The fight against climate change is likely to be the defining issue of our generation. Governments, corporations and individuals continue to race towards a net-zero economy (when the amount of greenhouse gas produced and the amount removed from the atmosphere balances out). Against this backdrop, we seek to invest in businesses that emphasise, or benefit from, the efficient use of resources and are working to reduce their environmental footprint.
We also apply strict criteria when it comes to quality and value, seeking out stocks with enduring assets that generate long-term, predictable, minimum-risk cash flow. These businesses must benefit from high barriers to entry (enduring competitive advantages that prevent rivals from gaining a foothold in their market) and possess genuine pricing power, allowing them to outpace inflation. Finally, we must be able to buy them at reasonable valuations. This approach has served us well. The net asset value (NAV) of our investment trust has compounded by 14% over the last five and a half years. The trust is on a discount to NAV of more than 25%.
Google goes green
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