Funds that have holdings in electric vehicle (EV) manufacturers should have performed extremely well over the last 12 months, all other things being equal. Pure EV manufacturers such as Tesla and NIO have rallied 686.7% and 1,406.2% respectively, despite a recent correction. Meanwhile, even traditional vehicle manufacturers with big EV plans — such as General Motors and Ford — are up 149.3% and 181.1%, respectively.

The Global Environment Fund, which counts electrification of transportation as one of its investment themes despite having zero exposure to EV manufacturers, has performed considerably well too.

In the six months to Jan 31 this year, the fund has returned 38% versus the benchmark index’s 17.2%. The fund benchmarks itself against the MSCI All-Countries World Net Return (MSCI Global Environment ex Software and Services ex Real Estate ex Mortgage REITs 10/40 Net Return pre Oct 31, 2019).

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