The proliferation in the development of unconventional and deepwater oil & gas resources has led to increased drilling and production activity. This fact, coupled with higher service intensity, has provided widespread growth opportunities for oilfield service and technology companies. The massive supply of unconventional and deepwater oil & gas resources is driving producers to focus on lowering operating costs by identifying more efficient and effective production methods. The development of these resources also requires continued investment to expand and modernize oil & gas infrastructure, both in the U.S. and abroad. We invest in companies that offer technologies, products and services that reduce exploration and operating costs, improve field recovery factors, increase safety and environmental performance, and improve transportation and distribution efficiency
Decades-long reductions in utility budgets have left the nation's electric grid aging and overburdened. System operators are facing increased pressure to maintain the reliability, adequacy and security of the grid, while at the same time adapting to volatility and slowing growth in demand, evolving emissions control requirements and a shifting mix of generation sources. Meanwhile, large-scale and prolonged electricity outages and price volatility have driven commercial and residential customers to control and manage energy usage more effectively, including utilizing distributed generation. We invest in companies that offer technologies, products and services that improve the capacity, operation and safety of the electric grid, increase power quality and reliability, and assist users in managing and controlling energy costs. We also invest in companies that provide products and services used in power generation.
Increasingly stringent regulation, growing diversity and value of waste streams, technological innovations and an increased focus on sustainability are driving demand for environmental services. We invest in companies that offer technologies, products and services that target opportunities in hazardous and non-hazardous waste disposal, resource recovery, remediation, environmental testing/analysis and other consulting/engineering services.
Many of the drivers that make investing in the energy sector so compelling – increasing energy demand, costly energy supplies, concerns over emissions, dependence on foreign oil – can be addressed by simply using less energy or using the same amount of energy more efficiently. In many cases, energy efficiency has become one of the least expensive “alternative sources” of energy and one of the least expensive ways to reduce emissions. We invest in companies that offer technologies, products and services that improve energy performance or reduce energy consumption.
While traditional sources of energy will continue to be a critical part of U.S. energy markets for the foreseeable future, energy from alternative sources has become an increasingly vital part of our nation's energy portfolio. Cost reductions in new technologies, environmental and energy security concerns and increased commercialization have created immense demand for alternative energy technologies. Many alternative energy sources have become multi-billion dollar global markets. We invest in companies that offer technologies, products and services that provide or support alternative sources of energy, such as solar, wind and geothermal.