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A Cookbook for a Healthier Portfolio

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A Cookbook for a Healthier Portfolio 360 Report $Com panySectorName$ $StoryName$$ReportT ype$ Food and Nutrition Security Thematic and Impact Investing 19 October 2017 A cookbook for a healthier portfolio What’s it all about? As diets based on natural, healthy food continue to lose ground to ultra- processed products, the world’s food habits have led to a spike in obesity Main author Samuel Mary and have put more pressure on the environment. Amid heightened ESG Research customer and government scrutiny to crack down on unhealthy business [email protected] models, we publish our cookbook to build investment baskets that benefit +44 207 621 5190 from a transition towards healthier and more environmentally-friendly Contributor food systems. Based on carefully selected “homemade ingredients” and Jon Cox “recipes”, we introduce our “sustainable food and lifestyle” framework to Head of European Consumer map stocks across the Sustainable Development Goals (SDGs) impact [email protected] spectrum (2030 UN global policy agenda); we highlight the most attractive +41 43 333 6607 long-term plays, transformation stories, as well as the laggards. ESG research team Biographies at the end of the report IMPORTANT. Please refer to the last page of this report for keplercheuvreux.com “Important disclosures” and analyst(s) certifications. This research is the product of Kepler Cheuvreux, which is authorised and regulated by the Autorité des Marchés Financiers in France. Thematic & Impact Investing 360 in 1 minute The "sustainable food and lifestyle" transition comes of age Our diets impact the environment and public health in unparalleled ways. Nutritional problems now affect most of the global population, which faces hunger in some regions, rising obesity rates in others, or a combination of the two, with fewer and fewer resources. With consumers and governments increasingly pushing for change, the transition to a more sustainable food system is gathering pace. We think this metamorphosis is a positive catalyst to unlock long-term growth. Our screener to look at both opportunities and net impact Against this backdrop, we introduce our proprietary "sustainable food and lifestyle" framework to screen companies that are reaping the benefits from the structural trends that help advance food and nutrition security in relation to the UN global sustainability agenda ("Sustainable Development Goals", or SDGs). Our methodology builds on: 1) our European Consumer sector analysts’ research expertise across our large coverage universe and the entire value chain, including from our Head of European Consumer research, Jon Cox; 2) ESG Analyst Julie Raynaud’s latest report on methodological headways to assess companies’ net environmental impacts (link); 3) Rabobank Food and Agri research’s insights; and 4) external input regarding developments in the science-based assessment of products’ nutritional profiles, such as the Access to Nutrition Index (ATNI). Key findings: 1) Best names in healthy food and nutrition First, our scorecard highlights the most attractive "healthy food" plays (Acomo, Bonduelle, Danone, PureCircle, Total Produce, Wessanen), transformation stories (Nestlé), and those currently in conflict with positive nutrition trends (Coca-Cola European Partners, Suedzucker). 2) Food for thought in obesity prevention and remediation Second, we emphasise the upside in related segments that are set to expand due to demand for wellness products and more responsible lifestyle choices: 1) Food safety (Eurofins, GEA, Biomérieux); 2) Gym, mobility, Sport equipment (Technogym, XXL, Accel); 3) Pharma, Healthcare, including diabetes (Novo Nordisk, Cellnovo). 3) How to become an environmentally friendly chef Third, we identify best practices for the main environmental topics, such as climate change and food waste. While we see a less conspicuous business case for "green food", as opposed to "healthy food", an array of factors is transforming the landscape, as seen in the vibrant "natural" and“organic” markets. Our “sustainable food” picks overall are Bonduelle and Wessanen. 2 keplercheuvreux.com Thematic & Impact Investing Forewords In our introduction, we include a brief foreword by Rachel Crossley, a Senior Advisor to the Access to Nutrition Foundation, a leading investor-focused initiative that assesses companies’ nutrition profiles. Introduction to the Access to Nutrition Indexes Rachel Crossley, Senior Advisor Poor nutrition underpins a major global crisis affecting both the developed and developing worlds. The World Health Organisation (WHO) estimates that nearly 800m people worldwide are chronically undernourished, with undernutrition an underlying cause of 45% of worldwide deaths in children under five. Meanwhile, 1.9bn people are overweight or obese, and 70% of deaths worldwide are caused by diet-related chronic diseases. Nutrition underpins every person’s ability to grow, learn, and work. Suffering from malnutrition has been proven to have a dramatic impact on long-term life outcomes. Investing in nutrition can unlock socioeconomic gains, affecting educational and employment outcomes, long-term health outcomes and the economy. It is one of the most critical issues that the food and beverage sector must grapple with, alongside sustainable food production and reducing food waste. The Access to Nutrition Indexes (ATNI) are designed to measure the contribution of the world’s largest food and beverage manufacturers to addressing these nutrition-related challenges. They have been developed and published by the Access to Nutrition Foundation (ATNF), an independent charity based in The Netherlands. Global Indexes: The first Global Access to Nutrition Index was published in 2013, followed by a second edition in 2016. The third Index is due to be released in early 2018, and every two years thereafter. These indexes are designed to provide an independent benchmark for investors, health advocates and companies by scoring and ranking companies’ policies, practices and disclosure on: Nutrition strategy, management and governance, and engagement with stakeholders and policymakers. Formulation and delivery of appropriate affordable and accessible products. Influencing consumer choice and behaviour. Spotlight Indexes: In addition to the Global Indexes, ATNF has developed single-country ‘Spotlight’ Indexes to assess food and beverage manufacturers in markets with a high double burden of malnutrition: countries with populations that are undernourished and increasing numbers of overweight and obese people. The first Spotlight Index for India was published at the end of 2016. The purpose was to provide stakeholders in India with an independent assessment of the extent to which the country’s ten largest food companies are addressing India’s nutritional challenges. ATNF is currently researching the first US Spotlight Index which will be published in mid-2018. Marketing of baby food: The indexes also include the only comprehensive assessments available of the policies, practices, and disclosure of the world’s six largest baby food manufacturers which gauge whether their marketing of breast milk substitutes (BMS) aligns with The International Code of Marketing of Breast milk Substitutes, still the gold standard in this area and very much a relevant issue today: UNICEF estimates that the deaths of 832,000 infants a year could be avoided if they were optimally breastfed. Each Global Index and Spotlight Index includes these assessments which include detailed primary research in key emerging markets. 3 keplercheuvreux.com Thematic & Impact Investing Product Profiling: ATNF is also pioneering the concept of Product Profiling. This involves assessing the nutritional quality of individual products made by the manufacturers. The first Product Profile was published as part of the India Spotlight Index. The nutritional quality of over 900 products made by the ten Index companies was analysed, as well as their suitability to market to children. Only around 12% of beverages sold by the Index companies and 16% of foods were of high nutritional quality. See page 111 for more detail on ATNF’s approach to product profiling. 4 keplercheuvreux.com Thematic & Impact Investing KECH research series on the UN’s SDGs This report is part of a series on the Sustainable Development Goals (or SDGs, set out in the 2030 UN policy agenda for sustainable development), including climate change, focusing on Sustainable Development Goals 2 and 3 in relation to healthy/sustainable food and lifestyles. Table 1: Sustainable development goals (SDGs) Goal 1 End poverty in all its forms everywhere Goal 2 End hunger, achieve food security and improved nutrition and promote sustainable agriculture Goal 3 Ensure healthy lives and promote wellbeing for all at all ages Goal 4 Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all Goal 5 Achieve gender equality and empower all women and girls Goal 6 Ensure availability and sustainable management of water and sanitation for all Goal 7 Ensure access to affordable, reliable, sustainable and modern energy for all Goal 8 Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all Goal 9 Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation Goal 10 Reduce inequality within and among countries Goal 11 Make cities and human settlements inclusive, safe, resilient and sustainable Goal 12 Ensure sustainable consumption and production patterns
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