Firsthand Introduces Alternative Energy Fund and Collaboration with Environmental Groups
Shareholders to Direct Quarterly Contributions to Audubon, Defenders of Wildlife, National Wildlife Federation, the Sierra Club and World Resources Institute
(from CSRwire) SAN JOSE, CA - November 19, 2007 - Silicon Valley-based investment management firm Firsthand Capital Management today announced the launch of the Firsthand Alternative Energy Fund (Nasdaq: ALTEX), a no-load fund investing in U.S. and international alternative energy and clean technology companies. In collaboration with Audubon, Defenders of Wildlife, National Wildlife Federation, the Sierra Club and World Resources Institute, Firsthand will contribute a portion of its management fees for the Fund each quarter to these organizations in a proportion determined by the Fund's shareholders.
"We're all aware of the challenges that face us as we witness dramatic increases in energy consumption around the world and continued dependence on fossil fuels to satisfy that demand," said Kevin Landis, chief investment officer of Firsthand Capital Management. "These challenges can only be met with significant private-sector investment in developing alternative energy sources and advocacy to bring about changes in our consumption patterns. We've designed Firsthand Alternative Energy Fund to take advantage of the opportunities available to investors while contributing to raising awareness of the benefits of sustainable energy technologies."
"Investment will drive the innovation needed to transform the energy economy, and Silicon Valley has its sights set on making that transformation a reality," said Carl Pope, the executive director of the Sierra Club. "Even as our members work to drive political support for a new energy course, we can invest in technologies that make real change possible, technologies that are commercially viable now and growing more attractive to market players with each uptick in the price of oil."
Firsthand Alternative Energy Fund seeks long-term growth of capital by investing in alternative energy and energy technology companies of any size, in both the U.S. and international markets. Alternative energy includes energy generated through solar, hydrogen, wind, geothermal, hydroelectric, tidal, biofuel, and biomass. Energy technologies include technologies that enable energies to be tapped, stored, or transported, such as fuel cells; services or technologies that conserve or enable more efficient utilization of energy; and technologies that help minimize the harmful by-products of existing energy sources, such as helping reduce carbon emissions.
Firsthand will donate a portion of its advisory fees for the Fund, amounting to 0.20% of the Fund's average daily net assets, to non-profit organizations including Audubon, Defenders of Wildlife, National Wildlife Federation, the Sierra Club and World Resources Institute, in a proportion determined by Fund shareholders. Shareholders may select the organization of their choice, with the donation allocated annually on an asset-weighted basis. The participating organizations support a wide range of environmental causes, from land and habitat conservation to animal rights and renewable energy.
About Audubon
Now in its second century, the National Audubon Society is dedicated to protecting birds and other wildlife and the habitat that supports them. Our national network of community-based nature centers and chapters, scientific and educational programs, and advocacy on behalf of areas sustaining important bird populations, engage millions of people of all ages and backgrounds in conservation. More information is available at: www.audubon.org.
About Defenders of Wildlife
Defenders of Wildlife is dedicated to the protection of all native animals and plants in their natural communities. With more than one million members and activists, Defenders of Wildlife is a leading advocate for innovative solutions to safeguard our wildlife heritage for generations to come. More information is available at: www.defenders.org.
About National Wildlife Federation
National Wildlife Federation is America's conservation organization, inspiring Americans to protect wildlife for our children's future. NWF unites individuals from diverse backgrounds through a grassroots network of four million members, supporters, and volunteers. NWF programs educate and inspire people from all walks of life to conserve wildlife and wildlife habitat. More information is available at: www.nwf.org.
About Sierra Club
The Sierra Club is America's oldest and largest grassroots environmental organization working to protect our communities and our planet. Founded in 1892 by John Muir, today the Sierra Club has over 750,000 members and 450 local chapters and groups across the country. More information is available at: www.sierraclub.org.
About World Resources Institute
The World Resources Institute is an environmental think tank that goes beyond research to find practical ways to protect the earth and improve people's lives. WRI's mission is to move human society to live in ways that protect Earth's environment and its capacity to provide for the needs and aspirations of current and future generations. More information is available at: www.wri.org.
About Firsthand Capital Management and Firsthand Funds
Established in 1993 and based in San Jose, California, Firsthand Capital Management manages approximately $800 million on behalf of institutional and individual investors and serves as investment adviser to the Firsthand Funds family of sector-focused mutual funds. Firsthand industry experience is a key element of the investment process for all of the Firsthand Funds, including its five existing technology funds, each of which follows a distinct investment style and/or strategy within the technology sector. More information on Firsthand Funds, including a prospectus with detailed information on charges, expenses, and risks of investing, is available by phone at (888) 884-2675 or online at www.firsthandfunds.com. Firsthand Funds are distributed by ALPS Distributors, Inc.
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WARNING: Investing in common equity of public companies is a high risk, high potential reward activity. Owning investments in individual alternative energy companies is for high risk investors only, and medium risk investors should consider green mutual funds, clean energy funds, renewable power index funds and other sector plays. Even then, these should be owned as part of a widely diversified portfolio. There is a gathering mania for investing in publicly-traded alternative energy companies, similar to the computer, technology, internet and banking / real estate booms of the past two decades. There will be some nasty corrections along the way, and some years from now when they come crashing down en masse, the world will still benefit from all the amazingly advanced clean and efficient energy technology created during the bull run. (Above note re-written March 2009 as my earlier prediction of a market top and a crash in the sector starting in August '09 was hastened by the credit markets collapse and began in August 2008, before the bubble had fully formed. Of all the sectors in the equity markets, clean energy has the best prospects to assume market leadership and public favour; we are bouncing aong the bottom still, and those who have followed our guidance to begin including (in a judiciously blended portfolio of cash, bonds, stocks and yes, um... real estate) green energy investment funds dollar-cost-averaging programs in Winter and Spring of 2009 are well positioned for longterm capital growth.)
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