TBF Smart Power

Investment rationale

TBF SMART POWER EUR R is a global equity UCITS fund designed to deliver capital growth in euro by investing across the energy infrastructure value chain, especially smart grids, power management and energy efficiency. With a summary risk indicator of 4 out of 7 and a recommended holding period of 5 years, it is positioned for investors who want long-term wealth accumulation or optimisation and can tolerate price fluctuations and significant losses. Its thematic focus on intelligent power networks, LNG infrastructure and renewables makes it a distinct, specialised exposure rather than a broad market allocation. Based on its concentrated sector orientation and benchmark-independent active management, it fits more naturally as a satellite allocation within an equity portfolio.

2026-08-31

How the strategy works

The fund’s stated objective is to achieve attractive capital growth in euro while seeking returns at an appropriate level of risk. It invests primarily in international listed companies whose revenues or profits, according to their latest annual report, come from smart grids, power management, energy efficiency and related suppliers; it may also hold equities and equity-like securities, other securities such as bonds, bank deposits, money market instruments, units in other investment funds, derivatives and cash. The portfolio is predominantly invested in equities, with the allocation at 31 August 2026 focused on infrastructure build-out, efficiency/automation, wind, utilities, storage and solar, and it can use derivatives, especially index derivatives, for hedging, efficient portfolio management and additional return, including speculative purposes. The fund is actively managed, does not track an index, does not use a benchmark or reference value, distributes income, and has a recommended holding period of 5 years.

2026-08-31

Investment philosophy

• The fund uses an active, benchmark-independent investment process focused on international listed companies involved in intelligent power grids, transmission and distribution, power management, LNG infrastructure, energy efficiency, renewables and related suppliers.

• Security selection is based on an established process using database analysis, company reports, economic forecasts, public information and personal impressions and conversations; purchase and sale decisions are made under legal and fund rules and include risk considerations.

• ESG criteria are integrated throughout the investment process, and the fund is classified under SFDR Article 8 as promoting environmental and/or social characteristics.

• At 31 August 2026, positioning was concentrated in infrastructure build-out (69.0%) and efficiency/automation (12.8%), with top holdings including Hitachi, Mitsubishi Heavy Industries, Siemens Energy, Quanta Services, Fujikura, GE Vernova, Furukawa Electric, Vertiv, Prysmian and Vestas Wind Systems.

• At that date, region and currency exposure were led by the US and Japan, with country weights of 41.2% and 25.2% respectively, and currency exposure of 41.2% US dollar, 25.2% Japanese yen and 22.4% euro; liquidity stood at 3.2%, and derivatives may be used for hedging, efficient portfolio management and additional return.

2026-08-31

Distinctive features

The fund is distinguished by its explicit focus on the full energy infrastructure and industry value chain, spanning smart grids, transmission and distribution, power management, LNG infrastructure, energy efficiency and renewables. It combines this thematic specialisation with active, benchmark-independent stock selection and ESG integration across the whole investment process under SFDR Article 8. The portfolio at 31 August 2026 showed a clear implementation of that theme, with large allocations to infrastructure build-out and automation and with leading positions in industrial and electrical equipment names across the US, Japan and Europe. The fund is available as a distributing share class in euro and was 96.83% invested at 31 August 2026, with a 3.2% cash allocation.

2026-08-31

Risks

The fund is classified in risk class 4 on a 1 to 7 scale, a medium risk category, with a 5-year holding assumption behind the indicator. Risks include equity market volatility and the possibility of losses up to total loss, foreign-exchange risk from non-euro assets, and liquidity risk where securities may only be sold with significant price discounts in tight markets. Derivatives may be used for hedging, efficient portfolio management and speculative purposes, which can increase loss risk and volatility compared with investing without derivatives; counterparty, custody, liquidity and operational risks also apply. The portfolio’s structure adds specific risk through its thematic concentration in energy infrastructure-related sectors and its substantial exposure to the US dollar and Japanese yen.

2026-08-31

Asset manager

The management company is HANSAINVEST Hanseatische Investment-GmbH, based in Hamburg, and the investment manager is TBF Global Asset Management GmbH, based in Singen. HANSAINVEST belongs to the SIGNAL IDUNA Group. The fund is a German-domiciled UCITS public investment fund, and the custodian is DONNER & REUSCHEL Aktiengesellschaft, Hamburg. At 31 August 2026, total fund assets were EUR 1,134.18 million for the fund as a whole across share classes.

2026-08-31

Performance commentary

In August 2026, the manager viewed energy supply as the key bottleneck in data-centre expansion, citing BloombergNEF research indicating that chips are no longer the supply constraint and may even move into oversupply; the manager argues that this reinforces the fund’s investment thesis. In response to portfolio views, the segment of operators and utilities is being strategically reduced and concentrated into fewer names operating in faster-growing regions. During August, the fund fully exited Enel, TC Energy, Enbridge and Hydro One, and added Caterpillar, which offers small turbines below 39 MW and backup power solutions.

2026-08-31