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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 Fund reported profits coming primarily from long positions in solar and LED stocks which continued to recover from a period of under-performance earlier in the year. At the end of June the Fund's five largest long positions were a Chinese battery manufacturer, a Taiwanese LED chip manufacturer, a Chinese solar cell and module manufacturer and two European lighting equipment business. The fund's five largest short positions included a European wind turbine manufacturer, a US meter manufacturer, a European insulation manufacturer, a European enzyme manufacturer and US electricity utility. |
| More Information | » View detailed profile of this fund |
