| Monthly comment for November |
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2009-12-03
During the first half of the month the lion's share of the Asian solar cell producers presented the results for the third quarter. As expected they were strong across the board, and most companies now produce at 100% of their capacity. At the same time they see a more stable price trend over the coming quarters. It is our belief that the capacity expansion sweeping through the solar sector will be strong (+40%-50%) in 2010 which will benefit the Asian manufacturers (because of lower production costs) and European equipment suppliers.After a weak trend in October, we did see a rise in the world index again during November. The first half of the month was strong, at the peak the world index was up 5.26%, but renewed concerns about the financial system at the end of the month pushed the world's stock markets back during the final trading days. World Index ended the month up 2.29% and has at the end of November risen 18.23% year-to-date and 43.01% since the market trough in early March. Save Earth Fund performed a bit weaker than the world index during the month but better than the index for renewable energy, which rose 1.00%, and considerably better than the water index which fell by 0.05% during the month. At the end of the month we increased the Fund's exposure to the so-called "smart grid" since we believe it offers the best exposure to the huge stimulus packages that will reach the market in 2010. Large investments in the area are also basic conditions for further expansion of the alternative energy sector. At the same time we think that the sector offers a well diversified and low volatile option in the Cleantech segment. During the coming month we look forward, with confidence, to the big climate conference in Copenhagen. China and the U.S. have already guaranteed sharp cuts in emissions by 2020, which bodes well for a surprise on the upside on the final outcomes from the conference. Read the monthly report here 
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The fund in short
Save Earth Fund invests in renewable energy, environmental technology and water management through actively managed funds, ETFs and stocks. The fund is the only of its kind in Sweden. Our aim is to generate a return that clearly exceeds that of the MSCI World index, with a lower than the average risk of environmental funds. No minimum investment. The management fee is 1%. Daily subscriptions/redemptions. Mr Carl Bernadotte, Mr Alexander Jansson and Mr Marcus Grimfors are responsible for managing the fund. Learn more about our managers here. |