Managersichten SJB Nachhaltig: Fidelity Sustainable Water & Waste Fund (WKN A2N7YS) April 2020

Bertrand Lecourt, FondsManager Fidelity Sustainable Water & Waste Fund

Die globalen Aktienmärkte legten im April einen starken Rebound hin, da sich der Optimismus bezüglich einer Eindämmung des COVID-19 Virus steigerte. Zudem sorgten die umfangreichen wirtschaftlichen Stimulierungsmassnahmen für eine positive Stimmung. In diesem verbesserten Marktumfeld gelang es dem Fonds mit seinem Fokus auf die Sektoren Wasserversorgung und Müllentsorgung, ein positives Ergebnis von +8,2 Prozent auf USD-Basis zu erzielen. Bertrand Lecourt, FondsManager des Fidelity Sustainable Water & Waste Fund A Acc EUR (WKN A2N7YS, ISIN LU1892829828), gibt in seinem Marktbericht Einblicke in Performance und Portfoliostruktur des auf Firmen aus der Wasser- und Abfallwirtschaft spezialisierten Nachhaltigkeitsproduktes. In seinen Managersichten erhalten SJB Investoren die neuesten Informationen über den in der FondsStrategie SJB Nachhaltig enthaltenen Fidelity-Aktienfonds.

Market Environment

Global equities rebounded strongly in April. Sentiment improved amid optimism around the reopening of economies in some COVID-19 hotspots across the world, encouraged by the slowing spread of the virus. Stimulus measures unveiled by regional governments and central banks to cushion their economies against the virus-induced slowdown further added to investor confidence. Positive news flows on COVID-19 treatment was an even stronger tailwind for the market. However, market volatility persisted due to an extraordinary slump in oil prices. US equities outperformed global and regional indices to stage a record bounce back from March’s historic sell-off. European equities rallied strongly from the historic crash witnessed last month. Slowing COVID-19 cases in Europe and plans to ease lockdown measures in major countries, including Italy, France and Germany, coupled with further stimulus measures announced by central banks lifted equities. The Japanese market recovered during the month. However, selling to lock-in profits and fears of a sharp rise in Japanese COVID-19 cases, which prompted Prime Minister Shinzo Abe to expand emergency measures to the rest of the country, held back stock prices. Asia Pacific ex Japan equities rebounded. Sentiment towards Chinese equities improved amid expanded stimulus support measures as well as the apparent effectiveness of lockdown measures. Emerging markets also posted solid gains in April. At a sector level, energy, consumer discretionary, materials and information technology (IT) sectors were the biggest gainers, while the defensive utilities and consumer staples were the weakest performers.

Fund Performance

The fund recorded strong positive returns but underperformed the index in April. Our overweight stance in the utilities sector detracted from returns. It is worth highlighting that the rebound in April was driven by a handful of sectors. Energy, consumer discretionary and health care were the market favourites, whereas utilities was the worst performing sector. On a positive note, strong security selection in the industrials sector added value, while there were no major stock level detractors. Equities remained volatile, with some stocks giving back previous relative gains, while others bounced back from previous lows. At a stock level, shares in Service Corporation International, a funeral home company, fell due to lower funeral volumes in 2020. The company has robust financials and we remain confident that it is well-positioned for a rebound. It is already leveraging audio/visual technology to overcome social distancing-related headwinds. The holding in waste management company Covanta also fell after it withdrew its 2020 guidance in light of macroeconomic uncertainties due to the pandemic. The unprecedented shutdown measures temporarily impacted waste businesses such as Veolia. The company recently published its results and the stock price appears to be bouncing back. Meanwhile, Brazilian utility Sabesp held back gains as the overall Brazilian market and its currency remained under pressure. Its fundamentals have not changed, however. The company was performing strongly before the pandemic (we had taken some profits in the name) and we remain positive in its long-term prospects. Encouragingly, water treatment solution company Evoqua Water Technologies was the leading contributor to returns as it provided a positive business update. The position in Advanced Drainage Systems, which produces plastic corrugated pipes and other drainage products, benefited from lower oil and resin prices. Other water equipment names such as Kurita and Rexnord also added value. LKQ, a provider of recycling and repairs to the automotive industry recovered strongly following a sharp decline in March.

Fund Positioning

The fund employs a distinctive, replicable bottom-up investment process, focusing on quality and growth, with an overarching emphasis on sustainable investments. This is a thematic ESG fund that seeks to deliver long-term capital growth over the market cycle by investing globally in companies that are involved in the water and waste management sectors. The managers believe that water and waste management related investments are driven by long-term mega trends and should potentially generate long-term investment returns. They aim to achieve this by adopting a long-term view of company fundamentals using substantial internal and external resources to analyse the profit drivers of each company by region, division and product. The strategy has a supportive environment that is backed by a global mega-trend which includes population growth, environmental constraints, supportive regulations, urbanisation rate and global wealth creation. We have a diversified exposure to 45-49 names to limit risk. The fund has a relatively defensive profile, with companies that are less exposed to the risk of a significant economic slowdown and are a play on sanitation benefits. Most regulated water names benefit from full pass-through of costs. Given the current situation, it is important to keep a balanced portfolio. The key for us is to identify our strongest conviction companies and increase their weightings without dramatically altering anything in the portfolio.

Siehe auch

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