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Carbon audit of Henderson Industries of the Future Fund
08 September 2008
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Key Findings
The overall result from this year’s audit is that the Industries of the Future Fund is nearly 40% (39.74%) more efficient than the MSCI World Index, the fund’s benchmark. On average, £1m invested in the fund produces 458 tonnes of CO2e compared with 760 tonnes of CO2e if the same amount were invested in the MSCI World Index. This represents a modest improvement on last year’s performance which was 480 tonnes CO2e for every £1m invested. However, because the carbon footprint of the MSCI has also improved, Henderson's relative performance has stayed approximately the same.
Extract
This report summarises the analysis of the carbon impacts of the Industries of the Future fund managed by Henderson Global Investors. The greenhouse gas emissions for each holding in the fund has been calculated and converted to tonnes of carbon dioxide equivalent (CO2e). The direct emissions from each company are taken into account as well as the indirect emissions from the first tier of suppliers (eg, from purchased electricity).
Each holding's contribution to the emissions profile of the fund is then calculated on an equity ownership basis. The carbon footprint of the fund is the sum of all of these contributions, the carbon intensity of the fund is the carbon footprint normalised by the turnover owned. This analysis has also been carried out on the fund's benchmark, the MSCI World, for the purposes of comparison.
Why did Henderson Global Investors commission the research?
2008 marks the third year that Henderson Global Investors have undertaken a carbon audit of their Industries of the Future Fund. The research, produced independently by Trucost, analyses the levels of GHGs produced by companies held in the fund, and helps Henerson Global Investors to understand how their companies perform against their peers. The research is based on a snapshot of the fund at the end of 2007 and assesses the GHG emissions associated with their ownership of each of the companies held in the fund.
Report image: Analysis
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