Sustainability with Substance

Deciphering the human factor

How to turn culture and inclusion insights into alpha signals

Sept 26, 2023

23 minutes

Stephanie Niven

Investment analysts frequently ignore culture and inclusion, focusing exclusively on companies’ financial statements. Yet the ‘human factor’ is often among the key drivers of corporate performance, and ultimately of shareholder returns. Professor Alex Edmans talks with Ninety One’s Stephanie Niven and Miles Hamilton about how to leverage research into culture and inclusion into better investment decisions. They also discuss their joint work to develop a practical framework for incorporating culture insights into investment analysis.


Useful reading:

  • Human capital
    Exploring Ninety One’s framework for analysing the externalities generated by businesses that impact employees, drawing heavily on our methodology for evaluating corporate cultures.
    Read more
  • Sustainability disruption: capitalising on externalities
    Introducing the Capitals Framework, a Ninety One methodology for assessing investments across multiple dimensions of sustainability – including natural capital, social capital and human capital.
    Read more
  • Culture as a driver of sustainable alpha
    Using insight into workplace practices to identify investments with long-term potential.
    Download PDF

To listen to this and other podcasts, subscribe on Spotify, Apple Podcast, Google Podcasts or simply search for ‘Ninety One Big Picture’ on your podcast app of choice.

Authored by

Stephanie Niven
Portfolio Manager

Important Information

This communication is provided for general information only should not be construed as advice.

All the information in is believed to be reliable but may be inaccurate or incomplete. The views are those of the contributor at the time of publication and do not necessary reflect those of Ninety One.

Any opinions stated are honestly held but are not guaranteed and should not be relied upon.

All rights reserved. Issued by Ninety One.

For further information on indices, fund ratings, yields, targeted or projected performance returns, back-tested results, model return results, hypothetical performance returns, the investment team, our investment process, and specific portfolio names, please click here.