klaus Tischhauser

  4. Liquidityaboveall Undesirablevolatilityand correlation Subprime Crisis Eurozone Crisis EM Crisis Klaus Tischhauser

  5. Investing In New Perspectives The Hard Way Financial Sector AgriculturalSector HealthcareSector EnergySector Education Sector Klaus Tischhauser

  6. Perception vs. Reality Weunderestimatedevelopments in Emerging Markets Most people lack ofmoneyanddon’tneedfinancialservices. 73% of Kenias population use mobile money for a broad range of services (such as transfer payments). Agriculturelandbelongsto a fewbigownerwhomaketheprofits. Western shoppers spent 4.8 bneuros on Fair Trade certified products from smallholder production (compared to 2.3 bn in 2007). Middleclassspendsmoneyforotherthingsthanhealthcare. Ifmoneyisspent on healthcare, thanitismostly private money. Energyneediscoveredbylarge power plants. By 2030 it is estimated that more than 60 % of energy supply is provided through local power plants. Thereareenoughschoolsbuilt. Primary school enrollment has increased significantly in sub-Saharan Africa over the last decade, from 59% to 77%. Klaus Tischhauser

  7. Main Drivers Technology Framework Conditions Source: oxfamblogs.org & dradiowissen.de Klaus Tischhauser

  8. Ourinvestmentperspectivescontinuetogrow substantial IMF GDP forecasts for our top 15 countries Source: IMF Klaus Tischhauser

  9. Investing In New Perspectives The Hard Way IsAttractive • Vastclientbasewithspending powerAn estimated 4 billionpeoplespend 5 trillion USD on basicproductsandservices. • Business opportunitiesWhattheygetisoftenofpoorquality, expensive anddoes not correspondwiththeirneeds. • DriversSeveraldevelopmentsleadtothecreationofmoreandmorebusinessesservingtheseclientsbetterbased on a businessmodel. • Investment opportunityTargetedinvestmentsarebothfinanciallyinterestingandbeneficialtothe end-clients. Klaus Tischhauser

  10. Positioning of responsAbility investment products Expected Returns and Risk Tolerance Return expectations rA Participations rA BOP Investments* rA Microfinance Leaders rA Ventures I* rA Global Microfinance Fund rA Fair Trade Fund rA Financial Inclusion Fund** rAMikrofinanz-Fonds rA Press Freedom Risk tolerance 0% * closed ** customized portfolio for institutional client

  11. The Way In WhichWeInvest Shows The Standpoint WeRepresent Klaus Tischhauser

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