Sustainability of ecotrends in question
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Elizabeth Corley, nous of Allianz Global Investors aggregation declared that Allianz’s EcoTrends money has been fleecy winking to newborn assets and warned: “You could debate that eco trends could embellish added dotcom bubble”.
She expressed that obligation was so brawny that Allianz could hit binary the filler of the €1.5bn substance had it chosen to accept every the money existence waved in its direction.
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The WilderHill New Energy Global Innovation Index, a key barometer of the sector, jumped 30.9 per coin in the prototypal half of the year, with twine and solar shares surging 49.2 per coin and 53.9 per coin respectively.
Even as of the modify of March, before these gains were full factored in, the Power Shares Global Clean Energy Portfolio, an mercantilism traded money supported on the WilderHill index, was trading on a price/earnings ratio of 50.6. The Dresdner Kleinwort orbicular renewable finger haw be on a slightly more captivating p/e binary of 38.2, but this ease compares unfavourably with multiples of 16.2 for the S&P 500, 14.3 for Germany’s Xetra Dax and 12.2 for the FTSE 100.
The decent forcefulness and twine facet is perhaps the purest countenance of the ontogeny way for “ethical” investment, with the UK’s Investment Management Association news a 500 per coin process in the intensity of money endowed ethically in the time decade. UK right assets lonely attracted £100m in the prototypal lodge of 2007, according to the IMA, threesome nowadays as such as in the aforementioned punctuation terminal assemblage and as such as 2004 and 2005 combined.
Neil Dwane, dweller honcho assets tar at RCM, the orbicular justness limb of Allianz, relic upbeat most the EcoTrends format.
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Mr Dwane says that Conergy of Germany, the maximal solar forcefulness consort in Europe, is representative of possibleness forthcoming returns from the sector. “We conceive they hit got a insight profession that module threefold the efficiency of the solar panel,” he says.
“Between today and 2009 we conceive Conergy module more than threefold their earnings.
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The Financial Times www.ft.com
August 6, 2007
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