investing in eco-efficiency - quest cleantech fund...16 quest cleantech fund portfolio: top 10...
TRANSCRIPT
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Quest Cleantech Fund Cinvesting in eco-efficiency
Portfolio at 31 October 2019
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Quest Cleantech Fund Performance
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Monthly performance of +0.5%, somewhat below the European market.
YTD performance of +16.8% vs +20.8% for the STOXX Europe 600 TR index.
Nabaltec continued to decline and lost 23% in October. The decline follows a
strong rise earlier in the year and the stock is still up 28% YTD.
Hexcel (-9%) somewhat reduced its 2019 sales outlook because of the ongoing
uncertainties around the Boeing 737 MAX. The earnings guidance remained
unchanged. The stock is still up 32% YTD.
Envea announced a tripling of first half profits and went up 17% (+62% YTD).
Steico gained 12% (+33% YTD), announcing that Q3 net profit more than doubled.
Robertet gained 10%, most likely as a result of speculation after large privately
held Swiss competitor Firmenich bought a 17% participation.
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Quest Cleantech FundPerformance since launch until end of month
Cleantech TR Index in €: 147%
Quest Cleantech Fund C: 176%
STOXX Europe 600 TR Index: 83%
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Quest Cleantech FundPerformance compared to indices
4source: Bloomberg, ECB (exchange rates), Capricorn Partners; at 31 October 2019
performancelast
month2019 YTD 1 year
3 yearsp.a.
5 yearsp.a.
10 yearsp.a.
since launch
p.a.
Quest Cleantech Fund C 0,5% 16,8% 9,0% 6,9% 9,1% 11,6% 9,2%
STOXX Europe 600 TR Index 1,0% 20,8% 13,0% 8,4% 6,3% 8,3% 5,3%
STOXX Europe Small 200 TR Index 1,9% 20,6% 11,9% 9,8% 8,5% 10,4% 7,1%
Cleantech TR Index in EUR 0,2% 28,3% 20,7% 14,1% 13,6% 12,2% 8,1%
FTSE ET 50 Index TR EUR 3,6% 22,6% 15,2% 9,4% 8,0% 6,9% 2,7%
Sheet1
performancelast month2019 YTD1 year3 yearsp.a.5 yearsp.a.10 yearsp.a.since launch p.a.
Quest Cleantech Fund C0.5%16.8%9.0%6.9%9.1%11.6%9.2%
STOXX Europe 600 TR Index1.0%20.8%13.0%8.4%6.3%8.3%5.3%
STOXX Europe Small 200 TR Index1.9%20.6%11.9%9.8%8.5%10.4%7.1%
Cleantech TR Index in EUR0.2%28.3%20.7%14.1%13.6%12.2%8.1%
FTSE ET 50 Index TR EUR3.6%22.6%15.2%9.4%8.0%6.9%2.7%
5%17%0%10%7%12%7%
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Quest Cleantech Fund Performance attributions 2019 YTD
source: Factset, Capricorn Partners
Stock Contrib.% Stock Contrib.%
1 Hexcel Corporation 2,5 1 NORMA Group SE -1,1
2 Kingspan Group Plc 1,8 2 EXEL Industries SA -0,8
3 Aalberts N.V. 1,7 3 ForFarmers NV -0,3
4 Gurit Holding AG 1,6 4 Aliaxis SA -0,2
5 Waste Management, Inc. 1,6 5 Xylem Inc. 0,0
TOP POSITIVE CONTRIBUTIONS TOP NEGATIVE CONTRIBUTIONS
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Quest Cleantech Fund Portfolio
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The remaining position in automotive supplier Plastic Omnium was sold in the
beginning of the month.
A new addition to the portfolio is LEM, a Swiss manufacturer of power
electronics used in applications such as robotics, renewable energy, rail and
green cars.
The weighting of Kingspan in the portfolio was reduced to around 5.4%. The
stock has a relatively high valuation (P/E ratio above 20) and there are more
signs of slowdown in construction activity in some European countries.
Norma was further reduced in weighting.
Some shares of Hexcel and Nabaltec were bought back on weakness and the
position in Robertet was further increased.
Total assets amounted to €162 million at the end of October.
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Quest Cleantech FundPortfolio: segments
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Quest Cleantech FundPortfolio: GICS sectors
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Quest Cleantech FundPortfolio: geographical spread
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Quest Cleantech FundPortfolio: currencies
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Quest Cleantech FundPortfolio: spread by market caps
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Quest Cleantech Fund Portfolio: characteristics
source: Bloomberg, Factset, Capricorn Partners
QCFSTOXX
Eur. 600STOXX Europe
Small 200Forward P/E 18,5 14,6 16,6Relative P/E vs STOXX Europe 600 1,27 1,14EPS CAGR 2014/19 12% 6% 15%EPS growth 2019 7% 4% 7%Revision EPS 2019 (6 months) -5% -5% -2%ROE 2019 17% 12% 11%Beta 3Y vs Stoxx Eur. 600 0,87 1,00 1,01Avg. weighted market cap. (m€) 6 669Median market cap. (m€) 2 204# stocks 21Average holding period (years) 4,6
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Quest Cleantech Fund Portfolio: valuation
source: Factset, Capricorn Partners
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Quest Cleantech FundPortfolio: transactions in 2019 H1
IN OUT INCREASE REDUCTIONPlastic Omnium
Melexis
Aliaxis Wabtec Kerry Group MelexisUmicore Lenzing
Lenzing Norma Group Bureau VeritasA.O. Smith ForFarmers
Gurit Andritz MelexisPlastic Omnium
UmicoreNorma Group
Robertet ForFarmers Umicore KingspanGurit Kerry Group
Andritz Hexcel
Xylem A.O. Smith
JANUARY
FEBRUARY
MARCH
APRIL
MAY
JUNE
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Quest Cleantech FundPortfolio: transactions in 2019 H2
IN OUT INCREASE REDUCTIONExel Industries Xylem Bureau Veritas
Umicore HexcelAalbertsKingspanNabaltec
Bureau Veritas Xylem KingspanPlastic Omnium
AalbertsAndritz
Waste ManagementTomra Nibe Hexcel
Plastic Omnium
LEM Plastic Omnium Hexcel KingspanRobertet Norma GroupNabaltec
AUGUST
SEPTEMBER
OCTOBER
JULY
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Quest Cleantech FundPortfolio: top 10 holdings
company country activity segmentportfolio
entry% NAV
31/10/19
Andritz Austria plant engineering renewable energy 2008 7,4%
Hexcel USA composite materials energy efficiency 2013 6,7%
Aalberts Netherlands flow control systems resource efficiency 2014 6,6%
Mayr-Melnhof Austria cartonboard from recycled paper resource efficiency 2010 6,1%
Kingspan Ireland insulation materials and products energy efficiency 2016 5,4%
Waste Management USA waste management services resource efficiency 2018 5,3%
NIBE Sweden sustainable heating technology renewable energy 2015 4,9%
Gurit Switzerland composite materials renewable energy 2019 4,8%
Steico Germany insulation and construction materials energy efficiency 2017 4,6%
Kerry Group Ireland taste & nutrition technologies resource efficiency 2015 4,5%
Sheet1
companycountryactivitysegmentportfolioentry% NAV 31/10/19
AndritzAustriaplant engineeringrenewable energy20087.4%
HexcelUSAcomposite materialsenergy efficiency20136.7%
AalbertsNetherlandsflow control systemsresource efficiency20146.6%
Mayr-MelnhofAustriacartonboard from recycled paperresource efficiency20106.1%
KingspanIrelandinsulation materials and productsenergy efficiency20165.4%
Waste ManagementUSAwaste management servicesresource efficiency20185.3%
NIBESwedensustainable heating technologyrenewable energy20154.9%
GuritSwitzerlandcomposite materialsrenewable energy20194.8%
SteicoGermanyinsulation and construction materialsenergy efficiency20174.6%
Kerry GroupIrelandtaste & nutrition technologiesresource efficiency20154.5%
NabaltecGermanyspecialty chemicalsresource efficiency20174.5%
Jensen-GroupBelgiumheavy-duty laundry equipmentresource efficiency20134.5%
CFEBelgiummarine engineeringrenewable energy20144.2%
Norma GroupGermanyconnection technology and water mgmt.energy efficiency20164.0%
ForFarmersNetherlandsfeed solutions for livestock farmingresource efficiency20152.2%
Plastic OmniumFranceplastic and composite automotive partsenergy efficiency20184.4%
CFEBelgiummarine engineeringrenewable energy20143.8%
Norma GroupGermanyconnection technology and water mgmt.energy efficiency20166.2%
AndritzAustriaplant engineeringrenewable energy20085.7%
Mayr-MelnhofAustriacartonboard from recycled paperresource efficiency20104.7%
ForFarmersNetherlandsfeed solutions for livestock farmingresource efficiency20154.5%
Plastic OmniumFranceplastic and composite automovive partsenergy efficiency20184.1%
JohnsonUKcatalysts and specialty chemicalsresource efficiency20173.8%
Exel IndustriesFranceprecision spraying equipmentresource efficiency20173.8%
KingspanIrelandInsulation materials and productsenergy efficiency20165.4%
MelexisBelgiumautomotive sensors / Icsenergy efficiency20113.4%
CorbionNetherlandsfood ingredients and biobased chemicalsresource efficiency20163.8%
Accell GroupNetherlandsbicycles and bicycle partsenergy efficiency20153.8%
UmicoreBelgiummaterials technologyresource efficiency20084.6%
Norma GroupGermanyconnection technology and water mgmt.energy efficiency20164.0%
PerkinElmerUSAhuman & environmental health technologyresource efficiency20143.5%
HexcelUSAcomposite materialsresource efficiency20136.5%
AalbertsNetherlandsflow control systemsresource efficiency20145.5%
Norma GroupGermanyconnection technology and water mgmt.energy efficiency20164.5%
Mayr-MelnhofAustriacartonboard from recycled paperresource efficiency20105.4%
KingspanIrelandInsulation materials and productsenergy efficiency20165.3%
UmicoreBelgiummaterials technologyresource efficiency20084.9%
AndritzAustriaplant engineeringrenewable energy20084.7%
CorbionNetherlandsfood ingredients and biobased chemicalsresource efficiency20164.7%
CFEBelgiummarine engineeringresource efficiency20144.7%
Accell GroupNetherlandsbicycles and bicycle partsenergy efficiency20154.3%
Norma GroupGermanyconnection technology and water mgmt.energy efficiency20164.5%
Accell GroupNetherlandsbicycles and bicycle partsenergy efficiency20154.3%
CFEBelgiummarine engineeringresource efficiency20144.5%
Norma GroupGermanyconnection technology and water mgmt.energy efficiency20164.2%
TomraNorwaycollection and sorting equipmentresource efficiency20114.2%
WabtecUSAtransportation equipmentenergy efficiency20134.0%
CorbionNetherlandsfood ingredients and biobased chemicalsresource efficiency20164.0%
WabtecUSAtransportation equipmentenergy efficiency20133.9%
PerkinElmerUSAhuman & environmental health technologyresource efficiency20143.5%
MelexisBelgiumautomotive sensors / Icsenergy efficiency20114.2%
CFEBelgiummarine engineeringresource efficiency20143.9%
AndritzAustriaplant engineeringrenewable energy20085.7%
CFEBelgiummarine engineeringresource efficiency20145.1%
TomraNorwaycollection and sorting equipmentresource efficiency20114.8%
AalbertsNetherlandsflow control systemsresource efficiency20144.6%
MelexisBelgiumautomotive sensors / Icsenergy efficiency20114.4%
WabtecUSAtransportation equipmentenergy efficiency20134.2%
CFEBelgiummarine engineeringresource efficiency20145.1%
WabtecUSAtransportation equipmentenergy efficiency20134.2%
AalbertsNetherlandsflow control systemsresource efficiency20144.6%
BertrandtGermanyengineering and design servicesenergy efficiency20133.8%
KendrionNetherlandselectromagnetic componentsenergy efficiency20114.1%
ArcadisNetherlandsengineering consultancyresource efficiency20084.5%
NutrecoNetherlandsanimal nutrition and fish feedresource efficiency20134.1%
FMC CorpUSAagricultural and specialty chemicalsresource efficiency20123.9%
CentrotecGermanyenergy-efficient heating/climate systemsenergy efficiency20083.8%
SchaltbauGermanytransportation equipmentenergy efficiency20104.1%
SartoriusGermanyhealth care equipmentresource efficiency20143.9%
NemetschekGermanybuilding softwareenergy efficiency4.8%
Valmont IndustriesUSAirrigation and infrastructure productsresource efficiency3.8%
Trimble NavigationUSApositioning solutionsenergy efficiency3.7%
MelexisBelgiumautomotive sensors / Icsenergy efficiency20114.2%
KendrionNetherlandselectromagnetic solutionsenergy efficiency4.2%
TomraNorwaycollection and sorting equipmentwater & pollution control4.6%
PentairUSAwater treatment & technical productswater & pollution control4.1%
InitGermanytelematics for public transportenergy efficiency4.2%
ImtechNetherlandstechnical servicesenergy efficiency5.4%
LKQUSArecycled auto partswater & pollution control4.4%
FaiveleyFrancerailway equipmentenergy efficiency4.4%
Wacker ChemieGermanypolysilicon, polymers and siliconesadvanced materials4.1%
NalcoUSAwater treatmentwater & pollution control3.9%
Accell GroupNetherlandsbicyclesenergy efficiency4.1%
SMA SolarGermanyinverters for solar electricityrenewable energy3.9%
ItronUSAwater & energy meteringenergy efficiency3.6%
LEM HoldingSwitzerlandcurrent and voltage transducersenergy efficiency3.7%
CorningUSAspecialty glass & ceramicsadvanced materials4.2%
GeberitSwitzerlandsanitary & water supply systemswater & pollution control4.5%
VestasDenmarkwind turbinesrenewable energy5.0%
Roper IndustriesUSAindustrial controls and instrumentationenergy efficiency4.4%
Waste ManagementUSAwaste collection & recyclingwater & pollution control4.8%
Solar MillenniumGermanysolar thermal power plantsrenewable energy4.0%
Pfeiffer VacuumGermanyvacuum pumps and instrumentsadvanced materials4.1%
Accell GroupNetherlandsbicyclesenergy efficiency3.9%
Ten CateNetherlandshigh-end technical textilesadvanced materials3.8%
DonaldsonUSAfiltration and emission controlwater & pollution control3.5%
VaconFinlandAC drivesenergy efficiency4.2%
SpectrisUKelectronic controls & instrumentationenergy efficiency3.9%
TransicsBelgiumfleet management systems4.1%
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Quest Cleantech FundPortfolio: segment- and geographical allocation
Equities 93,9%
Cash & other net assets 6,1%
# stocks 21
CFE 4,3% Nibe 4,9% Andritz 7,4%
Gurit 4,8%
Melexis 2,3% Norma Group 2,8% Kingspan 5,4% Hexcel 6,7%
Steico 4,6% LEM 1,0%
Aliaxis 2,0% Aalberts 6,6% Nabaltec 3,9% Envea 3,8% Kerry Group 4,5% Waste Manageme5,3%
Jensen-Group 4,5% Robertet 4,4% Mayr-Melnhof 6,1% Xylem 4,2%
Umicore 4,2%
17,4% 4,9%
22,8%
Renewable Energy
Nordic countriesNetherlands France
8,2%
Resource Efficiency
49,6%
Energy Efficiency
21,5%
Germany Other Europe USA
6,6% 16,2%29,3%11,3%
Belgium
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Quest Cleantech Fund Portfolio: evolution of total assets
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Quest Cleantech Fund Important information
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This monthly update is distributed to existing shareholders of Quest Management, SICAV (with sub-
funds Quest Cleantech Fund and Quest+ Fund) (the “Fund”). This update does not constitute an
offer to anyone, or a solicitation by anyone, to subscribe for shares of the Fund. Nothing in this
update should be construed as advice nor as a recommendation to buy or sell shares.
Subscriptions for shares of the Fund can only be received on the basis of the relevant Key Investor
Information Document (the "KIID") and prospectus, accompanied by the latest annual report as well
as by the latest semi-annual report, if published after the latest annual report, copies of which can
be obtained, free of charge, from the management company, VP Fund Solutions (Luxembourg), or
from the investment manager, Capricorn Partners NV.
An investment in the Fund entails risks, which are fully described in the prospectus. The Fund
cannot guarantee future performance and there can be no certainty that the investment objectives
of the Fund’s individual sub-funds will be achieved.
This update is issued by the Fund’s investment manager, Capricorn Partners NV, a management
company of alternative undertakings for collective investment based in Leuven, Belgium and
licensed by the FSMA (the Financial Services and Markets Authority in Belgium).
Slide Number 1Quest Cleantech Fund �PerformanceQuest Cleantech Fund�Performance since launch until end of monthQuest Cleantech Fund�Performance compared to indicesQuest Cleantech Fund �Performance attributions 2019 YTDQuest Cleantech Fund �PortfolioQuest Cleantech Fund�Portfolio: segments Quest Cleantech Fund�Portfolio: GICS sectorsQuest Cleantech Fund�Portfolio: geographical spread Quest Cleantech Fund�Portfolio: currenciesQuest Cleantech Fund�Portfolio: spread by market caps Quest Cleantech Fund �Portfolio: characteristicsQuest Cleantech Fund �Portfolio: valuation Quest Cleantech Fund�Portfolio: transactions in 2019 H1���Quest Cleantech Fund�Portfolio: transactions in 2019 H2 ���Quest Cleantech Fund�Portfolio: top 10 holdingsQuest Cleantech Fund�Portfolio: segment- and geographical allocationQuest Cleantech Fund �Portfolio: evolution of total assetsQuest Cleantech Fund �Important information