John Lobb

Nanuk Asset Management (Nanuk), an industry leader in sustainable and responsible investing, this week announced the appointment of John Lobb as a Portfolio Manager. The appointment adds further resources to Nanuk’s experienced investment team which is focused on opportunities arising from the long term trends associated with environmental sustainability and resource efficiency.

With over 32 years experience as an equities analyst and portfolio manager, Mr. Lobb brings a wealth of experience to Nanuk. Prior to joining Nanuk, he served as a Global Equities Portfolio Manager and Senior Analyst at Insync Funds Management. Previously, he has also held key investment positions at Orion Asset Management, Credit Suisse Global Asset Management, and Citigroup Global Asset Management.

Mr Lobb joins an experienced investment team at Nanuk which includes Chief Investment Officer, Tom King, London based Portfolio Manager Binya Even, along with Australian based Portfolio Managers Jane Henderson, Tristan Patience, Peter Wilmshurst and Marie Miyashiro.

Mr King commented, “We are delighted to have John joining our team. His focus on identifying quality, undervalued businesses benefitting from structural tailwinds is very well aligned with our approach. He is well known to us having previously worked with Tristan and Nanuk director Tim Ryan.”

“John’s experience will improve our capacity to research the expanding numbers of opportunities related to the emerging ‘sustainability revolution’ and his focus on quality and growth will complement the approaches of our existing team.”

“It is an exciting time for sustainably themed investment, with technologies such as electric vehicles, renewable energy and the internet of things moving from infancy to maturity and new opportunities emerging in areas such as hydrogen, carbon capture and storage and artificial intelligence,” Mr King said.

Nanuk recognises that environmental challenges present both opportunities and risks for investments. The recent breaking of global temperature records, with average global temperature reaching 17C this month, surpassing the previous record of 16.9C set in August 2016, serves as a clear reminder of the likelihood of further government support for more sustainable technology as we move through this decade.

Dan Powell, Head of Distribution for Nanuk, commented, “Investor and financial adviser demand for sustainable investment continues to grow due to several key factors. Investor preferences, regulatory mandates, corporate pledges, increasing recognition that climate factors impact investment performance, and that significant change at a global level creates investment opportunities and risks which all contribute to this trend”.

Mr Lobb holds a Bachelor of Economics Majoring in Finance and Accounting from Macquarie University and a Graduate Diploma in Applied Finance and Investment through FINSIA.

Mr Lobb is based in Sydney and started with Nanuk on 17 July 2023.

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Marie Miyashiro

Nanuk Asset Management (Nanuk), an industry leader in sustainable and responsible investing, has appointed Marie Miyashiro to the newly created role of Senior Investment Analyst as the firm experiences strong growth.

Marie Miyashiro has over 20 years of experience in global equities research and was most recently Global Equities Analyst at Platinum Asset Management Limited. Prior to Platinum Asset Management, Ms Miyashiro has also previously held roles at AMP, Credit Suisse and Citi Research.

Nanuk Asset Management is exclusively focused on sustainably themed responsible investments – specifically, investing globally in listed companies whose activities and practices contribute to or benefit from the transition to greater global sustainability.

In 2022, Money Magazine recognised the Nanuk New World Fund as ‘Australia’s best international shares ESG fund’ and in March 2022 the Nanuk New World Fund was listed on the ASX as an exchange traded managed fund under the ticker code NNUK.

Paul Chadwick, Managing Director of Nanuk Asset Management, said that in addition to Marie’s strong experience in global equities she also has extensive expertise in the Asian equities sector, particularly in Japan, as well as extensive experience with infrastructure and utility projects. This will extend Nanuk’s footprint in these growing markets.

“Investing in areas related to sustainability shows no signs of slowing down. Our focus is global and the ongoing expansion at Nanuk comes as we continue to see an increase in investors and advisers seeking global equities strategies that deliver both strong returns and positive environmental benefits,” Mr Chadwick said.

I am delighted to have Marie join our talented team. Marie provides further depth to the Nanuk investment team as she brings highly valuable insights into the global equities market from a career spanning over two decades. Her deep knowledge and understanding of the market will play a pivotal role in our active approach moving forward.”

Marie joins a talented investment team at Nanuk which includes Chief Investment Officer, Tom King, London based portfolio manager Binya Even, along with portfolio manager’s Jane Henderson, Tristan Patience and Peter Wilmshurst.

Marie holds a Bachelor of Commerce from the University of New South Wales and is also a Chartered Financial Analyst. Marie is based in Sydney and started with Nanuk on August 16, 2022.

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A growing global awareness of the impact of plastic packaging is changing customer perceptions.

Nanuk Asset Management (Nanuk), an industry leader in sustainable investing, believes environmentally focused packaging companies are set for solid growth.

The expansion in e-commerce activities and the shift away from plastic towards alternatives like paper and cardboard is increasing, with current valuations for many stocks in this sector yet to reflect the changed outlook.

Peter Wilmshurst, Portfolio Manager of Nanuk Asset Management, said: “Many current packaging products are creating an environmental waste problem while generating greenhouse gases in their production and use.”

The UNEP estimates that approximately 36 percent of all plastics produced are used in packaging, including single-use plastic products for food and beverage containers, with around 85 percent of them ending up in landfill or finding their way into the world’s oceans.

“Plastics are the largest, most harmful and most persistent fraction of marine litter, accounting for at least 85 per cent of total marine waste,” the UNEP said in a report released last year.^[1]

The global production of primary plastic is forecast to reach 1,100 million tonnes by 2050 if historical growth trends continue, amid a worrying shift towards single-use plastic products, according to the UN Environment Programme,

Governments around the world, from India and China, to the European Union and the United States, are increasingly taking action to cut the use of plastics in the community. Companies are responding by switching to more environmentally friendly products.

“Thanks to a growing global awareness of the impact of plastic packaging, customer perceptions are rapidly changing and there is growing concern about the end disposal of plastic and what it means. This means that a large proportion of consumers are changing their behaviour towards the use of plastics, especially when out shopping,” Wilmshurst said.

In Australia, the Federal Parliament recently introduced the Climate Change Bill 2022 to provide a 2030 emissions reduction target, further highlighting the importance of sustainability and limiting carbon emissions for consumers and industries across the nation.

Seven out of eight Australian states and territories have already committed to ban single-use plastics., with Tasmania being the only state that has not yet committed to banning single-use plastics.

“There is a significant move from plastic to paper and cardboard products. We see this as an accelerating, sustainable trend. Product innovation in paper packaging is significantly expanding the range of uses for paper-based packaging, replacing plastic being the key aim.  This is expanding the sector whilst also encouraging prospective investors,” Wilmshurst said.

E-commerce is another area driving demand for more sustainable packaging. The use of corrugated boxes, in part to ship food and drink and sensitive electronic products, began accelerating from 2009. This coincided with the growth of e-commerce businesses, like Amazon, which have been accelerating over the past decade.

Nanuk does not believe the growth in e-commerce nor the shift away from plastics will trigger a massive growth in sustainable packaging companies as plastic remains a cheap form of packaging that is critical in reducing food wastage due its barrier properties.

“We think two to three percent annual growth is more likely, which is not going to give the companies concerned a Tesla-style multiple,” he said.

However, Nanuk believes this level of industry growth will help prices increase and require higher returns in the industry to justify new investment in paper mills and other production capacity.

“The shift from no growth to a little bit of growth really flips the switch on the returns you can expect from this industry,” Mr Wilmshurst said.  “The industry consolidation we’ve seen should provide further support for returns.”

As a result of this improving outlook for more sustainable packaging products, Nanuk has a position in U.S.-based corrugated packaging company WestRock, America’s second largest packaging company, and Fortune 500 company Graphic Packaging International.

In the same sector, the Nanuk New World Fund also holds a stake in Packaging Corporation of America, which focuses on sustainable and environmentally friendly packaging material. It also holds European multinational paper and packaging group Mondi Plc and aseptic packaging leader SIG Group AG.

Around 10% of the Nanuk New World Fund portfolio is invested in these sustainable packaging companies which it believes are set for solid future growth but where current valuations do not reflect the positive business outlook.

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[1] From Pollution to Solution: a global assessment of marine litter and plastic pollution. https://www.unep.org/resources/pollution-solution-global-assessment-marine-litter-and-plastic-pollution

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