You can now read our latest quarterly updates for our European fund, CB European Quality Fund, and our global environmental fund, CB Save Earth Fund.

CB European Quality Fund returned +1.1% during the quarter, in EUR, which is less than the benchmark index (MSCI Europe Net). The fund has returned +34% over the last 5 years, which is less than the index. The return since inception 1995 is +666% (+7.1% p.a.).

Top contributors to CB European Quality Fund during the fourth quarter:

  • Holcim: Swiss global leader in building materials, specializing in cement, aggregates, and concrete. The company operates in over 70 countries and is focused on sustainable construction and low-carbon solutions.
  • 3i Group: UK-based investment firm focused on private equity and infrastructure. It invests in mid-sized companies with strong market positions, mainly across Europe and North America.
  • AXA: French multinational insurance and asset management company, offering life, health, and property insurance. It operates globally and manages significant assets for both individuals and institutions.

Largest detractors to CB European Quality Fund:

  • Deutsche Telekom: Germany’s largest telecommunications company and one of the leading telecom providers in Europe. It offers mobile, broadband, and IT services, and owns a majority stake in T-Mobile US.
  • Volvo: Swedish industrial company specializing in trucks, buses, construction equipment, and marine and industrial engines. It operates globally and focuses on electrification and sustainable transport solutions.
  • Trelleborg: Swedish engineering group that develops polymer-based solutions for sealing, damping, and protecting critical applications. The company serves industries such as aerospace, healthcare, and offshore oil & gas.

CB Save Earth Fund returned +2.3% during the quarter, in EUR, which is in line with the benchmark index (MSCI World Net). The fund has returned +42% over the last 5 years, which is less than the index. The return since inception 2008 is +181% (+6.2% p.a.).

Top contributors to CB Save Earth Fund during the fourth quarter:

  • Belimo: Swiss company specializing in actuator and valve solutions for heating, ventilation, and air conditioning (HVAC) systems. It is a global leader in energy-efficient HVAC control technology for buildings.
  • Saint-Gobain: French multinational that designs, manufactures, and distributes materials and solutions for construction and industrial applications. The company focuses on energy efficiency, sustainability, and innovation in building materials.
  • Holcim: Swiss global leader in building materials, specializing in cement, aggregates, and concrete. The company operates in over 70 countries and is focused on sustainable construction and low-carbon solutions.

Largest detractors to CB Save Earth Fund:

  • Roper: U.S.-based diversified technology company that develops software, analytics, and engineered products. It focuses on high-margin, asset-light businesses across healthcare, transportation, and industrial markets.
  • Watsco: Largest distributor of air conditioning, heating, and refrigeration equipment and related parts in the Americas. The company serves residential and commercial markets and focuses on energy-efficient HVAC solutions.
  • Waste Management: Largest waste and recycling services provider in North America. The company offers collection, disposal, recycling, and renewable energy services, with a strong focus on sustainability.

You can read the reports here: