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Alternative Market Briefing

European utilities offer investors more than a safe haven investment

Tuesday, September 11, 2012

Isabel Serra
Bailey McCann, Opalesque New York:

European utilities, which were historically a safe haven style investment for those looking for value, may now find themselves with greater opportunity and slightly greater risk, according to a new Opalesque Radio interview. Isabel Serra is Founding Partner and CEO of Madrid based Cygnus Asset Management, which manages over $300m and focuses on utilities and energy investments in Europe.

"Power is a strategic sector in any economy and particularly for Europe," she said noting that the investment universe for Cygnus includes not only utilities, but oil, gas and infrastructure opportunities as well. "This space represents about 20% of the European market-cap, many of these companies are very much commodity driven," Serra says.

She explains that the liberalization of the European power market in the 1990s essentially bifurcated the market into one sub-set of regulated companies and another of competitive businesses. More recently this has expanded to include a growing renewable energy sector. As such, Serra says, "we have moved to a universe that is now reactive to key drivers – most importantly, commodities and regulation."

According to a recent report from PricewaterhouseCoopers, desp......................

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