Portfolio Overview
The Clean Transport Portfolio is designed to capture the global shift toward sustainable mobility, focusing on rail, charging infrastructure, and low-emission technologies. As of August 7, 2026, the portfolio holds 13 open positions across North America, Europe, and Asia, providing broad exposure to the theme.
Recent Performance Drivers
Over the past month, the portfolio has seen notable winners and losers. Saft Groupe (PUBGY) surged 14.99% on strong demand for its battery solutions, while Ampcontrol (BABA) gained 10.39% on robust orders in rail electrification. Hitachi Rail (HTHIY) and Cummins (CMI) also posted solid gains of 8.23% and 6.31%, respectively. On the downside, Greenbrier (GBX) fell 4.97% due to weak railcar orders, and Vossloh (VOSSF) declined 5.33% on margin pressures.
Portfolio Actions
We have decided to close two positions to improve portfolio quality:
- Greenbrier (GBX): The thesis of a railcar upcycle has not materialized, and the company’s fundamentals have weakened. With a negative return and deteriorating outlook, we are reallocating capital to stronger rail names.
- Westport Fuel Systems (WPRT): The stock has been stagnant with no price movement, indicating poor liquidity and limited market interest. The alternative fuel systems business has not gained traction, and the position is a poor fit for our focus on established leaders.
Risk Concentration
The portfolio remains well-diversified across subsectors and geographies. However, we note a slight overweight in rail-related names, which is intentional given the theme. We are monitoring the concentration in European names, which now account for about 40% of the portfolio, but this aligns with the global opportunity set.
What to Watch Next
Key catalysts in the coming months include:
- Q2 earnings reports from rail and charging companies, which will provide clarity on demand trends.
- Regulatory developments in the EU and US regarding clean transport incentives.
- Commodity prices, particularly copper and lithium, which impact battery and electrification costs.
Conclusion
The Clean Transport Portfolio remains well-positioned to benefit from the long-term shift to sustainable mobility. By trimming weak positions and maintaining a diversified approach, we aim to capture upside while managing risk.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. Always conduct your own research or consult a financial advisor before making investment decisions.