Ninety One Global Environment Fund

WSP commentary

Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; key information document (PRIIPs), not yet reviewed by WSP.

Investment rationale

The fund is an equity strategy designed to provide total returns through capital growth and income over at least five years, while pursuing a specific environmental objective. It is classified as medium risk with a summary risk indicator of 4 out of 7, and the documents state it should form part of a broader portfolio rather than stand alone. The intended investor is described as a basic investor, and the I share class is only available to investors qualifying as institutional investors under Luxembourg administrative practice. Its distinct role is as a specialist global environmental and decarbonisation allocation focused on sustainable investments under Article 9 SFDR.

Investment strategy

The fund aims to achieve total returns comprised of capital growth and income over the long term and seeks sustainable investments that contribute to climate change mitigation through sustainable decarbonisation. It invests primarily in shares of companies around the world and related securities, and may also invest in other assets and hold cash. The strategy focuses on companies generating the majority of their revenues from environmental activities that contribute to decarbonisation, typically in renewable energy, electrification and resource efficiency, and it will not knowingly invest in companies deriving more than 5% of revenues from coal, oil and gas exploration and production. The MSCI AC World Net Return Index is used for performance comparison only, the fund is actively managed and does not seek to replicate the index. Derivatives may be used to manage risk or reduce costs, the I Acc USD share class is an accumulation share, and the recommended holding period is at least five years.

Investment philosophy

• The fund invests primarily in global equities and related securities, targeting companies believed to contribute to positive environmental change through sustainable decarbonisation.

• It is classified under Article 9 SFDR and seeks companies that generate the majority of their revenues from environmental activities linked to decarbonisation, especially renewable energy, electrification and resource efficiency.

• The fund applies an explicit exclusion threshold by not knowingly investing in companies that derive more than 5% of revenues from coal, oil and gas exploration and production.

• The portfolio is concentrated, with 32 equity holdings, and current top positions include Taiwan Semiconductor Manufacturing, Novonesis Novozymes B, Enel, Waste Management, Contemporary Amperex Technology, Tetra Tech, Schneider Electric, TE Connectivity, Iberdrola and Atlas Copco.

• Current positioning is tilted toward Industrials, Information Technology and Utilities, with major geographic exposure in the United States, Europe ex UK, China and Emerging Markets, while derivatives may be used for risk management or cost reduction and cash may be held.

Management team

The named portfolio managers are Deirdre Cooper and Graeme Baker. The report identifies them in the key facts section as the managers responsible for the portfolio.

The asset manager

The fund is a sub-fund of the Ninety One Global Strategy Fund, a UCITS organised as a Luxembourg SICAV and authorised by the CSSF. Ninety One Luxembourg S.A. is the manager of the fund, and the Key Information Document states it is a member of the Ninety One group. The documents also state that Ninety One Luxembourg S.A. is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier.

Strengths

The fund combines a global equity mandate with a dedicated environmental impact objective centred on decarbonisation. It is structured as an Article 9 SFDR product and carries Ninety One’s internal ESG classification of Impact, which distinguishes it from broad global equity approaches. The portfolio is specific in its thematic exposure, with a relatively small number of holdings and a clear revenue-based limit on fossil fuel exploration and production exposure. The I Acc USD share class has an ongoing charge of 0.98%, while the initial charge is typically waived.

Risks

The product is classified as 4 out of 7 on the summary risk indicator, described as a medium risk class, and it is intended for investors able to bear loss of capital over at least five years. The documents identify general market risk from interest rates, market conditions and political, social and economic developments, as well as ESG-related events that could negatively affect investments. Specific fund risks include concentration risk from holding a relatively small number of positions, currency exchange risk, equity investment risk, emerging-market risk, and derivatives risk including potentially large changes in value and counterparty failure. The sustainability-focused approach can also cause the portfolio to differ substantially from broader benchmarks or investment universes because certain industries and companies are excluded.