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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 key contribution to negative performance were long positions in the solar sector, and to smaller capitalisation stocks in Hong Kong and the US. The fund's exposure to the the solar sector was increased following the publication of what we believe is a highly favourable policy announcement in China, but the sector suffered from market weakness in Hong Kong, where a number of our holdings were listed, and an adverse policy development in Japan, where a number of utilities announced the suspension of applications for the grid connection of new solar projects. |
| More Information | » View detailed profile of this fund |
