Funds
Kernel S&P Global Clean Energy Fund
Issues of concern
The graph below shows the percentage of the fund invested in each of the worst issues of concern to New Zealanders. Below the graph are listed all the companies this fund invests in, by issue of concern.
Key:
- Human Rights Violations
- Environmental Harm
- Animal Cruelty
- Weapons
- Fossil Fuels
- Social Harm
Companies of concern
Human Rights Violations
-
Centrais Eletricas Br-Sp Adr 1.22%
Business Ethics
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Centrais Eletricas Br-Sp Adr 1.22%
Fossil Fuels
-
Chubu Electric Power Co Inc 4.88%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Orsted A/S 4.29%
1.5°C
This company is on a 1.5°C pathway
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
ORSTED A/S Fossil Fuel Production
Ørsted is a Danish power company and Europe’s largest producer of electricity from offshore wind power. The company was previously named Danish Oil and Natural Gas but has now transitioned to generate 91% of its power from renewable sources. The company had previously set a target of ending coal generation by 2023, however, the Danish government recently required the company to extend the operation of its two remaining coal plants to June 2024, along with one oil plant. Ørsted still stands by an overall target of net-zero emissions by 2040 with an interim goal of generating 100% renewable electricity by 2025. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
-
Iberdrola SA 4.13%
1.5°C
This company is on a 1.5°C pathway
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
IBERDROLA SA Fossil Fuel Power Generation
Iberdrola is a Spanish energy company, and one of the largest utilities in the world with electric utility operations in nearly 40 countries. Evidence shows that energy generated from oil and gas accounts for 15% of the company’s revenues. However, the company currently generates 80% of their electricity from renewable sources and have committed to achieving net-zero emissions by 2040. The company reports a total investment of EUR €150 billion is planned for this decade to enable its energy transition. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
-
Consolidated Edison Inc 4.08%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Edp-Energias De Portugal SA 4.08%
1.5°C
This company is on a 1.5°C pathway
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
EDP-ENERGIAS DE PORTUGAL SA Fossil Fuel Power Generation
EDP is a Portugal’s largest generator and distributor of electricity. Evidence shows that 12.5% of the company’s revenue was is generated from fossil fuels, including 5% from coal-fired plants and 7.5% from oil and gas. However, EDP have committed to being coal-free by 2025 and carbon neutral by 2030. The decision to shut down rather than offload their fossil fuel assets contrasts with many other energy companies who instead choose to sell up when faced with dropping profits or a need to improve their sustainability credentials. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
-
Neste Oyj 3.17%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Northland Power Inc 1.69%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Verbund AG 1.25%
1.5°C
This company is on a 1.5°C pathway
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
VERBUND AG Fossil Fuel Power Generation
Verbund is an Austrian electricity and natural gas company that generates 96% of its electricity from renewable sources. The company generates electricity through hydro-electric, solar, nuclear, natural gas and wind power generators, and also operates a coal power plant. The company ceased coal generation in 2020, however the Austrian government required the company to reopen the plant due to Austria facing energy shortages. Verbund also intends to improve the sustainability of its natural gas supply by converting to green hydrogen, which it plans to power from its sizeable hydroelectric capacity. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
-
Centrais Eletricas Br-Sp Adr 1.22%
Business Ethics
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Algonquin Power & Utilities 1.18%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Bkw AG 1.17%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Clearway Energy Inc-C 1.03%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
A2A Spa 0.77%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Erg Spa 0.76%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Contact Energy Ltd 0.43%
1.5°C
This company is on a 1.5°C pathway
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
CONTACT ENERGY LTD Fossil Fuel Power Generation
Contact Energy is one of Aotearoa New Zealand’s largest electric utilities companies. Contact operates three thermal power stations that employ gas and diesel. In FY2023, 7% of the energy Contact generated came from thermal generation. However, Contact has announced plans for further investment in renewable generation. This includes NZD 1.2 billion in geothermal power, by constructing a new station and expanding capacity at an existing station, along with early developments in wind and solar generation. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
-
Chubu Electric Power Co Inc 4.88%
This data is compiled by Mindful Money from the fund information and portfolios
that each fund has
filed with the Disclose register to 31st March 2024 and Mindful Money
analysis of funds within those portfolios. The list of companies of concern has
been drawn from ratings agencies and public sources, including the Norwegian
Sovereign Fund, NZ Super Fund, Sustainalytics and research organisations.
Please note that companies may breach more than one of these areas of
concern.
The listing of companies of concern is based on definitions used in Mindful Money's
methodology. These definitions may
be different from the exclusions policy and definitions applied by the fund provider.
Mindful Money uses the term Mindful Funds as our standard
for ethical investment and responsible investment. This does not imply that
other funds are unethical or that the fund providers that do not meet these
standards are unethical providers.
About this fund
In their own words
The Kernel S&P Global Clean Energy Fund tracks the S&P Developed Ex-Korea Clean Energy Index. This fund invests in companies from developed markets with significant or total clean
energy exposure and low carbon-to-revenue footprints according to independent
assessors Trucost
| Value | $10.8M NZD |
| Period of data report | 30th June 2024 |
| Fund started | 16th June 2021 |
| Total annual fund fees | 0.45% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.45% |
| Other management and administration charges | 0.0% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
Key Personnel
|
Dean Anderson |
Currently: Chief Executive (5 years, 0 months) |
|
Stephen Upton |
Currently: Chief Operating Officer (4 years, 3 months) |
|
Kerry Mcintosh |
Currently: Director (4 years, 3 months) |
|
Paul Hocking |
Currently: Director (4 years, 3 months) |
|
Rhea Prasad |
Currently: Portfolio Manager (1 years, 7 months) |
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th June 2024.
Past Returns
Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.
| Year | Market Average | Fund Annual Return |
|---|---|---|
| 2024 | 14.61% | -23.15% |
| 2023 | -4.85% | 2.97% |
The market average is the average return for funds of the same risk category, sourced from the Commission for Financial Capability's Sorted website. The fund information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th June 2024.
Top 10 Investments
-
First Solar Inc
United States International Equities10.09% -
Vestas Wind Systems As (EUR)
Denmark International Equities7.45% -
Iberdrola SA
Spain International Equities6.82% -
Enphase Energy Inc
United States International Equities6.32% -
Consolidated Edison Inc
United States International Equities6.26% -
Orsted (EUR)
Denmark International Equities4.71% -
Energias De Portugal SA
Portugal International Equities4.65% -
Chubu Electric Power Co Inc
Japan International Equities4.27% -
Nextracker Inc Class A
United States International Equities3.9% -
Edp Renovaveis SA
Portugal International Equities2.89%
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 0.0% | 0.24% |
| New Zealand Fixed Interest | 0.0% | 0.0% |
| International Fixed Interest | 0.0% | 0.0% |
| Australasian Equities | 0.0% | 1.11% |
| International Equities | 100.0% | 98.65% |
| Listed Properties | 0.0% | 0.0% |
| Unlisted Properties | 0.0% | 0.0% |
| Other | 0.0% | 0.0% |
| Commodities | 0.0% | 0.0% |
Investment Mix
How the money in this fund is invested against the fund's targets.
Target
Actual
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th June 2024.