KBC Eco Fund Alternative Energy

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About: The fund invests in an international selection of companies active in the alternative energy sector (universe). The alternative energy sector is subdivided into 6 subsectors: utilities, wind energy, solar energy, fuel cells, biomass, other. The companies must be market leader in the sector or must derive more than 50% of their turnover in one of these sectors. All companies also have to comply with a set of minimum conditions relating to the following Socially Responsible Investments (SRI) criteria: Environment, Nuclear Energy, Human Rights, Military Industry and Corporate Governance. Additionally, all companies involved in controversial practices (human rights violations, military industry, poor corporate governance, nuclear energy, environmental damage) can be excluded by the Environmental Advisory Committee. The SRI screening is performed independently of the portfolio management team.

Guidelines: Wind energy (25%), solar energy (25%), biomass (10%), fuel cells (10%), other (10% e.g. wave power, hydro, geo-thermal) and in utilities (20%) that derive significant amounts of their power from renewable technologies.

Approach: The fund applies a combined bottom-up and top-down approach focusing on fundamental research in the different sectors and companies.

KBC ECO Fund Alternative Energy is a sub-fund of the Belgian ‘Bevek’, KBC Eco Fund. The fund invests in an international selection of companies active in the alternative energy sector (universe). It invests in such renewable energy technologies as wind

energy (25%), solar energy (25%), biomass (10%), fuel cells (10%), other (10% e.g. wave power, hydro, geo-thermal) and in utilities (20%) that derive significant amounts of their power from renewable technologies. All companies also have to comply with
a set of minimum conditions relating to the following Socially Responsible Investments (SRI) criteria: Environment, Nuclear Energy, Human Rights, Military Industry and Corporate Governance. The alternative energy sector is subdivided into 6 subsectors:
utilities, wind energy, solar energy, fuel cells, biomass, other. The companies must be market leader in the sector or must derive more than 50% of their turnover in one of these sectors. Additionally, all companies involved in controversial practices (human
rights violations, military industry, poor corporate governance, nuclear energy, environmental damage) can be excluded by the Environmental Advisory Committee.The SRI screening is performed independently of the portfolio management team. The fund
applies a combined bottom-up and top-down approach focusing on fundamental research in the different sectors and companies. More information can be found on http://www.kbcassetmanagement.com/ecofund.

Fund Manager: Treasa Ni Chonghaile

AUM (June 2009): €181.63m

Top 10 holdings (in pct of fund, June 2009): Iberdrola Renovables EUR 7,03%, Fpl Group Inc. USD 5,90%, Scottish & Southern GBP 4,76%, Covanta Hold Corp USD 4,67%, Edp Renovaveis Sa EUR 4,52%, Gamesa Corp Tecnolog EUR 4,22%, Acciona Sa EUR 3,93%, Kyocera Corp (Tok) JPY 3,82%, Sechilienne Sa EUR 3,80%, Applied Materials USD 3,77%

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