We discuss a number of changes to government incentives schemes in Europe and update investors on the fund s progress
|
|
- Rosamund Robinson
- 8 years ago
- Views:
Transcription
1 Matthew Page Ed Guinness Commentary and Review by co-portfolio managers Edward Guinness and Matthew Page Alternative Energy We discuss a number of changes to government incentives schemes in Europe and update investors on the fund s progress Subscribe to other Guinness Atkinson services View Archive Briefs Geothermal Overview Sector and Geographic Breakdown Portfolio Highlights Fund Performance ALTERNATIVE ENERGY 1
2 Alternative Energy Geothermal Overview In the place of our normal section on latest news, we have written a short piece extolling the virtues of the geothermal sector. A full round up of latest news will feature next month. We are fans of the much overlooked geothermal energy sector. In the long run we believe it should have at least as much prominence in the energy mix as solar and wind. Geothermal is cheap, has a long life and most importantly provides baseload power. The environmental impact of geothermal is low and increased uptake of geothermal should improve energy security for the US and Europe. From our perspective, we divide the technologies that are considered to be the main geothermal options into two sub-categories - Hydrothermal Energy and Enhanced Geothermal Systems. We then consider a third category, Geothermal Heat Pumps. Hydrothermal Energy Hydrothermal Energy power plants turn hot water or steam close to the earth s surface into electricity. The plants use conventional steam turbines similar to those used in fossil fuel fired power stations. For lower temperature sites, the plants transfer the heat to a substance with a lower boiling point such as Ammonia which then drives the electric turbines. The output is reliable and constant with availability as high as 95% and can be generated at low operating costs. There are no fuel costs. While the attributes of hydrothermal power are very attractive, the main reason that it has not become the world s principle source of energy is that there are a limited number of viable conventional hydrothermal sites. Enhanced Geothermal Energy There is an emerging technology for extracting geothermal energy that is referred to as Enhanced Geothermal Energy, but is also known as Hot Rock Geothermal. Enhanced Geothermal involved drilling deep to use heat resources at high temperatures and pumping down water to recover from other wells nearby having captured heat from the rocks. The heat is not only derived from heat emanating from the earth s core but also from the decay of radioactive material in the rock. MIT has produced an extensive study on the potential for Enhanced Geothermal in the US. MIT demonstrates the potential scale of the opportunity the enhanced geothermal resource in the US is 1000 s of times higher than the current energy use. ALTERNATIVE ENERGY 2
3 Alternative Energy With plants built or under construction in Australia, France and Germany, we believe that the technology can mature enough to possibly merit wide commercialisation over the next ten to fifteen years. Geothermal Heat Pumps There is a further technology Geothermal Heat Pumps, that is often included within the geothermal sector, but for the Guinness Alternative Energy Fund s sector definitions we categorize geothermal heat pump companies as Efficiency stocks. This is because geothermal heat pumps typically involve lowering energy consumption for heating and cooling rather than producing energy for sale. Geothermal heat pumps involve connecting heat pumps to piping that is placed underground. There are other approaches, but this is one of the most common. The heat pump is powered by electricity from any source (eg the power grid) and uses the natural temperature below ground to help in heating or cooling a property. The energy savings can be as high as 75%. We believe that this provides one of the most economic ways to lower long term energy consumption. It is a mature technology, having seen widespread adoption in Scandinavia and is relatively inexpensive to install for new build property. Investing in Geothermal The Fund has five holdings in the technologies described above: Company Subsector Domicile % of NAV (28/2/10) Ormat Technologies Geothermal (Hydrothermal) US 2.94 Energy Development Geothermal (Hydrothermal) Philippines 3.26 Waterfurnace Renewable Efficiency (Geothermal Heat Pumps) US 3.30 LSB Industries Efficiency (Geothermal Heat Pumps) US 3.66 Geodynamics Geothermal (Enhanced Geothermal Australia 0.45 Systems) Total Ormat Technologies is the world s leading installer and operator of geothermal power plants. Government support has increased for the geothermal plants and Ormat should benefit from improved economics on plants they build and increased demand boosting their installations business. Energy Development Corporation is a utility in the Philippines which derives most of its electricity generation from geothermal power plants. The company should be a beneficiary of possible future growth in the Philippines economy and from construction of new power stations. We believe that the Philippines economy should be able to benefit from the abundance of geothermal energy resources available to it. ALTERNATIVE ENERGY 3
4 Alternative Energy WFI Renewables and LSB Industries are two of the leading companies in the US geothermal heat pump business. These companies have suffered as the property market has fallen, but not as much as might have been expected because of the trend for new build housing being more energy efficient. We believe that when the property market returns, the market for geothermal heat pumps may pick up significantly and these companies may be beneficiaries. We have a small holding in a Geodynamics, which is an Australian developer of Enhanced Geothermal Systems. Their first wells, named Habanero (named after its high heat) have been drilled and the company has successfully proven the concept works. The next phases of development could see the company moving to commercial production and increasing scale. We hope that geothermal energy will gain more support and prominence and that we will be able to position the fund to benefit from this. Today there are only a limited number of public geothermal companies, but we expect there to be a number of interesting investment opportunities in the geothermal sector over the next few years. At some point, we believe that geothermal, and particularly enhanced geothermal may reach the stage of maturity where both politicians and business recognize the huge potential of geothermal and propel the sector s growth significantly. Sector and Geographic Breakdown Sector % of Assets Domicile % of Assets Solar 47.98% Europe 45.35% Wind 30.74% North America 32.39% Efficiency 10.08% Asia 19.28% Geothermal 6.65% Latin America 3.35% Hydro 3.35% Australasia 0.44% Biomass Energy 1.64% Cash -0.81% Biofuel 0.37% % Fuelcell 0.00% Wave/tidal 0.00% Cash -0.81% % The portfolio is quite concentrated in the wind and solar sectors, with 47.98% in solar and 30.74% in Wind. We believe these sectors have the best long-term growth potential of the alternative energy space. Within the solar sector we have exposure to thin film solar panel manufacturing via our holding in First Solar and are otherwise invested across the silicon photovoltaic value chain. For our wind exposure we are invested in turbine manufacturers and wind farm developers. For our wind exposure we are invested in turbine manufacturers and wind farm developers. Efficiency is an area where the Obama stimulus plan will likely provide a wealth of opportunity. However, the biggest beneficiary is the eventual energy user. We have interesting investments in ground source heat pumps, building efficiency and heat recycling, with some exposure to transmission grid growth. ALTERNATIVE ENERGY 4
5 Alternative Energy We are invested in three geothermal companies, of which one is the principal builder of systems, Ormat, the second is a Philippine utility and the third (research) position is invested in a hot rock project in Australia. We expect geothermal to become a more important part of alternative energy plans as a result of its low costs and established technology. Our biomass investment is in one Canadian independent power producer with a portfolio of biomass plants. We think there are some interesting niche biomass projects and we are interested in those companies that do not have constraints on future biomass supply, but are cautious about the upside in stocks in the sector at the moment given specific project exposure of the investments available. We have only a small research holding in biofuels. We monitor the sector closely, but have concerns about overcapacity and negative margins in the US ethanol refining sector. We have no investments in fuelcells, tidal or wave power companies, but remain interested in these areas. Portfolio Highlights The Fund has 45.35% of its holdings in companies domiciled in Europe, reflecting the more mature European industry. North America accounts for 32.39% of the Fund of which 8.68% is in Canada. The Fund s 23.07% of emerging markets holdings is principally in Asia, with our investment in Chinese companies making up 16.01% of the Fund. Top Ten Holdings as of 02/28/10 % of Assets Clipper Windpower 4.66% STR Holdings 4.49% Energy Development Corp 3.99% LSB Industries 3.90% Waterfurnace Renewable Energy 3.60% Trina Solar 3.51% Iberdrola Renovables 3.44% Cemig 3.38% Acciona 3.36% Phoenix Solar 3.34% ALTERNATIVE ENERGY 5
6 Alternative Energy Liquidity analysis as at 02/28/10 Mkt Cap $M Positions % of Assets >1, % 500-1, % % % % < % Position Size No % of Assets Units % Half units % Research units % The liquidity of the Fund remains excellent, with 57.90% of the Fund in companies with a market capitalization over US$1,000 million. The Fund now has 27 full units and 6 half units. Valuation as at 02/28/10 Valuation metrics EST 10 EST 11 P/E P/Sales EV/Sales EPS growth 12.03% % 32.39% 37.92% Sales growth 13.91% 1.24% 20.75% 14.24% % of NAV with positive earnings 88.13% 74.45% 90.21% 97.06% Source: GA estimates, Bloomberg. P/E based on total portfolio value but include negative earnings at zero. We think that the Fund s earnings multiple of 21.8x 2009 P/E while high in absolute terms can be justified by the depressed state of earnings for 2009 and the strong growth potential for 2010 and beyond. The Fund P/E falls to 16.46x in 2010 and 11.94x in 2011, with potential upside from earnings exceeding estimates and strong growth in the years following The percentage of holdings with positive eps increases from 74.45% in 2009 to 90.21% in On an EV/Sales basis, the Fund is trading on 1.15x 2009 sales, falling to 0.95x 2010 sales. These are not multiples that reflect the long term growth potential of the sector, notwithstanding that there may be delays in some projects in the sector while the financing market recovers. We think that the table above emphasizes how the alternative energy companies in which we are invested are companies that are achieving real sales and earnings today and can be analyzed using conventional financial metrics - they do not require a new paradigm to justify valuations. Projected future sales and potential earnings growth over the long run suggest potential for higher valuations. ALTERNATIVE ENERGY 6
7 Alternative Energy Fund Performance (February 2010) The Guinness Atkinson Alternative Energy Fund had a total return of -5.98% in February Total Returns as of 03/31/10 Q YTD 10 1 Year From Inception Guinness Atkinson Alternative % % 33.18% % Energy Fund (inception 03/31/06) WilderHill New Energy Global % % 38.92% -3.83% Innovation Index Wilderhill Clean Energy Index -9.74% 2.16% 30.25% % MSCI World Index 3.37% 3.37% 53.12% 0.03% Gross Expense Ratio 1.69% Total Returns as of 02/28/10 Feb-10 QTD 10 YTD 10 1 Year From Inception Guinness Atkinson Alternative Energy Fund (inception 03/31/06) WilderHill New Energy Global Innovation Index -5.98% % % 40.67% % -4.37% % % -5.09% 14.44% Wilderhill Clean Energy Index -1.22% % % % 14.56% MSCI World Index 1.23% -2.71% -2.71% 55.13% -1.50% Gross Expense Ratio 1.69% All return figures represent average annualized returns except for periods of one year or less which are actual returns. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www. gafunds.com or calling The Funds impose a redemption fee of 2% on shares held less than 30 days. Performance data does not reflect the redemption fee. If reflected, total returns would be reduced. ALTERNATIVE ENERGY 7
8 Alternative Energy Portfolio Changes We did not make any changes to the portfolio in February. Stock Performance Top 5 Size February Bottom Five Size February Innergex Half 47.62% R.E.C. Full % JA Solar Full 15.35% Clipper Windpower Full % After Renesola the strong Half performance 15.23% Solarworld since Full March % and LSB Industries Full 8.06% Greentech Half % Boralex Half 5.50% Ormat Technologies Full % as the equity analysts update their models to reflect We were pleased the more with the transaction accurately announced by current Innergex to merge earnings with its sister income prospects, smaller independent the multiples power producers and of helped the support fund the Boralex have valuation. increased. JA Solar and fund and the stock responded well. We believe this is indicative of the value of some of the Renesola performed well as some of the Asian solar names showed indications of strong order We demand. think that the fund is reasonably priced at a The 25.06x European solar 2009 sector continued P/E, to given perform poorly the in February depressed as concern continued state about of the potential level of the German feed-in tariff reduction. REC announced poor results and there are concerns about future capital needs we think the company should recover well from here. earnings for 2009 and strong growth potential for 2010 and beyond. The Fund P/E falls to Solarworld suffered amid concerns about the cost competitiveness of the European players. We think Solarworld has a unique proposition with its brand and distribution. Clipper is executing poorly and had a weak quarter. While we think it will take some time for orders to pick up, its improved balance sheet and new 49.5% shareholder (United Technologies) may see its situation 15.19x improve in in Greentech 2010, is a with small developer potential who is waiting upside to finance their from current project earnings and strong growth thereafter. this should be a catalyst for the stock, but until then stock is underperforming. We position the Fund to benefit from the long term growth of the alternative energy sector and The believe that percentage long term both energy of markets holdings and banking markets with will positive function to the eps benefit of increases from 78.70% in 2009 to 92.80% in sector companies and investors. Thank you for your continuing support. On an EV/Sales basis, the fund is trading on 1.65x Commentary for our views on global energy and Asia markets is available on our website. Please 2009 click here to sales, view. falling to 1.36x 2010 sales. These are not multiples that reflect the long term growth potential of the sector, notwithstanding that ALTERNATIVE ENERGY 8
9 Alternative Energy Total returns reflect a fee waiver in effect and in the ab sence of this waiver, the total returns would be lower. Opinions expressed are subject to change, are not guaranteed and should not be considered investment advice. This information is authorized for use when preceded or accompanied by a prospectus for the Guinness Atkinson Global Energy Fund. The prospectus contains more complete information, including investment objectives, risks, charges and expenses related to an ongoing investment in The Fund. Please read the prospectus carefully before investing. The Fund invests in foreign securities which will involve greater volatility and political, economic and currency risks and difference in accounting methods. The risks are greater for investments in emerging markets. The Fund is non-diversified meaning its assets may be concentrated in fewer individual holdings than diversified funds. Therefore, the Fund is more exposed to individual stock volatility than diversified funds. The Fund also invests in smaller companies, which will involve additional risks such as limited liquidity and greater volatility. Current and future portfolio holdings are subject to risk. Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security. The WilderHill New Energy Global Innovation Index (NEX) is a modified dollar weighted index of publicly traded companies which are active in renewable and low-carbon energy, and which stand to benefit from responses to climate change and energy security concerns. The WilderHill Clean Energy Index (ECO) is a modified equal dollar weighted index comprised of publicly traded companies whose business s stand to benefit substantially from societal transition toward the use of cleaner energy and conservation. The MSCI World Index (MXWO) is a capitalization weighted index that monitors the performance of stocks from around the world. Price to earnings ratio (P/E) is equal to a stock s market capitalization divided by its aftertax earnings over the previous 12 months. Earnings per share (EPS) measures total earnings divided by the number of shares outstanding. The price to sales ratio (P/S) is equal to the total capitalization of the company divided by total sales (revenue). The enterprise value to sales ratio (EV/S) measures a company s enterprise value in relation to its total sales (revenue). One cannot invest directly in an index. Distributed by Quasar Distributors, LLC (4/10). ALTERNATIVE ENERGY 9
SUMMARY PROSPECTUS CALVERT GLOBAL ENERGY SOLUTIONS FUND INVESTMENT OBJECTIVE FEES AND EXPENSES OF THE FUND. Example. Portfolio Turnover
SUMMARY PROSPECTUS February 1, 2016 CALVERT GLOBAL ENERGY SOLUTIONS FUND Class (Ticker): A (CGAEX) C (CGACX) Link to Prospectus (Table of Contents) Y (CGAYX) Link to Statement of Additional Information
More information12.5: Generating Current Electricity pg. 518
12.5: Generating Current Electricity pg. 518 Key Concepts: 1. Electrical energy is produced by energy transformations. 2. Electrical energy is produced from renewable and non-renewable resources. 4. Electrical
More informationBusiness Value Drivers
Business Value Drivers by Kurt Havnaer, CFA, Business Analyst white paper A Series of Reports on Quality Growth Investing jenseninvestment.com Price is what you pay, value is what you get. 1 Introduction
More informationGeothermal: The Clean Energy Secret May 7, 2008
Geothermal: The Clean Energy Secret May 7, 2008 Published by Dr. Patrick Moore in conjunction with the New York Affordable Reliable Electricity Alliance (New York AREA) Geothermal: The Clean Energy Secret
More informationGenerating Current Electricity: Complete the following summary table for each way that electrical energy is generated. Pros:
P a g e 1 Generating Current Electricity: Complete the following summary table for each way that electrical energy is generated. Generating Electrical Energy Using Moving Water: Hydro-Electric Generation
More informationCANADIAN RENEWABLE ENERGY POLICIES. Matthew H. Brown InterEnergy Solutions 2007
CANADIAN RENEWABLE ENERGY POLICIES Matthew H. Brown InterEnergy Solutions 2007 The following offers an overview of Canadian federal and provincial policies that promote renewable energy. It is excerpted
More informationVONTOBEL ASSET MANAGEMENT, INC. HIGH QUALITY GROWTH AT SENSIBLE PRICES
VONTOBEL ASSET MANAGEMENT, INC. HIGH QUALITY GROWTH AT SENSIBLE PRICES Look beyond the U.S. for great companies After years of a sluggish economy, investors are challenged to find sufficient growth to
More informationDisclaimer. purposes only. Not for distribution in the United States, Japan, Australia, Italy or Canada.
8 April 2011 Disclaimer THIS PRESENTATION MAY NOT BE DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, JAPAN, ITALY, AUSTRALIA, CANADA OR ANY OTHER COUNTRY IN WHICH THE DISTRIBUTION OR DIFFUSION
More informationInitial Public Offerings in the PV Sector
Jefferies & Company, Inc. Member, SIPC Initial Public Offerings in the PV Sector Robert K. Jaworski Senior Vice President CleanTech Investment Banking Jefferies & Company, Inc. Solar Financing Environment
More informationSummary Prospectus October 28, 2014
OPPENHEIMER Gold & Special Minerals Fund NYSE Ticker Symbols Class A OPGSX Class B OGMBX Class C OGMCX Class R OGMNX Class Y OGMYX Class I OGMIX Summary Prospectus October 28, 2014 Before you invest, you
More informationEP Asia Small Companies Fund EP Latin America Fund EP China Fund Each a series of Investment Managers Series Trust
EP Asia Small Companies Fund EP Latin America Fund EP China Fund Each a series of Investment Managers Series Trust Supplement dated June 30, 2015, to the Summary Prospectus dated March 5, 2015, and the
More informationBusting Myths about Renewable Energy
Symposium on Renewable Energy: the Future for Australia, UNSW 15 April 2014 Busting Myths about Renewable Energy Dr Mark Diesendorf Institute of Environmental Studies University of New South Wales Sydney,
More informationANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF. (ASX Code: ZYAU)
ANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF (ASX Code: ZYAU) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors
More informationPROSPECTUS MAY 1, 2015
PROSPECTUS MAY 1, 2015 PARNASSUS FUNDS Parnassus Fund SM Investor Shares - PARNX Institutional Shares - PFPRX Parnassus Core Equity Fund SM Investor Shares - PRBLX Institutional Shares - PRILX Parnassus
More informationFinancing Energy Efficiency and Renewable Energy through the India Renewable Energy Development Agency
RENEWABLE ENERGY INDUSTRIAL ENERGY EFFICIENCY BUILDING ENERGY EFFICIENCY Financing Energy Efficiency and Renewable Energy through the India Renewable Energy Development Agency A RANGE OF FINANCIAL SUPPORT
More informationDeutsche Global Infrastructure Fund (TOLLX)
Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests
More informationSchwab Target Funds. Go paperless today. Simplify your financial life by viewing these documents online. Sign up at schwab.
Annual report dated October 31, 2015, enclosed. Schwab Target Funds Schwab Target 2010 Fund Schwab Target 2015 Fund Schwab Target 2020 Fund Schwab Target 2025 Fund Schwab Target 2030 Fund Schwab Target
More informationModule 7 Forms of energy generation
INTRODUCTION In rich countries like Australia, our standard of living is dependent on easily available energy. Every time you catch a bus, turn on a light or watch television energy is being used up. Over
More informationGEOTHERMAL POWER: THE BEDROCK OF RENEWABLE ENERGY ENERGIE GEOTHERMIQUE, SEULE SOURCE ALTERNATIVE FOURNISSANT LA CHARGE DE BASE
GEOTHERMAL POWER: THE BEDROCK OF RENEWABLE ENERGY ENERGIE GEOTHERMIQUE, SEULE SOURCE ALTERNATIVE FOURNISSANT LA CHARGE DE BASE Paul A. Thomsen Public Policy Administrator Ormat Technologies, Inc. Key Words:
More informationRenewable Choice Energy
Catawba College Table of Contents About Renewable Choice The Problem: Electricity Production Today The Solutions: Renewable Energy Sources Renewable Energy Credits (RECs) Who can participate in Renewable
More informationPRODUCT HIGHLIGHTS SHEET
This Product Highlights Sheet is an important document. Prepared on: 18 March 2016 It highlights the key terms and risks of this investment product and complements the Prospectus 1. It is important to
More informationTranscript of an interview with the Wall Street Ledger March 20 th 2013 Geopower Energy Limited (Proposed ASX code: GPX)
WSL: How large is the overall market you are targeting and elaborate on the potential growth? Ben Mead: Geopower is unique among renewable energy companies in that we are not tied to any specific technology,
More informationSUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX
TCW High Yield Bond Fund I SHARE: TGHYX N SHARE: TGHNX 20 6 FEBRUARY 29 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus which contain more information about the Fund
More informationWhy Going International is a Big Idea for Small-Cap Investing
AllianzGI International Small-Cap Fund Why Going International is a Big Idea for Small-Cap Investing Investment Solutions Second Quarter 2015 AllianzGI International Small-Cap Fund symbols: A shares: AOPAX
More informationTarget Retirement Funds
Prospectus March 1, 2015 Target Retirement Funds Institutional Class Administrative Class Investor Class Harbor Target Retirement Income Fund HARAX HARBX HARCX Harbor Target Retirement 2015 Fund HARGX
More informationUnited States Department of Commerce International Trade Administration
Japan Type: Large Market; Small Market Share Overall Rank: 17 The introduction of a feed-in-tariff (FIT) has attracted significant investment in the Japanese renewable energy market, particularly in the
More informationSuccess story: Feed-In Tariffs Support renewable energy in Germany
Success story: Feed-In Tariffs Support renewable energy in Germany This document will show how this success story has been brought about and is made up of the following sections: 1. What is a Feed-In Tariff?
More informationINCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX
INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX NAVIGATING A CHANGING INTEREST RATE ENVIRONMENT Rise to the challenge
More informationThe Advisors Inner Circle Fund. Westwood LargeCap Value Fund. Summary Prospectus March 1, 2015 Ticker: Institutional Shares WHGLX
The Advisors Inner Circle Fund Westwood LargeCap Value Fund Summary Prospectus March 1, 2015 Ticker: Institutional Shares WHGLX Before you invest, you may want to review the Fund s complete prospectus,
More informationAksa Enerji Outperform (Maintained)
01.14 03.14 05.14 07.14 09.14 11.14 01.15 03.15 05.15 May 26, 2015 Outperform (Maintained) Turkey - Equity - Company Update On the verge of a new era s commissioning of the Company s first lignite power
More informationLVIP Dimensional Non-U.S. Equity RPM Fund. Summary Prospectus April 30, 2013
LVIP Dimensional Non-U.S. Equity RPM Fund (formerly LVIP Dimensional Non-U.S. Equity Fund) (Standard and Service Class) Summary Prospectus April 30, 2013 Before you invest, you may want to review the Fund
More informationO Shares ETFs: Smart Rules for Investing. in US, Europe and Asia Large Cap Stocks. Chairman and Investor on ABC s Shark Tank.
O Shares ETFs: Smart Rules for Investing Kevin O Leary Chairman and Investor on ABC s Shark Tank in US, Europe and Asia Large Cap Stocks January 2016 Why O Shares? We developed O Shares Investments ETFs,
More informationFREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS.
FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS December 31, 2014 Investment Adviser: MATSON MONEY, INC. 5955 Deerfield
More informationT. Rowe Price International Bond Fund T. Rowe Price International Bond Fund Advisor Class
T. Rowe Price International Bond Fund T. Rowe Price International Bond Fund Advisor Class Supplement to Prospectuses Dated May 1, 2015 In section 1, the portfolio manager table under Management with respect
More informationFREQUENTLY ASKED QUESTIONS March 2015
FREQUENTLY ASKED QUESTIONS March 2015 Table of Contents I. Offering a Hedge Fund Strategy in a Mutual Fund Structure... 3 II. Fundamental Research... 4 III. Portfolio Construction... 6 IV. Fund Expenses
More informationOffice of Energy Research, Policy and Campus Sustainability
Sustainability Research Boise State University Office of Energy Research, Policy and Campus Sustainability Overview of Compressed Air Energy Storage ER-07-001 Overview of Compressed Air Energy Storage
More informationTD Mutual Funds Fund Profiles
TD Mutual Funds Fund Profiles Global Equity Funds TD Global Low Volatility Fund TD Global Dividend Fund TD Global Value Fund TD Global Growth Fund July 27, 2011 TD Global Equity Portfolio TD Global Multi-
More informationPax MSCI International ESG Index Fund:
Pax MSCI International ESG Index Fund: ESG Factors Drive Stronger Returns with Lower Risk Over Its First 4 Years In January 2011, Pax World was an early mover in launching a strategy designed to provide
More informationREFINE YOUR INVESTMENT STRATEGIES
seic.com REFINE YOUR INVESTMENT STRATEGIES with Managed Volatility Funds SEI s Suite of Managed Volatility Funds Proven to Deliver SEI introduced what we believe was the first managed volatility fund of
More informationEnvironmental Science 101 Energy. Web-Based Course. Lecture Outline: Terms You Should Know: Learning Objectives: Reading Assignment:
Environmental Science 101 Energy 1 Web-Based Course Lecture Outline: 5. RENEWABLE ENERGY RESOURCES MODULE 5.1 Improving Energy Efficiency A. Improving Energy Efficiency MODULE 5.2 Geothermal, Hydro and
More informationHORIZON 2020. Competitive Low Carbon Energy 2014-2015 Call. Paul Verhoef DG RTD K03/Head of Unit
THE EU FRAMEWORK PROGRAMME FOR RESEARCH AND INNOVATION HORIZON 2020 Competitive Low Carbon Energy 2014-2015 Call Paul Verhoef DG RTD K03/Head of Unit Thematic scope of the Energy Challenge (according to
More informationVanguard Emerging Markets Stock Index Fund
Vanguard Emerging Markets Stock Index Fund Supplement to the Prospectus and Summary Prospectus Dated February 26, 2015 New Target Index Effective as of the start of business on November 2, 2015, Vanguard
More informationBASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket
Glossary: The ETF Portfolio Challenge Glossary is designed to help familiarize our participants with concepts and terminology closely associated with Exchange- Traded Products. For more educational offerings,
More informationALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015
ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 Investment Adviser: RidgeWorth Investments A Shares C Shares I Shares Aggressive Growth Allocation Strategy SLAAX CLVLX CVMGX Conservative
More informationCurrency Risk, In Context. Seafarer Capital Partners, LLC. March 2015
Currency Risk, In Context Seafarer Capital Partners, LLC March 2015 Disclosures ALPS Distributors, Inc. is the distributor for the Seafarer Overseas Growth and Income Fund. This material must be accompanied
More informationEnergy Productivity & Pricing
Energy Productivity & Pricing Markets for energy, renewable energy and carbon Dr Jenny Riesz February 2014 2 Average electricity retail prices Electricity price rises CSIRO Future Grid (2013) Change and
More informationH1 2014 LEVELISED COST OF ELECTRICITY - PV
H1 2014 LEVELISED COST OF ELECTRICITY - PV JENNY CHASE 4 FEBRUARY 2014 LCOE OF PV, FEBRUARY 2014 1 PV EXPERIENCE CURVE, 1976-2013 (2013 $/W) 100 Cost per W (2013 $) 1976 10 1985 2003 2006 1 2012 2013 Q3
More information2016 Summary Prospectus
March 1, 2016 Global X Permanent ETF NYSE Arca, Inc: PERM 2016 Summary Prospectus Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its
More informationPROJECT FINANCIAL EVALUATION
Introduction to Financial Figures of Merit PROJECT FINANCIAL EVALUATION An investor, energy policy analyst, or developer may use a variety of figures of merit to evaluate the financial attractiveness of
More informationBrookfield Global Listed Real Estate Fund Data as of September 30, 2015
FUND DATA Total Net Assets (in millions) 1 $1,109.31 Net Asset Value (NAV) Per Share $12.41 AT A GLANCE Symbols CUSIPs Expense Ratio (Gross) 2 Expense Ratio (Net) 2 Class A BLRAX 112740105 1.41% 1.20%
More informationSterling Capital Stratton Small Cap Value Fund
Overview Investment Objective The Small Cap Value Fund seeks long-term capital appreciation. The Fund uses a value investment approach to invest primarily in common stock of small capitalization companies
More informationINVESTING IN HUMAN PROGRESS WHY DIVIDENDS MATTER. by Dr. Ian Mortimer and Matthew Page, CFA Fund Co-managers
TM INVESTING IN HUMAN PROGRESS WHY DIVIDENDS MATTER by Dr. Ian Mortimer and Matthew Page, CFA Fund Co-managers I N V E S T M E N T R E S E A R C H S E R I E S I N T R O D U C T I O N Investors seem to
More informationSmall/Mid-Cap Quality Strategy (including FPA Paramount Fund, Inc. and FPA Perennial Fund, Inc.)
Small/Mid-Cap Quality Strategy (including FPA Paramount Fund, Inc. and FPA Perennial Fund, Inc.) Investment Policy Statement OVERVIEW Investment Objective and Strategy The primary objective of the FPA
More informationReport to AGEA. Comparative Costs of Electricity Generation Technologies. February 2009. Ref: J1721
Report to AGEA Comparative Costs of Electricity Generation Technologies February 2009 Ref: J1721 Project Team Walter Gerardi Antoine Nsair Melbourne Office Brisbane Office 242 Ferrars Street GPO Box 2421
More informationMultiple sources of energy will be available, giving the consumer choices. A Higher Percentage of Energy will come from renewable energy sources
Editor s comments: Numbers in parentheses indicate the number of duplicate or extremely similar comments made. The headings are editor s best attempt to draft vision statements reflecting the participants
More informationDo-Now. 1.) Get out notebook.
Do-Now 1.) Get out notebook. 2.) Answer the following questions on the first clean sheet in your notebook. 1.) What are renewable resources? 2.) What are nonrenewable resources? Alternative Sources of
More information1. Nuclear - In YOUR OWN WORDS (not your partner s words) explain how this energy source works.
ENERGY RESOURCES ACTIVITY Integrated Science 4 Name: Date: Period: Directions: In groups, you will be going from station to station answering questions about differing energy resource. Each individual
More informationHow to Earn the LEED Green Power Credit
3D EG REES WH ITE PAPER How to Earn the LEED Green Power Credit Using on-site and off-site renewable energy to mitigate the impact of greenhouse gas emissions associated with a LEED project s energy use
More informationEXECUTIVE SUMMARY WASHINGTON & AROOSTOOK COUNTIES
Introduction Renewable Energy has been an area of focus for the Mobilize Maine asset-based planning process in northern Maine since 2010 (http://www.gro-wa.org/aroostookrenewable-energy-analysis) and recent
More informationJanus Investment Fund
January 28, 2013 Class A Shares Ticker Class C Shares Ticker Class S Shares Ticker Class I Shares Ticker Class N Shares Ticker Class R Shares Ticker Class T Shares Ticker Global & International Janus Asia
More informationHSBC Mutual Funds. Simplified Prospectus June 15, 2016
HSBC Mutual Funds Simplified Prospectus June 15, 2016 Offering Investor Series, Advisor Series, Premium Series, Manager Series and Institutional Series units of the following Funds: Cash and Money Market
More informationUtilizing Utilities in Shareholder Yield
MARCH 215 Utilizing Utilities in Shareholder Yield FROM THE EPOCH SHAREHOLDER YIELD TEAM Utilities stocks have historically fit the profile of shareholder yield companies and have remained a significant
More informationHow Hedging Can Substantially Reduce Foreign Stock Currency Risk
Possible losses from changes in currency exchange rates are a risk of investing unhedged in foreign stocks. While a stock may perform well on the London Stock Exchange, if the British pound declines against
More informationESBI Carbon Solutions. Partnering with Countries to Achieve their Full Carbon Credit Potential
ESBI Carbon Solutions Partnering with Countries to Achieve their Full Carbon Credit Potential ESB International ESB International (ESBI) is a growing international energy company and one of Europe s leading
More informationBrown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX
Summary Prospectus October 30, 2015 Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX Before you invest, you may
More informationSummary Prospectus August 28, 2015, as revised September 21, 2015
EXCHANGE TRADED CONCEPTS TRUST ROBO Global TM Robotics and Automation Index ETF Summary Prospectus August 28, 2015, as revised September 21, 2015 Principal Listing Exchange for the Fund: NASDAQ Stock Market
More informationThe Future of Energy. Prof. Wesley Henderson Dept. Chemical & Biomolecular Engineering NC State University. Seminar 2
The Future of Energy Prof. Wesley Henderson Dept. Chemical & Biomolecular Engineering NC State University Seminar 2 Outline of Lectures Seminar 1: Energy & Electricity Use in the U.S. Peak Oil? Clean Coal
More informationSUPPLEMENT TO THE CURRENTLY EFFECTIVE SUMMARY PROSPECTUS
SUPPLEMENT TO THE CURRENTLY EFFECTIVE SUMMARY PROSPECTUS Deutsche Global Real Estate Securities Fund Effective May 1, 2016, the following information replaces the existing disclosure contained under the
More information(expenses that you pay each year as a percentage of the value of your investment)
July 31, 2015 SUMMARY PROSPECTUS SAAT Core Market Strategy Allocation Fund (SKTAX) Class A Before you invest, you may want to review the Fund s prospectus, which contains information about the Fund and
More informationInternational Solar Energy Arena January 23rd, 2009, Istanbul STEAM (Strategic Technical Economic Research Center)
International Solar Energy Arena January 23rd, 2009, Istanbul STEAM (Strategic Technical Economic Research Center) Good morning. Sayin Bakanım. Members of Parliament. Ladies and Gentlemen. Slide 1: Opening
More informationInvestment Objective. Expense Example
The Gabelli ABC Fund A series of Gabelli Investor Funds, Inc. SUMMARY PROSPECTUS April 29, 2016 Class AAA (GABCX), Advisor Class (GADVX) Before you invest, you may want to review the Fund s Prospectus
More informationCatalyst Dynamic Alpha Fund CPEAX, CPECX & CPEIX 2015 Q2
Catalyst Dynamic Alpha Fund CPEAX, CPECX & CPEIX 2015 Q2 Risk Considerations Investors should carefully consider the investment objectives, risks, charges and expenses of the Catalyst Funds. This and other
More informationNORTHERN TRUST HIGH YIELD FIXED INCOME QUARTERLY UPDATE. Highlighting attribution, economic and market analysis
NORTHERN TRUST HIGH YIELD FIXED INCOME QUARTERLY UPDATE Highlighting attribution, economic and market analysis December 31, 2015 Northern Trust Asset Management 50 South La Salle Street Chicago, Illinois
More informationWorld Geothermal Market & Outlook
ADVISORY World Geothermal Market & Outlook An insight into KPMG s report on the international geothermal energy sector kpmg.is 2 Section or Brochure name KPMG s report World Geothermal Market & Outlook
More informationCatalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015
Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015 Before you invest, you may want to review the Fund s complete prospectus, which
More informationYour investment in the LGS Account-Based Pension Plan is not guaranteed. The value of your investment can rise or fall.
Statement Fact How we invest your money This Fact Sheet is dated 6 January 2016. It provides additional information not contained in the PDS and therefore forms part of the Local Government Super (LGS)
More informationDeutsche Latin America Equity Fund (formerly DWS Latin America Equity Fund)
Summary Prospectus February 1, 2015 Deutsche Latin America Equity Fund (formerly DWS Latin America Equity Fund) Class/Ticker A SLANX B SLAOX C SLAPX INST SLARX S SLAFX Before you invest, you may want to
More informationContracts for Difference - the new support regime for low carbon generation
Contracts for Difference - the new support regime for low carbon generation James Taylor Raj Bavishi 11 November 2014 UK Incentive Regimes Small scale Feed in Tariffs and the Renewables Obligations have
More information22 West Washington Street Chicago Illinois 60602
22 West Washington Street Chicago Illinois 60602 Table of Contents Overview Morningstar Investment Research Center 1 Screeners Get to Screeners from the Homepage 2 The Basics of Creating a Screen 3 Morningstar
More informationSPDR MSCI South Korea Quality Mix ETF
SPDR MSCI South Korea Quality Mix ETF Summary Prospectus-January 31, 2016 QKOR (NYSE Ticker) Before you invest in the SPDR MSCI South Korea Quality Mix ETF (the Fund ), you may want to review the Fund's
More informationGlobal Markets Update Signature Global Advisors
SIGNATURE GLOBAL ADVISORS MARKETS UPDATE AUGUST 3, 2011 The following comments come from an internal interview with Chief Investment Officer, Eric Bushell. They represent Signature s current market views
More informationRENEWABLE ENERGY - FOR QUALITY LIFE & FOR SUSTAINABLE GROWTH -
RENEWABLE ENERGY - FOR QUALITY LIFE & FOR SUSTAINABLE GROWTH - C O N F E R E N C E I N T HE HU N G A R I A N P A V IL I O N 8 O C T O B E R, E X P O M I L A N FORMS OF RENEWABLE ENERGY Wide variety of
More informationRevenueShares ETF Trust
RevenueShares ETF Trust SUMMARY PROSPECTUS NOVEMBER 3, 2015 RevenueShares ADR Fund This summary prospectus is designed to provide investors with key fund information in a clear and concise format. Before
More informationEATON VANCE HEXAVEST GLOBAL EQUITY FUND Supplement to Summary Prospectus dated December 1, 2015
EATON VANCE HEXAVEST GLOBAL EQUITY FUND Supplement to Summary Prospectus dated December 1, 2015 1. The following replaces Fees and Expenses of the Fund : Fees and Expenses of the Fund This table describes
More informationAnita Rønne. Análisis del marco normativo de las redes inteligentes en Europa The European legal framework for smart grids
Análisis del marco normativo de las redes inteligentes en Europa The European legal framework for smart grids Anita Rønne Faculty of Law, University of Copenhagen Member of the Energy Regulatory Authority
More informationSECTOR ASSESSMENT (SUMMARY): ENERGY. 1. Sector Performance, Problems, and Opportunities
Country Operations Business Plan: Philippines, 2013 2015 SECTOR ASSESSMENT (SUMMARY): ENERGY 1. Sector Performance, Problems, and Opportunities 1. Challenges. Economic growth has been impeded in the Philippines
More informationPutnam Global Health Care Fund. Summary prospectus 12 30 14
FUND SYMBOLS CLASS A CLASS B CLASS C CLASS M CLASS R CLASS Y PHSTX PHSBX PCHSX PHLMX PHSRX PHSYX Putnam Global Health Care Fund Summary prospectus 12 30 14 Putnam Global Health Care Fund Before you invest,
More informationDavis New York Venture Fund
Davis New York Venture Fund Price Is What You Pay, Value Is What You Get Over 40 Years of Reliable Investing Price Is What You Pay, Value Is What You Get Over 60 years investing in the equity markets has
More informationPROSHARES ULTRA GOLD MINERS
SUMMARY PROSPECTUS OCTOBER 1, 2015 GDXX PROSHARES ULTRA GOLD MINERS GDXX LISTED ON NYSE ARCA This Summary Prospectus is designed to provide investors with key fund information in a clear and concise format.
More informationCRS Report Summaries WORKING DRAFT
CRS Report Summaries R40147 Green Buildings This is a definition and analysis of the cost and benefits of green buildings. It also cites agencies and laws that encourage the building of environmentally
More informationTHE SOLAR ENERGY INDUSTRY: CURRENT STATUS AND FUTURE CHALLENGES
THE SOLAR ENERGY INDUSTRY: CURRENT STATUS AND FUTURE CHALLENGES Gerald I. Susman Smeal College of Business Pennsylvania State University Sustainability Conference Washington, DC October 13, 2009 SUPPLY/DEMAND
More informationWhat s It All About? The Sun as a Power Source Instructor Guide
What s It All About? The Sun as a Power Source Instructor Guide Subject Area Unit Grade Time Science Earth Science K - 1st grade 45 minutes Overview This activity reinforces the concept that the sun supplies
More informationCANADA S RESOURCES: CONVENTIONAL AND ALTERNATIVE ENERGY
CANADA S RESOURCES: CONVENTIONAL AND ALTERNATIVE ENERGY Introduction Canadians are among the highest energy consumers in the world. Why? (list 3 possible reasons) Northern climate/very cold temperatures
More informationCOLUMBIA VARIABLE PORTFOLIO SELIGMAN GLOBAL TECHNOLOGY FUND
PROSPECTUS May 1, 2015 COLUMBIA VARIABLE PORTFOLIO SELIGMAN GLOBAL TECHNOLOGY FUND The Fund may offer Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life
More informationResponse to the Energy White Paper Issues Paper PREPARED BY EMC ENGINEERING FOR THE AUSTRALIAN GOVERNMENT DEPARTMENT OF INDUSTRY
Response to the Energy White Paper Issues Paper PREPARED BY EMC ENGINEERING FOR THE AUSTRALIAN GOVERNMENT DEPARTMENT OF INDUSTRY i P a g e www.energym adeclean.com CONTENTS
More informationJ.P. MORGAN SPECIALTY FUNDS. JPMorgan U.S. Real Estate Fund (All Share Classes) (a series of JPMorgan Trust II)
J.P. MORGAN SPECIALTY FUNDS JPMorgan U.S. Real Estate Fund (All Share Classes) (a series of JPMorgan Trust II) Supplement dated November 12, 2013 to the Prospectus and Summary Prospectus dated May 1, 2013,
More informationPresentation of Grupo ACS. September 2009
Presentation of Grupo ACS September 2009 Strategic vision A global leader in infrastructure development In the fields of civil and industrial engineering activities With sustainable and profitable growing
More informationVESI JA ENERGIA VIENTITUOTTEENA. Fortum Miko Olkkonen Senior Executing Manager, Hydro Projects Fortum Power & Heat Oy
VESI JA ENERGIA VIENTITUOTTEENA Fortum Senior Executing Manager, Hydro Projects Fortum Power & Heat Oy Fortum s strategy relies strongly in Hydro Mission Fortum s purpose is to create energy that improves
More informationSTATE FARM MUTUAL FUND TRUST
STATE FARM MUTUAL FUND TRUST Supplement dated December 30, 2015 to the Prospectus dated May 1, 2015 of State Farm Mutual Fund Trust for Class A, Class B, Legacy Class A and Legacy Class B shares (the Prospectus
More informationALPS Equal Sector Factor Series ALPS SECTOR LEADERS ETF. www.alpsfunds.com 866.759.5679
ALPS Equal Sector Factor Series ALPS SECTOR LEADERS ETF www.alpsfunds.com 866.759.5679 Why and Growth? Tilting exposure towards high-quality companies has historically produced higher returns on an absolute
More information