Dumas, ChristelNève de Mévergnies, ElisabethElisabethNève de Mévergnies2025-05-142025-05-142025-05-142017https://hdl.handle.net/2078.2/7287To achieve the 17 Sustainable Development Goals (SDGs) by 2030, society will have to raise capital. Consequently, more and more investors want to take their responsibilities and look for Socially Responsible Investments. To meet this demand, many financial institutions offer responsible funds with various strategies. One strategy that currently emerges and that addresses those SDGs is “Impact Investing” which aims to generate social and environmental Impact alongside a financial return. Seeing this new trend, KBC has launched his Impact Investing equity fund in 2014 but does it fit investors’ demand? Concerning the supply, Impact Investing represents 0,60% of total investments in SRI at the worldwide level and this amount is expected to grow at a Compound Annual Growth Rate of 17,86% from 2015 to 2020. Concerning the demand, Impact Investors’ decisions are based on 3-dimensions: Return, Risk and Impact. Regarding the Impact expectations, Impact Investors prefer social investments to environmental investments and prefer country-specific Impact or emerging market Impact. Regarding the financial expectations, a majority of investors looks for competitive, risk-adjusted returns, above 7%. In addition, there is a tendency that investors are moving from Impact-First to Finance-First investors. However, to date, Impact Investing is still very young; mostly present in the private market and driven by foundations, philanthropic institutions and more recently also by some institutional investors ready to bear higher risks. To secure the growth of Impact Investing, it is therefore important to include retail investors and to launch new products on the public market along a wider Return-Risk-Impact spectrum to better satisfy investors’ expectations. After having explored the literature review on Performance, Risk and Impact and after having selected 27 funds on basis of key words, asset managers, asset allocation, geographic allocation and period of study, a simplified 3-dimensional spectrum and two more nuanced multi-dimensional spectra were built to position the KBC Impact Investing fund in the SRI environment. For the multi-dimensional spectra, 10 dimensions were selected to compare the Impact Investing strategy with the Best-In-Class and the Thematic strategies and 12 dimensions were selected to compare the Impact Investing funds between them: the returns, Sharpe, Treynor and Jensen’s Alpha; the volatility and Beta and the ESG and SDGs scores. In addition, each dimension was converted on a range from 0 to 10 to chart a Kiviat diagram. And finally, total ratings aggregating each dimension were also added to simplify the comparison. The results of the research are that KBC Impact Investing fund 12-dimensional rating is 7,278 on 10 and that it is ranked fourth for all Impact Investing funds. In addition, KBC Impact Investing fund has a 10-dimensional rating of 7,501 which is above the Impact Investing average. The Impact Investing strategy 10-dimensional score is 6,934 and it is ranked second after the Best-In-Class strategy with 7,129. As a result, an investor will be more satisfied if he invests in Best-In-Class strategy. But if he still wants to stick to the Impact strategy, then he should rather invest in RobecoSAM Child Impact fund with a score of 7,549. In addition, some recommendations were addressed to KBC and other Impact Investing asset managers. KBC should improve the volatility and Beta, the environmental score and the SDG depth of its Impact Investing fund. Whereas Impact Investing asset managers should improve in priority their volatility, their Social and Governmental scores. Thanks to the contribution of this thesis, investors are better able to visualise the position of each fund according to each dimension taken individually and according to the total scores of all dimensions in sum. In addition, financial institutions are now able to reposition themselves on the Return-Risk-Impact spectra and on the gaps between the supply and demand. And finally, the thesis offers a broad exploratory research on Impact Investing and paves the way to improve its public market potential.Impact InvestingSocially Responsible InvestmentsEnvironmental Social and Governance (ESG) criteriaReturn-Risk-ImpactImpact-FirstFinance-FirstPerformancePublic equity marketSustainable Development GoalsRatingtext::thesis::master thesisthesis:13128