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Tuesday, December 11, 2007

A Firsthand Way to Help the Environment

News summary by MFWire's editors

Firsthand Capital Management today launched the Firsthand Alternative Energy Fund. The new fund will contribute a portion of its management fees each quarter to Audubon, Defenders of Wildlife, National Wildlife Federation, the Sierra Club and World Resources Institute in a proportion determined by the shareholders of the fund. The fund will invest in alternative energy and energy technology companies of any size, in both the U.S. and international markets.


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.

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 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. Contact Info: 

Edited by: Erin Kello


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