Tag: Featured Articles

Investing in the Earth- Natural, Organic and Regenerative Food and Ag Surges in Popularity

Investing in the Earth: Natural, Organic and Regenerative Food and Ag Surges in Popularity

By Steve Hoffman, Compass Natural Marketing

> Back To May/June 2025 Issue

Steve Hoffman, Compass NaturalThe market for organic food and agriculture has grown significantly since the National Organic Program was first established in 2001, placing the USDA Certified Organic seal on products that qualify for this distinction. Today, it’s a $70-billion market that’s been growing an average of 8% per year. And while it may be maturing, younger consumers, including new parents and their babies, are eating it up. And now, in the post-pandemic era, investors are once again paying attention to the potential of organic and regenerative products and brands that take into account health and the environment, and how the way we produce our food and consumer products affects climate change.

A survey released in February 2025 by the Organic Trade Association (OTA), the industry’s leading trade group, found that organic’s benefits to personal health and nutrition are resonating deeply with Millennials and Gen Zer’s, making them the most committed organic consumers of any generation. Also, a February 2025 study by the Acosta Group, one of the nation’s top natural and organic products sales firms, reflected that 75% of all shoppers purchased at least one natural or organic product in the six months prior to the survey, with 59% responding that they think it’s important that their groceries and/or household products are natural and organic because they “are better for them” and “they tend to have fewer synthetic chemicals and additives.”

Natural and Organic Industry is a Force

Overall, the natural and organic products industry combined has more than tripled in size since 2007, growing from $97 billion in sales in 2007 to over $325 billion in 2024, according to data compiled by New Hope Network, SPINS (a division of Nielsen), Whipstitch Capital and others. The data was presented at this year’s State of Natural & Organic keynote presentation at Natural Products Expo West, the world’s largest trade exhibition for the natural, organic, regenerative, nutritional and eco-friendly consumer products industry, held in March 2025.

“Wow, this industry is a force,” said Jessica Rubino, VP of Content & Summits for New Hope Network, at the keynote presentation. “That is a tremendous amount of growth. Today, we’re defining the industry as the natural, organic and functional food and beverage space, dietary supplements and personal care.” According to Rubino, the industry grew 5.7% in 2024, exceeding expectations. “The biggest piece of the pie is food and beverage, followed by dietary supplements and then personal care.” Rubino also said that while personal care is the smallest segment, it is the fastest growing and a category to watch.

“Natural products are absolutely continuing to accelerate again. Of course, they’re all outpacing non-natural products, and that’s even with not a whole lot of new items coming through,” said Kathryn Peters, Head of Industry Relations for SPINS and one of this year’s keynote presenters. “We’re also seeing more buyers coming in. This is being driven across many areas of the store, whether it’s refrigerated, grocery or vitamins and supplements. So, it’s just a resilient, wonderful story of growth we see in the industry. And really importantly, the game is continuing to be all about smart, profitable growth.”

In addition, “Organic is still very solid and strong, moving about the same pace as natural,” Peters said. “Consumers obviously have a strong awareness more than a lot of other certifications and a confidence in organic.” Certified regenerative products, too, showed significant growth of 20% in 2024, the panel noted.

“In just a little over two decades, the USDA Organic label has earned deep trust among consumers and has become one of the most identifiable food labels in our grocery stores,” said Matthew Dillon, Co-CEO of the OTA.

According to OTA’s survey, more than half of U.S. consumers bought an organic fruit or vegetable in the last year. Consumers surveyed bought more bread in the last six months than any other food item, and 27% said they chose organic bread. For those surveyed consumers buying baby food, a whopping 93% chose organic. The USDA Organic label is particularly important for younger consumers, with over two-thirds seeking out the organic label in almost every food purchase. The Organic label was most valued in fresh food categories including fruits, vegetables, meat/poultry, baby food, eggs and dairy, and these items were the most likely products to be purchased as organic over the last 12 months. 

Regenerative Agriculture Draws Investor Interest

In addition, regenerative agriculture — a system of farming that seeks to sequester carbon by rebuilding healthy soil — is among the sectors attracting more interest from impact investors, despite being an underfunded sector. However, there is growing consensus that the increasing threat to biodiversity is unsustainable and regenerative agriculture urgently needs to scale up. Now, groups such as Regenerative Food Systems Investors Forum and Impact Investor are drawing investor’s interest to the space.

One of the primary challenges to investing in regenerative food and farming is due to the fact that it requires significant upfront investment to transition from conventional farming. As such, many institutional investors remain hesitant due to uncertain returns and long payback periods. “This transition to regenerative farming is a long term one. That’s why intensive agriculture is so widespread, because it’s a very quick win. This is why you need investors to be patient and be willing to take some of the first loss and risk. This then accelerates the amount of private capital that will come in, because risk is protected,” said Harriet Jackson of responsAbility, a Swiss impact investing firm, speaking at Impact Investor’s 2024 conference in The Hague.

“Today…we are at what appears to be a crucial point in the transformation of agriculture and food systems. The momentum for regeneration is distinct,” said Sarah Day Levesque, Managing Director of  Regenerative Food Systems Investment Forum, an investor’s organization seeking to build a more resilient food system. “There’s an increasing number of farmers pioneering the transition on the farm and increasing acreage. We can also see it in the incredible growth of organizations like EARA — the European Alliance for Regenerative Agriculture – designed to give rise to the voices of farmers in transition. Governments and public policy makers are acknowledging the very real risk presented by climate change and degradation of nature, including that caused by extractive agricultural practices. We are increasingly seeing policies and public sector investment that seeks to address these risks and support transition. Businesses and asset owners are starting to see and feel the importance of investing in nature and climate positive land use – seeing how critical investments in natural capital will de-risk production and create resilience in business models and investment outcomes.”

One organization seeking to foster investment in regenerative agriculture is the Boulder, CO-based Mad Agriculture, which in March 2024 launched Mad Capital, a $50 million investment fund aiming to de-risk regenerative and organic farming. With commitments from The Rockefeller Foundation, Schmidt Family Foundation and more, Mad Capital established its Perennial Fund II to provide loans to U.S. farmers to help them transition to regenerative and/or organic agriculture. The fund has made two closes and is “actively deploying capital to farmers,” said Mad Capital Cofounder and CEO Brandon Welch.

Natural and Organic Brands are Outperforming

From an investor’s perspective, the overall natural, organic and regenerative products industry is looking better than it has in some time, asserted Nick McCoy, Managing Director and Cofounder of Whipstitch Capital, at the State of Natural & Organic keynote at Natural Products Expo West. “Over the last couple of years there’s been a lot of talk and a lot of pain for the lack of liquidity in this industry. It’s been very difficult for founders to find money compared to pre-Covid. Right now, we’re sitting in a very similar point as we were in 2010 or 2011 facing the millennial launch and emerging from the great recession…when it was very difficult to raise small checks. So, what’s the hand of cards that we’re playing in this industry now? Well, we have natural products that are very attractive. They’re outperforming…consumers are running to them. We have positive ROI in cash invested. Cash invested is resulting in big revenue gains right now, and ultimately dollars chase dollars,” McCoy said.

“We may not have had as much M&A or fundings over the last two years, but…we’ve built a tremendous amount of value in this industry. And when you see more consumers spending more money in wellness, investment in M&A and other dollars eventually catch up and that’s what’s going to happen. CPG investors right now are sitting on a very large pool of illiquid but very attractive assets. There’s a lot of viable brands that are growing faster than basically the broader market… Interest rates are starting to stabilize. We’re seeing more fund closings and more investors getting more liquid money and the amount of illiquid value locked up is going up.”

According to McCoy, it’s not just the “big strategics” buying natural food brands. The natural products industry itself is seeing companies growing large enough to potentially become buyers themselves. “We’re seeing lots of talk about the IPO market starting again. Before 2021, I could probably count on one hand the number of brands that IPO’d in this industry. Now it sounds like it’s going to come back,” McCoy shared.

“There’re a lot of different ways that people get to liquidity,” McCoy added. “And once it does get liquid, then basically the money will flow from the bigger funds to the smaller funds, and the longer it takes, the more money these individual investors are going to get — surprising amounts. They thought they were going to get five times their money or 10 times their money investing in the company in 2015, and now it’s grown so large they get 50X when it sells. And that’s a true case of some that recently sold.”

According to McCoy, the $100-$300 million in revenue independent natural CPG brands — a group showing “tremendous growth” — represent major M&A and consolidation opportunity. “If we look at some of these recent high-profile deals, two, two and a half, three times revenue are where some of these things are trading. So, if we apply a two and a half times revenue multiple using SPINS sell-through data, you can see that this kind of locked up illiquid value that was $13 billion two years ago is up to $19 billion now. And when you think about a number like that, when that money starts to go back to investors, if you’re an investor and you put $25,000 into a company expecting to get $250,000 and suddenly you get $1.5 million, you’re going to be investing a lot more than $25,000 into other companies and that’s going to bring the liquidity back over these next few years. It’s really exciting to me.”

Article Resources:

  • The State of Natural & Organic — Keynote Presentation recorded at Natural Products Expo West 2025; watch here.
  • Nutrition Capital Network — With news, resources, and events, NCN brings together active investors and innovative companies in health, nutrition and wellness, www.nutritioncapital.com
  • Whipstitch Capital — A leading investment bank tracking the food & beverage and health & wellness space, www.whipstitchcapital.com
  • Big Path Capital — A leading investment bank and annual conference for impact investing and “Impact CEOs,” www.bigpathcapital.com
  • MAD Capital — An investment fund for regenerative and organic ranchers and farmers, www.madcapital.com
  • Regenerative Food Systems Investment Forum — An investor’s organization seeking to build a more resilient food system, www.rfsi-forum.com

 

Article by Steven Hoffman is Managing Director of Compass Natural, providing public relations, brand marketing, social media and strategic business development services to natural, organic, regenerative and sustainable products businesses. Contact him at- steve@compassnaturalmarketing.com.

Featured Articles, Food & Farming, Impact Investing, Sustainable Business

Why I Started a Food Innovation ETF by Elysabeth Alfano

Why I Started a Food Innovation ETF: A Journey from Personal Conviction to Growth Investing

By Elysabeth Alfano, VegTech Invest

> Back To May/June 2025 Issue

Elysabeth Alfano VegTech InvestA Childhood Realization

Not eating meat is one of my earliest memories. As a child, I simply couldn’t stomach it. The texture, the fat, the gristle—it all felt unnatural to me. I remember explaining to my parents that it just wasn’t appealing, but they were convinced I needed it to survive. So, under their watchful eyes, I tried to comply, but when they weren’t looking, I hid pieces of meat in my pockets, under the radiator—anywhere to avoid eating it. Of course, I was caught and grounded. In my young mind, I learned that eating meat wasn’t a choice; it was a societal expectation.

Confronting the Reality of Factory Farming

Fast forward to my 20s and 30s, and I had come to understand the realities of factory farming. I would mention to friends, “Do we really need pepperoni on that pizza?” The backlash was swift. “Oh, you’re such a tree hugger,” they’d say. I realized that everyone around me was participating in something they knew wasn’t right. Yet, because it was the norm, questioning it was met with resistance. It was a strange contradiction: people were aware of the problem but unwilling to acknowledge it openly.

A Turning Point in My Investment Journey

As I continued my career in finance, serving as Chief Investment Officer for a small family office, my perspective broadened. My focus shifted beyond personal choices to the broader implications of our food system. A turning point came during a Thanksgiving dinner with my nephew, a member of the University of Oregon football team. He told me that his team’s nutrition coach had banned meat and dairy during the season. This revelation struck a deep chord. I had known all along that my body rejected these foods, and now, science and performance nutrition were affirming what I had always felt instinctively. That day, I made a decision: I would no longer let societal pressure dictate my choices. I changed my diet on the spot. 

The Business Case for Food Systems Transformation

Once my diet changed, my business instincts kicked in. I started analyzing the food industry through an investment lens, and what I discovered was staggering. The inefficiencies in the food supply chain were glaring. Factory farming was not just environmentally disastrous — it was a poor business model. The numbers were irrefutable: 32% of the world’s methane emissions come from animal agriculture, primarily cows. Deforestation, biodiversity loss, food insecurity — all traced back to the same source. Our current system consumes vast amounts of land and water to produce a fraction of the calories needed to sustain the world’s population. With global demand for meat projected to rise by 50%, and no corresponding increase in land or water, the consequences of inaction were clear: food could become a privilege of the wealthy, leading to geopolitical instability. 

The Need for an Investment Solution

Where there is inefficiency, there is innovation. Thus, I saw a massive investment opportunity in food system transformation, a total addressable market estimated at $9 trillion to $14 trillion. Just as we transitioned from landlines to mobile phones, from horse-drawn carriages to automobiles, our food system is on the cusp of a transformation. Investing in companies pioneering sustainable food solutions wasn’t just ethical — it was financially sound. The U.S. Department of Defense is now allocating significant funds to food innovation as a matter of national security, a strong market indicator that more global investment is to come and that de-risking these innovations from government is highly likely.

Further, the World Bank projects that $450 billion to $650 billion will need to be invested annually in food system transformation over the next decade, a massive opportunity for investors. As far as impact, The Boston Consulting Group found that investing in diversified proteins was up to 40 times more effective at reducing greenhouse gas emissions than investments in other green technologies.

It seemed logical to me that I would invest for the small family fund in this opportunity as part of an overall growth and impact strategy. Investing in private opportunities is much too risky with no liquidity so that wasn’t an option. When I looked for an investment vehicle in the public markets that focused on sustainable food systems transformation, I found nothing. There were ESG funds that excluded certain companies, but exclusion alone doesn’t drive innovation. The growth opportunity is investing in the companies actively creating the solutions — the innovators in AgTech, biotech, fermentation technologies, regenerative ingredients, diversified supply chain innovations, and sustainable materials.

Creating VegTech™ Invest

Dr Sasha Goodman, CIO for VegTech InvestI didn’t want to invest in high-risk private equity or tiny startups that lacked scale and distribution. I wanted to invest in the companies large enough to drive real impact, with the supply chain infrastructure to transform the global food system. Since no ETF met these criteria, I considered building one myself. This became a reality when I met my VegTech™ Invest business partner and Chief Investment Officer, Dr. Sasha Goodman who, for the same business reasons, had also been on a path to investing in food system transformation in the public markets. This serendipity is how our food innovation ETF was born.

Today, our ETF is the first US thematic to focus on sustainable food system transformation, investing in companies leading the way toward a resilient food future. We are proud that Ethos ESG has recognized our fund as carbon neutral without buying offsets. The companies in our fund have a global warming potential of just 1.18 degrees Celsius — well below the Paris Accord’s 1.5-degree target and significantly lower than the S&P 500’s projected 2.86-degree impact. We believe we have firmly captured the growth and impactful large-scale opportunity of food system transformation.

Investing in the Future of Food

By investing in the innovators redefining how we feed the world, we are investing in a more sustainable, resilient, and secure future. For investors seeking both high-growth potential financial returns and meaningful impact, our fund provides an opportunity to participate in a transformation that is already underway.

What started as a personal journey has become a professional mission. Food systems transformation isn’t just an investment thesis — it’s an investment in the future of our planet and its people. And for those of us willing to embrace this change, the potential rewards—both financial and societal — will be profound.

You can learn more at VegTechInvest.com.

Read Elysabeth’s November 2024 GreenMoney article “The Growth and Impact Potential of Investing in Food System Transformation”.

 

Article by Elysabeth Alfano, CEO of VegTech™ Invest, Advisor to the Food Innovation ETF, and the voice of sustainability for Advisorpedia magazine, hosting the Upside & Impact: Investing for Change podcast.

Energy & Climate, Featured Articles, Food & Farming, Impact Investing, Sustainable Business

Niman Ranch’s Outsized Impact on Local Economies by Katherine Miller

Niman Ranch’s Outsized Impact on Local Economies

By Katherine Miller, Niman Ranch

> Back To May/June 2025 Issue
Katherine Miller, Niman RanchAbove: Niman Ranch supports more than 600 U.S. family farmers and ranchers–many are second- and third-generation farmers who inherited land from their parents and grandparents.

Since the beginning, Niman Ranch has set out to be a different kind of meat company — one focused on holistically boosting the family farms in its network, the animals they raise and the environment in which they produce them. In a head-to-head analysis with conventional producers, Niman Ranch’s values-driven approach to business was found to be a boon for local farming communities, producing a higher number of jobs and positively contributing to the regional economy in Iowa.

The study, conducted by Dave Swenson, an economist at Iowa State University, quantified for the first time Niman Ranch’s significant contributions to the local economy in jobs and labor income. The report found that Niman Ranch’s contributions are nearly double those of conventional producers. Swenson’s analysis focused on the impact in Iowa specifically, but the conclusions can be applied more broadly as Niman Ranch farmers are found in 20 states across the U.S.

Niman Ranch is well-known for its premium pork, beef and lamb which are available in fine-dining restaurants, values-driven fast casual chains and grocers across the country. The company works with a network of over 600 small- and mid-size independent family farms that all uphold high standards of sustainable and humane farming practices. In return, farmers receive a stable, premium market for their products.

“We focus on the triple-bottom-line,” said Chris Oliviero, former general manager of Niman Ranch, referencing the business concept that places equal value on people, planet and profits. “This study reinforces that as we make more commitments to increasing our positive environmental impacts, we don’t have to compromise on our support for family farmers and their communities,” Oliviero continued.

Niman Ranch works with a network of over 600 small- and mid-size independent family farms that all uphold high standards of sustainable and humane farming practices
Since the company’s founding nearly 50 years ago, Niman Ranch livestock have been humanely raised according to the strictest animal handling protocols. This is better for the farmers and the animals and is an essential ingredient in our recipe to produce the finest tasting meat.

Overall, Iowa’s 195 Niman Ranch farms created 339 jobs statewide. For every 100,000 hogs produced, Niman Ranch produces 2.5 times more jobs across the state than its conventional counterparts.

These workers, in turn, contribute millions to the Iowa economy through taxes and household purchases. Niman Ranch farmers and their employees also participate in every aspect of Iowa life.

“Regional economies are built on local economies. Local economies are built around needs and people,” said Ron Mardesen, an Iowa farmer who has sold pigs to Niman Ranch for over 20 years. “Smaller independent family farmers need a place to buy gas, we need a place to buy groceries, we need a place to buy feed, we need a veterinarian, we need a school for our children, we need a place to worship.”

“Niman farms depend on having more people working on them, and that is a selling point. More people working locally helps create stronger linkages to the local and regional economy,” said Swenson.

Local Job Creation Has a Main Street Effect

Niman Ranch farmers also lead the way with higher industry average wages and individual profits from hog production.

“This is the Main Street effect,” according to Swenson. “The small farmers in Niman’s network hire more people, spend more regionally and their employees also spend their money closer to home.”

The study showed that for every $1 million in direct sales, Niman farms produce 14 jobs and generate an additional $1.03 million in other economic outputs, including labor income and value-added spending.

“We can’t reverse the decline in rural economies ourselves, but our farmers are making a real difference,” shared Oliviero. “Our support helps them stay in their communities and grow. When they grow, our farmers and everyone they buy from, and those they employ, contribute to their home economies. This makes our towns, communities and businesses stronger and more stable,” he continued.

Niman Ranch farms make contributions that go beyond just purchases, transactions and dollars. They are part of strong, vibrant communities and are helping build the next generation of farmers.

“Pride of ownership and pride of earner-ship are both byproducts of a Niman Ranch farm,” said Mardesen. “Many Niman Ranch farms are multigenerational farms. Many rely on part-time help. On my farm, for example, over the years I have hired over 20 young people to help part-time on the farm. Watching these young people leave here and go on to establish successful businesses of their own is a gift I am truly proud of.”

Niman Ranch is so committed to supporting young farmers that it has a scholarship and grant program. Since its inception in 2006, the Niman Ranch Next Generation Foundation has awarded over $1.5 million in direct support for young farmers.

Significant Positive Contribution to the Local Economy

When comparing the two approaches — conventional and Niman Ranch — to hog production in Iowa, Swenson looked at the outputs generated per 100,000 marketed animals. The data clearly show that Niman Ranch’s economic contributions per 100,000 hogs are significantly higher than of conventional producers.

“This study shows the multiplier effect. If we can keep farmers in business, then they will keep contributing to the economy,” said Oliviero.

According to the study, conventional producers hired nearly 115 workers and generated almost $36 million in hog value, worker income and other expenditures in Iowa per 100,000 hogs. In direct comparison, Niman Ranch’s economic contributions are significantly higher. Niman Ranch producers hired 290 workers and generated almost $60 million from hog sales, related expenses and worker incomes.

“Local economies would prosper if more adopted Niman Ranch’s approach, instead of conventional production,” said Swenson. “The more hogs Niman produces, the better the results for the regional economy.”

The Market Supports Niman’s Approach

Niman Ranch farmers uphold high sustainable and humane farming standards, with higher costs of production than conventionally raised animals.

It’s clear, however, that Niman farmers receive more for their animals than conventional producers: Niman Ranch pays its partner hog farmers a premium that is tied to the cost of inputs. This payment model ensures margin is built into the program, shielding farmers from the rollercoaster of the conventional market and providing critical stability. This model allows farmers to budget and plan. This assurance results in more innovation, measured growth and adoption of sustainable practices.

“Our farmers are guaranteed a premium payment for their hogs, and that helps them create more stable businesses,” said Oliviero. “If their businesses are stable, they can make the necessary investments in regenerative methods and adding more employees.”

A recent survey of Niman Ranch farms found high adoption rates of regenerative practices including diversified crops and livestock, planting cover crops, reduced tillage, pollinator habitat and more.

It is also clear that Niman Ranch’s rigor and holistic approach provides benefits for farmers, their businesses and the local community, which help everyone build for the future.

“By contemporary standards my farm is small. I cannot generate the volume large enough to keep up with the big boys. I can, however, concentrate on quality,” said Mardesen. “The premium Niman Ranch pays me allows me to manage my farm in a positive, productive way. Niman Ranch gives me the chance to plan for the future of the farm, instead of worrying about there being a future for the farm.” 

 

Article by Katherine Miller, a partner and advisor to Niman Ranch. Katherine is an award-winning communications executive, campaign strategist, and social media expert. The author of “At the Table: The Chef’s Guide to Advocacy” and the upcoming “Beyond the Table: An insider’s Guide to Creating and Running a Sustainable Food Business”, Miller works with foundations, companies, and nonprofits to design and implement new programs and initiatives. 

Featured Articles, Food & Farming, Sustainable Business

45 Years of Sustainability at Frey Vineyards by Molly Frey

45 Years of Sustainability at Frey Vineyards

By Molly Frey, Frey Vineyards

> Back To May/June 2025 Issue

Molly Frey, Frey VineyardsFrey Vineyards sits at the heart of Mendocino County in Redwood Valley, tucked into the hills of Northern California. There, the Frey family grows organic grapes in organic vineyards and makes organic wine. Wine Enthusiast awarded Mendocino County the AVA (American Viticultural Area) of the Year award for 2024, in large part due to the sustainable winery practices in this area. Mendocino County is California’s greenest AVA, in large part, thanks to the efforts of the Frey family’s presence here. In addition to championing Organics and Biodynamics in winemaking, the Frey family has purchased tons of grapes over the years from local wineries, thereby encouraging the growers in the area to go Organic or Biodynamic.

What distinguishes Frey from many other businesses is that many of the family members work and live at Frey Vineyards. When Jonathan and Katrina Frey established Frey Vineyards, they were really organic farmers that took an opportunity to pioneer the organic wine movement here in the United States. They weren’t businesspeople looking to capitalize on a niche market; they were a family devoted to organic farming and gardening that decided to create the organic category in viticulture and winemaking. Their savvy business sense came out of the necessity of wanting to and needing to promote the category of Organics.

Before 1980, there weren’t any certified organic wineries in the US. Part of Frey’s mission from the beginning therefore has been to establish and sustain credentials that help the consumer to make informed choices. In 1980 when the family became the first certified organic winery in the country, there weren’t any credentialing agencies available at the federal level. The then newly bonded Frey Vineyards turned to California Certified Organic Farmers (CCOF) to help them make the first organic standard.

Katrina and Jonathan Frey of Frey Vineyards
Katrina and Jonathan Frey

As time passed, Jonathan and Katrina Frey educated about organics at trade shows, to retail store operations, and for the general public. Their marketing efforts in the first several years of the business considerably helped to create and legitimize the organic category; by the mid-80s, Jonathan Frey worked with CCOF to draft the processing standards that became the NOP (National Organic Project) administered by the USDA. And, since then, Frey Vineyards has been certified organic by the USDA at the federal level.

In particular, Frey worked hard to ensure that the organic standard would not be diluted. To be certified organic, a bottle of wine must be made with high-quality organic grapes, and the wine must be produced organically with no additives, preservatives or synthetic chemicals.

As a green business, Frey noticed that conventional wine could be made with grapes sprayed with a litany of pesticides, fungicides and chemicals and also processed with literally dozens of different chemicals and processing aids. The family took every interest in doing something different, to find a greener way. There were initially about eight acres of (organic by default) wine grapes on the Frey property. The family maintained, pruned, and harvested them to sell off to other wineries for production in the 1960s. As the family made the decision to try their hand at wine production themselves, they expanded that initial investment by planting several different organic varietals on the home property. Today, Frey maintains about 350 acres of vineyards in Mendocino County, in Northern California.

The commitment to growing and processing organic wines sets Frey aside. The organic wine standard requires that the wines be made without added chemicals during growing or fermenting. While the Freys are still one of the few wineries producing certified organic wine, the market is growing considerably.

In fact, there are now two tiers of organic wines under the USDA. One category, that of “made with organic grapes” wines, has grown immensely in the last decade, with a flourish of wines who use organic fruits, but aren’t certified organic.

These wineries have made a commitment to organic agriculture, but don’t use organic methods to produce their wines. They are still allowed to use sulfites and other synthetic processing aids during their winemaking process. For that reason, they do not feature the USDA organic seal on their labels.

Conversely, when you purchase a bottle of any wine made at Frey Vineyards you are drinking a wine that was consciously made without any chemicals at any step of the process; Frey wines are organic from the grape to the glass, and every wine we make features the USDA organic symbol on the label. In addition to the original line of Frey wines from 1980, Frey Vineyards has branched out to expand their wine offerings considerably in the past five decades. Reaching new consumers within the organic wine market with the production of many new varietals on the Frey label, the Vineyards now produces a Pacific Redwood line, a collaboration with Kwaya Cellars, and also several Frey Biodynamic labels. This commitment to organic sets Frey apart in terms of sustainability both as a business and as purveyors of organic goods. Ever striving towards the greenest means possible of growing, fermenting, packaging, and delivering excellent wine, the Freys also helped pioneer the Biodynamic wine category by becoming the first certified Biodynamic winery in the country.

Farming for the Future at Frey Vineyards-Katrina Frey

Demeter, the certifying body for Biodynamics, created the Biodynamic wine standard while Katrina was the president of the board. Biodynamic agriculture supports soil health through the application of various Biodynamic compost preparations to increase fertility. And, Katrina is particularly proud that she helped put into practice the requirement that farms maintain at least 10% of their land for native plants and biodiverse habitats. Frey Vineyards transitioned to Biodynamic viticulture in the 1990s. With the help of Frey’s Vineyard Manager, Derek Dahlen (who has a Masters Degree from New College in Biodynamics) and world-renown Biodynamic preparations maker, Luke Frey, Frey Vineyards has been able to create over ten different Biodynamic wine offerings. These high-quality estate grown and processed wines offer a tier of value-added purity and terroir for the conscious consumer.

Frey Wine Varieties 2025

Since Frey Vineyards’ inception as the first certified organic winery producing organic wine in the 1980s, the market has seen a steep increase in the number of organic wines available. Likewise, Biodynamic wines are increasing in popularity as the market sees how a high-quality wine can be made from Biodynamic grapes. How lovely to see the sustainable wine categories gaining recognition in the industry, as Biodynamics as a movement gains market traction, and the new category helps influence consumer choices towards the pinnacle of sustainability. When Frey set out to make wine, creating the greenest possible business led the way. Now, as Frey Vineyards celebrates their 45th anniversary, they are reflecting on the path that they have helped establish not just for their own wines, but for the greenest industry standards in the wine business!

 

Article by Molly Frey, who has spent most of the last two decades homesteading at Frey Vineyards with her husband and their son. In addition to over a decade raising a herd of goats that she walked through the vineyards as part of Frey’s Biodynamic program, Molly took on coordinating Frey’s social media presence for the last couple years. She is now becoming a traveling wine rep, bringing Frey wines all across the USA.

Featured Articles, Food & Farming, Sustainable Business

Elizabeth Alm of Saturna Capital in the Valley of the Nobels in Egypt

Uncovering the Wonderful World of Fixed Income Bonds

By Elizabeth Alm, Saturna Capital

> Back to March/April 2025 Issue

Elizabeth Alm Saturna Capital

Elizabeth and an Egyptian man in the Valley of the Nobels in Egypt

Twenty years ago, I was standing inside a tomb near Luxor, Egypt, watching as the lid of a sarcophagus was opened. The lead archaeologist on our team was leaning over a mummy that no one had seen for millennia, delicately cleaning off sand with a small brush. I’ll never forget the dusty air that made the light feel almost solid, or the feeling of wonder as the lid was lifted. Beyond the exit of the tomb lay an expansive vista of the Nile, a slice of vibrant green cutting through the rolling sunbaked mountains of the desert.

There are moments in life that change your perspective forever, and at that moment I felt like all of us gathered in that tomb were connected to this person who lived thousands of years ago. History was made tangible. Everyone on the team came from different walks of life, perspectives, and religions, but our shared goal connected us to each other. Borders and preconceptions fell away in the face of a larger goal.

In my weeks working on the dig, we unearthed an incredible story spanning from ancient to modern times, collecting disparate pieces of information to understand events. I came to appreciate that uncovering layers and looking deeper isn’t exclusive to archaeology. I saw a tapestry where people, place, culture, context, and planet were essential for true understanding — not only of the past, but of the present and the future.

Theban Necropolis in Egypt - courtesy of Saturna Capital
Theban Necropolis in Egypt

While far from the traditional path, the transition from archaeology to bonds may not be as radical as it first appears. Many aspects of the bond market, especially in inefficient or emerging markets, require a lot of digging. I feel like a detective in my work, gathering information from various sources and perspectives to construct a narrative. I often get sideways, skeptical glances when I exclaim, with passion, that I love bonds.

I still have the same sense of wonder I had in that tomb halfway across the world, but now it’s directed toward investing with a global perspective and a sustainable lens. With 17 years in the world of fixed income, I am part of the 12.5% of portfolio managers who are women, working every day to gain a deeper understanding of our world and the systems that function within it.

Journey to Finance

Some people know finance is their future. For me, the decision was based on need. The looming specter of six-figure student loans cast a dark shadow on my plans to be an archaeologist. I wanted a career that had the intellectual feeling of archaeology, but with more hope of digging myself out of debt. I found sustainable finance by pure chance. A roommate connected me with a venture capital firm specializing in green energy.

Graduating college, it took more than 50 interviews to find a firm that appreciated my non-traditional background and gave me a chance in a rotational investment management program. I started from scratch, opening Excel for the first time in my life on my first day of work and learned bond basics on the job. Taking night classes and studying for the CFA exam led me to the municipal bond market where I finally found my ideal fit. Bond analysis is a complex puzzle, perfect for curious minds seeking connections between financial markets and real-world outcomes.

A decade later, I transitioned to global bonds and sustainable debt investing. Bonds, though often overlooked, are uniquely tangible and integral to our daily lives. They finance the infrastructure we use every day — the schools we attend, the roads we drive — and can direct money toward specific projects. These properties make them vulnerable to climate risks, yet crucial to financing a sustainable economy.

Unearthing Climate Risks and Opportunities

Climate change poses significant challenges to our globalized world, demanding innovative research for evaluation. The human and economic toll of climate change is already evident, with rising temperatures causing increasing deaths, and climate disasters claiming the lives of more than 12,000 people globally in 2023. Food scarcity, wildfire smoke, water shortages, and flooding are impacting the quality of life for millions.

The challenge for investors has always been how to navigate these risks and incorporate their analysis into the investment process. There is still no consensus on the potential impact to financial markets or how much risk is currently priced into the markets. Academic journals largely ignored climate-related financial risk until about 2010.

However, a there is growing body of literature on asset pricing not reflecting the risk and we could see global gross domestic product losses up to 12% for every degree of warming. Under this scenario, a 3 C temperature increase could cause declines in output, capital, and consumption that exceed 50% by 2100 — a material risk for investors. Even today, we see that sovereign debt issued by countries with very high physical risk from climate change have a default probability more than 18% higher than countries with low risk.

This highlights why investing with a global perspective is critical. The emerging markets and developing economies account for 95% of the increase in global greenhouse gas emissions. Despite this, they only account for 14% of global climate finance. There is a massive funding gap, and the bond market will be an important tool going forward in filling it. The growing market for green, blue, and sustainable bonds offers unique opportunities, but also requires critical evaluation of each project.

One of the reasons I have chosen my current firm is because values-based investing is at Saturna’s core and has been for since the company’s inception more than 30 years ago. Our approach to assessing climate resilience is comprehensive, examining carbon emissions trends, sector-specific risks, governance, and opportunities in the low-carbon transition. We also look to an investment’s ability to effect positive change, including bond issuers’ potential positive impact.

Looking Toward the Future

As we face an uncertain future, the need for sustainable debt investing grows. My work reminds me daily of the important connections between people, planet, and investments. When I stepped out of that tomb in Egypt and felt the blazing sun on my skin, I had no idea that my current job even existed in the world. My hope is that future investors look beyond traditional boundaries and uncover unexpected opportunities in the world of finance.

We need people with diverse backgrounds and intellectual curiosity to forge the way ahead in the fixed income market. There has never been so much opportunity for change, nor risk if change is not realized.

 

Article by Elizabeth Alm, Senior Investment Analyst and Portfolio Manager focused on integrating sustainability into fixed-income investment strategies at Saturna Capital. She has been at Saturna since 2018 and is a portfolio manager on several fixed-income mutual funds with strategies in global and emerging market sustainable bonds and US domestic markets.

Prior to joining Saturna, Ms. Alm spent 11 years at Wells Fargo Asset Management as a senior research analyst, focusing on high-yield and investment-grade municipal bonds. As part of her previous role, she also worked on the management of several municipal SMA strategies. Ms. Alm is a Chartered Financial Analyst® (CFA®) charter holder. Originally from Connecticut, she graduated from New York University with degrees in Economics and Anthropology, including field work completed in Luxor, Egypt.

Energy & Climate, Featured Articles, Impact Investing, Sustainable Business

The Power of Women and Collective Action in Investing for Change by Janine Firpo

The Power of Women and Collective Action in Investing for Change

By Janine Firpo, Invest for Better

> Back to March/April 2025 Issue

Above: Invest for Better’s gathering in San Francisco to bring together women for a night of fun and conversation on their shared passion of making a difference with their money.

Janine Firpo-Invest for Better co-founderIn 1995, I set off on a solo backpacking trip through Sub-Saharan Africa, where I witnessed poverty on a scale I had never seen before. That journey altered the course of my life. At the time, I had just left my job as a VP at a technology startup. When I returned, I knew I wanted to dedicate my career to building a more equitable and sustainable world. What I didn’t realize then was that this decision would eventually lead me to rethink how I invested my money — and to uncover the power of collective action.

Breaking Barriers in Values-Aligned Investing

When I first explored values-aligned investing, the concept was still emerging. Conversations about impact investing largely revolved around institutions and high-net-worth individuals. But what about the rest of us? Could someone like me — without formal financial credentials — learn to align my investments with my values? The journey wasn’t easy. I trusted financial advisors who mismanaged my money, navigated unfamiliar financial landscapes, and experimented repeatedly before gaining confidence in managing my finances.

Eventually, I realized I wasn’t alone. Many brilliant, capable women had been excluded from financial conversations. That realization led me to write Activate Your Money: Invest to Grow Your Wealth and Build a Better World. The book wasn’t just mine — it was shaped by certified financial planners, financial leaders, and women who shared their insights as thought leaders and reviewers. It was a collective effort, just like the movement itself.

At the same time, I co-founded Invest for Better, a nonprofit equipping women with the tools and confidence to align their money with their values. Through Invest for Better, I’ve experienced firsthand the extraordinary impact women can have when they come together, share knowledge, and take action. This movement isn’t about going it alone—we are in this together.

Women as a Financial Force

Women are poised to become a financial force like never before. By 2030, women are expected to control $34 trillion, or 38%, of the wealth in the United States — a dramatic increase from $7.3 trillion just a decade ago.1 Yet the financial industry has been slow to recognize and adapt to this shift.

Historically, women have been excluded from financial decision-making. It was only in 1974 — just 50 years ago — that the Equal Credit Opportunity Act guaranteed women the right to access credit without a male co-signer. Despite these barriers, when women do invest, they often outperform men. A Fidelity analysis of over 5 million accounts found that women’s portfolios earned 0.4% more annually, largely because they traded less and made more strategic decisions.2

Women also invest differently. Studies by BNY Mellon show that women are more likely to prioritize investments with positive societal and environmental impacts.3 Yet, over half of women say they would invest, or invest more, if their portfolios reflected their values. This is where organizations like Invest for Better come in — creating spaces for women to gain financial confidence and take meaningful action.

Janine Firpo with Philly's Invest for Better members and ImpactPHL
Janine Firpo with Philly’s Invest for Better Circle members and ImpactPHL to discuss impact in Philly area and beyond

The Ripple Effect of Collective Action

Research shows if women had participated in the economy identically to men, it would have added up to $28 trillion, or 26 percent, to annual global GDP by 2025, this year, compared with a business-as-usual scenario.4 Additional research shows that if women invested at the same rate as men, that would translate to an additional $1.87 trillion flowing into socially responsible investments.

Investing with purpose isn’t just about numbers — it’s about real impact in our communities and for our planet. Imagine investing in affordable housing developments that provide stable homes for families, or in businesses that prioritize fair wages and worker well-being. Consider the potential of funding regenerative agriculture, which rebuilds soil health while supporting small farmers. Across all asset classes — stocks, bonds, cash, real estate, and alternative investments — there are opportunities to direct capital toward solutions that improve lives and protect our environment.

This is why we’re launching a national campaign to reframe how women view their financial potential. We don’t have to wait for change; we are the change. At Invest for Better, we’ve built a community where women support one another in learning, investing, and growing. We offer free events, resources, and our Circles program — small groups of women who come together to learn how to align their wealth with their priorities.

The results have been inspiring. One woman who joined our Circle program went on to create a fund with her husband focused on charitable grants and impact investments addressing poverty, financial inclusion, and racial justice. Another woman, a finance influencer, rebalanced her portfolio after participating in one of our deep-dive courses.

Collective Action Includes Everyone

While this movement highlights the power of women’s financial engagement, it’s not just about women. Men have a vital role to play in advancing values-aligned investing and ensuring financial decision-making is more inclusive. When men actively support women’s participation in investing, they help unlock a greater flow of capital into initiatives that create sustainable, equitable change.

Many of the most effective investment strategies involve collaboration across genders. Families, partners, business leaders, and financial professionals can all work together to make investment choices that align with shared values. By engaging men in this conversation, we amplify our collective ability to drive systemic change. We need all hands on deck — this is a movement for everyone who believes in leveraging money as a force for good.

Your Money, Your Values

If there’s one thing my journey has taught me, it’s this: our individual actions create powerful ripple effects. Every decision we make — whether aligning our investments with our values or helping others do the same — can contribute to solving the global challenges we face.

Values-aligned investing isn’t just about making money; it’s about making capital markets work for people and the planet. It’s about addressing systemic inequities, improving quality of life, and ensuring a better future for the next generation. These are not abstract ideas; they are urgent human concerns that demand action today.

The future is in our hands. Together, we can shape it. Let’s harness our collective power and take bold steps toward a more just and sustainable world. We hope you’ll join us.

 

Article by Janine Firpo, who is a values-aligned investor and social innovator. In 2017 she left a successful 35+ year career in technology and international development to focus on how women can create a more just and equitable society through their financial investments. Her book, Activate Your Money, was published in May 2021. Later that year, Janine co-founded Invest for Better, a non-profit organization that helps women invest their money in ways that align with their values. In 2024, Forbes named Janine one of “50 Over 50” female leaders who continue to make impact later in life.

Footnotes:

[1]  https://www.bnnbloomberg.ca/business/economics/2024/12/09/massive-wealth-transfer-will-give-women-us34-trillion-by-2030/

[2] https://www.bankrate.com/investing/women-and-investing/#women-and-investing-by-the-numbers

[3] https://www.bankrate.com/investing/women-and-investing/#women-and-investing-by-the-numbers

[4] https://www.mckinsey.com/featured-insights/employment-and-growth/how-advancing-womens-equality-can-add-12-trillion-to-global-growth`

Featured Articles, Impact Investing, Sustainable Business

Investing in Diverse Founders is Good for the World and Your Portfolio by Laurel Mintz of Fabric VC

Investing in Diverse Founders is Good for the World and Your Portfolio

By Laurel Mintz, Fabric VC

> Back to March/April 2025 Issue

Above image courtesy of Fabric VC

Laurel Mintz Fabric VCChange isn’t coming – it’s already here. Venture capital is undergoing a seismic shift, and if you’re not investing in women-led and diverse startups, consider this your wake-up call. Investors who aren’t yet looking at the untapped potential of these founders are missing out on some of the most exciting and profitable return opportunities in today’s financial markets.

At Fabric VC, we’ve seen first-hand how shifting the landscape to investing in diverse founders isn’t just the right thing to do – it’s a winning strategy towards creating stronger returns and sustainable businesses. This is where opportunity meets impact, and the results speak for themselves.

The Power of Diverse Leadership: A Market Advantage

Here’s the thing: diversity isn’t just a buzzword – it’s the key to better business outcomes. The days of the old boys’ club running the show are numbered, and as the world of business evolves, so too does the understanding that diversity – whether gender, racial, or socio-economic – is directly correlated to better business outcomes. Studies show that companies with more women in leadership positions perform better financially, are more innovative, and are able to navigate change with agility. These aren’t just feel-good facts – they’re statistics that should make any investor sit up and take notice.

Diverse leadership isn’t a ‘nice-to-have.’ It’s a competitive edge. When you invest in founders who bring unique perspectives to the table, you unlock untapped markets and innovative solutions that others might overlook. That’s a pretty solid argument for why diversity is more than just a buzzword – it’s the future of investment.

Closing the Inequality Gap: The Business Case

Let’s address the elephant in the room – the venture capital industry has a diversity problem. A staggeringly small percentage of funding goes to women and minority founders. This isn’t just a moral failure – it’s a missed financial opportunity. Diverse teams don’t just create products – they create solutions that resonate with a global audience with trillions in buying power. At Fabric VC, we’re actively seeking out these opportunities and providing them with the resources and mentorship they need to succeed.

But the true value of supporting these founders goes beyond equality – it’s about the immense potential for growth. Diverse teams are more likely to create products and services that cater to a broader audience, better positioned for success in a global marketplace. This isn’t just philanthropy – it’s smart business.

The venture capital industry has a diversity problem - Laurel Mintz

Fabric VC’s Model: More Than Just Investment

At Fabric VC, we don’t just write checks and hope for the best. We’re in the trenches with our portfolio companies with our sleeves rolled up ready to help them scale, strategize and succeed because we’re dedicated to helping diverse founders break through the barriers that have traditionally kept them from accessing capital.

What sets us apart? We don’t just look for great ideas – we look for founders who are committed to building companies that will make a lasting impact on the world. Whether creating jobs, solving pressing social issues, or transforming industries, these founders are not just changing the fabric of venture capital – they’re changing the fabric of society. This mission is personal to me. With a J.D and M.B.A. from Rutgers University and over sixteen years of running the award-winning marketing agency Elevate My Brand, I’ve had the privilege of working with more than 400 companies from global brands like Facebook, Verizon Digital Media, Geico, PAW Patrol, and Zendesk. I’ve seen firsthand what it takes to build something meaningful and enduring. There’s something that just hits different as the kids would say, when you’re an operator turned investor. The deep understanding of what it takes to successfully launch and sustain a company is one that most GPs frankly have never had and, we believe, one of the many things that sets us apart and sets us up for providing true value to our portfolio companies.

The ROI of Impact: Why Diversity Drives Returns

Let’s talk numbers, because at the end of the day? ROI Matters. Here’s the truth: Investors who support diverse founders aren’t just championing equality – they’re investing in some of the highest-potential businesses in the market. As food for thought; in 2023, female founders secured almost 28% of total U.S. deal value, surpassing All Raise’s 2030 goal of 23% years ahead of schedule. This momentum isn’t limited to women founders either, in 2021, Black-led venture funds also announced record raises of capital to over $100 million for the first time. The data speaks for itself; startups led by women and underrepresented minorities often outperform those with traditional, homogenous leadership teams.

Diverse-led teams are a force to be reckoned with, they’re the top talent, powerhouses of innovation and masters of scalability. Investors who see the business opportunity here aren’t just championing for a cause, no; they’re making strategic financial decisions that position them for a larger pool of high-growth opportunities.

How You Can Get Involved

At Fabric VC, we are always on the lookout for forward-thinking investors who want to be part of this change. Whether you’re a seasoned venture capitalist or a newcomer to the space, there are countless ways to get involved and make an impact.

We offer a unique opportunity to partner with us in identifying and nurturing diverse, high-potential companies. By supporting these founders, you’re not just investing in a company – you’re investing in the future. And with our proven track record of success, we’re confident that the returns on this investment will speak for themselves.

What’s Next For “ESG” Investing

The Future Is Diverse, and So Is the Market. The venture capital landscape is evolving, and investors who aren’t adapting will find themselves left behind because the future isn’t shaped by outdated and homogenous teams. The future is shaped by leaders who solve problems creatively and innovate fearlessly – those who are rethinking what it means to create, scale, and succeed.

At Fabric VC, we’re proud to be at the forefront of this revolution. We believe that by investing in diverse founders, we’re not just helping to close the inequality gap – we’re setting the stage for a more prosperous, inclusive, and innovative future. And for investors, that’s the ultimate opportunity.

Interested in learning more about how you can get involved and start investing in diverse founders today? Visit Fabric VC to explore opportunities and join us in reshaping the future of venture capital.

 

Article by Laurel Mintz J.D., M.B.A. is the CEO and Founder of award-winning, Los Angeles-based marketing agency Elevate My Brand serving both startups and blue chip global brands like Facebook, Verizon Digital Media Group, PAW Patrol, and Zendesk. Using her experience working with more than 400 companies in the CPG and technology spaces, Laurel launched Fabric VC, in 2022, to provide alpha returns while doing good by investing in diverse founders who have proven to outperform. She is the General Partner and Founder of Fabric VC

Featured Articles, Impact Investing, Sustainable Business

No Time to Waste for Women to Shape a Better World by Deirdre Gibson Praxis Investment Mgmt

No Time to Waste for Women to Shape a Better World

By Deirdre Gibson, Praxis Investment Management

> Back to March/April 2025 Issue

Deirdre Gibson Praxis Investment MgmtAfter she had her first child and came back to work, my then-colleague Amy Orr (now of Boston Common), shared with me an interesting observation: she was getting more done at work, and with more impact. The urgent need to get home at the end of the day had sparked within her a new sharpness and focus to her workdays.

Amy’s experience proved part of a pattern that I’ve since observed across the financial industry: Many women seem to behave as though they don’t have time to waste, and this leads to better relationships, greater excellence at work, and ultimately, greater positive impact on real humans.

Take Kelly Baldoni of Impax Asset Management, who moderated the opening panel of a Pensions & Investments event honoring influential women last year. Kelly led by confessing that the previous year’s event had left her feeling insufficient – not a CEO, pressured by working motherhood with littles, wondering what kind of success was even available to her. Her vulnerability shaped the opening discussion into a raw and applicable discussion on leading from the middle.

The panel also eschewed introductions, in order to get into the real meat of the conversation, with a wave of the hand, a casual, “Our bios are in the app.” I thought of countless panels I’ve attended wherein “introductions” took the first 30-plus minutes, leaving little time for panelists to say anything more than skin-deep, and leaving attendees like myself left with scant new information, soon forgetting even the names of the speakers. By contrast, the entire P&I event was designed to push ego aside and focus on genuine relationships and actionable information – implicitly challenging us all to do the same.

Likewise, for years, the High Water Women symposium was the most helpful conference I attended in the values-based investment industry – remarkably, because High Water Women was not really an “industry organization.” Their core programs focused on financial literacy training and annual backpack and holiday gift drives, and, secondarily, they “also pioneer[ed] conversations around impact investing.”

Read that again. I found the really cutting-edge information of the values-based investment field – including not only what had recently happened, but what was happening next – at an event hosted by a nonprofit founded by women in the financial industry who focused primarily on getting kids their school supplies! Their speakers included some big names, but also activists and academics plucked from obscurity to share their vital insights and boots-on-the-ground experiences.

My theory: these women didn’t have time to waste on ego-boosting. They were movers and shakers focused on getting real work done. 

These kids needed backpacks; those women needed micro-loans; and we in the industry of financing the world’s great needs needed to get together to talk about what to do next.

How to Harness the “Thruster Effect”

I think of this pattern as the “thruster effect,” a combination of behaviors that lead to better work, greater positive impact and moving things forward.

Thrusters work as a double metaphor. In a spacecraft, they are fiery boosters combining power and directionality, used to propel a rocket forward or course correct. As a physical exercise, they are the combination of a front squat and an overhead lift. Deemed “the most draining of all exercises,” I find them an efficient way of getting a full-body workout and getting out of the gym and on with life.

While I learned the thruster effect from observing financial industry women, there’s nothing about these behaviors that are exclusive to women. We all have the ability to be rocket boosters who get the right work done.

First, Let Go of Ego

Humility, the art of self-forgetfulness, is the first component. Letting go of ego saves a lot of time and mental bandwidth for focusing on what matters. If it’s a panel discussion, what matters isn’t your name recognition; it’s sending the audience home with actionable information they didn’t have before. (Do that and the name recognition will follow).

Note as further proof that High Water Women is the rare nonprofit that actually chose to responsibly sunset when they felt that they had run their course, folding their various programs into other organizations. (The symposium is now hosted by 100 Women in Finance).

Focus on What Matters: The Whole Human

Deirdre with her son at the Kingdom Advisors Conference

Focusing on what matters starts with the topic at hand (meeting, panel, etc.) but also means recognizing real problems in the world, understanding people’s lived experiences and pain points, and addressing them in our business and financial decisions.

For many years, much in business culture has prized the compartmentalization of our lives, as though the worker doesn’t go home to a family, or have health concerns or community commitments. Women have often been balancing these concerns and commitments in a much more intensive way, between unequal responsibilities at home and unequal contributions to childbearing. Perhaps as a result, many of us have resisted a culture of compartmentalization. We’re bringing our whole selves (and sometimes our babies) to work, casually recognizing that the same person handling a client negotiation at 9 a.m. was handling a toddler negotiation at 9 p.m.

Outcomes of the “Thruster Effect”: Better Relationships, Opportunities, and Impact

Bringing more of our “whole selves” to our workplaces has led to better benefits and flexible working structures, but those vital changes are not our topic here. Rather, it’s the next level impacts that are fostered when working women and men can thrive as whole persons in their workplaces, boosting their potential “thruster effect,” with three fundamental outcomes.

  • Deeper relationships: Bringing a more integrated and vulnerable self to your work relationships strengthens the bonds that turn the wheels of business. As a newbie mutual fund wholesaler, I groaned at the thought that I was going to have to follow sports in order to build relationships with male financial advisors. Experience taught me that instead, many men welcomed opportunities to talk about their families and communities, and that these conversations provided me with much better fodder for building and maintaining strong working relationships. I’ve also seen this principle at work in the Women in ETFs (WE) network and gatherings. A fun, supportive, and intelligent community of both women and men, WE has become an essential component of the still-nascent ETF industry, where there’s a lot of indispensable information one can really only learn by talking to others who know the ropes.
  • Greater opportunities: Keeping the whole human in mind unlocks opportunities – from small efficiencies to entire markets. We see those efficiencies in how sidewalk cutouts for wheelchairs, dictation software for the blind, or ADHD productivity brain hacks can also aid walking, seeing, and/or neurotypical people. We’ve seen new markets unlocked as businesses and investors have responded to the challenges of early parenthood with new or massively redesigned products, like milk pumps, catchers, and thermoses; bassinets, sleepsuits, and swaddles; postpartum care kits and medical devices, a car seat/stroller combo, bottles, and more. These innovations emerged thanks to people who brought their marketplace skills to bear after experiencing or paying attention to unmet, real-world needs.
  • Real-world impact: At Praxis, real-world impact is our north star, emerging from six core values that start with respecting the dignity and value of all people. This includes small children, the elderly, the ill or disabled, the poor or systematically oppressed – in fact, all kinds of people who might fall through the cracks of systems that look at humans only for their economic inputs and outputs. Every single one of us, and those we love, fall into one or more of those economically unproductive categories at various points in our lives. But only by keeping all humans in mind can we shape business decisions, economies, and ultimately a world in which we all thrive. This is what it means to do work that truly matters.

As we collectively forge ahead into a world of AI, quantum computing, and other world-altering changes, may we apply the thruster effect – not merely watching what happens, but intentionally propelling great work, in the right direction, for the benefit of all.

 

Article by Deirdre Gibson, CETF®, Senior National Sales Consultant and ETF Specialist for Praxis Investment Management. In service of a lifelong passion for promoting the greater good, Deirdre specializes in guiding values-based asset managers and wealth advisors to connect with their audiences effectively. Deirdre provides communication and sales support for Praxis nationwide. Additionally, she works with financial advisors, investment firms and financial platforms, representing Praxis investment products.

Before her work at Praxis, Deirdre held pivotal roles at Eventide Asset Management and the Heron Foundation, where she advanced values-aligned investing through innovative communication strategies. Her prior experiences include serving at organizations combating human trafficking and promoting human rights globally, and Joele Frank, a public relations firm specializing in mergers and acquisitions and crisis communications for public companies. She began her career at International SOS, managing crisis medical events for out-of-country travelers. She has a political science degree from Duke University and an M.A. in social sciences from the University of Chicago.

Deirdre lives in Denver, Colorado, with her husband, Rodney, and their three small children. They attend Mission Hills Church in Littleton, Colorado, where she enjoys volunteering in the kids’ ministry.

About Praxis Investment Management

Since 1994, Praxis has offered investment products designed to meet practical needs for everyday investors seeking to steward their assets consistent with their desire to promote positive social and environmental impacts. Praxis brings a faith-based approach to mutual funds, multi-fund portfolio solutions and money market accounts. Based in Goshen, Indiana, Praxis is a company of Everence Financial. To learn more, visit praxisinvests.com

Consider the fund’s investment objectives, risks, charges and expenses carefully before you invest. The fund’s prospectus and summary prospectus contain this and other information. Call 800-977-2947 or visit praxismutualfunds.com for a prospectus, which you should read carefully before you invest.

There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including potential loss of principal.

Praxis Mutual Funds are advised by Praxis Investment Management and distributed through Foreside Financial Services, LLC. Investment products offered are not FDIC insured, may lose value, and have no bank guarantee.

Praxis Investment Management

1110 N. Main St. P.O. Box 483, Goshen, IN 46527

Featured Articles, Impact Investing, Sustainable Business

The Christensen Fund works to support Indigenous Peoples to advance inherent rights, dignity, and self-determination

Supporting Indigenous Self-Determination Through a Spectrum of Capital

By Carla Fredericks and Matt Aguiar, The Christensen Fund

 

> Back to February 2025 Issue
Above image courtesy of:  The Christensen Fund works to support Indigenous Peoples in advancing their inherent rights, dignity and self-determination.

Carla Fredericks and Matt Aguiar of The Christensen FundFor centuries, Indigenous Peoples and communities have been colonized, stolen from, discriminated against, marginalized, and neglected. To restore economic justice, investors and capital-holders must consider this history and reality, and then determine if, how, and when they will take action to facilitate a reimagined, inclusive economic future. Investment opportunities exist to support this transition and promote Indigenous economic livelihoods.

The Christensen Fund, a private grantmaking foundation created in 1957 by Allen D. and Carmen M. Christensen, supported the arts and cultural preservation around the world through the late 1990s. Beginning in the early 2000s, the organization shifted its focus to biocultural diversity, supporting local initiatives in select priority regions around the world with unique heritage in an effort to sustain planetary diversity. Following a series of collaborative and consultative discussions with partners, in 2021 The Christensen Fund narrowed its focus explicitly on supporting Indigenous Peoples in advancing their inherent rights, dignity, and self-determination. We coined this as our organizational “Purpose”, rather than our “Mission”, because of the traumatic, colonial history of the Catholic missions in California, where we are based.

Indigenous Peoples have been purposefully excluded from participation in economic activities around the world. Discriminatory and predatory lending practices have kept Indigenous communities from being able to access capital that is critical to building wealth. For this reason, we determined that for our foundation to achieve the desired impact, we had to go beyond our grantmaking and assess how our foundation’s endowment could be more effectively activated in pursuit of our Purpose.

Our Journey

The Christensen Fund has long considered how its assets could create positive impact beyond our grantmaking. In the mid-2010s, our Board and Investment Committee piloted multiple small-scale initiatives, including one Program Related Investment, several Mission-Related Investments, and a shareholder activism program. We also began a fossil-fuel divestment initiative. 

In 2021, after developing a new program strategy and articulating our organizational Purpose focused on the rights of Indigenous Peoples, we delved deeper into a conversation about the impact of our investments. After updating our Investment Policy Statement (IPS) to “align our investments and our values”, we spent over a year developing what we called our “Purpose Aligned Capital” plan. 

This collaborative process, which included members of our staff, Board, Investment Committee, OCIO, and external consultants and peers, was approved by our Board at the end of 2022 and created three distinct sleeves for our assets:

  • Program Related Investments (PRIs) would have absolute alignment with our program strategy and Purpose, and may underperform, have wider range of outcomes, or be less liquid relative to other strategies in the same asset class;
  • Purpose Aligned Investments (PAIs) would be expected to generate market-rate returns and actively support our Purpose; and
  • Values Aligned Investments (VAI) would be expected to generate market-rate returns and not be opposed to the principles that The Christensen Fund stands for.

We spent the entirety of 2023 fleshing out parameters and qualifiers for each of these categories, and by the end of that year, we made our first commitments under this new Purpose Aligned Capital strategy.

During that time, we came across many PRI and PAI investment opportunities that excited us, and we confirmed what we expected to be true: that Indigenous Peoples have suffered economically for centuries because of economic injustice and discriminatory lending practices. As we began scratching the surface, we came across many promising and exciting, yet under-resourced opportunities. One such example is Tocabe Indigenous Marketplace, an Indigenous-owned, operated, and serving food company. Tocabe’s business aligns directly with The Christensen Fund’s Purpose of supporting Indigenous People via leadership, inherent rights, dignity and self-determination. By centering Native producers and consumers within its business model, Tocabe has created a social purpose business that is solving for multiple challenges: creating demand for Native producers and helping to solve for their distribution and marketing challenges while providing culturally relevant products for Tribes and Native consumers with limited or no access to healthy Native foods. The Christensen Fund is proud to partner with Tocabe by providing them with one of our first PRIs.

Tocabe is just one example of exciting indigenous-led and -serving enterprises that we have added to our PRI portfolio. We also committed a PRI to Akiptan, a community development financial institution (CDFI) which further supports Native American food systems by providing loans to Native American and tribal ranchers and farmers in order to build out Indigenous food chains. In an effort to facilitate access to clean energy, we have also committed a PRI to Navajo Power Home. These opportunities promote economic independence for Native American tribes, communities, and individuals — a critical ingredient for self-determination.

Realizations to Date

While we are still very early in our journey, we have embraced several key lessons already that will guide our path forward.

Transformative change takes time. It has been over three years since we revised our IPS, creating a mandate to align our values and  investments, and we have only committed 30% of our allocated capital to PRIs and PAIs. This may seem like slow progress, but it has actually felt like anything but. It has been critical to move carefully, building these programs for the long-term. We took the time to converse with our peers and our partners. We consulted experts, including leaders from the MacArthur Foundation and The Nathan Cummings Foundation, who have been doing this work for years, to hear about their experiences and develop our own plan based on their learnings. We have spent countless hours with our staff, Investment Committee, and full Board, ensuring that everyone understands both the importance AND the mechanics of this work. We are moving toward this future together and taking our time to ensure everyone is on board has been very important.

Partnership is critical. We have benefited tremendously from talking with partners, working with consultants, and listening to capital-seekers. In order to truly address the challenges, we are trying to overcome, we cannot go it alone. We must have the humility to acknowledge that we need help, and that others have expertise and experience that we do not. 

In addition to the recipients of our PRIs and PAIs, partners who have been critical to our implementation include Impact Charitable (intermediary who advises and offers administrative support for PRI implementation), Global Endowment Management (Outsourced Chief Investment Officer who is administering our PAI and VAI portfolios), and Integrated Capital Investing (consultant that supported our plan design and facilitated PRI sourcing).

The ecosystem is evolving. Our world is changing at a rapid pace, and so are the opportunities and challenges facing Indigenous Peoples. In order to continue to build and sustain a values-oriented investment plan that supports Indigenous livelihood, we must remain nimble and in relationship with the communities that we intend to support. We must prioritize learning as these challenges evolve, be open to pivoting and rethinking our strategy as we deepen our own understanding and as new opportunities unfold.

Indigenous Peoples face more threats today than ever before. By building an investment portfolio with a commitment to supporting Indigenous economic livelihoods, The Christensen Fund has taken action to support Indigenous self-determination. Achieving economic justice will require others to join in this effort. We know that, just as they have for millennia before, Indigenous Peoples can and will emerge from these challenges. We are excited for this future.

 

Article by Carla Fredericks and Matt Aguiar of The Christensen Fund

Carla Fredericks serves as CEO of The Christensen Fund, a private foundation that backs the global Indigenous Peoples’ movement in its efforts to advance Indigenous Peoples’ rights, support Indigenous self-determination and biocultural diversity.

As CEO of The Christensen Fund, Fredericks leads the organization’s work to support Indigenous Peoples’ rights and leadership globally through grantmaking, advocacy, and strategic partnerships. Under her leadership, Christensen has deepened its commitment to Indigenous self-determination and sovereignty while building strong relationships with peer funders to increase philanthropic support for Indigenous causes.

Prior to joining Christensen in 2021, Fredericks was Director of First Peoples Worldwide and Clinical Professor at the University of Colorado Law School and a partner at Milberg LLP. An enrolled citizen of the Mandan, Hidatsa, and Arikara Nation, Fredericks has long worked to advance the rights of Native peoples and is a recognized expert in finance, law, business & human rights, and Indigenous Peoples’ rights. 

Matt Aguiar joined The Christensen Fund in 2019 and is the Chief Financial and Operating Officer. He leads financial and operational functions, including oversight of investments, risk management, compliance, information technology, and human resources. Matt also spearheads implementation of strategies to improve organizational effectiveness and purpose alignment.

Energy & Climate, Featured Articles, Food & Farming, Impact Investing, Sustainable Business

Change the Lending Paradign-a model of success in Native AG Finance by Akiptan

Change the Lending Paradigm: A Model of Success in Native Ag Finance

By Skya Ducheneaux, Akiptan

> Back to February 2025 Issue
Akiptan transforms Native agriculture and food economies by delivering creative capital, leading paradigm changes and enhancing producer prosperity across Indian Country. Akiptan (AH-KEEP-TAHN) is the Lakota word for together, in a joint effort, cooperatively. Above photo courtesy of Akiptan

Skya Ducheneaux of AkiptanImagine it is Thanksgiving, and you’re running late. You walk into your grandparents’ house and your cousins, who have been playing Monopoly for a few hours already, invite you to play. From the first pass of “Go”, the game is a struggle for you. Sure, you pass “Go” and collect $200, like the rest of the players. You have the same “opportunities” since you are playing on the same board, but you’re at a severe disadvantage because this game was not designed for your late arrival. To you, success is just getting around the game board without going bankrupt. To them, success looks like earning rental income from the houses and hotels on the good properties. 

This is what it is like working in Native economic development. Sure, we have the same “opportunities” as other governments or non-Natives, but the economy and financial institutions were not designed with the realities of Indian Country in mind. Indian Country was not “playing” in these systems until colonization. Before that time, concepts like sole ownership (rather than communal ownership), succession, and financial gain to the exclusion of other values were foreign. The results of having to play Monopoly hundreds of years after it started are still affecting the Native agriculture industry.

Akiptan’s mission is to transform Native agriculture and food economies by delivering creative capital, leading paradigm changes, and enhancing producer prosperity across Indian Country. Akiptan, being a Native CDFI, has the unique ability to develop loan programs that can truly benefit Natives in Agriculture.

The National Agriculture Statistic Service recently released the findings from its 2022 census. Overall, agriculture producers all across the United States had a net cash farm income of $79,790 on an average of 463 acres. When you break that down to farms with American Indian and Alaska Native producers, the net cash farm income was only $22,906 on an average of 1,085 acres.

The stark and undeniable difference in income shows the potential that Native agriculture could have on local economies if properly invested. The Native American Agriculture Fund’s Reimagining Native Food Economies Report estimated that if Native agriculture had the same level of investment as Indian Gaming, the agriculture industry would surpass the gaming industry in revenue, solidifying the fact that agriculture is an underutilized economic driver in Indian Country. 

Additionally, there is an innate belief in Indian Country that if you take care of the land, the land will take care of you.

The concept of extreme extraction is, again, a foreign concept. Tribal governments and producers take precautions to make sure that conservation is practiced on the land. This means a vast majority of Native agriculture is innately climate smart, in addition to the extra steps producers choose to implement conservation as the original stewards of the land. 

Because traditional financial institutions do not serve Native agriculture in the way it needs to be served, CDFIs have been stepping up to fill in the gap. Most CDFIs lend in multiple areas such as housing, credit building, consumer loans, small business, and more. Akiptan is unique in that we only finance the Native agriculture industry.

Akiptan came from the Intertribal Agriculture Council (IAC). IAC formed 1987 and the overarching goal of the organization is to connect producers with the resources they need to succeed. After 30 years of trying to connect Native producers with access to capital with little success, they decided to launch a CDFI so that we, as Native producers, could do it right. This is how Akiptan came to be. Created by Native producers for Native producers. 

We at Akiptan spent all of 2018 going to conferences, trainings, and working with our Board of Directors to nail down our lending philosophy. We created new lending wheels, greasing the squeaky ones, and taking opportunities where we saw potential. How would we make lending Indigenous and transformative? 

The pillars of our lending philosophy are patient capital vs. extractive capital and a partnership approach to lending that allows us to focus just as much on the relational side of lending as the transactional side. These pillars are the foundation of what has made Akiptan so successful.

Another example is the innovation of our Risk Rating. We are required to risk rate to show that we are making “risky investments” per the CDFI premise. However, traditionally, the higher one rates risk, the riskier the entrepreneur is, which then triggers a higher interest rate and sometimes shorter repayment periods, thus increasing the payment. When analyzing this, we realized that this would be penalizing some of the people who needed help the most. Picture a beginning producer with no credit score, with little equity and tight money but he has all the heart, determination and sweat equity in the world. This traditional risk rating system would give him a higher payment, which would be the financial institution imposing a higher barrier to success on their client. While common, this seemed counter-productive and extractive. Instead Akiptan has flat interest rates across the board, regardless of how entrepreneurs are ranked. 

Akiptan began lending in 2019 and has since committed over $31M in loans to producers and nearly $1M in grants. Additionally, we have created several financial literacy books, tools and resources. Our programmatic side curates programs and initiatives that enhance the impact our direct financing does. Our pipeline of applications is constantly oversubscribed, which speaks to the true testament and value of our products and how we deliver our services. The staff at Akiptan has an impact that goes a mile deep with each producer. The focus on the relational side of lending is crucial to the transformative impact of our capital. It allows us to be proactive rather than reactive, educational, thoughtful and goal oriented. 

A core piece of our mission is to change the lending paradigm. We know that this innovative style of financing can be applied to other areas for equally deep success. Our model has been applied to production, processing/value added, and retail and has been extremely successful. We are eager to share our best practices and model with other financial institutions to help carry forward the work. 

When it comes to investors working in this space, it is critical to also show up in a partnership role, not a transactional role. Relationships are the core of Native culture. Take time to get to know each other. Be a thought partner who is collaborative, not prescriptive. Indian Country has had “solutions” prescribed to it since colonization; none of that panned out well. It is time for us to have a seat at the table so we can bring our own solutions and dictate what our success story looks like. Just like with the Monopoly board, success looks different to everyone who is playing the game, but with collaboration, innovation and patient capital, we can all succeed. 

 

Article by Skya Ducheneaux, the Executive Director of Akiptan and is an enrolled member of the Cheyenne River Sioux Tribe. She spent her first 18 years of life on a cattle ranch on the CRST Reservation in South Dakota. She then pursued a Bachelor’s and Master’s Degree in Business Administration while working at a county FSA office and buffalo meat processing plant. After returning home to work for the Intertribal Agriculture Council, she was tasked with creating the first Native CDFI dedicated to serving Native Agriculture producers all across Indian Country. Akiptan began lending in January of 2019 and has grown rapidly over the years.

In addition to Akiptan, Skya has served on many advisory committees and Boards. In her role as Executive Director, she is a part of several CDFI coalitions, advocates locally and federally and presents at conferences to share the mission of Akiptan.

Featured Articles, Food & Farming, Impact Investing, Sustainable Business

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