Guinness Sustainable Energy Fund on Siemens
Thesis
The fund owns Siemens for broad exposure to efficiency and electrification across many end markets. The managers see electricity demand accelerating while industrial activity and tighter efficiency standards support investment in more efficient equipment. Siemens therefore gives diversified participation in both the supply-side grid build-out and the demand-side effort to use electricity more efficiently.
“Siemens provides us with exposure to efficiency and electrification across a wide range of end markets”
Key risks
- Industrial activity can weaken
- Higher rates can delay capital spending