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| Manager Comments | Wind stocks were particularly strong during January.The share prices of European wind equipment manufacturers and project developers responded to Decemberʼs announcement of an extension to the US Production Tax Credit, a mechanism responsible for most of the wind development activity in the US. Also during the month, Chinaʼs energy plan for the period of 2011-15, was released which included a wind installation target of 18GW, ahead of most expectations. Share prices in Chinese wind equipment manufacturers and developers responded positively. At January month-end the Fund was 83% long and 73% short for a gross exposure of 156% and a net long exposure of 14%. The Fundʼs five largest long positions were a European wind farm operator, an energy storage solutions supplier, a Chinese hydro-power generator, a European renewable energy power operator and high voltage cable manufacturer. The five largest short positions were a European energy efficiency and insulation supplier, an electric equipment supplier, two energy equipment suppliers and an industrial chemicals supplier. After two months of solid gains supported by positive industry developments, we are more confident that 2012 represented a share price floor for a number of clean energy companies. Nevertheless we remain cautious about a possible market pull back in the near term. |
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