Is the seafood sector green or not? That’s what Nordeas’ investment director Robert Næss is trying to figure out.
Næss, who is also a trustee, launched the fund «Nordea Norwegian Stars» last year. The fund only invests in Norwegian companies who focus on sustainability, and are free from oil investments.
“There is a great interest in investing savings in sustainable companies. In Norway, we have many great companies, but given the green shift, the Oslo Stock Exchange still has a big proportion of oil and energy companies. We therefore see an increased interest in investing in Norwegian companies that are not in the oil sector,” said Næss when the fund was presented.
When the fund was launched, Næss decided to invest in the seafood companies Austevoll Seafood, Bakkafrost, Grieg Seafood, Lerøy Seafood and Mowi.
But he has now informed the online business news site E24 that salmon stocks are too high priced on the Oslo Stock Exchange, and that he therefore has removed most of them from the portfolio.
“I am genuinely unsure whether seafood is in the green economy sector or not,” Næss tells E24.
Should the sector at some point be labeled as green, Næss believes it could be priced higher than it is today. But he also believes that the demand for Norwegian salmon will decrease and the seafood stocks will fall, if there is a consensus about the fish being flown all over the world.
On Friday morning, Mowi also released a stock exchange announcement stating that they are considering issuing a five-year green euro bond.
The facilitators are Danske Bank, DNB Markets, Nordea, ABN Amro, Rabobank and SEB will meet with investors on 21st of January.
On Thursday, Mowi also released their quaterly update. The company harvested more in Q4 201, but earned less than expected.
