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Mediterranean Fund

The ocean has given us so much, it’s time to give back.

Mediterranean Fund is a thematic fund that seeks to invest in two global trends with great potential. These trends are related to the sustainable development goals set by the United Nations for the year 2030:

  • The Oceans as a source of wealth and the necessity to preserve its health by acting sustainably when exploiting its economic potential.
  • Water as a scarce (scarce) and indispensable asset for life on our planet and people´s basic right.

The sectors that operate within the ocean economy expose a significantly higher future growth than the one expected for the global economy as a whole.

Preserving the ocean´s health is vital to reduce CO2 levels on our planet.

While water demand has accelerated due to the demographic growth, the supply has become less predictable due to climate change.

The equivalent of the annual gross domestic product of the sea, known as the “Gross Marine Product” would position the ocean as the 7th largest economy on our planet.

Until 2030, the estimated global growth for the sectors related to the ocean is much higher than one estimated for the global economy as a whole, which turns to potential higher returns on these sectors.

The demographic increase of the planet for the next years causes the demand for water to accelerate.

Water supply is insufficient to meet the growing demand needs

  • Water demand will increase 40% by 2030: Increase in margins and innovation catalyst.
  • In the next 20 years, 3Bn people will join the middle class, which will result in an increase in consumption of raw materials, including water, compared to 20 years before.
  • In 2030, an additional 1,850 cubic km of water will be consumed, 30% more than the current level of consumption.

The yield of March International – Mediterranean Fund A-EUR was -0.21% in September. The fund’s year-to-date yield stands at -5.28%.

One year has now passed since the Mediterranean Fund was launched.

  • In its first year, the fund has achieved a positive return of +1.90%.
  • The fund, including expenses, has beaten its benchmark, the MSCI WORLD in euros, during this period.
  • The fund has achieved +100 bp of extra yield from active management through the use of derivatives, both in terms of tactical asset allocation with the use of the investment bands allowed per prospectus, and currency risk management.
  • All companies with connections to fossil fuels and cruise ships have been eliminated- with a view to better sustainability and alignment with our customers’ preferences – for us to bet on other sectors, such as the hydrogen economy, offshore wind or biofuels. Some examples:
    • Sales: Royal Dutch, Galp, Total, TGS Nopec, Subsea 7, Carnival, Royal Caribbean Cruises, Rolls Royce, Babcock or Yamaha.
    • Acquisitions: DSM NV, Scheneider Electric, Vestas Wind Systems, EDP, Orsted, Suez, Xinjiang Goldwind, Neste, Agilent Technologies, Air Products, Air Liquide.

 

Industry, consumer discretionary and gas and electricity are the sectors with the greatest weight. By country, the fund focuses its investments on the USA, France and the Netherlands.

During this period we have sold our entire position in Sabesp and have distributed its weight among several existing companies such as Geberit, Trimble, Neste, Agilent Technologies and Johnson Matthey.

We have also sold the entire position in Yamaha Motors and replaced it with Air Liquide to increase exposure to industrial gases and hydrogen as an alternative fuel which will play an important role in the decarbonisation of shipping.

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