Banking

JOHCM’s Regnan launches Water and Waste fund with Fidelity duo

The Regnan Sustainable Water and Waste strategy is anticipated to come to market in September with a 0.35% seed share class available to “selected clients”, according to documents seen by Investment Week.

Lecourt and Sharma previously managed the $2.6bn Fidelity Water and Waste fund and bring more than 30 combined years of industry experience to the new fund.

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The new fund is anticipated to hold between 35-50 securities with 60% allocated to water stocks and 40% to those targeting waste solutions.

Investable securities must derive more than 40% of their value from one of the two themes, but on a portfolio level, core exposure to the themes must exceed 80%.

An indicative model portfolio reveals the fund is targeting a significant overweight to industrials, with 55.7% allocated to the sector compared to just 9.4% of the MSCI ACWI benchmark.

Utilities also features prominently at 21.8% of the model portfolio, compared with 3% of the benchmark. Consumers discretionary and materials comprise the next two largest weightings, with 9.8% and 2.8% respectively.

On a regional level, the fund matches the benchmark more closely, with 61.1% targeting North America, 12.3% in Europe ex UK, 10.7% in emerging markets and 5.7% in the UK.

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It will seek opportunities further down the market cap spectrum, with securities over $50bn not targeted at all despite comprising 59% of the benchmark.

Lecourt brings over two decades of industry experience pertinent to water and waste, having begun his career as an analyst for the sector with Goldman Sachs. He has also held roles with Polar Capital, Aquilys Investment Management, Deutsche Bank and Dresdner Kleinwort Benson.

Sharma began his career as a financials analyst with GlobalData in 2010, followed by a spell at Moody’s Analytics, before joining Fidelity International as an investment director in its sustainable and thematic strategies.

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