Dear Honeybees,

Here comes the spring! Everywhere seeds are sprouting, finding the sun at long last… sometimes after years of preparation. Attached please find our “state of the field” research report, which provides an overview of developments in the ESG investing landscape.

And with all that is emerging, it seems only fitting that this is the season for wonderful new elements in my own work as well.

I’m delighted to announce that in a few weeks, I will become the first Head of Sustainable Investing with Putnam Investments here in Boston. Many of you know that Putnam has a long tradition of strong fundamental research at the core of its investment process, and I’m excited and honored to join such a terrific team. Of great importance to me, in this new perch we’ll have the chance to move many of Honeybee’s key ideas from theory into practice.

Honeybee will continue! …though in somewhat different form, as Honeybee Capital Foundation.

• Our short posts on Fridays and Sundays will feature highlights of books, natural creatures, and spiritual ideas that inspire good investing in its broadest sense.
• Our giving program will also continue, including annual reports on the organizations we support.
• And our website will evolve to a snazzy new site for Honeybee Capital Foundation at the end of May.

In times of change, it’s even easier than usual to see the interdependence of our endeavors, and I’m filled with gratitude for the many layers of connection that we share. Due to your friendship and support, this has been a profitable and rewarding endeavor in every possible dimension, and I am grateful that the Honeybee community will continue to thrive as we enter this next phase.

With love,

Katherine

Business note: If you find that our work has been helpful to you over the past eight (!) years and would like to reflect that value by contributing to Honeybee Capital, now is the perfect time to do so – in fact, the only time. Our research business will be ending, so payments for work produced through Q1 will be the final revenues for Honeybee Capital.

I’m pleased to announce that we will be gifting 100% of revenues from this last quarter of operations to the Honeybee Fund, so that our giving program can continue in a robust way.

Institutional clients can direct payments through your normal channels, and individuals can use this link. Again, we are deeply grateful for your support, and happy that the Honeybee ethos and presence will continue in the ways noted above.