Der DNB Renewable Energy Fund (WKN A0MWAL, ISIN LU0302296149) legte zum Jahresausklang einen beeindruckenden Schlussspurt hin und schaffte es, mit seiner Performance von +33,0 Prozent seit Jahresbeginn noch den MSCI World zu überholen. DNB-FondsManager Jon Sigurdsen analysiert in seinem aktuellen Monatskommentar 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 den Marktbericht und Wachstumsausblick des DNB-Aktienexperten hier.
Strong finish to the year, biodiesel tax credit re-instated for 2018-2022
December was an outstanding month for the fund and the gains led to full-year performance well ahead of the MSCI World although not enough to catch up with the NEX index.
The big event in December was the re-instatement of the biodiesel tax credit for the period 2018-2022, vital for the fund’s largest position Renewable Energy Group. This means that the company will report a significant positive one-off for Q4. It also means that earnings visibility for the period until 2022 is greatly improved and the overall complexity of the investment case is reduced. We have been waiting for this for more than a year, and it took longer than expected, but the outcome was also better than our base case. We still find the stock attractive, a lot of states and countries are increasingly mandating low carbon fuel programs.
We initiated a position in E.ON in December. The company have been through a large transformation over the recent years positioning it now as an attractive self-help earnings growth story with tailwind from the renewable driven energy transition. The acceleration of the renewables and E-mobility build-out together with energy efficiency efforts (like smart meters) will drive accelerating capex driven earnings growth for its network business. The distributed energy trend in addition to the aforementioned trends should also improve the earnings potential for its downstream Customer Solutions segment.
