An analysis of Generation Investment Management’s public filing with the SEC reveals that the investment manager did not hold any US-listed Solar Stocks as of 12/31/08. Generation is a London-based fund management firm dedicated to long term investment and integrated sustainability research. The firm was co-founded in 2004 by former Vice-President Al Gore and David Blood. Mr. Gore currently serves as the firm’s Chairman and became the key public advocate for climate change policies after his critically acclaimed documentary "An Inconvenient Truth." Mr. Blood currently serves as the firm’s Senior Partner. Prior to co-founding Generation, he served as the co-CEO and CEO of Goldman Sachs Asset Management from 1999 to 2003.
The filing showed that the firm held 18 US-listed securities with a total value of $950.7 million as of 12/31/08, but the ownership listing does not one US-listed solar company. As of 9/30/08, Generation had held over $31 million in Suntech Power Holdings Co Ltd (STP), but the firm’s 12/31/08 filing revealed that it had sold all of its shares. Many global solar stocks, including Suntech Power, suffered heavy losses over Q4 2008, so Generation’s lack of exposure could be attributed to a short-term view of US-listed solar companies.
The SEC filing only covers US-listed companies and does not include Generation’s global holdings. On February 23, 2009, Generation revealed in a German regulatory filing that they had accumulated a 3.31% in Frankfurt-listed SMA Solar Technology AG. Generation’s next SEC filing is due to be submitted in the middle of next month. |
