Stand: 31.05.2022
The global equity markets continued to slide in March due to the spread of the coronavirus and the associated restrictions on business activity. The MSCI World fell by more than 13% in euro terms. Developed markets are currently delivering marginally better performance than the emerging markets. Performance varied widely at the sector level, however. Defensive industries such as consumer staples and healthcare lost considerably less than cyclical stocks from the energy and financial sectors. The last week of March brought a strong rebound after the governments and central banks announced substantial aid packages. Amidst the continued extremely weak market conditions, the fund also turned in a negative performance last month. The few winners included Smart Metering Systems (energy efficiency), West Holdings (renewable energy), NEL ASA (fuel cells), Fluence (water) and Azbil (energy efficiency). Sunrun (renewable energy), Capstone Turbine (energy efficiency), Evoqua (water), LSI Industries (energy efficiency) and Sunnova Energy (renewable energy) developed negatively. In the past month we reduced Bloom Energy, Acuity Brands, Vivint Solar, Knorr Bremse and Manz and bought Trex, Evoqua, Sunrun, Wabtec and Renova. In the fund, we hold the largest weighting in the area of renewable energy (32.4%) before energy efficiency (20.8%) followed by water (13.5%), mobility (9.8%), recycling (9.2%) and energy storage (6.0%). The level of investment was 95.2% at the end of March.