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01/2025

Carnot Capital wins 1st place in the “Sustainable Performance Award® 2024”

Award for the “Carnot Efficient Energy Fund” Confirms Sustainable Investment Strategy

We are delighted to announce that the “Carnot Efficient Energy Fund” has secured 1st place in the prestigious “Sustainable Performance Award® 2024” in the “European Equities” category. This award recognizes the fund’s outstanding 5-year performance and its commitment to environmental sustainability, social responsibility, and sustainable investment strategies. The “Sustainable Performance Award®” is presented annually by the independent ProVita GmbH and published by the magazine Das Investment. The award honors equity funds that successfully combine ecological and social objectives with financial returns. The “Carnot Efficient Energy Fund” stood out among numerous competitors by demonstrating expertise in energy efficiency and CO₂ reduction while investing in top-quality companies.

Investing in the Future
The “Carnot Efficient Energy Fund” invests in companies developing innovative technologies and solutions to sustainably reduce global energy consumption and greenhouse gas emissions. The companies in the fund’s portfolio benefit not only from long-term growth opportunities but also actively contribute to achieving global climate goals.

“This award is a fantastic confirmation of our vision and investment strategy,” said Andres Gujan, Co-Founder and Portfolio Manager of Carnot Capital. “Our goal is to generate attractive returns for our investors while creating a positive impact on the environment and society. Winning the ‘Sustainable Performance Award® 2024’ shows we are on the right track.”

Sustainability Meets Performance
With a consistent focus on energy efficiency and sustainability, the “Carnot Efficient Energy Fund” has gained the trust of institutional and private investors alike in recent years. The clear impact requirements on one hand and the financial quality standards for portfolio companies on the other are the key factors behind the fund’s success and recognition within the industry.

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Automotive Industry in Transition: Innovations Driving the Future of Mobility

Automotive Industry in Transition: Innovations Driving the Future of Mobility

Innvations in the Automotive Industry

The automotive industry is currently undergoing major developments in numerous areas:

  • ‘Connected Cars’: The vehicle as a digital platform
  • Autonomous Driving: First robotaxis, then personal vehicles
  • Electromobility: On the rise, especially in China
  • Alternative Fuels: A complement to e-mobility

Mobility is fundamentally shifting toward connected and autonomous vehicles. These changes are not only revolutionizing transportation but also influencing urban design, the working environment, and quality of life.

Digitalization and Sensor Technology as Key Success Factors

At the core of innovation lies the combination of sensor technology and computing power (including AI). Data-driven services and connected mobility are becoming the norm. Technology providers that successfully integrate sensors and digital technologies hold a particularly strong market position.

Electromobility and, above all, the increasing autonomy of vehicles free up space for passengers to pursue various activities—entertainment, work, comfort, relaxation… This, in turn, drives additional demand for sensors and chips. Expected growth rates by 2030 vary by application, reaching over 22% in some cases.

Implications for Carnot Capital

Despite these developments and attractive valuations, we are maintaining a relatively low allocation in automotive suppliers. Our semiconductor and sensor technology positions in Melexis, LEM, Infineon, and Xfab account for around 10% of our portfolio. In addition, Ems-Chemie contributes as a manufacturer of high-performance polymers that make vehicles lighter and safer. With Sandvik, we also participate in the electrification of mining: electric loaders and transporters reduce the carbon footprint of metals while increasing productivity.

We will increase our automotive allocation once we gain confidence in rising car sales and see renewed momentum in electromobility, particularly in Western markets.

Rolf Helbling / Andres Gujan, February 5, 2025

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Nuclear Power – A New Boom or the Beginning of the End?

Nuclear Power – A New Boom or the Beginning of the End?

This was the title of a discussion programme on SRF television. The answer depends very much on your point of view. The expansion of nuclear power slowed down after the Chernobyl disaster (1986) and practically came to a standstill after Fukushima (2011), with Asia (China, India) being the exception. Since Europe has renounced Russian gas and wants to take the reduction of CO2 emissions seriously, nuclear energy is enjoying more support in Europe again.

The biggest advocates of nuclear power come from the IT industry: for Jensen Huang, CEO of Nvidia, nuclear power is virtually the natural energy source for operating the power-hungry data centres and Microsoft has already concluded a long-term supply contract with the damaged Three Mile Island nuclear power plant.

Some Key Aspects

In addition to high reliability and climate neutrality, nuclear power’s apologists cite the greater safety and lower radioactive waste of the new reactor designs. In addition, nuclear power plants reduce dependence on problematic exporters of fossil fuels. Essentially, however, proponents and opponents have been putting forward the same arguments for decades. Public opinion remains divided and varies from country to country.

The technology is indeed developing. However, the first SMRs – Small Modular Reactors – are unlikely to go into operation before 2030. The economic viability of new construction projects remains a major challenge, as the new plants in the UK and Finland have shown. While state support for solar and wind projects is declining, this is not (yet?) the case for new nuclear power plants.

Significance for Carnot Capital

The future of nuclear technology remains vague due to high costs and safety concerns, which is why we are not directly involved. In addition, sustainability is controversial. Over the last 20 years, the production of nuclear power has remained more or less stable globally. Due to the high growth in renewable and fossil electricity production, the proportion has halved to around 10%. In terms of value, investments in renewable energies are currently around ten times higher. We are therefore looking for investment opportunities in the management of electricity grids, where requirements have risen sharply. Schneider Electric, ABB and BKW fall into this category.

 

Did You Know?

The first British coal-fired power station was started up by Thomas Edison in 1882, and the last one went out of operation at the end of September.

 

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