Ted Franks

Buying the best of General Electric


We are often asked about our approach to conglomerate companies. What do we do if an interesting sustainability business is trapped inside a larger group? Our rule of thumb is simple. We want to invest where the sustainability story is the equity story. Which is to say, what moves the stock is news about the company’s sustainability products. Read more …

Ted Franks

Another nail in the coffin for UK nuclear energy


January brought some important news in the transition to low carbon energy.  Japanese industrial conglomerate Hitachi is to stop developing a nuclear reactor at Wylfa in Wales.

This didn’t make many headlines.  It had been expected for a while, and it happened in the UK where Brexit is a national pre-occupation.   But it is worth reflecting on.  It has broad international ramifications.

Read more …

Seb Beloe

Why we invest in – CVS Health; a closer look at cutting costs in healthcare


CVS Health (NYSE: CVS)

  • CVS Health is an American retail pharmacy, healthcare company and insurer.
  • They are able to leverage their size to negotiate discounts on drug prices, which benefits their customers.
  • Their business directly benefits from reducing US healthcare costs whilst delivering better outcomes.
  • They currently have an historically cheap valuation of 9x PE and 8x EV/Ebitda compared with their five year average of 15x and 9x.
  • They have an experienced management team that understands the strategic change in the industry.

The American healthcare system is one of the world’s largest markets, Read more …

Ted Franks

Cutting costs in healthcare


In the developed world, the critical issue is keeping old bodies healthy cheaply.  Life expectancy is already long.  Instead, as those bodies age, they pick up chronic ailments that make lives a misery but aren’t fatal.  Read more …

Seb Beloe

5G and Sustainability


2019 is the year that mobile networks will start to install 5G infrastructure in earnest.  5G represents a quantum leap in the performance of mobile networks which will greatly enhance the opportunities for sustainability but which also carries with it substantial risks.  Read more …

Ted Franks

The bumpy Trump ride – December Monthly


Attentive readers of this letter will remember two months ago we wrote, “October was a bad month in global equity markets”. Well, December was worse. The MSCI World Index, which is one of the fund’s benchmarks, returned -7.44% in GBP. October had been the worst single month since the re-launch of the strategy in May 2012. It held that title for one month only.

Read more …

Ted Franks

The UK through a sustainability lens – November monthly


The move to a more sustainable economy is a global one. Our strategy is global, and our outlook is global. The technologies that deliver sustainability are global.   A good business model in Europe is more often than not a good business model in Asia and America.

Read more …

Ted Franks

Market jitters and long term solutions to sustainability challenges – October Monthly


October was a bad month in global equity markets. One of our benchmarks is the MSCI World index of stocks. It returned -5.44%. That’s the worst single month since we re-launched this strategy in May 2012. Our other benchmark is the median fund in our peer group. That peer group is the Investment Association’s “Global” fund category. The story is the same there: that median fund returned -6.56%. That’s the worst single month since May 2012. Read more …

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