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Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on European Social Entrepreneurship Funds

Moreover, strategies that account for predictable active management skills tilt more heavily toward mutual funds that overweight technology and energy stocks during recessions, and financial and metals stocks during expansions, indicating that business cycle variables are key to timing these industries. Remarkably, predictable skill strategies also choose individual mutual funds within the outperforming industries that, in turn, substantially outperform their industry benchmarks, even though these industry benchmarks do not account for any trading costs or fees. Specifically, an investor who allows for predictable manager skills optimally selects mutual funds that outperform their overall industry returns by 7.1%/year more than their fees and trading costs. Thus, strategies that search for. | EUROPEAN COMMISSION Brussels XXX SEC 2011 1512 2 COMMISSION STAFF WORKING PAPER IMPACT ASSESSMENT Accompanying the document Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on European Social Entrepreneurship Funds COM 2011 862 SEC 2o11 1513 EN EN Table of Contents 1. Introduction.5 2. Procedural Issues and Consultation of Interested Parties.7 2.1. Overall context.7 2.2. Public consultation and consultation of other parties.7 2.3. Related initiatives.8 2.4. Impact Assessment Steering Group.10 2.5. IAB opinion and remarks taken into account.10 3. Key characteristics of social investment funds and their investors.11 3.1. SEF are a key financing tool for social businesses.11 3.2. Investors are increasingly seeking social returns .12 3.3. SEF are currently a small player in the investment fund sector.13 3.4. Majority of SEF are institutional.14 3.5. SEF are thinly capitalised and clustered in only a few Member States.14 3.6. The target undertakings of SEF are active in a wide range of activities.15 4. Problem definition.18 4.1. Challenges establishing an operational definition of social businesses. 18 4.2. Social businesses access to investment capital constrained.19 4.3. Investors targeting social businesses face difficulties.21 4.3.1. Key Driver 1 Investors face challenges identifying and understanding social investment propositions.21 4.3.2. Key Driver 2 Measuring or assessing social returns is difficult.22 4.4. The potential of SEFs are not fully realised.23 4.4.1. Key Driver 3 Existing rules are fragmentary and poorly tailored to the needs of SeFs. 23 4.5. Summary of Consequent Problems.26 4.6. Evolution of the market without EU action.27 4.7. What is the added value of early EU action in relation to the above problems.30 4.8. EU s right to act and justification for acting.33 5. Objectives.35 5.1. General obj ectives.35 EN 2 EN 5.2. Specific objectives.35 5.3. Operational obj ectives.35 6. Identification of Policy Options.35 6.1. Options in