Banor SICAV Volta Long Short Equity Fund

Investment Objective

The Banor SICAV Volta Long Short Equity Fund provides investors exposure to global stocks across sectors related to the global energy transition, in particular the battery value chain. The fund invests long and short across five key segments: batteries, end markets, renewables, intermediates and raw materials. By following a long/short strategy the team is able to take advantage of both cyclicality and valuation dispersions within each segment, and fundamental analysis is used to identify undervalued companies with mispriced growth. The aim is to maintain a relatively concentrated portfolio that balances growth potential with capital preservation, and ESG criteria are core to the fund’s investment process. 

Latest Meeting Note

Meeting 14 Oct 2021

From April 1st 2021 Banor North America changed advisors to Westbeck Capital and the fund is now run in line with the Westbeck Volta fund which launched in July 2019. The strategy is a long/short global equity fund looking to benefit fro...

From April 1st 2021 Banor North America changed advisors to Westbeck Capital and the fund is now run in line with the Westbeck Volta fund which launched in July 2019. The strategy is a long/short global equity fund looking to benefit from the global energy transition with rechargeable batteries at the centre of the theme. Led by PM and co-CIO Will Smith, the team use their deep industry knowledge and experience to identify opportunities long and short based around the revolution in battery-based energy transition, targeting companies with undervalued transformational growth stories. This will often take them away from the blockbuster names eg Tesla, and focus on derivations of the trade, eg component makers. The team see a long / short approach as best due to an inherent cyclicality in the sectors traded as well as persistent mis-pricing opportunities in both directions. The team see energy transition as one of the biggest investment themes of the next 20 years, affecting an array of market segments in a global manner. Further, an accelerating energy crisis and differing regulatory regimes/support are destined to create greater dispersion within related markets and ultimately create a fruitful long/short environment. The portfolio is run with a conservative net, ranging between –10% and 35%, with exposure spread across market caps and countries and targets a 15-20% annual return from a concentrated portfolio of 20-30 stocks.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2023 0.7 1.0 0.3 0.0 0.9 0.3 0.2 0.9 0.4 0.9 0.9 1.0 0.8
2022 0.7 0.7 0.2 0.6 0.5 0.1 0.8 0.2 0.8 0.8 0.5 0.0 0.9

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