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IEM: Impax Environmental Markets says not holding Tesla unhelpful

Impax Environmental Markets says not holding Tesla unhelpful

Impax Environmental Markets has published results for the first six months of 2014. Over this period the total return on the net asset value was 2.9% and the return to shareholders was 2.8%. This represents an underperformance of the FTSE ET100 Index (which returned 5.9%) but is in-line with the MSCI AC World Index (which returned 2.9%).

The Chairman says that not holding Tesla (the electric car company) was the main reason for the underperformance. He says the manger does not believe that Tesla’s rating is justified.

The report highlights the renewables sector, notably Vestas (wind power generation equipment), EDP Renovaveis (renewable energy developer and IPP) and Abengoa (biofuels) as contributors to the company’s performance. Other stocks mentioned as positive contributors are Nibe (buildings energy efficiency), HollySys (industrial energy efficiency) and Epistar (consumer energy efficiency). Lower waste production held back returns on general waste and recycling businesses such as Schnitzer and Lee & Man

 

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