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04/2025

April – A Month Dedicated to Sustainability

With spring’s arrival, not only does nature awaken, but so does our awareness of the planet. In April, environmental protection takes center stage, culminating in the international Earth Day on April 22. This year’s theme, “Our Power, Our Planet,” underscores the importance of sustainable resource management on a global scale. One approach gaining significance is impact investing, which strategically channels capital into companies that generate measurable positive effects on the environment and society. Our funds contribute by investing in energy- and resource-efficient technologies while delivering attractive returns.

Carnot Capital: Technology-Driven Sustainability

At Carnot Capital, we believe that technological innovation is the key to a sustainable future. Instead of advocating for sacrifice, we invest in companies whose products and technologies enhance energy and resource efficiency. With over CHF 250 million in assets under management and an annualized performance of over 6% since 2007, we successfully combine ecological responsibility with financial appeal.

Strategy and Target Sectors of Carnot Capital Funds

Our funds, particularly the Carnot Efficient Resources Fund, invest globally in publicly listed companies with resource-efficient technologies. Company selection is based on an attractiveness ranking, incorporating valuation and quality criteria. A key metric in our assessment is the Return on Capital Employed (ROCE). Our target sectors align with the four classical elements:

  • Fire (Energy): Building technology, Industry 4.0, e-mobility, renewable energy
  • Water: Drinking water treatment, wastewater purification, irrigation infrastructure
  • Earth: Agriculture, food processing, raw material recycling
  • Air: Emission control, low-emission fuels

Attractive Investment Opportunities

Focusing on companies with sustainable technologies not only creates ecological benefits but also opens up economic opportunities. Technologies that enhance energy and resource efficiency have excellent growth potential, as they provide solutions to pressing global challenges. Investors thus benefit from the combination of positive environmental impact and financial returns.

Conclusion

Earth Day on April 22 highlights the urgency of sustainable action. Impact investing, as practiced by Carnot Capital, demonstrates that investments in energy- and resource-efficient technologies can make a measurable contribution to global sustainability—without compromising on attractive returns. By supporting companies that develop innovative solutions to environmental challenges, investors actively contribute to a more sustainable future.

Andres Gujan, Founder of Carnot Capital & Impact Portfolio Manager, April 2025

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Beyond Sustainability Forum 2026 – Rethinking Sustainability

Beyond Sustainability Forum 2026 – Rethinking Sustainability

On 7 May 2026, we participated as Co-Partner at the Finanz und Wirtschaft «Beyond Sustainability» Forum – one of Switzerland’s leading specialist events on sustainable investing. This year’s forum was held under the theme «From Wishful Thinking to Reality» and brought together top experts from the financial industry, business and academia.

An Event with Impact

The «Beyond Sustainability Forum» has established itself as a key meeting point for senior investment decision-makers, portfolio managers, ESG specialists and senior advisors from banks, asset managers, family offices and pension funds. This year, the conference once again took place at the renowned Gottlieb Duttweiler Institut in Rüschlikon – a venue that has stood for forward-looking thinking for decades.

The programme ranged from keynotes and group workshops to several parallel panel discussions. Topics such as the energy transition, the circular economy, nuclear power, the value of sustainability reporting and the role of active ownership shaped the day. As Co-Partner, we were not only present, but were able to actively contribute to the substantive debate.

Andres Gujan on the Panel

A particular highlight of the day was the panel discussion entitled «Sustainable Investing – Where is the Added Value for Clients?». Our portfolio manager and co-founder Andres Gujan took part as an invited guest, representing the perspective of an impact investing-focused asset manager.

Joining him on stage were Melanie Beyeler (Global Head Sustainable Investing, EFG International), Matthias Bachmann (CIO, Lumen Capital) and Dr. Lars Kaiser (Group Head Sustainability, VP Bank AG) – moderated by Dimitri Senik, CFA, CFA Society Switzerland.

Key Takeaways from the Discussion

The conversation was characterised by open, practice-oriented debate. The following central insights emerged from the exchange:

From ESG to Impact: Investor interest is increasingly shifting away from classical ESG criteria towards the actual impact a company has in the world. An impact-oriented approach is gaining significant ground over simply ticking sustainability boxes.

Sustainability starts at the top: True sustainability requires strong and convincing leadership that credibly lives its sustainable values. Corporate governance is therefore not a footnote, but a prerequisite for meaningful impact.

Economic viability as a foundation: Sustainability must be economically viable. Long-term value is only created when positive impact is grounded in resilient business models that enable sustainable returns – for investors and for society alike.

Performance and sustainability are not mutually exclusive: Financial performance is not a contradiction to sustainability, but an integral part of it. This conviction is a cornerstone of our investment approach at Carnot Capital.

The panel’s conclusion: sustainability today is more than an add-on. While it has become part of the business model of many successful companies, the financial industry in many places still treats the topic too much in isolation.

This finding goes to the heart of what has driven us at Carnot Capital since our founding in 2007: the conviction that impact and financial quality are not opposites, but mutually reinforcing.

Thank You and Looking Ahead

We would like to warmly thank the Finanz und Wirtschaft Forum for the valuable collaboration and the opportunity to be part of this inspiring event. The Beyond Sustainability Forum is an important place of exchange for us – with like-minded people, with critical voices and with those who want to actively shape change.

As a Swiss impact asset manager specialising in energy and resource efficiency, we are proud to help shape this dialogue. We are already looking forward to the next «Beyond Sustainability Forum» next year.

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Individual Stocks or Funds: Which is the Better Investment Strategy?

Individual Stocks or Funds: Which is the Better Investment Strategy?

In the world of financial investments, investors are often faced with the question of whether it is better to invest in individual shares or funds. Andres Gujan explains the role that factors such as diversification, risk/return ratio and personal preferences play in this decision.

Diversification and Risk: Individual shares are targeted investments in individual companies, which enables potentially higher returns. However, this is also associated with a higher risk, as the success of an individual share depends heavily on company-specific and market-related factors. Funds, on the other hand, spread the risk across a large number of shares or asset classes, which reduces the risk of loss. At Carnot Capital, we always keep an eye on these risk factors and periodically compare the portfolio with the ESG and impact values.

Risk-Return Profile: Individual shares can fluctuate strongly in the short term, but offer the opportunity for considerable gains in the long term. Funds offer a more stable performance over longer periods and are particularly suitable for investors who want to avoid large fluctuations in value.

Time and Costs: The selection and management of individual shares often required more time, knowledge and research. Professional fund managers, like us at Carnot Capital, deal with the portfolio on a daily basis, which reduces the effort for the investor.

Personal Preferences: The decision between individual shares and funds also depends on personal goals, risk tolerance and ethical considerations. Investors should design their investment strategy according to their individual situation and financial goals and draw on the expertise of specialised fund managers, especially for thematic investments.

“Overall, a balanced mix of individual shares and, for example, impact funds can be a sensible strategy to benefit from the advantages of both forms of investment, i.e. to achieve a good risk/return profile and make a sustainable contribution in the area of energy and resource efficiency. Andres Gujan, Founder Carnot Capital & Portfolio Manager

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