天天向上基金创始合伙人应琦泓，专注通过投资，主动促进公司改变，带来正面的社会和环保效益，解决社会和环境问题。他在麦肯锡，微软等公司积累了超过25年的从业经验后，2011年创立天天向上基金，并出于对音乐的热爱，担任香港交响乐团董事。应琦泓也是天天向上慈善基金会会长，致力于促进教育平等，帮助处于社会金字塔中低层群体。2014年在北京人民大会堂，应琦泓获 “希望工程”25周年杰出贡献奖。自2017年，天天向上基金提供了超过3.5亿美元的债务普惠金融和绿色金融融资。在风险调整的基础上，实现了高于市场的回报，并创造了可衡量的社会价值。
小草资本投资“天天向上基金”，及普惠金融领域公司--中和农信，并邀请应琦泓先生担任“小草资本共益影响力基金”的投委会委员。
What is the meaning of making money? / 赚钱的意义何在？
回顾244年整个美元历史，22%的累积总发行量是在过去12个月中印出来的。比特币，芯片里几颗电子，除了人类的想象力外，没有任何背书，目前交易价格为4.5万美元，本周上涨15%，较一个月前的峰值水平下跌20%。投资者从600家僵尸公司购买了价值2.6万亿美元的债务，约占全世界最大的3000家公司的20%，这些公司活着的意义只是还债，实质上却无力还清债务。有必要投资比特币和僵尸公司吗？我们需要用这一代人最智慧的头脑来解决我们所面临的最大问题。
22% of all US dollars ever created in the last 244 years was printed in the past 12 months. A Bitcoin, made up of a bunch of electrons and backed-up by nothing except for human’s imagination, is being traded at US $45,000, up 15% for the week and down 20% from the peak level just a month ago. Investors bought debt worth US $2.6 trillion from 600 zombie corporations, about 20% of the world’s largest 3,000 companies who are only alive to service debt but unable to pay off debt. Enough with the Bitcoins. Leave the zombie companies alone. We need the greatest minds of our generation to address the greatest problems we face.
我的预言是...
未来一代的杰出投资者将资本投给为社会和地球创造社会价值的企业。可供选择的有很多：能源，食品/农业，水，住房，医疗保健，教育等。
Here’s a prediction for you…
The most celebrated investors of the next ten years will be those who put money in companies to produce output for society that matters to the world. There are plenty to choose from: energy, food/agriculture, water, housing, healthcare, education-the list goes on and on.
01 —
天天向上基金的影响力投资故事
在天天向上影响力基金，我们为小公司提供资本支持，以产生对世界至关重要的社会和环境影响。我们投资了中和农信和宁夏东方惠民小额信贷公司。以生产经营为导向的小额贷款，振兴农村经济增长，这种方式对小农户，特别是对从事农村生产经营妇女的贷款尤为有效。中国14亿人口中近一半在乡镇农村，创造包容性增长、缩小收入差距、缓解城市化带来的社会和环境问题，存在着巨大的市场机遇。自然灾害、虫害等对农作物及牲畜的威胁影响到数百万农民，这降低了作物产量和生产力，成为小农户获得稳定收入主要障碍。不断恶化的气候，包括地球变暖和不可预知的降雨，只会加剧这些问题。此外，缺乏及时有效地服务小农户市场，购买其农业生产物资，如种子、化肥和优质兽药等，这限制了小农农业的获利能力。我们的实践证明，往往缺乏决策权的妇女，是其家庭和社区经济及社会发展的实质驱动力。 At High Impact Capital Advisors, we finance small companies in making social and environmental impact that matters to the world. We invest in companies such as CD Finance and Ningxia Dongfang Huimin Microfinance Corp. because productivity-led financing that spurs rural economic growth is particularly effective for delivering broad impacts on smallholder farmers, especially women, more so than investments in other sectors.Towns and villages are home to close to half of China’s 1.4 billion people, a huge market opportunity for creating inclusive growth, narrowing the income gap, and alleviating social and environmental issues of urbanization. On the other hand, droughts, pests, and other threats to crops and livestock affect millions of farmers. These challenges reduce crop yields and productivity, creating an ongoing struggle for smallholder farmers to grow enough quality food and earn a stable income. A worsening climate, including rising temperatures and unpredictable rainfall, will only exacerbate these problems. Furthermore, smallholder farmers often face barriers to timely and effective entry into markets for their agricultural production as well as access to inputs such as seeds, fertilizers, and quality veterinary medicines which limits the ability of smallholders to realize a profit from agriculture. All in all, women who often lack decision-making power are vital drivers for economic and social development for their families and communities. 近20多年来，中和农信和宁夏东方惠民为核心客户群体--有子女和需要赡养老人的农村中年妇女，提供一种基本产品--生产经营性小额贷款，以支持金融服务不足的农村社区。随着新技术的下沉，大数据、AI、物联网等帮助提供传统小额贷款业务的中和农信和宁夏东方惠民升级业务模式，创新搭建新的农业增值服务平台。在中国，去货币化的技术飞速发展，比世界上任何其他国家都快，移动APP几乎无处不在，数字化金融为以前被排除在金融服务领域以外的人提供了新的机会，这就是包容金融的好处。目前为解决14亿人口吃好饭的问题，科技越来越深入农村，蓬勃发展的在线食品供需正在改变数百年来的传统农业供应链，将创造前所未有的规模、效率、利润和社会影响力。 For the past 20+ years, both CD Finance and Ningxia Dongfang Huimin have served their core client base of middle-aged married women with children and the elderly to support in underserved rural communities with one basic product – microloans. On the other hand, smart- agriculture enabled by technologies such as Big Data, AI, and IoT has helped transform and diversify CD Finance and Ningxia Dongfang Huimin’s traditional microloan businesses into a new agricultural value-added service platform to create unprecedented scale, efficiency, profits and social impact. Technology has been demonetarized in China at the fastest rate than in any other country in the world. Mobile Apps are almost ubiquitous. Digitized financing has therefore provided people who were formerly excluded with the benefits of financial inclusion. Now, the battle to supply 1.4 billion people with food, wet or dry is taking technologies into China’s hinterlands where they are revolutionizing centuries-old agricultural practices to secure supply for burgeoning online grocery businesses. 四川省阿坝州九寨沟县创业者李晓兰 带着120余名藏族和汉族妇女制作传统刺绣 02 — 影响力投资的回报如何？
天天向上影响力投资基金在2017年和2020年，分别于B轮和C+轮投资了中和农信。截至2020年12月，我们的投资依据市场价值的年化收益率为38%。 对我们来说，这是"有意义的利润，人们称之为"影响投资"、"ESG"或可持续投资。我们认为，现在是投资者把钱投入到那些解决对世界至关重要的问题的公司的时候了。影响力投资比例在全球所有资产类别中在增长，金融行业在从单一追求财务回报转向更有意义的目标—在获得财务回报的同时，创造积极的社会和环保影响，这是传统投资的"自然演变" 。数据支持了这一说法：自2016 年以来，考虑环境、社会和治理 （ESG） 因素的投资者增加了 60%，全球专业管理的资产中，每 4 美元中就有 1 美元是ESG 可持续投资。总计惊人的14万亿美元资产用于社会责任投资。此外，影响投资行业的增长十年来一直呈稳步上升趋势。自洛克菲勒基金会首次使用了"影响力投资"一词以来，根据国际金融公司的数据，2020年，这一类别的专业管理资产增加了18倍，达到20亿美元。
High Impact Capital Advisors invested in CD Finance shares in Series B and C+ rounds in 2017 and 2020, respectively. On a mark-to-market basis, our investments have yielded an annualized IRR of 38% as of December 2020. For us, this is “Profit that Makes Sense.” People call it “impact Investing,” “ESG” or Sustainable Investing.” We believe it’s time for investors to put their money in companies that solve the problems that matter to the world. Impact investing is growing globally across all asset classes and it is the natural evolution of traditional investing as the industry shifts towards a more meaningful objective of generating social and environmental impact alongside financial returns. The numbers support this assertion: since 2016, there has been a 60-percent increase in investors considering environmental, social, and governance (ESG) factors. And sustainable or ESG investing now accounts for one out of every four dollars under professional management in the world. The total is a stunning $14 trillion in assets devoted to socially responsible investing. Moreover, growth in the impact investment industry has been steadily trending upward for more than a decade. Since the term “impact investing” was coined by The Rockefeller Foundation, we have witnessed an 18-fold increase in professionally managed assets within this category to tune of $2 billion in 2020 according IFC.
历史上许多专业投资人认为，影响力投资意味着不得不牺牲财务回报，以换取"感觉良好"的结果。天天向上影响力基金拒绝这个说法。我们的目标是将重点放在不需要补贴、但传统资本市场不能充分服务的领域，同时加快实现联合国17项可持续发展目标。事实上，影响力投资在财务上可以和传统投资一样有吸引力，而数据也开始反映这个事实。全球影响投资网络（GIIN）发布的一份报告显示，影响力投资者可以实现市场平均回报，这取决于基金经理的选择。在2019 年年度影响投资者调查中，GIIN 发现，受访者（其中大多数追求具有竞争力的、经过风险调整的市场回报）所报告的投资组合收益，包括新兴市场、发达市场和全市场的投资中，绝大多数都达到了或超过了投资者的预期财务回报。根据今年的调查，过往五年期的重复受访者的结果也是如此。根据国际金融公司发布的2019年报告，从1988年至2016年，股权投资者取得了可比或优于MSCI新兴市场指数的回报，债券投资者的回报与摩根大通公司新兴市场债券指数相比，也具有竞争力。
Historically, many finance professionals believed that impact investing meant having to sacrifice returns in exchange for a “feel-good” outcome. High Impact Capital Advisors reject this myth. We aim to focus in areas where no subsidies are required and remain insufficiently served by traditional capital markets while enabling faster progress towards SDG (The United Nations 17 Sustainable Development Goals).In fact, impact investing can be just as financially attractive as traditional investing, and the data is beginning to reflect this reality. A report released by the Global Impact Investing Network (GIIN) reveals that impact investors can achieve market-rate returns, depending on fund manager selection. In their 2019 Annual Impact Investor Survey, the GIIN found that portfolio performance reported by respondents – the majority of whom pursued competitive, risk-adjusted market-rate returns – overwhelmingly met or exceeded investor expectations for both social and environmental impact, and financial return in investments spanning emerging markets, developed markets, and the market as a whole. The outlook continues to be favourable according to five-year repeat respondents in this year’s survey. According to a 2019 report published by IFC, on average, IFC’s realized equity investments have delivered returns in line or better than the MSCI Emerging Market Index in vintage years from 1988 to 2016 while debt returns have been competitive with JP Morgan Corporate Emerging Market Bond Index.
中和农信河北客户李晓花，贷款10,000元种菊花
03 —
影响力投资的行业挑战及未来？
在我管理“天天向上影响力投资基金”十年的生涯中，我看到了在持续良好的知识流动的赋能下，影响力投资行业变得愈加成熟，持续地提高了对机构投资者的吸引力。尽管投资者的胃口越来越大，但市场仍远未发挥其潜力，目前有几个瓶颈制约其发展：
During my 10-year career at High Impact Capital Advisors, I have seen the continuous good flow of knowledge enabled the impact investing industry to become more sophisticated and to establish more consistent attractions with institutional investors. Despite increasing investor appetite, the market is far from reaching its potential as several bottlenecks constrain its development:
首先，影响投资者能否获得市场平均回报的不确定性，限制了非影响力投资人的兴趣。影响力投资首先在愿意接受“低于市场平均回报”的慈善家中脱颖而出。今天影响投资者对财务回报的期待各不相同，越来越多的机构投资人正在追求市场平均的财务回报的影响力投资，但这并没有被完全证悟。
First, uncertainty about whether impact investors can earn market rate of returns might limit non-impact investors’ appetite for impact investments. Impact investing first gained prominence among philanthropists who were willing to accept “sub-commercial” returns. Today, impact investors’ expectations vary; a growing segment of institutional investors seeks market rate of returns and has not been persuaded that impact investing can earn market rate of returns.
其次，影响力衡量方式尚未发展到普遍接受为共同标准的程度，比如达到被普遍接受的会计原则 （GAAP） 的同等程度。对投资缺乏明晰的影响力衡量方法，引发了人们对 "影响力公关粉刷"的担忧，辨别真伪难，这种担忧会吓跑潜在投资者；影响力绩效在不同投资中不尽相同，投资案例之间的可比性难，这也对期望将资本投入到影响力领域的投资者构成了挑战，并威胁到行业信誉。
Second, the impact measurement has not yet evolved to the point at which a common standard has become widely accepted. Impact measurement does not yet have its equivalent of Generally Accepted Accounting Principles (GAAP). A lack of clarity about how investments are commonly measured gives rise to concerns about “impact washing” which deters potential investors, and about limited impact performance comparables across different investments which poses a challenge to investors who are trying to allocate capital to impact investments, and threatens the credibility of the industry.
第三，对“受托责任”的一维解释限制了养老金基金和其他机构投资者追求影响力目标，即使他们的受益人希望他们这样做。目前的监管框架并没有给予那些寻求在财务回报的同时创造影响力的投资经理更多支持，这阻碍了他们在投资策略中追求比财务回报更多的目标。信托责任往往被过于狭隘地解释为“最大化财务回报”。
Third, a one-dimensional interpretation of fiduciary duty constrains pension funds and other institutional investors from pursuing impact objectives even when their beneficiaries would like them to do so. The current regulatory frameworks often do not support investment managers who seek to create impact alongside financial return and discourage them from pursuing additional objectives in their investment strategies. Fiduciary duty is frequently interpreted too narrowly as maximizing financial returns only.
尽管面临这些挑战，但我相信，对于影响力投资者来说，这是一个非常好的时机建立你们投资组合、解决这些问题、去改变影响力投资行业。在未来五年内，我们预计，影响力投资界将联合起来应对挑战 ，集结资本去创造一个运作良好的市场，解决目前存在的这些问题能将行业的巨大潜力释放出来。我们将看到为应对迫在眉睫的社会和气候挑战而进行的影响力投资创新将呈指数级增长。在能源、食品/农业、医疗保健、运输、制造业和建筑领域中看到市场潜力的影响力投资人将显著增加。当你既能创造利润，又能让世界变得更美好时，正面积极的变化就会发生。
In spite of these challenges, I believe it is a very exciting time for impact investors to build their investments that would address these problems and transform the industry. Over the next five years, I foresee that the impact investing community will coalesce to tackle the challenges and create a well-functioning market in which investors can deploy their capital for the industry to achieve its potential. To this end, we will see an exponential rise in innovations to address the imminent social and climate challenges. There will be a dramatic increase in impact investors who see market potential in energy, food / agriculture, healthcare, transportation, manufacturing, and buildings. Positive changes are happening when you can both create profit and make the world a measurably better place.
应琦泓
By Steven Ying, Managing Partner High Impact Capital Advisors
March 1, 2021
提高了当地妇女收入和家庭地位之外
李晓兰希望让藏绣走向世界，弘扬九寨沟文化
编者按：3月8日是国际妇女节。中和农信93%的信贷客户是从事小农户生产经营的农村中年妇女，70%的公司员工也是妇女。我曾经为应琦泓先生的一句话打动：“为她们打工，我很乐意。” 仅以此专稿，祝愿她们节日快乐，日子越过越好。
“用资本的力量推动社会进步”，小草资本专注于长期影响力价值投资，我们投资具有财务回报及显著社会价值的企业，为个人及家族，基金会组织等定制使命导向的影响力投资组合。欢迎在公众号中进行“影响力基因测试”，与小草一起结伴同行，共创共益。
