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Donor Advised Funds
Impact Portfolio
Designed for donor advisors seeking to grow their accounts over time, the RSF Impact Portfolio
is diversified across asset classes, and invests in institutional-quality funds that address global
challenges of climate change, resource depletion, poverty, disease, and corporate responsibility.
portfolio performance
investment strategy
The Impact Portfolio invests in institutional-quality funds and
asset managers that generate competitive risk adjusted returns
through investments that directly address global challenges
in the areas of climate change, resource depletion, poverty,
disease and illness, and corporate responsibility. The Portfolio
maintains a high level of diversification across asset classes,
including private equity, absolute return funds, real assets, and
fixed income funds.
July 1, 2008 - June 30, 2011
financial returns >
RSF Impact Portfolio
0.61%
-0.15%
Year to Date
1.24%
0.51%
-6.86%
-4.15%
A significant portion of our impact portfolio is invested with impact-driven
Private Equity (PE) funds. As is typical with PE funds there is a “J-Curve
Effect” whereby there are upfront costs that cause an under performance to
benchmarks in the short term and , with all thing equal, an over performance to benchmarks in later years. If you would like to learn more about
the “J-Curve Effect” please contact Taryn Goodman at 415.561.6195.
.
The Impact Portfolio targets returns commensurate with
foundation and university endowments. Risk is moderate due
to the less secure nature of private equity and absolute return
investments as compared with real assets and fixed income.
impact profile > global-scale challenges
asset allocation >
The Impact Portfolio addresses global challenges through
investments in institutional-quality funds that focus on
supporting scalable solutions such as:
Asset Class
Green technology
Renewable energy
Microfinance
Natural and organic consumer products
Community development bonds
highlighted investment > beartooth capital
Q2 2011
Since Inception
risk-return profile > moderate-moderate
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•
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Benchmark*
Beartooth Capital is a private real estate fund generating
strong financial returns through the restoration and protection
of ecologically important ranch land. The fund focuses on
ranch properties in the Western United States, working in
partnership with conservation organizations and others to
acquire ranches and create value through habitat restoration,
land protection, ecologically appropriate limited development,
and other means. Beartooth regularly communicates
investment performance and sustainability metrics to investors.
Beartooth has returned approximately 26% of capital called
from investors to date, while retaining ownership of 88% of
the land it has acquired. Since 2008, Beartooth has completed
a total of seven conservation transactions on four ranches,
protecting 11,141 acres.
Current %
Private Equity
18
Absolute Return
17
Real Assets
5
Fixed Income
17
Cash
43
grant making restrictions
While there are no formal restrictions on grant making for assets
held in the Impact Portfolio, this portfolio is ideal for donor
advisors making ocassional grant recommendations over the
course of at least 3-7 years.
learn more
If you would like to learn more about the Impact Portfolio or
about RSF Donor Advised Funds, please contact:
Taryn Goodman - Senior Manager, Impact Investing
RSF Social Finance
1002 O'Reilly Avenue
San Francisco, CA 94129
Phone: 415.561.6195
Email: [email protected]
investing, lending, and giving i inspired by the work of rudolf steiner
FOOD & AGRICULTURE
EDUCATION & THE ARTS
ECOLOGICAL STEWARDSHIP
Donor Advised Funds
Impact Portfolio
page 2
top 10 holdings*
as of june 30, 2011
Holding
Asset Class
Community Capital
Fixed Income
FJC Agency
Alternative
Investment
Piper Jaffray Clean Tech Ventures
Private Equity
Generation IM Climate Solutions
Private Equity
Medley Opportunity Fund
Alternative
Investment
Beartooth Capital
Real Assets
Physic Ventures
Private Equity
Greenmont II
Private Equity
Unitus Equity Fund II
Private Equity
% of
Portfolio
Description
17.7
Specialized fixed income manager dedicated to investing in
bond issues that support low and moderate income communities
and environmental projects.
8.4
Loan fund exclusively focused on short-term bridge loans to
non-profit organizations in the areas of education, religion,
social services, the arts, and the developmentally disabled
7.4
First US-based fund of funds exclusively focused on the clean
technology sector. Piper Jaffray is a boutique investment bank
specializing in clean technology.
6.9
Crossover fund investing in private equity, restricted public
equity, and unrestricted public equity. Partnered with Kleiner
Perkins Caufield & Byers, and focused on deploying capital to
help solve climate crisis.
6.2
Global private credit fund focused on opportunities in the areas
of sustainable resource management, access to financial services,
and affordable goods and services.
4.7
Private real estate fund generating strong financial returns
through the restoration and protection of ecologically
important ranch land in the Western United States.
2.0
Fund investing in primarily early stage technology-driven,
consumer-directed health, wellness and green technology
companies.
1.7
Investment fund focused on early and growth-stage branded,
consumer products companies in the Lifestyles of Health and
Sustainability Market (LOHAS).
1.2
Emerging market private equity fund focused on innovative,
early stage microfinance institutions and adjacent service
providers in India, Latin America, and South East Asia.
*Excludes short-term cash holdings used for the purchase and sale of investment holdings and for ongoing grant making by donor advisors.
portfolio benchmarks
Asset Class
Benchmark Index
Cash
3-month US Treasury Bill
Fixed Income
Barclays US Aggregate Bond
Absolute Return
12-Month LIBOR +3%
Private Equity
Cambridge Venture Capital Index
Real Assets
Cambridge Real Estate Index
© 2011 rsf social finance i 1002 o'reilly avenue, san francisco, ca 94129 i tel. 415.561.3900 i www.rsfsocialfinance.org