Perspectives on Impact Investing                                               Take Action! Conference                    ...
Career BackgroundPassion to understand how the worldworks – so I can better “minister” to it!
Key Influences                 Adam Smith
Foundational Premises  –   Markets generally do generate positive social outcomes –      regardless of participants’ inten...
Reflections on Impact Investing•   What Impact Investors get right:     –   Mutually beneficial, non-coercive transactions...
BiographyKyle JohnsonKyle is a Managing Director at Cambridge Associates. He works with a broad range of clients on genera...
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Top Investment Themes: Do Impact Investors Know Something That Others Do Not?

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Kyle Johnson,
Senior Investment Consultant, Cambridge Associates.

Kyle Johnson's presentation from the 2009 Take Action! Impact Investing Conference in San Francisco.

Published in: Business, Economy & Finance
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Top Investment Themes: Do Impact Investors Know Something That Others Do Not?

  1. 1. Perspectives on Impact Investing Take Action! Conference October 6, 2009Cambridge Associates LLC is a Massachusetts limited liability company with offices in Arlington, VA; Boston, MA; Dallas, TX; and Menlo Park, CA.Copyright © 2009 by Cambridge Associates LLC. All rights reserved.
  2. 2. Career BackgroundPassion to understand how the worldworks – so I can better “minister” to it!
  3. 3. Key Influences Adam Smith
  4. 4. Foundational Premises – Markets generally do generate positive social outcomes – regardless of participants’ intentions. – However, markets are neither perfect nor complete nor sufficient. – Central Question:  Which institutions – markets, governments, families, etc. – are best suited to achieve social goals?
  5. 5. Reflections on Impact Investing• What Impact Investors get right: – Mutually beneficial, non-coercive transactions are critical to smoothly functioning markets.  If such reciprocity is not present, the market “status quo” is at risk. – Critical human needs may lend themselves to market solutions.  Market solutions are advantageous because they are more self- sustaining.• What Impact Investors may miss: – Market failures do exist – and may take a painfully long time to correct.  Investments may not be the best tool to address them. – “Conventional” investors are (often) not oblivious to ESG factors.  Their insights are relevant and should not be overlooked.
  6. 6. BiographyKyle JohnsonKyle is a Managing Director at Cambridge Associates. He works with a broad range of clients on general investmentissues such as asset allocation strategy, manager selection, and investment program evaluation. In addition, Kyle alsoserves on the firm’s Mission-Related Investing team, which helps clients make informed decisions about mission-relatedand other forms of social investing. Kyle has authored two research papers at the firm, including Update on AuditingIssues Related to the Valuation of Private Partnerships in 2006, and Social Investing 2007.Before Kyle joined Cambridge Associates in 2005, he was the director of institutional client relationships for DominiSocial Investments LLC, a firm specializing in socially conscious investing. At Domini, he was responsible for servinginstitutional clients and their consultants, developing and implementing institutional sales strategies, and forming strategicpartnerships with fund distribution intermediaries. Previously, Kyle worked at KLD Research & Analytics, Inc., where hebegan his career as a research analyst and later served as committee chair for KLD’s suite of socially andenvironmentally screened indexes.Kyle graduated from Harvard College and received a Masters of Theological Studies from the Harvard Divinity School.He has completed Level I of the CFA Program.
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