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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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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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Stagnant Markets and Rising Competitive Pressure: Europe’s Car Manufacturers in Crisis

Stagnant Markets and Rising Competitive Pressure: Europe’s Car Manufacturers in Crisis

Reorganisation in the Automotive Industry:

VW reported record results in 2022 and 2023, but barely a year later the mood is one of crisis – there is talk of plant closures and redundancies. The other European manufacturers are not faring much better and are also facing capacity adjustments and restructuring. This has a lot to do with the planned switch to electromobility, which has stalled in 2024. Global EV sales rose by 22% in H1 2024, but the market in Europe is stagnating. Fiat, for example, had to reduce production of the 500e by 60% (DW.com).

A Competitive Edge

The blame for the crisis is universally attributed to poor policy: Too little support, too much support, pending ban on combustion engines, purchase premiums, CO2 limits, import tariffs, Chinese subsidies, etc. In our eyes, this perception is not wrong.

However, we believe that the main cause of the crisis is the eroding competitiveness of European car manufacturers, regardless of the type of drive. Asian competitors have become technologically equal, if you believe the (European!) test reports. In terms of production efficiency, they have an advantage anyway: at VW, employees generally work (only) 35 hours a week, but enjoy 6 weeks’ holiday and are sick for more than 5 weeks on average. So it’s easy to understand why, for example, VW employees work more than 5 weeks a week.

Unattractive OEMs, Waiting for Entry Opportunities

The transport sector is responsible for around a third of global energy consumption and is therefore an important fund theme. Nevertheless, we have kept our exposure to the automotive sector below the target level for years (currently approx. 12%). Automobile manufacturers (OEMs) and suppliers such as Continental are unattractive due to their high capital intensity. We are looking for opportunities primarily in the electrification of road and commercial vehicles (Lem, Infineon, Melexis, X-Fab, Sandvik). The electric drive plays an important role here, and new safety and comfort components are also increasing the demand for silicon. However, we are still holding off on acquisitions.

Rolf Helbling / Andres Gujan, 5. November 2024

 

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