OpenList — Real Assets

TBF Smart Power

Equity · Global · Sector

Figures refer to the share class ISIN DE000A0RHHC8, currency EUR, retail share class.

Fund documents

For the share class shown above.

Factsheet: not publicly available (not found in the public sources checked).

KID (PDF, 10.08.2026)

Key facts

Management company
TBF Global Asset Management GmbH
Asset class
Equity
Geography
Global
Strategy
Sector
Share class currency
EUR
Share class inception
07.12.2009
Fund size
1115 million (as at 14.09.2026)
Management fee
1.60%
Performance fee
Yes
Liquidity
Not available in this publication
UCITS
Yes
Risk grade (SRRI)
Not available in this publication
Registered in Switzerland
Yes

Price history

Fund and benchmark rebased to 100 at 30.09.2021.

10012014016018020022020222023202420252026176.4199.8Fund (share class shown)Benchmark10012014016018020022020222023202420252026176.4199.8Fund (share class shown)Benchmark
Table view
PeriodFromFund (100 at start)Benchmark (100 at start)
1Y02.10.2025122.3118.2
3Y29.09.2023185.1168.5
5Y30.09.2021199.8176.4
Since 200931.10.2011325.8600.0

NAV per share, distributions not reinvested.
The benchmark is a total-return index and includes reinvested income.
In EUR, the currency of the share class shown.
Fund history to 28.09.2026.
Benchmark history to 28.09.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.

Performance against the benchmark

031YTD: Fund 20.93%YTD: MSCI ACWI NR EUR 15.57%YTD1Y: Fund 31.42%1Y: MSCI ACWI NR EUR 23.29%1Y3Y p.a.: Fund 23.07%3Y p.a.: MSCI ACWI NR EUR 17.78%3Y p.a.5Y p.a.: Fund 15.40%5Y p.a.: MSCI ACWI NR EUR 11.24%5Y p.a.2025: Fund 21.06%2025: MSCI ACWI NR EUR 7.86%20252024: Fund 26.34%2024: MSCI ACWI NR EUR 25.33%20242023: Fund 5.59%2023: MSCI ACWI NR EUR 18.06%2023Fund (share class shown)BenchmarkYTDYTD: Fund 20.93%20.93YTD: MSCI ACWI NR EUR 15.57%15.571Y1Y: Fund 31.42%31.421Y: MSCI ACWI NR EUR 23.29%23.293Y p.a.3Y p.a.: Fund 23.07%23.073Y p.a.: MSCI ACWI NR EUR 17.78%17.785Y p.a.5Y p.a.: Fund 15.40%15.405Y p.a.: MSCI ACWI NR EUR 11.24%11.2420252025: Fund 21.06%21.062025: MSCI ACWI NR EUR 7.86%7.8620242024: Fund 26.34%26.342024: MSCI ACWI NR EUR 25.33%25.3320232023: Fund 5.59%5.592023: MSCI ACWI NR EUR 18.06%18.06Fund (share class shown)Benchmark
1M3M6MYTD2025202420231Y3Y5YVolatilitySharpe R.Max DD
FundISIN DE000A0RHHC8, currency EUR, retail share class-0.20-6.791.1920.9321.0626.345.5931.4223.0715.4022.290.94-17.59
BenchmarkMSCI ACWI NR EUR1.692.3911.4115.577.8625.3318.0623.2917.7811.2411.571.24-11.88
Differencefund minus benchmark, in percentage points-1.89-9.19-10.225.3613.201.01-12.478.145.294.16–––

Within the list: OpenList — Real Assets

Compared with the equity funds on OpenList — Real Assets (10 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.

This fundGroup medianPosition
Return 1Y31.4238.427 of 10
Return 3Y p.a.23.0721.133 of 10
3Y p.a. over its own benchmark5.295.195 of 10
Volatility 3Y22.2916.798 of 10
Sharpe ratio 3Y0.940.987 of 10
Max drawdown 3Y-17.59-10.999 of 10
Management fee1.60%1.05%9 of 10

Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.

Return against risk, 3 years

069Return 3Y p.a. (%)Volatility 3Y (%)041BNY Mellon Global Infrastructure Income Fund: volatility 13.40%, return 21.63% p.a.Panda Agriculture & Water Fund F.I.: volatility 10.49%, return 12.83% p.a.JPMorgan Global Natural Resources Fund: volatility 17.84%, return 21.20% p.a.Goldman Sachs North America Energy & Energy Infrastructure Equity Portfolio: volatility 15.62%, return 20.73% p.a.Amundi Aktien Rohstoffe: volatility 15.73%, return 17.58% p.a.NESTOR Gold Fonds: volatility 37.51%, return 63.91% p.a.DekaLux-GlobalResources: volatility 19.70%, return 21.05% p.a.UB EM Infra: volatility 9.29%, return 10.96% p.a.Isatis Investment Global Natural Resources Flex: volatility 23.25%, return 28.65% p.a.TBF Smart Power: volatility 22.29%, return 23.07% p.a.This fund069Return 3Y p.a. (%)Volatility 3Y (%)041BNY Mellon Global Infrastructure Income Fund: volatility 13.40%, return 21.63% p.a.Panda Agriculture & Water Fund F.I.: volatility 10.49%, return 12.83% p.a.JPMorgan Global Natural Resources Fund: volatility 17.84%, return 21.20% p.a.Goldman Sachs North America Energy & Energy Infrastructure Equity Portfolio: volatility 15.62%, return 20.73% p.a.Amundi Aktien Rohstoffe: volatility 15.73%, return 17.58% p.a.NESTOR Gold Fonds: volatility 37.51%, return 63.91% p.a.DekaLux-GlobalResources: volatility 19.70%, return 21.05% p.a.UB EM Infra: volatility 9.29%, return 10.96% p.a.Isatis Investment Global Natural Resources Flex: volatility 23.25%, return 28.65% p.a.TBF Smart Power: volatility 22.29%, return 23.07% p.a.This 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

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.

Investment strategy

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 current allocation 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.

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.

• Current positioning is 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.

• Region and currency exposure are 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.

Management team

The documents name no individual portfolio managers. The manager commentary is attributed only to “Team der TBF” as of 31.08.2026. The investment manager named for the fund is TBF Global Asset Management GmbH.

The 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. The documents state that 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. Total fund assets are stated at EUR 1,134.18 million for the fund as a whole across share classes.

Performance analysis

Source: manager factsheet dated 31 August 2026. The team highlights 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; this is presented as reinforcing 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, noting its offering of small turbines below 39 MW and backup power solutions.

Strengths

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 current portfolio shows 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 remains largely invested, with an investition degree of 96.83% and a 3.2% cash allocation.

Risks

The fund is classified in risk class 4 on a 1 to 7 scale, which the documents describe as a medium risk category, with a 5-year holding assumption behind the indicator. The named 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. The documents also state that 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 are also referenced in the PRIIP. 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.

WSP report

Ask WSP which research is available for this fund and what it covers.

Enquire about WSP research

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Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle
– means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero.
Period figures as of 31.08.2026.

This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative