Los valores ocultos en primera línea de la parrilla de salida para la revolución de los vehículos eléctricos

Por Thomas Sørensen y Henning Padberg, gestores de la cartera de la
estrategia Global Climate and Environment de Nordea Asset Management


El cambio climático representa una atractiva oportunidad de inversión, que se ve acelerada por numerosos factores. La sociedad y los consumidores presionan a las empresas para que sean más «responsables», y los políticos sienten la presión de desarrollar mejores políticas medioambientales. Sin embargo, en nuestra opinión, el factor más importante es el incentivo económico asociado a la adopción de estas tecnologías.

Centramos nuestra atención en tres áreas principales del espacio del clima y el medio ambiente: empresas que innovan y englobadas en el sector de las energías alternativas, empresas orientadas a la eficiencia de los recursos y adaptadores centrados en la protección del medio ambiente. La mayor parte de nuestra estrategia se asigna al aprovechamiento de los recursos: empresas que mejoran la eficiencia con productos y servicios.

El aprovechamiento de recursos es el área más sensible económicamente para lograr reducir las emisiones y el consumo de energía. Puede que no sea el área más visible, pero sí es una de las más diversas e interesantes. Abarca desde aplicaciones de material de construcción eficientes desde el punto de vista energético hasta agricultura inteligente basada en sistemas de navegación avanzados, pasando por cocinas y sistemas de iluminación de bajo consumo.

Un área de alto perfil relacionada con el aprovechamiento de los recursos es el auge de los coches eléctricos. Si bien vendimos nuestra participación en Tesla en 2017 debido a inquietudes relacionadas con su valoración, existen otras vías para capitalizar la revolución de los coches eléctricos no asociadas a los fabricantes de automóviles, en las que aún no está claro quiénes serán los ganadores y quiénes los perdedores a largo plazo. Por ejemplo, observamos oportunidades de aprovechamiento de los recursos atractivas no detectadas dentro de los espacios de la ecomovilidad y las redes inteligentes.

A continuación, se incluyen cuatro valores con valoraciones atractivas que juegan un papel vital en la revolución de los automóviles eléctricos.

Infineon Technologies
Infineon es una empresa líder mundial en soluciones de semiconductores utilizados ampliamente en los sectores de la automoción, la energía alternativa y otras industrias. Sus componentes electrónicos de bajo consumo permiten la electrificación de sistemas de transporte, la producción de energía renovable y el consumo de energía, lo que mejora el aprovechamiento de los recursos a través de una gran cantidad de aplicaciones.

ASML Holding
ASML es el mayor proveedor mundial de los sistemas de fotolitografía utilizados por los fabricantes de chips para procesos que permiten soluciones innovadoras de tecnología para nuestra sociedad. El equipo avanzado de ASML abarata la informática y reduce el consumo de energía a través de varias aplicaciones, desde tecnología de automatización hasta servidores en nube, pasando por vehículos de emisiones cero.

National Grid
National Grid juega un papel vital en la conexión de millones de personas de forma segura, fiable y eficiente a la energía que consumen. Seguimos creyendo que las inversiones en fuentes renovables, como la energía eólica y la solar producidas en tierra o mar adentro, son tecnologías viables actualmente en la combinación energética tanto del Reino Unido como de EE. UU. y que generarán una necesidad para desarrollar las redes eléctricas. Por otra parte, se necesita una red más inteligente para integrar la energía renovable y para facilitar el crecimiento de los vehículos eléctricos.

 

 

About Nordea Asset Management
Nordea Asset Management (NAM, AuM 216.8bn EUR*), is part of the Nordea Group, the largest financial services group in Northern Europe (AuM 311.5bn EUR*). NAM offers European and global investors’ exposure to a broad set of investment funds. We serve a wide range of clients and distributors which include banks, asset managers, independent financial advisors and insurance companies.

Nordea Asset Management has a presence in Cologne, Copenhagen, Frankfurt, Helsinki, London, Luxembourg, Madrid, Milan, New York, Oslo, Paris, Santiago de Chile, Singapore, Stockholm, Vienna and Zurich. Nordea’s local presence goes hand in hand with the objective of being accessible and offering the best service to clients.

Nordea’s success is based on a sustainable and unique multi-boutique approach that combines the expertise of specialised internal boutiques with exclusive external competences allowing us to deliver alpha in a stable way for the benefit of our clients. NAM solutions cover all asset classes from fixed income and equity to multi asset solutions, and manage local and European as well as US, global and emerging market products.

*Source: Nordea Investment Funds, S.A., 30.09.2018

Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A. and Nordea Investment Management AB (“the Legal Entities”) and their branches, subsidiaries and representative offices. This document is intended to provide the reader with information on Nordea’s specific capabilities. This document (or any views or opinions expressed in this document) does not amount to an investment advice nor does it constitute a recommendation to invest in any financial product, investment structure or instrument, to enter into or unwind any transaction or to participate in any particular trading strategy. This document is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instruments or to participate to any such trading strategy. Any such offering may be made only by an Offering Memorandum, or any similar contractual arrangement. Consequently, the information contained herein will be superseded in its entirety by such Offering Memorandum or contractual arrangement in its final form. Any investment decision should therefore only be based on the final legal documentation, without limitation and if applicable, Offering Memorandum, contractual arrangement, any relevant prospectus and the latest key investor information document (where applicable) relating to the investment. The appropriateness of an investment or strategy will depend on an investor’s full circumstances and objectives. Nordea Investment Management recommends that investors independently evaluate particular investments and strategies as well as encourages investors to seek the advice of independent financial advisors when deemed relevant by the investor. Any products, securities, instruments or strategies discussed in this document may not be suitable for all investors. This document contains information which has been taken from a number of sources. While the information herein is considered to be correct, no representation or warranty can be given on the ultimate accuracy or completeness of such information and investors may use further sources to form a well-informed investment decision. Prospective investors or counterparties should discuss with their professional tax, legal, accounting and other adviser(s) with regards to the potential effect of any investment that they may enter into, including the possible risks and benefits of such investment. Prospective investors or counterparties should also fully understand the potential investment and ascertain that they have made an independent assessment of the appropriateness of such potential investment, based solely on their own intentions and ambitions. Investments in derivative and foreign exchange related transactions may be subject to significant fluctuations which may affect the value of an investment. Investments in Emerging Markets involve a higher element of risk. The value of the investment can greatly fluctuate and cannot be ensured. Investments in equity and debt instruments issued by banks could bear the risk of being subject to the bail-in mechanism (meaning that equity and debt instruments could be written down in order to ensure that most unsecured creditors of an institution bear appropriate losses) as foreseen in EU Directive 2014/59/EU. Nordea Asset Management has decided to bear the cost for research, i.e. such cost is covered by existing fee arrangements (Management-/Administration-Fee). Published and created by the Legal Entities adherent to Nordea Asset Management. The Legal Entities are licensed and supervised by the Financial Supervisory Authority in Sweden, Finland and Luxembourg respectively. The Legal Entities’ branches, subsidiaries and representative offices are licensed as well as regulated by their local financial supervisory authority in their respective country of domiciliation. Source (unless otherwise stated): Nordea Investment Funds, S.A. Unless otherwise stated, all views expressed are those of the Legal Entities adherent to Nordea Asset Management and any of the Legal Entities’ branches, subsidiaries and representative offices. This document may not be reproduced or circulated without prior permission. Reference to companies or other investments mentioned within this document should not be construed as a recommendation to the investor to buy or sell the same, but is included for the purpose of illustration. The level of tax benefits and liabilities will depend on individual circumstances and may be subject to change in the future. © The Legal Entities adherent to Nordea Asset Management and any of the Legal Entities’ branches, subsidiaries and/or representative offices.

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