Every indexed document

and the implementation of these structural changes are

and assess what might be priced in by thoroughly

we proceed to a full bottoms‐up analysis

develop a thesis and then conduct deep‐dive research to gain

Electron’s track record has bested the MSCI World Utility

based on Jensen’s alpha calculation). Electron generated this 7‐year

Jos controls all major decisions at Electron.

Jos Shaver has covered the global utility and infrastructure sectors for the past 21

working collaboratively across regions to conduct

4 of the 5 investment professionals have lived outside the US

long‐standing team consists of 8 members

and the portfolio’s net interest rate risk is kept within acceptable limits as we select stocks in the

outweighed the negative impact of rising interest rates.

while the 10‐year Treasury yield rose from 3.6% to 4.9% (+130 bps)

Asian and Latam utilities are more levered to economic growth and therefore tend to be

however the highest concentration is found

which demands heavy use of debt financing.

fundamental investors bid up the better prospects

global utilities staged a sharp catch‐up rally over a 1.5‐

respectively. The global utilities sector was the second‐worst‐performing global