2024 February update
Last updated on
I missed January’s update, but this one is more eventful.
Here is the market capitalisation of the index as of 23rd February 2024:
| Market cap (mil.) | Market ratio | |
|---|---|---|
| LON:ATOM | £20.02 | 0.20% |
| LON:BSIF | £621.24 | 6.22% |
| LON:CWR | £324.21 | 3.25% |
| LON:FSFL | £519.59 | 5.20% |
| LON:GOOD | £52.83 | 0.53% |
| LON:GRID | £371.02 | 3.71% |
| LON:GSF | £349.26 | 3.50% |
| LON:HEIT | £89.15 | 0.89% |
| LON:HGEN | £61.51 | 0.62% |
| LON:ITM | £339.29 | 3.40% |
| LON:JLEN | £662.85 | 6.64% |
| LON:NESF | £444.30 | 4.45% |
| LON:ORIT | £459.85 | 4.60% |
| LON:ROOF | £105.60 | 1.06% |
| LON:TRIG | £2,484.34 | 24.87% |
| LON:UKW | £3,083.01 | 30.87% |
| Total | £9,988.06 | 100.0% |
The current (very rough) composition of the index by investment type is: 42% wind, 28% solar, 18% battery, 7% hydrogen. I’ve calculated this by (very hastily) having a look at what the companies say they invest in. If a company says they invest in wind, solar and hydrogen for example, then they get an even share of 33% for each and I then weigh that with the company’s market cap.
And for comparison, here was the index four months ago on 23rd October 2023:
| Market cap (mil.) | Market ratio | |
|---|---|---|
| LON:ATOM | £33.02 | 0.3% |
| LON:BSIF | £682.38 | 7.0% |
| LON:CWR | £399.14 | 4.1% |
| LON:FSFL | £524.92 | 5.4% |
| LON:GOOD | £42.21 | 0.4% |
| LON:GRID | £509.22 | 5.2% |
| LON:GSF | £326.39 | 3.3% |
| LON:HEIT | £169.21 | 1.7% |
| LON:HGEN | £65.58 | 0.7% |
| LON:ITM | £417.51 | 4.3% |
| LON:NESF | £467.34 | 4.8% |
| LON:ORIT | £477.93 | 4.9% |
| LON:ROOF | £108.04 | 1.1% |
| LON:TRIG | £2,489.31 | 25.5% |
| LON:UKW | £3,056.06 | 31.3% |
| Total | £9,768.25 | 100.0% |
Additions & Removals
During the past four months, I found out about JLEN. They have a slew of assets, mostly in the UK, but a few in Europe as well. They do renewable energy as well as waste, bio-energy and anaerobic digestion. I thought they fit right in to the portfolio.
Performance
The performance for the past 4 months was a bit better than last time, but still down. The whole market of companies that the portfolio is based on, excluding the newly added JLEN went from £9,768 to £9,326, that’s a 5% drop.
The hypotethical £10,000 portfolio that I started in April 2023 would now be worth £7,493. It has been re-balanced roughly monthly using a spreadsheet.
Mostly everything went down, but what caught my eye was the big drop in HEIT (46% down) and GRID (44% down). Luckily, GRID has recovered and is now only down 27% since October. Both HEIT and GRID are energy storage companies and apparently there has some been some big news recently that energy storage is not as profitable as previously thought market-wide.