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| Fund Overview | In 2013 Nanuk started to expand the focus of the fund away from just energy and include other industries related to the overarching theme of environmental sustainability, specifically water, waste, recycling, pollution control and agriculture. Nanuk is now investing across a universe in excess of 600 stocks and an aggregate market capitalisation over US$2 trillion. This was a logical move because, while the industries themselves are different, their characteristics and long term drivers are very similar. Nanuk has identified a large, diverse global universe of companies positively exposed to these shifts. Nanuk combines deep fundamental research into these companies with detailed analysis of technological development, policy direction and related economics within each of the relevant sectors to identify profitable trends and opportunities suitable for inclusion in the Fund. Nanuk's principal strategy is to invest, long and short, in securities that are mis-priced on an absolute or relative basis. The Fund aims to achieve long term capital appreciation while reducing volatility of returns and risk of capital loss through appropriate hedging and risk management strategies. |
| Manager Comments | The Monthly Report discusses performance noting that 'contributions from a number of long and short stock specific ideas were more than offset by losses incurred on positions across three significant thematic ideas represented in the portfolio, namely LED lighting component manufacturers, solar manufacturers and developers, and Chinese renewable energy generators. The Fund's exposures in these areas was increased following the meaningful price corrections experienced in March and early April and despite a short term rise these stocks fell sharply in the last week of the month. While we continue to maintain most of these positions in the portfolio due to their attractive valuation, position sizes have been reduced until we see clearer evidence that the market will respond positively to the developments we anticipate in these industries in coming months.' |
| More Information | » View detailed profile of this fund |
