NEW ENERGY FUND LP NEW ENERGY FUND LP January 31, 2007 A Sustainable Energy Technology Equity Hedge Fund 1 New Energy Fund LP, 527 Madison Avenue, 6 th Floor, New York, NY 10022. 212 419 3918 www.newenergyfundlp.com NEW ENERGY FUND, LP
NEW ENERGY FUND LP A Sustainable Energy Technology Equity Hedge Fund MISSION To provide exposure to the existing growth of the renewable energy sector METHOD The top-down thesis is the selection of the renewable energy sector with its growing (1 IPO per week) target universe of approximately 400 public stocks. Bottom up stock selection using top and bottom line growth, provides diversification into sub-sectors and currencies. Use of short positions can reduce volatility and preserve capital STRUCTURE Sustainable Energy Associates LLC is the managing partner. New Energy Fund LP, the fund partnership, aims to increase assets by organic and external growth to the level of $200 million in the first phase, as quickly as possible, initially via high net worth and then institutional investors. FEES NEF LP has a 1.5% management fee and 20% incentive fee with high water-mark 2 NEW ENERGY FUND, LP
TEAM MARK TOWNSEND COX • 21 years experience in international equity markets • Founder (in 2003) and Chief Investment Officer of New Energy Fund, LP • 8 years as portfolio manager, 5 with Pinnacle International Management, LLC • Hedge Fund experience while at Pinnacle • 14 years European equity sales, analyst, and head of sales desk • EMBA, Columbia University, Executive MBA class • Series 7, 24, 65, 63 NASD licenses • Royal Military Academy Sandhurst • British Army paratrooper lieutenant. Falklands campaign. Awarded MID. • MA, Dundee University, Scotland. French & English Literature. Fluent spoken French The fund intends to have 3 or 4 personnel including another analyst, portfolio manager and administrator when it grows to the right size 3 NEW ENERGY FUND, LP
TEAM ABIGAIL LAUFER, Chief Operating Officer • Held a variety of important positions since entering the business in 1981. • In 1983, appointed Director of Mutual Fund Research for Merrill Lynch as the firm had just begun to venture into this area of research. • First consultant to work directly with George Russell in the formation of the high net worth effort at Frank Russell Company in 1987. • In 1990, formed her own firm, Laufer Consulting to represent managers and provide marketing consulting services on a contractual basis. • Among her manager clients were Equinox Capital Management (now a $14 billion money manager) and New Amsterdam Partners (a $5 billion woman-owned minority firm). • Was also a partner of the Maud Group (1994) and constructed a domestic hedged fund-of-funds product to be sold to the high net worth marketplace. • In 1997 she and Joan Marsted founded Hanover Square Associates, a third party marketing firm which raised $1 Billion for long and hedged managers. • Ms. Laufer has A.B.. from Princeton University (1978) and an M.B.A. from the University of Michigan (1981). She is a member of the Financial Women’s Association and the National Association of Women Business Owners. 4 NEW ENERGY FUND, LP
RISK CONTROL - EXPOSURE • Long bias caused FOLLOWING Macro thesis • Diversification: 15 – 30 positions out of universe of 450 in the portfolio 16 markets: ‘organic’ currency exposure 20 sub-sectors, each with its own cycle • Market risk and beta reduced by short portfolio • Managed volatility, target less than 20% • Average gross exposures 100% - 150% • Average net exposure 70% - 100% • Illiquid investments need very strong story and are not trading stocks • Normal position size is 4% • Maximum position size 15%. Shaving after that. • Disciplined stop positions 5 NEW ENERGY FUND, LP
SUPERVISORY BOARD • Anastasios Melis - Professor of Enzymology at the University of California - Berkeley. Research in hydrogen production mechanisms by microalgae and bacteria. Recipient of the 2004 US Department of Energy Hydrogen Program R & D Award. • Peter Fusaro - Chairman and founder of Global Change Associates, Inc. an energy and environmental consulting firm. He has advised the US EPA, DOE, the State Department, the Govt. of Japan and the World Bank on energy and environment • Russel K. Mason - President and founder of the Investment Management Institute (IMI). Member of the Boston Society of Security Analysts and the Financial Analysts Federation • Curt Weil - Finance professor at Santa Cruz university. 38 years a financial services provider and leader the financial community. CFP and a Registered Investment Advisor • Bjorn Heyerdahl - Grandson of Thor Heyerdahl, of Kon-Tiki fame. Awarded Green Cross by Mikhail Gorbachev for sustainability work 6 NEW ENERGY FUND, LP
SUSTAINABLE ENERGY ASSOCIATES LLC TWO PORTFOLIO’S – RNK and NEF 7 NEW ENERGY FUND, LP
FOSSIL EXTERNALITIES DEPLETION …UGLINESS? GEOPOLITICS HEALTH Mr. Ted Kennedy RENEWABLE FOSSI L FUELS ENERGY NUCLEAR POLLUTION CLIMATE RELIABILITY SUBSIDIES 8 NEW ENERGY FUND, LP
RENEWABLE ENERGY DRIVERS Vote catching stuff! • ENERGY SECURITY – more important than environment now • REGULATORY – Carbon, German EEG law, Kyoto, RPS • TECHNOLOGY – 20 or more clean electricity generation methods (Solar, Hydro, Tidal, Wave, Geothermal, Heat Pump, Ocean Thermal, Osmosis, Wind, Hydrogen FC) • ECONOMICAL – on absolute basis, let alone externalities • ENVIRONMENT – Ecology rules – who cares about trees • DELAYS – Implementation of new nuclear… or oil, 10 years • EDUCATIONAL –Who knew? 9 NEW ENERGY FUND, LP
OIL WILL NEVER RUN OUT. VOLUMES ARE PEAKING. LOW HANGING FRUIT MODEL ENERGY DEMAND CURVE SHELL AGREES ABOUT Exajoules PEAK OIL BUT WHEN WILL IT BE…….? 10 NEW ENERGY FUND, LP
MEDIA EXPLOSION 11 NEW ENERGY FUND, LP
GROWTH TO 2010…and beyond BIODIESEL WIND SOLAR ETHANOL 12 NEW ENERGY Source: Piper Jaffray and Photonics FUND, LP
UNIVERSE OF 450 GLOBAL RENEWABLE ENERGY EQUITIES 13 NEW ENERGY FUND, LP
UNIVERSE OF 427 GLOBAL RENEWABLE ENERGY EQUITIES 14 NEW ENERGY FUND, LP
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PUBLIC QUOTED COMPANIES UNIVERSE 378 Market Capitalization Market Volumes US $222 Billion US $ 1.6 Billion TOP 50 US $ 171 Billion US $1.2 Billion 16 NEW ENERGY FUND, LP
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CURRENCY AND SECTOR EXPOSURE December 31, 2006 18 NEW ENERGY FUND, LP
The dollar has weakened significantly against both the British pound and the Euro since the start of 2006 19 New Energy Fund LP, 527 Madison Avenue, 6 th Floor, New York, NY 10022. 212 419 3918 www.newenergyfundlp.com NEW ENERGY FUND, LP
NET PERFORMANCE 20 NEW ENERGY FUND, LP
PRESS September 27, 2004 September 23, 2004 Mention in Dr. Michael Berry’s Morning Notes, 2 3 Septem ber, 2 0 0 4 . Summing Up: How Do We Prepare For a World Without Cheap Oil? “I also had the pleasure of spending an hour Each m onth, professor Jim Heskett offers his with Mr. Mark Townsend Cox who is CIO for a thoughts on specific events and activities in the w orld of business and their im pact on the w ay hedge fund that only buys sustainable energy m anagers m anage. "W hat Do YOU Think?" invites companies. This was the second part of my readers to respond, and selections from these responses are m ade available online. epiphany yesterday. Mark is impressive and by Jim Heskett (extract from article) he believes in the sustainable energy Is the end of cheap oil a challenge to the world? revolution, which must be in our future and Yes. Will it affect our standard of living our children’s future. Mark has selected 184 adversely? Not likely. At least that is the verdict companies worldwide that sell sustainable of most of the large number of respondents to energy, wind solar biomass, etc. this month’s column who rely on assumed human Mark is thorough and clearly believes in his ingenuity combined with market forces and product. I encourage you to contact him and government incentives to bolster their checkout his New Energy Fund. It may be the arguments. This view was characterized by Mark future. Townsend Cox, who commented, “I can count Mark was mentioned in dispatches in the almost twenty methods of creating electricity Falkland’s campaign, collects hydrogen from without burning something, every one of which is apparatus on his apartment’s windows and essentially an infinite resource that does not has worked in Nigeria to teach and develop pollute or deprive future generations of oil.” [ ] energy sources for the poor – to mention just Mark Cox adds, “I think that the best method to a few of his accomplishments. I look forward remediate our world is education about the to monitoring his success in this endeavor. possibilities. I have rarely found anyone who is not ... fascinated by the possibilities ....”[ ] Michael A. Berry, Ph.D. http: / / hbswk.hbs.edu/ item.jhtml?id= 4398&t= heskett&oid= 4359&rid= 436 8&hid= 4398&aid= -1 21 New Energy Fund LP, 527 Madison Avenue, 6 th Floor, New York, NY 10022. www.newenergyfundlp.com NEW ENERGY FUND, LP
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