klimaVest In black and white
Stable growth since inception
klimaVest has achieved its annual target return since the fund was launched and has proven to be a reliable investment, particularly in turbulent times on the capital market, which contributes to the stability of investors’ portfolios.²
Source: Commerz Real Fund Management S.à r.l.
| Period (dd/mm/yyyy) | For the investor (net)⁸ | For the investor (gross)² |
|---|---|---|
| 28/10/2020-30/04/2021 | - 3.1% | + 1.7% |
| 31/05/2021-31/05/2022 | + 3.3% | + 3.3% |
| 31/05/2022-31/05/2023 | + 3.3% | + 3.3% |
| 31/05/2023-31/05/2024 | + 4.1% | + 4.1% |
Important: Past performance is not indicative of future returns. Reporting period from fund launch on 28/10/2020 to 31/05/2023²
Breakdown of solar and wind in the klimaVest portfolio⁵
Breakdown of existing assets and project developments³ in the klimaVest portfolio
Mix in compensation structures
The spread across different remuneration structures also contributes to balanced planning certainty. Power purchase agreements (PPAs) are fixed power purchase agreements, usually for 10 years (or more). They offer higher initial returns and also have contractually agreed electricity purchase prices.
Many of the world’s most influential companies have committed to using electricity exclusively from renewable energy sources. Purchasers of electricity from klimaVest assets include Google and Shell.
The German Renewable Energies Act (EEG) offers more flexibility: the more electricity from renewable energy is fed into the grid, the more conventional electricity is displaced. As a result, the market share of renewable energies increases.
System manufacturers and operations managers – diversification in technology⁵ ⁶
klimaVest is also characterised by a high level of diversification at a technical level. The production of wind turbines and photovoltaic systems, as well as their operation, is spread across a variety of companies. This means that individual losses, for example due to delays in delivery or no deliveries, can be easily absorbed.
As a result, due to the technical diversification, the fund has the size and expertise that smaller providers or private individuals cannot afford. Here, too, klimaVest – as a financial product from Commerz Real – benefits from over 50 years of experience with physical assets.
System manufacturers
Operations manager
klimaVest at a glance
Investment horizon
Recommended holding period: More than 5 years
Risk class
1 of 7 (The risk of potential losses from future performance is rated as medium)⁴
| Fund name | klimaVest |
| WKN | KLV100 |
| ISIN | LU2183939003 |
| Fund launch | 28/10/2020 |
| Investment focus | Acquisition of assets in high-growth and stable economic regions |
| Investment company | Commerz Real Fund Management S. à r. l. |
| Fund volume (target) | > EUR 10 billion |
| Fund volume (as at 16/06/2022) | 1.3 billion |
| Number of fund properties³ | 44 |
| Initial charge (maximum) | 5 % |
| Total expense ratio for financial year 2022/2023¹¹ |
0.57 % |
| Estimated total expense ratio for financial year 2023/2024¹² |
1.30 % |
| Risk and return profile (SRRI)⁴ | 1 |
| Liquidity ratio | Target 10–15% / Maximum 30% |
| Fund duration | 50 years with two 5-year extension options |
| Investor types | Private investors, semi-professional and professional investors |
| Requires advice | Yes |
| Cancellation period | 2 weeks after investing in the fund |
Price publications
| Price determination (e.g.: daily, monthly) | daily |
| Closing day/Valuta | Order date |
| Acceptance deadline for orders at the registrar and transfer agent | 16:00h |
| Media of the prize publication | national daily newspapers, fwd. own website |
klimaVest’s target sectors
Primary target industries:
Renewable energy
- Wind power (onshore/offshore)
- Photovoltaic power
- Hydroelectric power
Secondary target industries
Sustainable infrastructure
- Sustainable forestry
- Transmission and distribution networks
- Storage technology
- Low-emission transport and electromobility
Opportunities and risks of klimaVest
The opportunities provided by klimaVest
- Invest conveniently and easily in primarily environmentally sustainable assets in the infrastructure sector
- Broad risk diversification across different countries, locations, asset classes (e.g. energy generation, energy transmission, transport and mobility) and within the asset classes (e.g. onshore and offshore wind power, photovoltaics) is aimed for
- Possible participation in state-regulated feed-in tariffs for electricity from renewable energies
- Issue and redemption of units generally on any trading day without notice period⁷ via the fund company
- Opportunity to achieve stable returns while making a positive contribution to climate protection and adaptation to climate change
- Professional asset and fund management
- Many years of experience of the Commerz Real Group in the field of renewable energies
- Independence from short-term fluctuations on the stock market
The risks of klimaVest
- The value of infrastructure investments and liquidity investments may fluctuate
- Specific risks associated with investments in renewable energy (e.g. wind, solar radiation, general climate changes, technology, transmission by cable)
- Despite extensive currency hedging, a residual currency risk remains
- Distributions may not materialize
- Certain conditions apply to the redemption of units⁷
- The limited tradability of illiquid real asset investments harbours the risk of a temporary suspension of unit certificate redemption or even an orderly dissolution of the fund in the event of liquidity bottlenecks
- Subsequent changes may be made to the feed-in tariff by the government at the expense of investors
- Changes to the legal requirements may mean that the fund's assets no longer meet regulatory requirements and may subsequently have to be sold at a loss
- Construction and development risks for infrastructure projects, such as fluctuations in the price of construction materials
Detailed information on the risks can be found under Downloads in the Information Memorandum and in the klimaVest Key Information Document.
¹ The management company of klimaVest is Commerz Real Fund Management S.à r.l.
² Calculated using the BVI method (excluding initial issue premium/ argio; distributions reinvested immediately). Past performance and target return statements are not indicative of future returns.
³ Transition of benefits and burdens for the five Swedish photovoltaic project developments of Helios Nordic Energy has not yet taken place.
⁴ The risk of potential losses from future performance is rated as medium.
⁵ Diversification according to installed capacity. The calculation is based on the inventory after completion of all project developments.
⁶ Some of these are project developments. System manufacturers/operations managers have not yet been fully specified here, but will be decided before completion.
⁷ No notice period or minimum holding period for redemptions up to 500,000 euros; 12-month notice period for redemptions > 500,000 euros p.a.; redemptions may be restricted due to insufficient liquidity; total redemption amount at each redemption date limited to 50% of the fund’s liquidity portfolio.
⁸ In the model calculation of the performance for the investor (net), an investment amount of 10,000 euros and 5% earnings share, based on the initial charge, is assumed, which is collected once at the time of purchase by Commerzbank AG and deducted in the first year. The earnings share, based on the initial charge, is a maximum amount that may be lower in individual cases. Currently, an earnings share of a maximum of 4% is collected, based on the initial charge. In addition, custodian fees may be incurred to hold the units, which may reduce the performance for the investor.
⁹ Calculated at a 4% earnings share, based on the initial charge.
¹⁰ Calculated at a 5% earnings share, based on the initial charge.
¹¹ Transaction, financing, maintenance, management and administration costs of associated companies and asset investments are not taken into account. If fund management fees have been incurred for the investments held, these are taken into account in full when calculating the total expense ratio. The ratio refers to the average net fund assets according to the information memorandum.
¹² Includes estimated costs (excluding transaction/management/maintenance costs and financing and administration costs for asset investments and associated companies). This cost estimate does not meet the requirements for a MiFID regulatory cost statement, which you will receive in time before the order is executed.
¹³ Current redemption price (excluding initial issue premium/ argio). The issue price always includes the initial charge of the klimaVest sales partner.