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Short the most overvalued & vulnerable in the carbon value chain…

  • Focus on producers, transporters, marketers, processors, and users of oil, natural gas and coal

…in a market-neutral, ESG-friendly strategy…

  • Hedge carbon value chain shorts with a highly-diversified, systematically constructed long book to hedge factor risk apart from carbon
  • Chosen from an ESG-friendly universe of 3000+ stocks

… positioning for continuation of carbon industry underperformance

  • Cost of alternatives such as wind, solar, electric cars, and energy storage will continue to decline, with tipping points approaching
  • Regulatory environment will continue to increasingly tighten, at an increasing pace
  • Carbon value chain industry structure will likely continue to contribute to poor returns on capital – undifferentiated, highly-competitive, capital intensive, unstable foreign cartel, etc.
  • Divestment — increasing pressure not to own/finance at any price – leading to deterioration in relative multiples

HCO is a true ESG Fund, not “greenwashed”

We short the carbon value chain (negative carbon footprint)
– unique and without known peers