Portfolio Overview
The Clean Transport Portfolio is designed to capture growth across the global transition to low-emission transportation, focusing on rail, charging infrastructure, and clean powertrain components. As of July 31, 2026, the portfolio holds 24 positions across geographies, with a balanced mix of established players and emerging pure-plays.
Recent Performance Drivers
Over the past week, several positions have shown notable moves:
- Gainers: Saft Groupe (PUBGY) rose 5.86% since its first quote, benefiting from strong demand for battery systems. Cummins (CMI) gained 4.65% on robust earnings and continued momentum in clean diesel and electrification. Ampcontrol Group (BABA) advanced 5.10% on positive sentiment in the Australian charging market.
- Losers: Vossloh AG (VOSSF) declined 5.33% since its first quote, reflecting margin pressure in rail infrastructure. Hitachi Rail (HTHIY) and Alstom (ALSMY) both slipped, with Alstom down 1.66% on ongoing integration challenges.
Strategic Adjustments
We have decided to close the position in Alstom SA (ALSMY). This decision is driven by several factors:
- Overlap: The portfolio already holds multiple rail OEMs, including Stadler Rail, CAF, and Hitachi Rail. Alstom’s ADR adds limited diversification.
- Underperformance: Alstom has lagged its peers, with a return of -1.66% since its first quote, and the ADR structure introduces currency and liquidity headwinds.
- Capital Allocation: Proceeds will be redeployed into higher-conviction names within the theme, such as Cummins and Saft, which have stronger momentum and clearer catalysts.
Risk Concentration
The portfolio remains well-diversified across sub-themes: rail equipment, charging infrastructure, and clean powertrain. However, there is a moderate concentration in European rail names, which we are actively monitoring. The closure of Alstom helps mitigate this overlap.
What to Watch Next
- Regulatory catalysts: Upcoming emissions standards and infrastructure spending bills in the EU and US could benefit rail and charging names.
- Earnings season: Several holdings report in the coming weeks; we will watch for margin trends and order books.
- Commodity prices: Copper and aluminum costs affect Aurubis and other industrial names.
Risk Disclaimer
This article is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal. Always conduct your own research or consult a financial advisor before making investment decisions.