CB Save Earth Fund Quarterly update 30 June 2016 Placera (Avanza) - - PowerPoint PPT Presentation
CB Save Earth Fund Quarterly update 30 June 2016 Placera (Avanza) recommends CB Save Earth Fund as one of two attractive environmental funds to invest in. Fund performance* and AUM NAV, 30 June 2016 (EUR) EUR SEK Class RC 13.88 YTD 2016
YTD 2016
Year 2015 +9.9% 5 yrs (annualised) +7.3% AUM (million) 21.40 Class RC 13.88 Class IC 13.61 Class ID 9.75
Fund performance* and AUM NAV, 30 June 2016 (EUR)
*Class RC
EUR SEK
+6.7% +7.8% 201.0.
Placera (Avanza) recommends CB Save Earth Fund as one of two attractive environmental funds to invest in.
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C B S A V E E A R T H F U N D
energy, cleantech and water
Financial Supervisory Authority
management
administration is performed in Luxembourg
Carl Bernadotte, Portfolio manager & owner
>30 years’ experience Born 1955 Owns shares in CB Save Earth Fund
Marcus Grimfors, Portfolio manager
8 years’ experience Born 1981 Owns shares in CB Save Earth Fund
Alexander Jansson, Portfolio manager & CEO
8 years’ experience Born 1983 Owns shares in CB Save Earth Fund
Viktor Sonebäck, Intern
KTH 2012-2017 Born 1993
Emil Brismar, Intern
KTH 2014-2019 Born 1994
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C B S A V E E A R T H F U N D C B S A V E E A R T H F U N D
Water Renewable energy Cleantech
Investment areas
Filtration Distribution Saving/efficiency Wastewater
Investment areas
Wind Solar Hydro Bio Geothermal
Investment areas
Energy storage Infrastructure Energy efficiency Material Recycling & Waste treatment Companies in area
Companies in area
Companies in area
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C B S A V E E A R T H F U N D
Pär Ståhl, fund expert at Placera/Avanza, writes about long term savings for children and occupational pension where CB Save Earth Fund can be found as one of 8 attractive funds in the portfolio for the children, and as one of 9 funds in the
Placera.nu, 6 & 17 May 2016 CEO & fund manager Alexander Jansson in an interview with the Swedish business magazine VA Finans about investments in the environmental sector and why solar energy will beat wind energy. (N.B. in Swedish). Veckans Affärer Finans, 8 July 2016 The Swedish business magazine Veckans Affärer highlights the need for clean water and looks at the sector from an investment
Jansson is invited to comment on the story. (N.B. in Swedish). Veckans Affärer, 6 May 2016
0% 1% 2% 3% 4% Dec-15 Feb-16 Apr-16 Jun-16 CB Save Earth Fund RC vs MSCI World Net 80 85 90 95 100 105 Dec-15 Feb-16 Apr-16 Jun-16 CB Save Earth Fund RC (EUR) MSCI World Net (EUR)
0% 1% 2% 3% 4% 5% 6% Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 CB Save Earth Fund RC vs MSCI World Net 80 85 90 95 100 105 110 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 CB Save Earth Fund RC (EUR) MSCI World Net (EUR)
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C B S A V E E A R T H F U N D
Source: MSCI, CB Fonder Data as of 2016-06-30
25 50 75 100 125 150 175 200 225 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Water index (S&P Global Water) MSCI World Net CB Save Earth Fund RC Cleantech index (CTIUS) Renewable energy index (Wilderhill)
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C B S A V E E A R T H F U N D
+86.5% +33.4% +117.0%
+38.8%
WilderHill New Energy Global Innovation Index
S&P Global Water Index
The Cleantech Index
MSCI World
Source: MSCI, S&P, CB Fonder, Reuters, Bloomberg Daily data for the period 9 June 2008 – 30 June 2016
0.16 0.33 0.46 0.57 Renewable energy index (Wilderhill) Cleantech index (CTIUSTR) CB Save Earth Fund MSCI World Net Water index (S&P Global Water)
0% 2% 4% 6% 8% 10% 12% 0% 5% 10% 15% 20% 25% 30% Return p.a. Standard Deviation CB Save Earth Fund MSCI World Net Cleantech index (CTIUS) Water index (S&P Global Water) Renewable energy index (Wilderhill)
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C B S A V E E A R T H F U N D
than for two of the three sectors it invests in (Water index +10.1% p.a.; Cleantech index +3.6% p.a.; Renewable energy index -6.1% p.a.).
than the risk in MSCI World. The fund’s Sharpe ratio – the risk-adjusted return – is 0.33, which is higher than for two of the three sectors the fund invests in.
Source: MSCI, S&P, CB Fonder, Reuters, Bloomberg Daily data for the period 9 June 2008 – 30 June 2016
0.03 0.05 0.09 0.23 0.30 0.33 0.38 0.39 BlackRock New Energy Allianz Global EcoTrends DNB Renewable Energy SAM Sustainable Climate Nordea Klimatfond Handelsbanken Hållb. Energi Schroder Gl. Climate Change Parvest Global Env. C C CB Save Earth Fund RobecoSAM Sust. Water Fund Pictet - Water
0% 2% 4% 6% 8% 0% 5% 10% 15% 20% 25% 30% CB Save Earth Fund Handelsbanken Hållb. Energi DNB Renewable Energy BlackRock New Energy Nordea Klimatfond SAM Sustainable Climate Allianz Global EcoTrends Schroder Gl. Climate Change Parvest Global Env. C C RobecoSAM Sust. Water Fund Pictet - Water CB Save Earth Fund
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characterised by high risk. The fund has, since inception in 2008, had a significantly lower risk than peers while delivering a highly competitive return; a combination that results in a high Sharpe ratio.
Nevertheless, the fund has a competitive Sharpe ratio also compared to the water funds.
Standard deviation Return p.a. Source: Bloomberg, CB Fonder Daily data for the period 9 June 2008 – 30 June 2016 (EUR).
0,0% 0,2% 0,4% 0,6%
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*Average values in Q2 2016. Source: Bloomberg, CB Fonder
Company Contr./Detr.%
American Water Works Geberit Danaher Sunpower Andritz First Solar +0.54 +0.34 +0.27
+26.3 +5.7 +9.3
2.2 5.9 2.9 0.9 3.6 1.5
two characteristics that define utilities: a business model independent of the business cycle and a high and stable dividend. The share gained 26 % during Q2, in EUR.
company owns well-known brands such as IDO and lfö. The company is exposed towards a weak construction market in Europe but thanks to a high market share and exposure towards the “better” markets (Germany and Switzerland add up to 50 % of the sales) they have delivered an organic growth of 4-6 % the latest years, which is in line with the company’s target. The share rose 6 % during Q2, in EUR.
measurements with their brand Hach Lange. Through the brands Chemtreat and Trojan technologies Danaher also operates within water treatment. The company objective is organic growth of “low to mid single digit” through the cycle, which is possible due to their diverse profile and as market leaders in the respective end market. The company offers a high quality exposure towards the structural growth in the water sector. The share gained 9 % during Q2, in EUR.
continued overcapacity within the sector and sharply declining prices on solar panels (which is positive for the development of the sector but in the short term painful for the companies) especially driven by Chinese companies. First Solar declined 27 % during Q2 and Sunpower 29 %, in EUR.
emerging markets and renovations/renewals of current installations in developed markets (eg. Sweden). Andritz also manufactures separators for wastewater treatment and biofuel. The company has a leading position within all of their end markets. The share declined 9 % during Q2, in EUR.
C B S A V E E A R T H F U N D
9% 8% 14% 27% 13% 14% 13% 8% 4% 6% 5%
4% 1%
0% 5% 10% 15% 20% 25% 30% 2011 2012 2013 2014 2015 Average 11-15 2016E CB Save Earth Fund MSCI World 8% 9% 6% 6% 6% 7% 6% 7% 3% 2% 1%
2% 0%
0% 2% 4% 6% 8% 10% 2011 2012 2013 2014 2015 Average 11-15 2016E CB Save Earth Fund MSCI World
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C B S A V E E A R T H F U N D
Source: Bloomberg, Deutsche Bank, CB Fonder
Revenue growth, the portfolio and index EPS-growth, the portfolio and index
Exposure to large companies with a long and proven track record. Concentrated portfolio: the 20 largest holdings make up 48% of AUM. Structural growth – consistently higher growth than index.
Company Country Sector Market cap € bn Share of AUM
Geberit Sw itzerland Water 12.2 5.8% Danaher Corp USA Water 50.0 3.4% Andritz Austria Renew ables 4.4 3.3% Xylem Inc USA Water 7.2 3.2% Pentair Ireland Water 9.4 2.8% Idex Corp USA Water 5.5 2.7% Vestas Wind Denmark Renew ables 13.0 2.6% Halma Plc UK Water 4.4 2.4% Aalberts Industries Netherlands Water 2.9 2.4% American Water Works USA Water 13.6 2.4% Novozymes Denmark Cleantech 13.4 2.2% Nibe Sw eden Renew ables 3.3 2.2% Legrand France Cleantech 12.4 2.0% Spirax Sarco UK Cleantech 3.2 2.0% SGS SA Sw itzerland Cleantech 15.9 1.9% A.O. Smith USA Water 6.8 1.6% First Solar Inc USA Renew ables 4.4 1.4% Tomra Systems Norw ay Cleantech 1.4 1.3% Melexis Belgium Cleantech 2.2 1.2% Continental USA Cleantech 34.0 1.2%
Median/Total 7.0 48.0%
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C B S A V E E A R T H F U N D
Source: Bloomberg, CB Fonder *Including cash in underlying funds As of 30 June 2016 As of 30 June 2016 0% 20% 40% 60% 80% 100% Asia (10%) Europe (52%) North America (31%) RoW (1%) Cash* (5%) 0% 20% 40% 60% 80% 100% Renewable energy (11%) Cleantech (36%) Water (49%) Cash* (5%) Industrials (51%) IT (12%) Utilities (11%) Health Care (6%) Materials (5%) Other (8%) Cash* (5%)
USA (30%) Switzerland (9%) UK (8%) Germany (6%) France (5%) Denmark (5%) Austria (4%) Netherlands (4%) Ireland (3%) Belgium (3%) Other (17%) Cash* (5%)
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Source: Geberit, Berenberg, CB Fonder
Europe (that accounts for >90% of sales). Known in the Nordics under the brands IDO and Ifö.
European construction market.
Organic growth, YoY
Source: Berenberg, CB Fonder
Geberit, organic growth
Sales by market/region
1. Germany (36.5%) 2. Switzerland (12.9%) 3. Benelux (7.7%) 4. Italy (7.4%) 5. Central/Eastern Europe (7.0%) 6. Austria (6.4%) 7. Nordics (4.8%) 8. France (4.2%) 9. UK/Ireland (3.6%) 10. Iberian peninsula (0.7%) 11. America (3.5%) 12. Far East/Pacific (3.2%) 13. Middle East/Africa (2.1%) Medium term target: +4-6 % Average since 2000: +5.2 %
Source: Geberit, CB Fonder Index 2009 = 100
Construction output and Geberit sales in Europe 2010-2014
Geberit sales currency-adjusted in Europe Total building construction Total building renovation Total new building
Source: Geberit, CB Fonder
Goldwind 12.8% Vestas 12.0% GE 9.2% Siemens 7.7% Gamesa 5.5% Enercon 5.1% United Power 4.7% Ming Yang 3.8% Envision 3.5% Haizhuang 3.4% Other 32.3%
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Source: Navigant Research, Vestas, Kepler Cheuvreux, Nordea Markets, CB Fonder
Source: Navigant Research, CB Fonder
Services growing – a clear sign of a maturing sector Market shares 2015 (onshore and offshore), %
Source: Nordea Markets, Kepler Cheuvreux
EBIT-split 2015 High margins in service Installed wind capacity – cumulative and YoY More sustainable growth rates – a sign of maturity
Source: Kepler Cheuvreux
company back on its feet.
27% of EBIT is expected to be generated from services and other recurring business.
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Source: Novozymes, Berenberg, Kepler Cheuvreux, CB Fonder
and water consumption but mainly through their products, which in 2014 are estimated to have reduced their customers’ carbon emissions at a level equivalent to the emissions from 25 million cars.
environment: average organic growth has been 7% since 2008.
Global market leader in industrial enzymes
Source: Kepler Cheuvreux
Resource consumption ”decoupled” from economic growth – large focus on sustainability
Source: Novozymes
High organic growth
Novozymes, organic growth
Source: Berenberg, CB Fonder
16% 13% 13% 15% 19% 15% 15% 19% 5% 10% 15% 20% 1 year 3 year 5 year Inception Stök MSCI World Net CB Save Earth Fund 0.74 0.70 0.72 0.68 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 1 year 3 year 5 year Inception Stök CB Save Earth Fund 0,0 0,2 0,4 0,6 0,8 1,0 1,2 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 0% 5% 10% 15% 20% 25% 30% Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
CB Save Earth Fund RC MSCI World
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C B S A V E E A R T H F U N D
Source: MSCI, CB Fonder *Weekly data (EUR)
Standard deviation on a 12-week rolling basis, 3 years
Beta on a 12-week rolling basis, 3 years Standard deviation, 1-8 years Beta, 1-8 years
50 75 100 125 150 175 200 225 MSCI World Net
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C B S A V E E A R T H F U N D
Source: MSCI, CB Fonder *Data since fund inception in June 2008
The fund compared to MSCI World Net during the largest drawdowns (EUR)
believe that the fund’s performance in drawdowns proves that.
1 2 3 4 5 6
The fund has
benchmark also during the recent drawdown: +3.4%
0% 20% 40% 60% 80% 100% 120% Jun-01 Jun-03 Jun-05 Jun-07 Jun-09 Jun-11 Jun-13 Jun-15
MSCI Sweden vs MSCI World Net
0% 50% 100% 150% 200% 250% Jun-01 Jun-03 Jun-05 Jun-07 Jun-09 Jun-11 Jun-13 Jun-15
MSCI EM vs MSCI World Net
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Sweden has been an great market for many years and has
the MSCI World Net index.
the many and successful exporting companies, that prospered during the boom years in EM (2001-2011).
started to fade – Sweden has underperformed World – and continue to do so.
MSCI Sweden relative to MSCI World Net, 15 years in same currency
the World index massively during the period 2001-2011.
markets during the last five years – and the trend remains favorable for World.
MSCI Emerging Markets relative to MSCI World Net, 15 years in same currency
Source: MSCI, CB Fonder
C B S A V E E A R T H F U N D
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Source: MSCI, CB Fonder *Data as of 2016-06-30
Key figures (5 yrs)* SEF Sweden
Performance, % Standard deviation, % Sharpe (0%) Maximum drawdown, % Beta against MSCI Sweden Alfa against MSCI Sweden, % p.a. +41.92 11.58 +0.63
+0.13 +6.54 +31.15 22.89 +0.24
Key figures (1 yr)* SEF Sweden
Performance, % Standard deviation, % Sharpe (0%) Maximum drawdown, % Beta against MSCI Sweden Alfa against MSCI Sweden, % p.a.
12.92
+0.30 +0.86
27.27
60 80 100 120 140 160 180 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 CB Save Earth Fund RC MSCI Sweden Net 70 80 90 100 110 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 CB Save Earth Fund RC MSCI Sweden Net
C B S A V E E A R T H F U N D
0% 10% 20% 30% 40% 50% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Return relative to MSCI World Cleantech Renewable energy Water
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C B S A V E E A R T H F U N D
environmental sector has performed better, why the prospects for active allocation are good.
serve as complements.
the world index – we see this as a sign of maturity for the environmental sector.
Source: Reuters, Bloomberg, S&P, MSCI, CB Fonder. Data as of 2016-06-30
The renewable energy and cleantech sectors have come to perform more in line with the world index – a sign of maturity.
Source: MSCI, CB Fonder
60 70 80 90 100 110 120 130 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 CB Save Earth Fund RC World Energy
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been followed by significant underperformance in the environmental sector in general and in the renewable energy sector in particular – but this time is somewhat different.
environmental sectors against MSCI World Net during these periods. During each drawdown, the sector has underperformed against the world index, but this time the renewable energy sector has seen its best relative performance, despite the oil price drawdown being the second largest. We see this as a sign of a more mature industry less affected by external shocks. The water sector is relatively independent of the oil price.
good hedge against weak performances from fossil fuel related companies (caused by low oil price, stranded assets etc.).
The table shows the four largest drawdowns in the oil price (in USD) over the last decade, and the performance of each environmental sector relative to the MSCI World Net index during the same period.
+9%
Source: MSCI, S&P, Reuters, Bloomberg, CB Fonder
Oil price Renewables Cleantech Water
0%
4%
3%
6% Relative performance vs. MSCI World
Period
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The price of solar panels and batteries follow the same learning curve
99% since 1976 and 80% since 2008. For each doubling in production, prices fall around 20% (Swanson’s law).
panels and will see declining prices with an increase in demand, partially driven by electric cars.
energy market is becoming technology-based, which implies that higher demand gives lower prices (comp. Moore’s law).
curves, which implies exponential rather than linear growth. When the new technology reaches 10% market share it’s game
the new technology substitutes the old one.
the technological landscape. They are impossible to predict but when they occur they are becoming more and more rapid. Renewable energy is still marginal, but history tells us that the shift in technology might happen quickly.
Adoption on the American market (as of 1997) Adoption curves for colour TVs
% Source: Technology Futures, Inc Source: Bloomberg New Energy Finance, Maycock, Battery University, MIIT Source: Forbes Magazine
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Source: IEA, EIA, Citi Research
Eras of energy production: history speaks for substitution
and less accessible, while new technologies become cheaper and more easily available - hence a “waterfall development".
the technologies of coming decades, as little did we know about solar energy a couple of decades ago.
0% 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 MSCI World IT, underperformance WilderHill New Energy Index, underperformance 0% 10% 20% 30% 40% 50% 60% 10 20 30 40 50 60 70 80 90 100 110 MSCI World IT, outperformance WilderHill New Energy Index, outperformance Months from trough
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C B S A V E E A R T H F U N D
Source: CB Fonder, Bloomberg, MSCI
describe a technology’s maturity and adoption in the market - a cycle that both the IT sector and the sector for renewable energy have followed.
emergence of a new sector: a boom and bust, followed by a long-term sound development. The market crashes (2000 and 2007 respectively) were about as bad for both sectors, measured as underperformance vs. MSCI World. The recovery (2006 and 2012 respectively), measured as outperformance vs. MSCI World, is about the same for renewable energy as it was for IT by the same time from the market trough.
falling prices.
Months from peak
Gartner’s Hype Cycle
Source: Digital Tech Diary, Gartner
Underperformance vs. MSCI World since peak for each sector Outperformance vs. MSCI World since trough for each sector
0% 50 100 150 200 250 300 350 400 450 500 550 600 1950-06-12 1953-01-05 1955-09-23 1956-08-03 1959-08-03 1961-12-12 1966-02-09 1967-09-25 1968-11-29 1973-01-03 1980-11-28 1983-10-10 1987-08-25 1990-07-16 1997-10-07 1998-07-17 1999-07-16 2000-03-24 2007-10-05 2015-05-21
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Number of trading days
Drawdown Market peaks New high as of 11 July 2016!
C B S A V E E A R T H F U N D
Source: S&P, CB Fonder Data from 1950-01-03 to 2016-07-11
0% 10% 20% 30% 40% 50% 20 40 60 80 100 120 140 160 180 200 220 240
1950-09-22 1954-03-11 1955-11-14 1958-09-24 1961-01-27 1963-09-03 1967-05-04 1972-03-06 1980-07-17 1982-11-03 1985-01-21 1989-07-26 1990-05-29 1991-02-13 1997-12-05 1998-11-23 1999-11-16 2007-05-30 2013-03-28
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Number of trading days
Performance after new high Date of new high
new high and keeping the investment for 180 trading days.
average 12-month return after an ATH is 11.4%, in comparison to 8.7% which is the average for any 12-month period between 1950-2016.
– 1985. The performance after the peak in 1985 was better than average.
1 month 3 months 6 months 12 months Average since 1950 1% 2% 4% 9% Average after new high 1% 2% 6% 11% Worst scenario after new high
Best scenario after new high 4% 10% 15% 37% 1985-01-21 - 3% 3% 11% 17% S&P 500 performance
Source: S&P, CB Fonder Data from 1950-01-03 to 2016-07-11
C B S A V E E A R T H F U N D
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C B S A V E E A R T H F U N D
Small Medium Big Huge
Low Medium High
Unknown unknowns (black swans etc.) Hard landing in Brazil, China and Russia Brexit A strong USD and/or premature interest rate hikes (compare 1937) suppresses the U.S economy. Geopolitics: Russia, Japan/China, North Korea, IS etc. Grexit and other Eurozone problems
1 2 3 4 6 7 8 9 5
Continued low electricity and oil prices Rising interest rates
Risks that may pose a bigger threat to the environmental sector
Currency war
1 2 3 5 6 7 4 8 9
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C B S A V E E A R T H F U N D
better ability to preserve capital in drawdowns compared to peers and benchmark, MSCI World Net.
energy (stranded assets).
fund offers a well diversified exposure to the environmental
makes the fund a good alternative to a global fund.
to 6% of the NAV each year (ex date: 31 October).
0% 1% 2% 3% 4% 5% 6% Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 CB Save Earth Fund RC vs MSCI World Net 80 85 90 95 100 105 110 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 CB Save Earth Fund RC (EUR) MSCI World Net (EUR)
Source: Bloomberg, CB Fonder Daily data for the period 9 June 2008 – 30 June 2016 (EUR)
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C B S A V E E A R T H F U N D CB Save Earth Fund, RC
CB Save Earth Fund, IC
High-Water Mark; the share class is 10% below HWM as of 30 June 2016
CB Save Earth Fund, ID
High-Water Mark; the share class is 9% below HWM as of 30 June 2016
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C B S A V E E A R T H F U N D
CB Save Earth Fund
CB Asset Management AB
Luxembourg
SEB Fund Services / SEB SA, Luxembourg
PricewaterhouseCoopers S.ár.I.
Yes
EUR
Daily/Daily
RC: No/No, IC: No/No, ID: No/Yes*
9 June 2008
RC: None, IC/ID: €500 000
RC: LU0354788688 / CBSVERC LX IC: LU0354788506 / CBSICAE LX ID: LU1053083884 / CBIDLUX LX
*Max 1%, dependent on client relationship
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C B S A V E E A R T H F U N D
Issued by CB Asset Management AB. It is intended solely to provide certain information (the “Information”) about CB Save Earth Fund (the “Fund”). CB Asset Management AB has taken all reasonable care to ensure correctness and accuracy of the Information published in that Article, at the time of its publication. Share prices and values may increase or decrease and investments are always associated with a risk of
is what we to our knowledge believe are correct based on the information made available to us for the purpose of this document. No representation or warranty of any nature, express or implied, is made about its completeness, accuracy, reliability or suitability. Nothing contained in this document shall be deemed to constitute a financial, legal, tax or other advice of any kind and no information in this document shall constitute or deem to constitute a solicitation or an offer to purchase, or invest in, any financial products which are referred to on it. The offering of the shares of the Fund is restricted in many jurisdictions and must not be marketed or
with applicable exemptions for the private placement of collective investment schemes and other applicable jurisdictional rules and regulations. It is the responsibility of every recipient to inform themselves and observe applicable regulations and restrictions in their jurisdiction. Potential investors in the Fund should inform themselves of the applicable laws and regulations of the countries of their citizenship, residence or domicile and which might be relevant to the subscription, purchase, holding, conversion and redemption of shares in the Funds. Should you wish to obtain further information on the Fund, please consult our website, where the Prospectus, the latest available annual and semi-annual reports, and the Key Investor Information Document (KIID) of the Fund are provided.
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With a relatively low correlation with environmental indices the fund offers a well diversified exposure to the environmental
correlation with MSCI World makes CB Save Earth Fund a good alternative to a global fund.
Source: MSCI, CB Fonder, Bloomberg, S&P *Monthly data for the period 30 June 2011 – 30 June 2016 (EUR)
Regional and country indices (MSCI) Sector indices Market cap indices (MSCI) C B S A V E E A R T H F U N D
SEF Europe World EM Sweden SEF 1.00 0.88 0.92 0.76 0.86 Europe 1.00 0.91 0.68 0.91 World 1.00 0.72 0.85 EM 1.00 0.69 Sweden 1.00 SEF World Renewables Cleantech Water SEF 1.00 0.92 0.78 0.87 0.87 World 1.00 0.68 0.87 0.89 Renewables 1.00 0.82 0.64 Cleantech 1.00 0.82 Water 1.00 SEF World World Large Cap World Mid Cap World Small Cap SEF 1.00 0.92 0.91 0.94 0.91 World 1.00 1.00 0.97 0.92 World large cap 1.00 0.96 0.91 World mid cap 1.00 0.97 World small cap 1.00