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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 was 43% long and 39% short at month-end with 83 positions and the top 5 long positions comprising 12 % of the portfolio. The Fund was up 0.5% with the long book contributing positively and the short book flat for the month. The major contributors to performance were long positions in US listed Chinese solar companies Canadian Solar and JinkoSolar, and Taiwanese LED stock Lextar Electronics, all positions that the Fund has held for most of this year in anticipation of improving financial performance in the second half of the year. |
| More Information | » View detailed profile of this fund |
