Pictet Global Environmental Opportunities I dy GBP

A combination of Pictet's Timber, Water, Clean Energy and Agriculture funds.

  • 26491.00p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.80%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.11%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.00%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 26 February 2021

Pictet manages a number of funds that seek to exploit what they believe are sectors undergoing long term structural changes. This fund is a combination of the four environmentally focused funds from that suite. The fund invests in companies involved in Water, Land (Agricultural and Forests) and Clean Energy on a long only basis. Pictet works with the Ethos Foundation to ensure that they invest in a sustainable and ethical manner.

Fund summary

Sector Global
Structure OFFSHORE FUND
Launched July, 2011
Size £5,423m
Yield 0.00%
Charging basis
Dividends paid Dec

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.80%
Ongoing charges figure 1.11%

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Investment process

Stocks are initially given a 6% weight and then have scores subtracted on the basis of the underlying purity of the stock to the theme, valuation, liquidity, volatility and quality of the company. Each manager has a certain degree of latitude when implementing the process but this is the basic framework. The underlying macro economic drivers for these funds are, at the risk of oversimplification, broadly similar; the rise of the Asian middle classes especially China. Theoretically at least, Timber and Water should be relatively stable whereas Agriculture and Clean Energy will be more volatile. The combination of these funds should help reduce the overall volatility. Another unusual feature of Pictet range is the use of academics to advise the fund managers, which they believes helps provide perspective to the fund managers and their partnership with the Ethos Foundation, a Swiss based group that seeks to help fund managers invest in a sustainable and ethical manner.

The concept of combining four funds is distinctive and means that investors receive the benefit of the individual manager specialisation in area. Most of the funds are well established, have good track records and benefit from the sustainability and ethical overlay of Pictet. Sector specific funds in sustainable industries are more common on the continent and options for UK investors are limited. Nevertheless investors should be aware that this is essentially a passive product tracking these funds, however, this fund is not suitable for a tactical allocation but for a long term buy and hold.

Manager research

Average monthly relative returns

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Bestinvest MRI

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Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Philippe Rohner

Rohner joined Pictet Asset Management having originally joined Pictet & Cie in 1998 as an equity analyst with responsibility for the Swiss Chemicals sector. He is a Senior Investment Manager in the Sector and Theme Funds unit. Before joining Pictet, he worked in the oil & gas industry and then in the chemical industry with Texaco and Ciba-Geigy respectively, having held various operational and corporate level positions in Switzerland, the US and the UK. Rohner holds a BSc from the University of South Carolina and an MSc from Lamar University, both in Chemical Engineering. He also completed a programme in Environmental Engineering at the University of Texas. Rohner also holds a PhD in Industrial and Applied Chemistry from the Swiss Federal Institute of Technology, and an MBA specialising in Finance from the University of Strathclyde.

Track record

The track record of Philippe Rohner in managing mutual funds in this sector is still too short for us to draw any meaningful conclusions and so our assessment is based largely on qualitative aspects.

Periods of worst performance

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About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

As of December 2011:
CEMIG 2%
American Water Works 1.7%
Danaher 1.5%
ITC Holdings 1.4%
Pennon Group 1.4%
Clean Harbours 1.3%
Roper Industries 1.3%
Williams Companies 1.2%
Sabesp 1.2%
BG Group 1.2%
Source: Pictet.

Portfolio

-Components are 1/3 Water, 1/3 Clean Energy, 1/6 Timber, 1/6 Agriculture. -Rebalanced monthly. -Open ended structure.

Constraints

Quantitatively invests in four underlying funds with rebalancing monthly.

Key Investor Information

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