AfricaSIF.org Trends 2011-2013 Survey Methodology


DATA


APPROACH
The report uses a triangulation approach to maximize the volume of data to analyse and increase the accuracy of available information for analysis and interpretation:
1. primary data from self-reported, unverified responses from an unlimited open invitation to investment managers and asset owners
2. secondary research by analysing and interpreting available research from previous surveys, reports, network statistics and information made available to the project
3. secondary desk-based research reviewing media reports, company and investor websites, and data from project partners, for example RisCura, MSCI, Bloomberg, Thomson Reuters and others.


UNIVERSE
The survey universe is an unlimited pool of any investment manager or asset owner professionally managing assets in any asset class in Africa, regardless of domicile but with an obvious focus on those professional investment managers and asset owners based in Africa. 400 plus investment managers and asset owners have proactively been included in the SURVEY UNIVERSE, see http://www.africasif.org/trends-2012-survey-universe.php.
No one data vendor could offer us a reliable count of investment managers or asset owners in Africa.
From IFC/SinCo/RisCura 2011 report, Bloomberg tracked 880 funds with “representation in Africa”.


QUESTION SET
The original September 2012 question set is an online survey (FULL version, 25 questions; see http://www.africasif.org/trends-2012-survey.php) with PDF option.
A shorter version of the survey (BASIC version; 6 Questions) was designed and distributed in October 2012 to increase the quantity of responses.
Online tool was used to reduce costs, increase accuracy with uer-driven inputs, but supported by a PDF to offer flexibility
"Sustainable Investment" is defined as: "an approach to investment in any asset class in Africa where environmental, social and governance (ESG) factors are integrated with financial valuation criteria at any stage of the investment life cycle."
Question design process was:
10 September: 25 Questions set framework finalised with input from Project partners.
13 September: 25 Question Set implemented into online survey tool – Survey MonkeyTM
15 September: Alpha Test Version for Online Survey to Project Partners and Core Team members
20 September: Alpha Test version edits implemented
25 September: Beta Test Version for Online Survey to Project Partners and Core Team members
28 September: Beta Test version edits implemented
12 October : Decision undertaken to implement shortened BASIC version of survey.
15-18 October: Key questions identified by core team for BASIC survey
22–31 October:  Feedback on key question set from partners. Decision on final 5 questions
20 November: decision to transfer all BASIC to FULL survey.


DISTRIBUTION
Starting in September 2012, AfricaSIF.org distributedDistribution was via email, posting to AfricaSIF.org and via Partners distribution, as well as word-of-mouth. A media release profiled the project, and the online survey. http://www.africasif.org/media.php
Dedicated email push distribution used Mailchimp to email 400 plus investment managers and asset owners.
AfricaSIF.org also tweeted and posted via LinkedIn.com.
29 September: email distribution tool -  MailChimpTM - campaigns setup
30 September: 25 Question Survey sent via MailChimpTM to 258 recipients
By 3 October the survey had been sent 301 recipients. XX
3 October: 25 Question Survey sent via MailChimpTM to 43 recipients
Follow up e-mails were sent the week of 10 October to all recipients still subscribed XX who had not completed the survey.
11th October: Reminder email sent to non-unsubscribed and survey non-completed list (255 Recipients)
Emails were forwarded by partners ad-hoc using this content.
On 1 November, the team sent generic emails out with the surveys, providing context to the Trends Report as well as offering the option to respond via telephone.
LinkedIn message to personal connections from with link to the Basic survey.
Posted a LinkedIn message in French (with link to the survey) to members of targeted LinkedIn Groups (SuperReturn Africa, MENA Fund Manager, MENA Private Equity, MENA Private Equity & Venture Capital Group/MENASA, Eurosif).
Eurosif distributed to their membership base.
PRI South Africa network distributed a note in their member email November 2012.
Decision undertaken to target PRI signatories via telephone and coach through survey
1 November:  French (55 Recipients) and English (243 Recipients) email distribution for Basic Survey
Survey distribution In Nigeria thu Sam + Emilia XX
Direct telephone survey process of PRI signatories and other well know entities begun
16 November Partner Update meeting discussed and received buy-in to extend the survey window through 15 January 2013.


RESPONSE RATE
At 27 November 2012,  response rates were:
FULL
31 Total Finished Survey: 16  (51.6%)
BASIC
22 Total Finished Survey: 14  (63.6%)
AfricaSIF.org parsed the Africa-based and ex-Africa-based respondents.
Updates at SURVEY UNIVERSE
http://www.africasif.org/trends-2012-survey-universe.php





ANALYSIS

Analysis has applied assumptions that have been applied to the data at different levels.


DATE
Using 31 December 2011 data to fit with global SIFs.


CURRENCY CROSS-RATES
Applied currency cross rates.
Respondents were asked to record data using US$ and/or local currency for AfricaSIF.org to apply cross-rates.


ASSET OWNER
To prevent double counting of the GEPF’s number, have extracted GEPF investments (US$ Mil 11 421 as at 30 Dec 2011) from their underlying managers who have completed the survey XX.
The ratio of the double-counted GEPF number to the total African AuM surveyed  = 3.49%.
This ratio was applied in order to subtract the amount of ESG AuM in Africa that may have been double-counted


ASSET CLASS
Full Survey asked for asset class breakdown of total AuM; quesiton respondents = 22.
Applied this asset allocation number to the Total African ESG AuM number in order to provide an Asset Class Breakdown of ESG AuM in Africa.


SCREENING
Full survey asked for the breakdown of types of screening; question respondent starts  = 16.
Applied this screening breakdown to the total screening AuM in Africa number to provide an overall screening breakdown.


AFRICA UNIVERSE AuM
We have not been able to canvas the total number of investment managers and asset owners across the continent.
Survey AuM of US$ 327.222bn
A reference point for African AuM in total is:
Sub-Saharan Africa from the 2010 IFC report (US$ Bil 599)  
+
North Africa 2010 IFC Report (US$ Bil 50)
= US$ 650bn





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Ian - Research Survey Methodology

 

The AfricaSIF.org market place trends report 2012 is the premier contribution of an African perspective to a global report produced by Sustainable Investment Forum organizations.

 

The 25 question survey that was drafted by the AfricaSIF.org volunteer team and partners aimed to harmonise the terminology and question methodology with global practice.

 

We also had to acknowledge that this would be the first time many managers based on the African continent would be approached with such a survey, and that we would need to make the survey accessible to those with developed and developing ESG and sustainable investment practices.

 

We defined "Sustainable Investment" in the report defined as: "an approach to investment in any asset class in Africa where environmental, social and governance (ESG) factors are integrated with financial valuation criteria at any stage of the investment life cycle." The survey required that ESG factor integration be guided by a transparent and systematic process.

 

The survey questioned managers based on whether they utilised the following strategies:

 

·      Norms-based screening

·      Best-in-Class investment selection

·      Exclusion of holdings from investment universe

·      Integration of ESG factors in financial analysis

·      Sustainability themed Investment

·      Impact investment

·      Engagement and voting on sustainability matters

·      Institutional membership and collaborative initiatives

 

In addition we included an attitudes section which focused on expected trends for investments with ESG characteristics within the particular firm and general market.

 

To build the recipient database AfricaSIF.org partners and EuroSIF leveraged their industry contacts to include public and private managers known to have African asset investment mandates. The key requirement was assets invested in Africa.

 

The survey was compiled with an online platform, SurveyMonkey, and an email containing a link to the survey was sent to participants via email.

 

By 3rd October the survey had been sent 301 recipients. Follow up e-mails were sent a week later to all recipients still subscribed who had not completed the survey. Due to low response rate of 10% on the full survey, a shortened 5 question version was produced covering the key ESG investment strategies. This was sent out on the 1st of November, with additional volunteer and partner resource applied to email and telephone recipients to increase the response rate.

 

The survey is self-reported however when responses are not consistent, or include data gaps, secondary information sources, such as UNPRI, MSCI, Bloomberg, are applied to ensure the answers are robust.

 

 

 

 


Tom - Research Survey Methodology

 

Initially, a detailed 25-question AfricaSIF.org survey was drafted with the help of the project partners on 10 September. The survey was uploaded to Survey MonkeyTM, put through Alpha and Beta testing. By the 3rd of October it had been sent to 301 recipients via MailChimpTM. A reminder email was subsequently sent to 255 respondents. In turn, EuroSIF sent out the survey to its European correspondents with African exposure.

 

The team then devised the more timesaving Basic survey version on 12 October, consisting of 5 questions only. The choice to complete either the Full or Basic version was therefore left in the respondents’ hands. Each member of the AfricaSIF.org team was then designated his/her portion of UNPRI-affiliated respondents to approach. On 1 November, the team sent generic emails out with the surveys, providing context to the Trends Report as well as offering the option to respond via telephone. Follow-ups were made by way of phone calls where necessary. There were 55 French and 243 English recipients in total. Team members were instructed to report back daily on the completed survey progress. This progress report simply separated respondents names into three headings, ‘reached’, ‘still to reach’ and ‘completed survey’.  The survey deadline was 7 November.

 

In order to cater for the underwhelming response of the surveys issued, information from external sources will be applied to the data. These sources include UNPRI, MSCI, Bloomberg and general online.

 

 

 

 

Thomas and Ian please complete 200 word footnote on methodology and

review by tonight 7PM SAST : Methodology = use stuff on workspace. put

in short clear sentences. cover team + waves of asks + response rates

+ data gaps + how we fill them with PRI data + investment online data

+ MSCI+Bloomberg. See attached doc also.


AfricaSIF.org Marketplace Trends 2012 project survey universe.

For more on project, please see http://www.africasif.org/marketplace-and-trends-report.php

 

 

SURVEY METHODOLOGY

 

TIMELINE

10th September: 25 Questions set framework finalised with input from Project partners.

 

13th September: 25 Question Set implemented into online survey toll – Survey MonkeyTM

 

15th September: Alpha Test Version for Online Survey to Project Partners and Core Team members

 

20th September: Alpha Test version edits implemented

 

25th September: Beta Test Version for Online Survey to Project Partners and Core Team members

 

28th September: Beta Test version edits implemented

 

29th September: email distribution tool -  MailChimpTM - campaigns setup

 

30th September: 25 Question Survey sent via MailChimpTM to 258 recipients

 

3rd October: 25 Question Survey sent via MailChimpTM to 43 recipients

 

11th October: Reminder email sent to non-unsubscribed and survey non-completed list (255 Recipients)

 

12th October : Decision undertaken to implement shortened BASIC version of survey.

 

                      EuroSIF offered to distribute survey to contacts with African exposure in Europe

 

15-18th October: Key questions identified by core team for BASIC survey

 

19th October: Key question set pitch to Project Partners on BASIC SURVEY

 

Decision undertaken to target UNPRI signatories via telephone and coach through survey

 

22nd – 31st October:  Feedback on key question set from partners

 

Decision on final 5 questions

 

Creation of new shortened survey

 

Inclusion of French distribution and French distribution list

 

PRI signatory telephone process and conditions finalised              

 

1st November:  French (55 Recipients) and English (243 Recipients) email distribution for Basic Survey

 

Direct telephone survey process of PRI signatories and other well know entities begun

 

5th November: Basic Survey email reminder to non-unsubscribed and survey non-completed recipients (French and English)

 

7th November: Basic survey close

 

                     Telephone survey close

 

 

 

METHOD

 

LinkedIn message to my connections from my assigned list, with link to the Basic survey (GS, I have sent a message to you, too)

 

Posted a LinkedIn message in French (with link to the survey) to members of targeted LinkedIn Groups (SuperReturn Africa, MENA Fund Manager, MENA Private Equity, MENA Private Equity & Venture Capital Group/MENASA, Eurosif).

 

 

 

If you have any questions, please email us africasif@gmail.com

 

AfricaSIF.org Trends 2012 Project Team

http://www.africasif.org/marketplace-and-trends-report.php

7 November 2012



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TIMELINE

10th September: 25 Questions set framework finalised with input from Project partners.

13th September: 25 Question Set implemented into online survey toll – Survey MonkeyTM

15th September: Alpha Test Version for Online Survey to Project Partners and Core Team members

20th September: Alpha Test version edits implemented

25th September: Beta Test Version for Online Survey to Project Partners and Core Team members

28th September: Beta Test version edits implemented

29th September: email distribution tool -  MailChimpTM - campaigns setup

30th September: 25 Question Survey sent via MailChimpTM to 258 recipients

3rd October: 25 Question Survey sent via MailChimpTM to 43 recipients

11th October: Reminder email sent to non-unsubscribed and survey non-completed list (255 Recipients)

12th October : Decision undertaken to implement shortened BASIC version of survey.

                      EuroSIF offered to distribute survey to contacts with African exposure in Europe

15-18th October: Key questions identified by core team for BASIC survey

19th October: Key question set pitch to Project Partners on BASIC SURVEY

Decision undertaken to target UNPRI signatories via telephone and coach through survey

22nd – 31st October:  Feedback on key question set from partners

Decision on final 5 questions

Creation of new shortened survey

Inclusion of French distribution and French distribution list

PRI signatory telephone process and conditions finalised               

1st November:  French (55 Recipients) and English (243 Recipients) email distribution for Basic Survey

Direct telephone survey process of PRI signatories and other well know entities begun

5th November: Basic Survey email reminder to non-unsubscribed and survey non-completed recipients (French and English)

7th November: Basic survey close

                     Telephone survey close


METHOD

LinkedIn message to my connections from my assigned list, with link to the Basic survey (GS, I have sent a message to you, too)

Posted a LinkedIn message in French (with link to the survey) to members of targeted LinkedIn Groups (SuperReturn Africa, MENA Fund Manager, MENA Private Equity, MENA Private Equity & Venture Capital Group/MENASA, Eurosif).