1. Holden & Partners Mark Hoskin from
IFA / Wealth Management firm and authors of the Guide to Climate Change Investment. Available on .

2. What is Climate Change Investment?
Companies which will benefit from a low carbon economy;
alternative energy / energy efficiency/ water treatment / pollution control / waste technology.
Main benefactor of high commodity prices and Infrastructure investment

3. Size of the Mutual Funds market?
Region
Estimated size of Mutual Funds globally (£m)
Europe
24,000
Asia
7,000 US
4,000
35,000
An estimate made by Deutsche Asset Management on 30th November 2007 by screening Mutual Fund and ETFs databases and summing those with key words in their titles, such as environment, green, water and agriculture in order to provide an indication of the size of the global Climate Change Mutual Fund market. It does not include Investment Trusts.

4. Changes? Fax 1981 Computers 1993 Mobiles 1993 Internet 1999
Energy and energy efficiency?

5. Why now?
The Six “C”s (Ron Pernick and Clint Wilder’s book “the Clean Tech Revolution”)
Cost Fuel vs Wind and Sun
Capital Corporate / VC / government / Stock markets
Competition Governments competing
China Emerging economies are placing too much demand on current world resources
Consumers Cultural shift to a demand for cleaner products
Climate This is driving investment risk analysis and government policy.

6. Andy Ruben
Wal Mart’s vice president of corporate strategy / sustainability:
“if you’re not thinking about reducing the amount of waste in your Dumpster, or the amount of energy you’re using or how to lengthen product life cycles, then that’s not truly lowest cost.”

7. What is it really about? The industrialisation of the developing world
Population growth
Resource restraints
Government policy
Climate is only one part of the story.

8. Who is investing?
Mutual Funds – Allianz / DWS/Impax/ Jupiter/ Pictet/ Pioneer /Sarasin / Schroders among others
Private Equity – Ludgate Environmental/ Low Carbon Iniative/ Deutsche Bank
Blue Chips – BP/Siemens/Toyota/ General Electric

9. Growth

10. So what are the risks? Technology winners and losers Slow Change
Avoiding the biggest growth theme for the next 20 years

11. What companies feature?
Top 10 Holdings
 Holding
Country
Activity 1
Vestas Wind Systems
3.11%
Denmark
Wind 2
Gamesa
2.17%
Spain 3
Veolia Environnement
2.08%
France
Water 4
Suez SA
1.46% 5
Stericycle Inc
1.21%
United States
Waste Disposal 6
First Solar
1.14%
Solar 7
Suntech Power Holdings
1.11%
China 8
Itron Inc
1.06%
Smart grid metering 9
ITT
0.94% 10
Kurita Water Industries
0.89%
Japan
15.16%
(From an equal investment in Allianz Global Eco Trends, DWS Climate Change, Impax Environmental Markets IT, Pictet Water, Pioneer Global Ecology and Schroder Global Climate Change at 31st January 2008)

12. Holden & Partners
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