I’ve been keeping an eye on the management of Gravis’ Clean Energy Income Fund run by advisor William Argent. I find it interesting to read his commentary and align myself with the philosophy of investing in renewable energy yieldcos generating reliable dividends. I’ve compiled some of Argent’s changes in top 10 portfolio holdings and been taking notes on some of his market analysis. In November, the Gravis fund was expected to participate in the IPOs for Downing Renewables & Infrastructure and Ecofin US Renewables. Argent also said in his November factsheet that the fund took part in placings for Bluefield Solar, The Renewables Infrastructure Group and Gresham House Energy Storage.
I don’t hold shares in Gresham House’s utility grid storage fund, I haven’t really decided on it yet. Although I do hold a small quantity of Gresham House’s strategic public equity fund, which are the result of another investment into Spark Ventures Plc bought out by the Gresham House asset manager. All the other top-ups made by Gravis in November – Bluefield Solar and TRIG – are indeed members of my portfolio. The last top-ups I made in the renewables portfolio were in September when I bought some NextEnergy and Greencoat UK Wind.
Here’s the shuffling going on in the Gravis Clean Energy fund:
30 November 2020
| Renewables Infrastructure Group Ltd | 9.3% |
| Atlantica Yield PLC | 7.7% |
| Greencoat UK Wind PLC | 6.3% |
| TransAlta Renewables Inc | 5.9% |
| NextEnergy Solar Fund Ltd | 5 .1% |
| Gresham House Energy Storage Fund PLC | 5 .1% |
| Foresight Solar Fund Ltd | 4.5% |
| Hannon Armstrong Sustainable Infrastructure Capital Inc | 4.4% |
| Bluefield Solar Income Fund Ltd | 4.2% |
| JLEN Environmental Assets Group Limited | 4 .1% |
30 October 2020
| Atlantica Yield PLC | 7.8% |
| TransAlta Renewables Inc | 6.4% |
| Greencoat UK Wind PLC | 5.9% |
| NextEnergy Solar Fund Ltd | 5.7% |
| Foresight Solar Fund Ltd | 5.0% |
| JLEN Environmental Assets Group Limited | 4.7% |
| Brookfield Renewable Corp | 4 .1% |
| Hannon Armstrong Sustainable Infrastructure Capital Inc | 4 .1% |
| Bluefield Solar Income Fund Ltd | 4 .1% |
| Renewables Infrastructure Group Ltd | 4.0% |
30 September 2020
| Atlantica Yield PLC | 9.0% |
| TransAlta Renewables Inc | 7.7% |
| Greencoat UK Wind PLC | 6.2% |
| NextEnergy Solar Fund Ltd | 6 .1% |
| Brookfield Renewable Corp | 5.4% |
| Hannon Armstrong Sustainable Infrastructure Capital Inc | 4.9% |
| Renewables Infrastructure Group Ltd | 4.9% |
| JLEN Environmental Assets Group Limited | 4.6% |
| Foresight Solar Fund Ltd | 4.5% |
| Bluefield Solar Income Fund Ltd | 4.2% |
Renewables Infrastructure Group appears to have considerably jumped in the holdings from 4% in October to over 9% in the following month, representing a hefty top-up by the fund. Greencoat UK Wind seems to have somewhat oscillated up and down over the three months. The holding in TransAlta Renewables was trimmed during the period, and Atlantica Yield and Next Energy have both been cut slightly as well. It looks like the big addition of London-listed TRIG, and previously mentioned reduction in position for US holdings such as Brookfield are the biggest notables compared to our last look at what Gravis was doing.
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