An unavoidable theme penalized by interest rates. A volatile but successful sector. Falling inflation and new interest-rate cycle favorable to the sector. Profit growth in excess of +20%/year. Significant discounts vs. S&P 500 and Nasdaq.

Key points

• Energy transition is an unavoidable theme, penalized in the short term by rising interest rates.
• Attractive but volatile investment opportunities
• Inflation breaks positive momentum in 2021
• S&P Clean Energy outperforms Global Energy
• Main reasons for sudden price collapse
• Investor fatigue creates opportunities
• 1st rate cut will boost alternative energies

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