Der Januar war ein schwieriger Start für den DNB Renewable Energy Fund (WKN A0MWAL, ISIN LU0302296149), der sich schwächer als der MSCI World sowie sein Vergleichsindex NEX entwickelte. Doch es gab auch positive Nachrichten von wichtigen Einzeltiteln zu vermelden, wo Enel, Scatec und Voltalia eine gute Kursentwicklung hinlegten. DNB-FondsManager Jon Sigurdsen analysiert in seinem Monatskommentar für Januar die jüngsten Marktentwicklungen in der Zukunftsbranche der Erneuerbaren Energien und beschäftigt sich mit den Renditeaussichten des Batterie- und Biokraftstoffsektors. Investoren der SJB FondsStrategie Nachhaltig finden hier den Marktbericht und Wachstumsausblick des DNB-Aktienexperten.
Weak start to the year, but giving us some interesting opportunities
January was a difficult start to the year with performance below MSCI World and the NEX index. On the positive side, there was strong returns in a number of utility names following the EU green deal as well as the overall lower yields. This gave strong returns from Enel, Scatec and Voltalia. In the same sector there was also strong gains in US residential solar developer SunRun where the market is increasingly bullish on volume. We also had decent return in Willdan following several contract wins, including a software deal with Xcel Energy.
On the other side, it was a negative month for a number of names with value style and perhaps more of a cyclical element. The two weakest performers where in the chemical space with Chemours and Huntsman. This was likely driven by again weaker interest rates as well as new macro fears with the virus and extended holiday in China. We believe the market is somewhat missing the strong growth support these names will get from the green shift and used the weakness to add to positions in the month.
On a positive note we see that the expected growth outlook for the portfolio is on the way up. A lot of this is due to 2019 becoming history, where several names saw a deeper cyclical hit than expected.
Valuation did not move much this month with fairly flat performance.
