MARKET UPDATE – April 2022
Sector pull-back in April
The sector pulled back in April with the fund outperforming the benchmark, while underperforming the MSCI World. The strongest performer for the month was Chr Hansen reporting organic growth in fiscal Q2 and benefitting from defensive quality in uncertain times. Weakest performer this month was Sunrun with supply chain uncertainties from policy risk relating to AD/CVD circumvention investigation in the US. Markets remain volatile with big dispersion providing opportunities for us active managers.
During April, the IPCC published the third and final part of its AR6, this time focusing on mitigation of climate change. The report outlines the roadmap for effectively reducing emissions this decade, stating that limiting global warming to 1.5C or 2C will require immediate and deep emissions reductions in “all sectors” of the global economy. Energy is central to delivering this ambition – fossil fuel use must be reduced significantly, renewables must be deployed rapidly (as well as alternative energy carriers, such as hydrogen), electrification will be key, and the deployment of energy efficient technologies must be accelerated. The report also emphasised the importance of CO2 removal, and included, for the first time, a chapter on the potential “demand side” impacts, including diets and consumption patterns. The fund takes a broad approach to the environmental theme, investing in companies providing solutions to climate change and environmental challenges. Over time we would expect to see tailwinds in the financials of our portfolio as global policies and investments push for emission reductions.
Aggregated earnings revisions for the fund were up in April. Earnings multiples for the fund contracted due to changes in the portfolio mix and lower stock prices. The fund trades at a premium to the MSCI World valuation, but the fund also comes with a stronger growth outlook as we are in the very early innings of the green energy transition as highlighted by the findings of the IPCC report above.
Please find enclosed PDF for details : Renewable Energy Monthly April 2022 EUR
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Renewable Energy Monthly April 2022 EUR
MARKET UPDATE – April 2022
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