FROM SRI TO ESG:

THE ORIGINS OF SOCIALLY RESPONSIBLE AND SUSTAINABLE INVESTING

Blaine Townsend, CIMA®, CIMC®

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Bailard is an independent asset and wealth management firm in the San Francisco Bay Area. For individuals and institutions alike, Bailard proudly serves as a trusted partner focused on achieving long-term results aligned with client values. On both sides of the business, we believe that our clients’ success is our success. An independent firm since our founding 50 years ago, we stand committed to our values and, most importantly, our clients.

Disclosures

the 9:05 is produced by the Asset Management Group of Bailard, Inc. The information in each article is based primarily on data available as of its publication date and has been obtained from sources believed to be reliable, but its accuracy, completeness and interpretation are not guaranteed.

This publication has been distributed for informational purposes only and is not a recommendation of, or an offer to sell or solicitation of an offer to buy any particular security, strategy or investment product. It does not take into account the particular investment objectives, financial situations or needs of individual clients. Any references to specific securities are included solely as general market commentary and were selected based on criteria unrelated to Bailard’s portfolio recommendations or the past performance of any security held in any Bailard account. All investments have risks, including the risks that they can lose money and that the market value will fluctuate as the stock and bond markets fluctuate. Asset class specific risks include but are not limited to: 1) interest rate, credit and liquidity risks (bonds); 2) style, size and sector risks (U.S. stocks); 3) increased risk relative to U.S. stocks due to economic or political instability, differences in accounting principles and fluctuating exchange rates – with heightened risk for emerging markets and even higher risks for frontier markets (international stocks); and 4) fluctuations in supply and demand, inexact valuations and illiquidity (real estate). Certain countries (particularly emerging and frontier markets) can have higher transaction costs and greater illiquidity than the U.S. The volatility of real estate may be understated due to inexact and infrequent valuations. Real estate has significant risks and is not suitable for all investors. The application of various environmental, social and governance screens as part of a socially responsible investment strategy may result in the exclusion of securities that might otherwise merit investment, potentially resulting in higher or lower returns than a similar investment strategy without such screens. There is no guarantee that any investment strategy will achieve its objectives. Charts and performance information portrayed in this newsletter are not indicative of the past or future performance of any Bailard product, strategy or account, unless otherwise noted. Market index performance is presented on a total return basis (assuming reinvestment of dividends), unless otherwise noted. Past performance is no guarantee of future results. All investments have the risk of loss. This publication contains the current opinions of the authors and such opinions are subject to change without notice. Bailard cannot provide investment advice in any jurisdiction where it is prohibited from doing so.

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