Presentation by Harald Magne Glomdal
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  • 1. Faith Consistent Investing New investments for the Faiths: Opportunities or sources of conflict ?
  • 2. Agenda
    • About Opplysningsvesenets fond
    • The SRI guidelines
    • The investment policy
    • Society Improving investing
    • Howe Faith Consistent are the investing?
    • Appendix
  • 3. About Opplysningsvesenets fond
    • Opplysningsvesenets fond is an endowment for The Norwegian Church
    • Its English name is The Norwegian Church Endowment
    • The beneficiary is The Norwegian Church
    • The Ovf’s net asset value is 6 billion NOK (or 720 million EUR/900 million USD)
  • 4. Ovf’s Organisation
  • 5. Opplysningsvesenets fond total asset
  • 6. The SRI Guidelines
  • 7. Revenue and SRI criteria
    • The Church must benefit from Ovf
    • We needed criteria that would not take away that benefit
    • We wanted to find out if SRI criteria outperform or under perform non SRI criteria
    • There are 14 indexes with SRI criteria
  • 8. SRI index vs Ordinary Domini 400 (SBI) S&P 500 DJSGI (SBI) DJGI Return (%) 16.22 15.02 12.22 9.30 Assess Return (%) 1.20 2.92 Standard deviation (%) 15.38 14.27 15.29 14.16 Beta 1.06 1.00 1.03 1.00 Sharp ratio 0.72 0.70 0.46 0.29 Ex post tracking error 3.16 4.58 In formation ratio 0.38 0.64 Source: ABN Amro
  • 9. The guideline for our work
  • 10. Area of activity • New energy forms • Health improvement • Environmental Area of activity • Production of nuclear power • Pornography • Tobacco • Alcohol • Gambling • Weaponry Area of conduct • Developing in under developing countries • Environmental improving • Sustainable use of resources • Sustainable labour right Area of conduct • Contraventions of Rights of the Child • Contraventions of labour force • Contraventions of human right • pollution • Contraventions of biological diversity • Destroying of cultural monument • Some biotechnology areas Ovf’s Social Responsible Investment SRI The church fundamental ethical principles Corporate governance P r o f i t P u b l c i t y Investment Universe Negative criteria Positive criteria Investment Universe Investment Universe Investment Universe The SRI criteria
  • 11. The Investment policy
  • 12. Some scenarios
    • We go for the optimal scenario
  • 13. The Yale Endowment
  • 14. The hedge of Real Estate
    • We belief that Real Estate whit good contract give just as god hedge as hedge fund
  • 15. Opplysningsvesenets fond – financial asset and return
  • 16. Society Improving investment
  • 17. Society Improving investment
    • Undeveloped countries
      • Finarca (leasing) 7 million NOK
      • LAAD (agricultural bank) 7 million NOK
      • Solidus (microfinance) 7 million NOK
      • Kolibri kapital (microfinance) 0,5 million NOK
      • Chikweti Forrest 40 million NOK
    • Renewable energy
      • Kraftpartner 1,5 million NOK
    • Health care
      • NeoMed 8 million NOK
    • Other
      • Verdibanken 3 million NOK
    • Total 74 mill / 4,3% of financial asset
  • 18. How fait consistent are the investment ?
    • Different SRI criteria
      • Society Improving investing
      • No to activity of enterprises
      • No to conduct of enterprises
      • Best in class
    • Different instrument
      • Hedge fund
      • Commodities
      • Derivatives
      • Fixed income
      • Private Equity
      • Real Estate
      • Equity
      • CDO’s
      • Forestry
      • Micro finance
  • 19. Thank you Harald Magne Glomdal Phone: +47 23081580 Mobil: +47 45005321 [email_address]
  • 20. Appendix
  • 21. Correlation of asset class
  • 22. Efficient frontier Adding alternative assets to the investable universe vastly improved the available set of efficient portfolios. Hedge funds and real estate offered the best efficiency in the alternative asset universe.
  • 23. Return of hedge fund and volatility
  • 24. Return and montley observation of private equity
  • 25. Commodity return
  • 26. Indexes