DNB Miljøinvest - miljø som investering?

Jon Sigurdsen Portfolio Manager

DNB MiljøinvestJon Sigurdsen – Portfolio ManagerNordnet Live Mars 2016

3

Hvorfor investere i fornybar energi?

Source: Internal as of 31 December 2014

World primary energy consumption

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10

Mln

tonn

es o

il eq

uiva

lent

Redusere utslipp

Stadig mer konkurransedyktig på pris

Trygge energiforsyningen lokalt

Løse verdens voksende energibehov

Source: BP Statistical Review of World Energy 2010

4

Brett utvalg av bransjer, energibesparing er den største

Source: Internal as of 31 December 2014

Saving Power Gen Solar Biofuel Materials Storage / Fuel cells

Wind Grid0%

5%

10%

15%

20%

25%

30%

35%

40%34%

26%

14%12% 12%

2%0% 0%

24%

35%

13%

5%2%

6%9%

6%

Fund Index

5

Dine Penger – Størst meravkastning av bransjefondene

6

76.1% meravkastning siden 2007 (aritmetisk)

Source: Internal - Figures presented in NOK gross of fees, as of 01/01/2007. Past performance is no guarantee of future results.

-80%-60%-40%-20%0%20%40%60%80%100%

-80%-60%-40%-20%

0%20%40%60%80%

100%NEX Relative DNB

7

Metodikk for aksjevalg

Identifisere univers 2500+ aksjer

Tema

RelativVerdsettelse

Momentumendring forventet

Forretningsmodell&

Verdiskapning

Størrelse : >USD 100m i markedsverdi

Likviditet: >USD 1m i daglig likviditet

Aktiv dekning av 550+ aksjerConstruct proprietor «bottom-up» model by company

Dagens portefølje 31 aksjer

Aksjevalg basert på analyse av

Darvinistisk tilnærming

Særdeles viktig

Særdeles viktig

Ønskelig

Ønskelig

8

Verdsettelsehistorie 12m fremtidig EV/EBIT

Source: Internal / Bloomberg

9

COP21 avtale – oppvarming <2°C IEA analyse viser at investeringer trengs å dobles til 2% av BNP/år til 2030

Source: Bloomberg New Energy Finance, UNFCCC, Climate Action Tracker

Bn to

n Co

2/yr

10

Råvarefallet har svekket sektoren

Source: Internal as of 31 December 2015

11

Råvarer går i sykler, den vi er i nå er historisk svak

Source: R W Baird

12

Global diversifisering

Americas56%Europe

27%

APAC (ex JP)17%

Source: Internal as of 31 December 2015

Allocation by countryUSA 51.8 %China 16.5 %United Kingdom 7.9 %Netherlands 6.4 %Italy 3.6 %Norway 3.1 %France 3.1 %Austria 2.1 %Canada 2.1 %Brazil 0.8 %Germany 0.8 %

Energibesparing - Konkurransedyktige muligheter

13 Source: Global GHG abatement cost curve beyond BAU - 2030

Drivstoffeffektivitet – økende regulering

14 Source: ICTT

Drivstoffeffektivitet adresserbart marked stiger

15 Source: Deutsche Bank

16

Tenneco – 6.5% av fondet

• Leverandør til transportindustrien, inkludert VW• 69% Clean Air, 31% Ride performance• Stadig strengere utslippskrav (diagram) • Tenneco har NOx ekspertise• VW vil tvinge frem ”Real life testing” • Regulering fra masse til antall particler• Sterk markedsposisjon• Tilbakekjøpsprogram initiert• P/E 8.0x

17

Største beholdninger

Source: Internal / Bloomberg as of 31 December 2015

Stock Weight Bet P/E current P/Tang. Book BusinessRenewable Energy Group 7.64 % 7.26 % n.a. 0.83 BiodieselTenneco 7.59 % 7.59 % 10.0 5.94 Emission reductionAMG Advanced Metallurgical Group. 6.36 % 6.36 % 12.9 4.22 Metals/capital eqpChina Longyuan 5.85 % 4.15 % 10.5 1.40 Wind farmsDana Holding 5.42 % 5.42 % 7.6 2.89 Auto efficiencyCanadian Solar 4.92 % 3.82 % 11.9 2.65 Solar Johnson Controls 4.81 % 3.12 % 10.5 12.58 Energy storage/savingHuntsman 4.80 % 4.80 % 6.6 1.75 Energy savingFirst Solar 4.80 % 3.71 % 14.8 1.34 SolarSunPower 4.35 % 3.28 % 15.6 2.89 SolarChina Suntien Green Energy 3.76 % 3.76 % 8.9 0.66 Wind farmsTT Electronics 3.69 % 3.69 % 18.2 2.92 Auto/Industry efficiencyEnel Green Power 3.55 % 1.82 % 24.5 1.54 Power GenerationVishay 3.17 % 3.17 % 17.3 1.16 Energy savingScatec Solar 3.11 % 3.11 % 58.2 5.68 Solar developerMedian 12.4 2.65

18

OsloDNB Asset Management ASDronning Eufemias gate 30N-0021 Oslo, Norway

StockholmDNB Asset Management ABKungsgatan 18 SE-105 88 Stockholm, Sweden

LuxembourgDNB Asset Management S.A.13, rue GoetheL-1637 Luxembourg

Hong KongDNB Asset Management (Asia) Ltd.99 Queen's Road Central3305-3306, The Center, Hong Kong

The presentation has been prepared in accordance with DNB Asset Management’s General Business Terms. The presentation was prepared for internal use as information for our clients and is not intended for public use or distribution. The information contained herein may not be reproduced without DNB Asset Management’s prior consent.

This presentation was prepared on the basis of publicly available information. DNB Asset Management does not warrant that the information in the presentation is exact, correct or complete. The opinions expressed herein reflect the views of DNB Asset Management at the time. DNB Asset Management reserves the right to change its opinion without notice. Any written material distributed must be seen in the context of the oral presentation. DNB Asset Management will not accept responsibility for direct or indirect losses incurred as a result of the interpretation and/or use of information in this presentation.

This presentation is not an offer or recommendation to purchase or sell financial instruments. Investments in financial instruments are associated with risk, including the possibility that all or part of invested funds may be lost. Historical returns are no guarantee of future returns.

DNB Bank ASA and/or other entities in the DNB Group or employees and/or representatives of the DNB Group may trade in or hold positions in the presented or related financial instruments and may give financial advice or provide banking services linked to such financial instruments. Rules regarding confidentiality and other internal rules limit the exchange of information between different units and group companies in the DNB group. The employees in DNB who prepared this presentation may thus be prevented from using, or be unaware of, information held in other units/companies in the DNB Group that may be relevant to this presentation.

DNB Asset Management AS, a division within DNB Wealth Management, is an entity within the DNB Group registered in the Registry of Business Enterprises under Enterprise Number 880 109 162.

OsloDNB Asset Management ASDronning Eufemias gate 30N-0021 Oslo, Norway

StockholmDNB Asset Management ABKungsgatan 18 SE-105 88 Stockholm, Sweden

LuxembourgDNB Asset Management S.A.13, rue GoetheL-1637 Luxembourg

Hong KongDNB Asset Management (Asia) Ltd.99 Queen's Road Central3305-3306, The Center, Hong Kong

The presentation has been prepared in accordance with DNB Asset Management’s General Business Terms. The presentation was prepared for internal use as information for our clients and is not intended for public use or distribution. The information contained herein may not be reproduced without DNB Asset Management’s prior consent.

This presentation was prepared on the basis of publicly available information. DNB Asset Management does not warrant that the information in the presentation is exact, correct or complete. The opinions expressed herein reflect the views of DNB Asset Management at the time. DNB Asset Management reserves the right to change its opinion without notice. Any written material distributed must be seen in the context of the oral presentation. DNB Asset Management will not accept responsibility for direct or indirect losses incurred as a result of the interpretation and/or use of information in this presentation.

This presentation is not an offer or recommendation to purchase or sell financial instruments. Investments in financial instruments are associated with risk, including the possibility that all or part of invested funds may be lost. Historical returns are no guarantee of future returns.

DNB Bank ASA and/or other entities in the DNB Group or employees and/or representatives of the DNB Group may trade in or hold positions in the presented or related financial instruments and may give financial advice or provide banking services linked to such financial instruments. Rules regarding confidentiality and other internal rules limit the exchange of information between different units and group companies in the DNB group. The employees in DNB who prepared this presentation may thus be prevented from using, or be unaware of, information held in other units/companies in the DNB Group that may be relevant to this presentation.

DNB Asset Management AS, a division within DNB Wealth Management, is an entity within the DNB Group registered in the Registry of Business Enterprises under Enterprise Number 880 109 162.

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