Alternative Energy Powers These Funds
Earth Day may be one day a year, but for some funds it's been Earth Day all year.
Anyone not convinced that environmental green can equate to monetary green should take a look at the top of the open-end equity mutual fund performance rankings for the first quarter of this year.
The top-performing fund for the first three months of 2007 was the (GAAEX)Guinness Atkinson Alternative Energy Fund (GAAEX) with a blistering gain of 14.46% for the period. The sixth spot was captured by the (NALFX)New Alternatives Fund (NALFX), another fund largely committed to alternative energy which rewarded its holders with an early Earth Day present of an 11.89% first-quarter return.
Alternative energy sources include those using solar, wind, hydroelectric, tidal wave, geothermal biomass or biofuels to generate power. In addition, other technologies have become an important weapon in achieving energy efficiency.In order to see how other U.S. open-end funds are participating in the alternative energy sector, we searched TheSteet.com Ratings database to examine portfolio holdings in selected alternative energy stocks. The stocks we chose are the eight with the highest domestic weightings in the WilderHill New Energy Global Innovation Index. The components of the index are primarily international, with only a few U.S. constituents. The selected alternative energy stocks, along with summaries of holdings by U.S. open-end funds, appears in the table below. Fund holdings of the eight companies rank from a low of 6.2% of the shares in First Solar (FSLR) to a high of 22.6% in Energy Conversion Devices' (ENER) outstanding shares.
|Best-Performing Funds Holding Alternative Energy Stocks (Q1 2007)|
|Name, Ticker, TheStreet.com Ratings Grade*||Objective||No. Held||% of Assets||Value ($mil)||3-Mo. Total Return (%)|
|Guiness Atkinson Alt Energy Fund (GAAEX) U||Energy/Natural Res||2||3.62||3.6||14.56|
|New Alternatives Fund (NALFX) B+||Growth - Domestic||2||6.15||7.2||11.89|
|Firsthand-Technology Value Fund (TVFQX) E||Tech/Communications||1||6.68||22.1||9.23|
|Chesapeake Growth Fund A (CHEAX) D+||Mid Cap||1||5.26||0.6||6.50|
|Eaton Vance Growth Fund A (EVGFX) C-||Small Cap||1||4.95||6.7||5.56|
|Chesapeake Core Growth Fund (CHCGX) D||Growth - Domestic||1||4.19||34.4||5.20|
|Eaton Vance Tax-Mgd MultiCap Opp A (EACPX) D+||Growth - Domestic||1||4.85||7.4||5.02|
|DWS Mid Cap Growth A (SMCAX) D+||Mid Cap||1||3.73||55.3||4.86|
|Thornburg Core Growth Fd A (THCGX) B+||Growth - Domestic||2||6.70||104.9||4.64|
|Calvert Capital Accumulation A (CCAFX) E+||Mid Cap||1||3.67||4.9||4.28|
|Munder Future Technology A (MTFAX) E-||Tech/Communications||2||5.48||6.2||4.25|
|Tocqueville Small Cap Val Fund (TSCVX) E-||Small Cap||1||3.82||1.5||3.92|
|Federated Kaufmann A (KAUAX) C||Mid Cap||2||3.81||367.7||3.71|
|Henderson U.S. Focus Fund A (HFUAX) U||Growth - Domestic||1||4.07||0.6||3.69|
|Firsthand-Global Technology (GTFQX) E-||Tech/Communications||1||3.55||0.5||3.34|
|Jordan Opportunity Fund (JORDX) C-||Growth - Domestic||3||5.43||1.2||3.07|
|Brandywine Blue Fund Inc. (BLUEX) C||Growth - Domestic||1||3.63||76.9||2.37|
|BlackRock Global Technology Inv A (MDGTX) E-||Tech/Communications||1||4.05||10.2||1.15|
|Van Wagoner Emerging Growth Fund (VWEGX) E-||Emerging Market Equity||3||4.45||1.7||0.43|
|J Hancock Tech Leaders A (LUXRX) E||Growth - Domestic||1||4.28||0.1||-0.30|
|* U is unrated.|
Source: TheStreet.com Ratings - Data as of 3/31/2007.
|*Alternative Energy Pure Play Stocks|
|Name||Ticker||No. of Funds||Value ($Mil)||Market Value ($Mil)||% By Funds|
|Baldor Electric Company||BEZ||93||233.2||1,788.1||13.0|
|Energy Conversion Devices Inc||ENER||122||324.1||1,436.7||22.6|
|First Solar Incorporated||FSLR||56||273.2||4,407.6||6.2|
|Memc Electronic Materials Inc||WFR||294||2,422.4||13,955.3||17.4|
|Ormat Technologies Inc||ORA||55||170.3||1,568.3||10.9|
|Puget Energy Incorporated New||PSD||95||581.8||3,095.1||18.8|
|Zoltek Companies Incorporated||ZOLT||46||61.0||902.7||6.8|
|*Open-end fund holdings in major U.S. stocks of the Wilderhill New Energy Global Innovation Index|
|Source: TheStreet.com Ratings & Bloomberg.|
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