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Terra Alpha Investments Newsletter 1Q 2017 Dear Investors and Friends, In our year-end newsletter, we shared our thoughts about the implications of the change in administration in the US. We continue to see little negative impact on our portfolio companies from anticipated US Federal policy changes, though we expect some actions that could alter company strategies or policies. We will be watching how European and Asian leaders respond to US actions on environmental policies. To date, we have seen no reactions that give us concern regarding our investment approach. Encouragingly, we have seen an increase in interest in our firm and our unique advocacy investing mission. And, the fund’s financial and environmental returns continue to be very strong thus far in 2017. In this newsletter we share insights about: • our global travels in the first quarter • our recently released Ideal Disclosure framework for corporate reporting on environmental data and information • where we have presented/advocated for Environmental Productivity this quarter • the expansion of our team and a spotlight on our co-founder Andrew Geller At Terra Alpha, we believe that a portfolio of the world's most fundamentally strong, attractively valued, and environmentally productive companies will provide our investors with better long-term risk-adjusted returns. We believe that asset owners also want their investments to reflect their shared interest in a better environment for all. We believe that our investment process and our advocacy work will drive the global economy to be more aligned with the world’s finite natural systems to help create a better world. Travel Reflections World Economic Forum, Davos 2017 - thoughts from our CIO Tim Dunn, CIO, who attended the World Economic Forum in Davos in January as an accompanying guest of one of our Advisory Board members, Ellen Stofan. Some of his brief takeaways that are relevant to Terra Alpha Investments’ work follow: Climate Change and Energy Markets – There were many encouraging sessions about policy, academic, and corporate progress on efforts to stop or mitigate climate change, but the challenges remain immense. The Trump administration cannot stop global momentum, though it is likely to significantly slow US efforts, and recent actions underline this point. • A sobering session on Global Energy markets reminded me of the continued influence/importance of the fossil fuel industry, despite our decarbonizing economy. • China will spend $360B on renewable energy investments in the next 10 years and Saudi Arabia will spend $50B by 2030 on renewables, but globally $460B will be spent on oil and gas capacity in 2017.

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Page 1: Newsletter 1Q 2017 - Terra Alpha

TerraAlphaInvestmentsNewsletter1Q2017

DearInvestorsandFriends,Inouryear-endnewsletter,wesharedourthoughtsabouttheimplicationsofthechangeinadministrationintheUS.WecontinuetoseelittlenegativeimpactonourportfoliocompaniesfromanticipatedUSFederalpolicychanges,thoughweexpectsomeactionsthatcouldaltercompanystrategiesorpolicies.WewillbewatchinghowEuropeanandAsianleadersrespondtoUSactionsonenvironmentalpolicies.Todate,wehaveseennoreactionsthatgiveusconcernregardingourinvestmentapproach.Encouragingly,wehaveseenanincreaseininterestinourfirmandouruniqueadvocacyinvestingmission.And,thefund’sfinancialandenvironmentalreturnscontinuetobeverystrongthusfarin2017.Inthisnewsletterweshareinsightsabout:•ourglobaltravelsinthefirstquarter•ourrecentlyreleasedIdealDisclosureframeworkforcorporatereportingonenvironmentaldataandinformation•wherewehavepresented/advocatedforEnvironmentalProductivitythisquarter•theexpansionofourteamandaspotlightonourco-founderAndrewGeller

AtTerraAlpha,webelievethataportfoliooftheworld'smostfundamentallystrong,attractivelyvalued,andenvironmentallyproductivecompanieswillprovideourinvestorswithbetterlong-termrisk-adjustedreturns.Webelievethatassetownersalsowanttheirinvestmentstoreflecttheirsharedinterestinabetterenvironmentforall.Webelievethatourinvestmentprocessandouradvocacyworkwilldrivetheglobaleconomytobemore

alignedwiththeworld’sfinitenaturalsystemstohelpcreateabetterworld.

TravelReflectionsWorldEconomicForum,Davos2017-thoughtsfromourCIO

TimDunn,CIO,whoattendedtheWorldEconomicForuminDavosinJanuaryasanaccompanyingguestofoneofourAdvisoryBoardmembers,EllenStofan.

SomeofhisbrieftakeawaysthatarerelevanttoTerraAlphaInvestments’workfollow:ClimateChangeandEnergyMarkets–Thereweremanyencouragingsessionsaboutpolicy,academic,andcorporateprogressoneffortstostopormitigateclimatechange,butthechallengesremainimmense.TheTrumpadministrationcannotstopglobalmomentum,thoughitislikelytosignificantlyslowUSefforts,andrecentactionsunderlinethispoint.•AsoberingsessiononGlobalEnergymarketsremindedmeofthecontinuedinfluence/importanceofthefossilfuelindustry,despiteourdecarbonizingeconomy.•Chinawillspend$360Bonrenewableenergyinvestmentsinthenext10yearsandSaudiArabiawillspend$50Bby2030onrenewables,butglobally$460Bwillbespentonoilandgascapacityin2017.

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TerraAlphaInvestments,LLC

1QNewsletter│March2017│2

TheSaudiArabianOilMinisteriteratedthattheyexpecttobesellingtheiroilgloballyfor“generations”andanticipateselling“everymolecule”ofoilintheirreserves.•InternationalEnergyAgencycontinuestoprojectgrowingoilandgasdemandin2017andbeyond.•Carbonpricing(orastheCanadianEnvironmentalMinistersuggestswecallit,“CarbonPollutionPricing”):Thereisrealprogresswithmorecompaniesusinginternalpricingof$20-50/ton.Canadaisphasinginapriceof$10/tonrisingto$50.Notably,economistsLordSternandJoeStiglitzareworkingonareportdueinAprilonarecommendedpriceforpolicymakersaroundtheworld.

FourthIndustrialRevolution(4IR)–Thisreferstothecombinationoftechnologiesthatarelikelytosignificantlyalteroureconomicsystemintheyearsahead:Robotics,ArtificialIntelligence(AI),4Dprinting,VirtualReality(VR),InternetofThings(IoT),QuantumComputing,Genomics,etc.Therewasaragingdebateonwhetherthis4IRisgoodorbad.•Generallytechorientedfolkssayyes,economistsandacademicsareverymixed,politiciansandpolicy-makersaremoreconcernedthanexcited.•IleftmuchmoreintriguedbytheimplicationsofBlockchainonavarietyofsectorsduetoitsabilitytoassuredataintegrity(thinkmedicalrecords)andmaketransferofallsortsofthingsmoresecure(currency,data,etc).•IamalsoveryinterestedintheabilityofhandhelddevicesandAItoimprovetheaccesstomoreaccuratemedicaldiagnosisglobally.•Thereisnodoubtthattheimpactsoftheworkforceareverylargeandnoonehasasolutiontothedislocationsthatarelikelytofollow.(Note:alreadytherearecurrently200millionunemployedpeoplegloballytoday.)Water/Oceans–Therehasbeenmajorprogressonbuildingaglobalinfrastructuretoprotectoceans,inpartthankstotheUNSustainabilityDevelopmentGoal(SDG)#14withafocusonillegalfishing,pollution(plasticsandfertilizerrun-off),acidification,andgovernance.Seafoodexportsare$148billiongloballyand50%ofallseafoodsoldisfromaquaculturevs.fromcatch.Certification(MSC)isgrowingandgettingmorerobustthankstotechnology.AquacultureseemstobemovingintoabetterplacewithlittlenegativecommentaryfromNGOs.

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Traditionally,toomuchwaterhasbeenusedinproductionprocessesbecauseitwasalwaysthecheapestwaytomove,clean,andcooldownthings.Withtechnologyimprovements(cheapersmartsensors,improveddatadelivery,andquantumcomputinganalysisofproductionprocesses)thereismoreabilitytoefficientlymanagethisfiniteresource.Increasingdisclosureofwateruseisleadingtomoreawarenessofrisksandopportunities.Healthcare-Globallywespendalmostallofhealthcarefundsoncepeoplearesickratherthantoenhancehealthylives.GovernmentfundingistoofocusedonCommunicableDisease(e.g.,HIV,Ebola)eradicationandnotenoughonthemajorNon-CommunicableDiseases(e.g.HeartDisease,Diabetes,Malaria)Theglobalpopulationhasgonefromapyramidbasedonincome,toadiamond.Theproliferationofhealthcareappsfordevelopingcountriesbystart-upsandNGOsisoverwhelmingforlocalproviders.HumanitarianChallenges-Todaythereare65millionforciblydisplacedpeopleglobally–thehighestever.51%arechildren.Weneedgrowingattentiontoprovidingeducationtothisgrouptoavoida“lostgeneration”(HighlightedwastheClooneyFoundationeffortinLebanon)Short-termisminCorporateDecision-Making-accordingtoaMcKinsey&Costudy,ithascosttheworldfivemillionjobs,$1.3Tinassetvalues,and1%ofGDP.

HoChiMinCity,Vietnam–ResearchAdvisorreflectionsResearchAdvisorJillBakerattendedtheSpringForumoftheAsiaBusinessCouncil

inHoChiMinCity,VietnamVietnamisanamazingplace.ItisremarkabletothinkofitintermsofitshistoryoflongstruggleofwarsoverthecenturieswiththeChinese,theFrench,theAmericansandofcourse,theirowncivilwar.HoChiMinCity(HCMC)isratedthesecondmostdynamiccityintheworldbytheJLLCityMomentumindex,withimpressivehumancapitalandbiginfrastructureprojects.InlateFebruary,IattendedagatheringofCEOsinHCMC,duringwhichwemetwithhighgovernmentofficialsbothatthecityandcountrylevel.

Despiteseriouspollutionissues,itsleadersarechoosingtoemphasizecoal-firedpowerovercleaneralternatives.ThevitallyimportantagriculturalproductivityoftheMekongDeltaisatriskfromrisingsealevel,aswell,asIhavewrittenforForbes.com.Inlookingatbusiness“disruptors”,apanelfeaturedsomeofthehotyoungCEOsthatarechangingVietnam’s

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“IdealDisclosure”ofEnvironmentalProductivityMetricsbyCompanies

ThisquarterwedevelopedandreleasedourIdealDisclosureframeworktoaidourworkadvocatingtocompaniesandinvestmentprofessionalsaboutEPdataandinformationdisclosure.ThistablelaysoutwhatwewouldexpectfromourportfoliocompaniesregardingdisclosuredatafortheirGHGemissions,Water,andWaste.Webelievethattheinvestmentcommunity,asawhole,willbeincreasinglydemandingenvironmentaldatainformation;thisdocumentservesasatemplatefordisclosureofenvironmentaldatagoingforward.Youwillseethatitprogressesthroughanevolutionofdisclosurestagesuntilitiswhatwewouldconsider“Best-in-Class,”or,“Ideal”.Whilemanycompaniesareprogressingintheirdisclosure,nocurrentportfoliocompanymeetsourBest-in-Classcriteria.Wehopethatbyprovidinganidealguideline,itwillshowcompanieswhattypeofdatawebelieveismaterialtotheinvestmentprocess.

businesslandscape.Theydiscussedtheirbusinesses,includingthelargestco-workingspaceinVietnam;ahighlysuccessfulelectronicmarketplacefordigitalmobiledevicesthatisbenefitingfromfastgrowthinfintech;a13-year-oldventurecapitalfirmwhosefoundersharedinsightsintotheevolvingtrendsinaccesstocapitalforstartups,andtheequivalentofVietnam’sAmazonorAlibaba.Eachspokeofthechallengestheyface,includingexternalcompetition,regulationandthechallengeofmaintainingcustomerloyaltywhileinasteepgrowthtrajectory.TherewasapanelonDecarbonizationinASEANwithrepresentativesoftwoutilitieswithcontrastingstories,andabanker.Oneoftheutilitieswasanold-linecarbon-firedutility,highlydependentoncoal,strugglingtofuelswitchtonaturalgas.WhiletheParisClimateAccordandcountry-levelpledgeshaveprovideditsregulatorsmuch-neededpolicyclarity,makingaswitchischallenging.Theotherutilityhailedfromacountrythatisravagedbytyphoonsonaregularbasis.TheCEOspowerpointincludedaboutfiftyslidesinrapidsuccessionshowingthecountry’sdevastation.Hiscountry,hesaid,doesnothavetheluxuryoftime.Hisutilityvowednottoinvestincoalenergyandreliedsolelyonnaturalgas,geothermal,solarandwind.AformerCEOofalenderwhoseloanbookisskewedtowardcoalandcarbon-intensiveindustrycharacterizeddiscussionsoflendingtocarbon-intensiveindustriesasbeing“emotionallydriven”,citingpressurefromoutsideforceslikesocialmediaforcingexecutivestothinkdifferently.Hewaswellversedinthegrowingdialogaroundtheneedtobeawareofclimateriskinbankassetportfolios.

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AdvocacyUpdate

InouradvocacyforwidespreadEnvironmentalProductivity(EP)practices,weencourageshiftsinourcurrentcapitalmarketsthatgiveEPabetteropportunitytogaintraction.Withthatinmind,TerraAlphaissupportiveofeffortstoincrease“patientcapital,”i.e.,theperspectiveofinvestingforlong-termreturns,asaprincipleforbothbusinessesandforinvestors.EnvironmentallyProductivetechnologiesandprocessesoftenrequirelongertermpayback,forone.Aconferenceweparticipatedinwasfocusedonjustthisshift-movingawayfrom“short-termism”towardalong-termreturnhorizon.Itwastheinvitation-onlyinauguralCEOForceforGood,CECPCEOInvestorForum.58corporateCEOswerepresentincludingPG&E,EileenFisher,Welltower,BectonDickinson&Co.,Humana,Blackrock,Vanguard,Citi,IBM,Nielsen,TDAmeritrade,andothers,amidstinvestmentfirmsandinvestmentadvisors.ThethemewastoshinelightonhowinvestinginEnvironmental,Social,andGovernance(ESG)projectsreaplong-termbenefitsandenhancethebusiness.Therewasnoconsensusonwherethechangeneededtooccurinthecapitalmarkets-abitof“hotpotato”ensuedwhenthetopicturnedtodeterminingwherethechangeoffocusneededtocomefrom-corporateCEOswerequicktoidentifyinvestmentmanagers’focusonshort-termreturn,quarterlyguidanceby

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companieswascitedasculpable,annualbonusstructuresforAnalysts,aswell.AsmentionedearlierinTim’snotesfromDavos,McKinseyrecentlypublishedareportonthelosteconomicgrowthasaresultofashort-termperspectiveinourcapitalmarkets,andthetopicisgainingattention.Weareincreasinglyaskedtospeakaboutourinvestmentapproachtobusinessleadersandinvestors.ThisquarterwepresentedattheClimateLeadershipConferenceinChicagoaboutclimateriskdisclosure;wemoderatedapanelattheEthicalCorporationResponsibleBusinessSummitNYconferencewithFarooqKathwari,ChairmanofEthanAllenGlobalandJoyceHabouchaofRockefeller&Coabouthowinvestorscanworkwithcompaniesonlong-termthinking;andwehadanengagingconferencecallwithagroupofgraduatestudentsatUCSB’sEnvironmentalScienceprogramwhowantedtounderstandourinvestmentprocess.Wealwaystakeadvantageofopportunitiestolearnfromandshareideaswithexpertsinrelatedfields.Ofnote,wewereparticipantsatDukeUniversity’sFuquaSchoolofBusinessSustainableBusinessandSocialImpactconference,WorldResourcesInstitute’sGlobalForestWatchworkshop,aswellastheCommonFundForum,theInnovationForum’sSustainableAgriculture,andForestryconferences,andColumbiaUniversity’sEnergyForum.

TerraAlphaTeamNewsInsomeways,itishardtobelievethatanumberofTerraAlphateammemberswillcelebratetheirtwo-yearanniversariesinthecomingmonths.Aswecontinuetogrowourinvestorbaseandlookaheadtofurthergrowth,wehavedecidedtoaddanewmemberoftheteamtohelpmanagethisaspectofthebusiness.NikkiCarenzajoinedTAIinFebruaryasaninternwhowillbeprimarilyfocusedoninvestordevelopmentandcommunications.SheisarecentgraduateofSouthernMethodistUniversitywhereshereceivedaBBAinFinanceandaBAinEnvironmentalStudies.

TeamMemberFocus-AndrewGeller

AndrewisafoundingpartneratTerraAlphaInvestmentsLLC,andhasbeenacentralpartofTerraAlphaFund’sinvestmentteamsinceitsinception.Andrewprovidesdirectionandguidanceforourinvestmentprocess,andisthecomplianceleadforthefund,aswell.AftergraduatingfromThePennsylvaniaStateUniversity,Andrewbeganhis30+yearinvestmentcareerasanequityanalyst.AndrewandTimmetwhentheywerebothanalystsatPNCinPhiladelphiamanyyearsago.Hespentmorethanadecadeasananalystcoveringawidevarietyofindustries,yetthebulkofhiscareerwasworkingonthesell-side,aspartofinstitutionalequitysalesatOppenheimer&Co.Hesharedhismarketinsightswithlargemutualfunds,banksandothermoney

managers.Hisexperienceinequityanalysishasprovedimmenselyvaluabletothefundamentalanalysisofourportfoliocompanies.

Page 7: Newsletter 1Q 2017 - Terra Alpha

TerraAlphaInvestments,LLC

1QNewsletter│March2017│7

AndrewcurrentlylivesandworksinLosAngeleswithhiswife,Kate,asinger,teacherandmusictherapist.Andrewisapassionatecookandhashadstintsinthekitchensofsomeofthemostexceptionalrestaurantsthroughouttheworld.Hischocolatecakeisfamousthroughoutouroffice.Andrew’sguidanceiscrucialtothefundandhasbeenanintegralpartofTerraAlphaInvestmentsLLC’sgrowth.

Ourmailingaddressis:TerraAlphaInvestmentsLLC

POBox1622Middleburg,VA20118

www.terraalphainvestments.com

Inourincreasinglynaturalresource-constrainedworld,TAIwillcontinueadvocatingforbroaderadoptionofourprocess,increasedcorporateattentiontoresource-useintensity,

anddemonstrateitthroughbetterinvestmentreturnsinthemostenvironmentallyproductivecompaniesglobally.

Thankyouforyourinterestinandsupportofourwork.

Bestregards,TheTeamatTerraAlphaInvestments,LLC


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