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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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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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