Octopus Climate Change Fund
Our environmental solutions and leaders fund.
At a glance
Our Climate Change fund invests in companies from around the world that are providing solutions for climate change and adopt best environmental practice, aiming for higher returns in the long term.
This fund has some sustainability characteristics which are important to the fund. Sustainable investment labels help UK investors help UK investors find funds that have a specific sustainability goal and meet high standards. This fund doesn’t have a UK sustainable investment label because it doesn’t meet the standards for having a label.
Highlights
- Responsible
- Invests in companies aiming to positively contribute to addressing our effect on the climate and the environment.
- Doesn’t invest in companies with material revenues from tobacco, fossil fuels, controversial weapons or that don’t comply with global standards.
- Aims for higher growth
Higher potential to grow your money in the longer term, but with greater ups and downs in value (risk) compared to global equity funds which invest in a greater number of companies, across more market sectors.
- All done for you
Managed for you by our dedicated team of investment experts. All in one neatly packaged approach.
Remember, the value of investments can go up and down, so you may get back less money than you put in. Tax depends on your individual circumstances and the regulations may change in the future.
Where your money’s invested
Investing in companies from around the world that are contributing solutions to help climate change and environmental leaders.
Here’s the detail at 31 December 2025.
Lower risk
0% Cash
0% Short maturity bonds
0% UK Government bonds (Gilts)
0% Global Government bonds
0% UK corporate bonds
0% Global corporate bonds
Higher risk
6% Shares (emerging market)
11% Shares (UK)
4% Real estate investment trusts
79% Shares (overseas developed)
0% Bonds (emerging markets)
0% Bonds (high yield)
What do these terms mean?
Bonds: These are like IOUs, used by companies and governments to raise money. The buyer effectively lends money to the seller, in return for interest on their investment over a set amount of time. When that time’s up, the value is paid back.
Gilts: These are just a type of bond. But instead of lending money to a company, it’s lent to the UK Government.
Shares: A share is a tiny bit of a company. Share owners are called shareholders. If a company does well, shareholders are rewarded with a proportion of the profits, paid out as dividends. The value of shares rises and falls according to the company’s performance, and other factors.
Real estate investment trusts (REITs): These are pools of money gathered by a company from investors. They’re used to buy, manage or invest in property and land (real estate) to generate income – a way of investing in commercial property without needing millions.
How is your money invested?
The fund invests in the shares of companies from around the world which are hand-picked by the Investment Adviser.
Specifically, for their return potential and either the environmental solutions they aim to provide or leadership in their industry.
Our experts review this mix regularly considering the economic outlook for each geographic region.
Which regions?
The following is up-to-date as of 31 December 2025
| Amount invested | Region |
|---|---|
| 66% | North America |
| 15% | Europe (excluding UK) |
| 11% | UK |
| 5% | Asia Pacific (excluding Japan) |
| 2% | Japan |
Typical Mix
Up to 20%
invested in companies that are environmental leaders in their industry
80% or more
invested in solution providers that support the transition to a low-carbon economy
How the fund invests
Explore the top 10 companies this funds invests in, and why.
This list is up-to-date as of 31 December 2025, and ordered by percentage holding, from highest to lowest.
Microsoft Corporation
Percentage holding: 6.9%
Company type: Leader
Microsoft demonstrates environmental leadership through ambitious goals and innovative technologies. Its cloud infrastructure optimizes computing power across industries, reducing hardware, material, and energy use. Improved cooling and energy sourcing further enhance efficiency. Microsoft aims to be carbon negative by 2030, supported by its $1bn Climate Innovation Fund for scaling carbon removal technologies.
Nvidia Corporation
Percentage holding: 6.4%
Company type: Solution Provider
NVIDIA has a transformative role in enabling energy-efficient technology and supporting global decarbonization efforts. Its Graphics Processing Unit (GPU) offers 50x better energy efficiency than traditional Computer Processing Unit (CPU) for AI, significantly cutting data centre emissions. NVIDIA powers the world’s most energy-efficient supercomputer, the company has committed to 100% renewable electricity across its global operations, and its Earth-2 generative AI simulates climate models for resilience planning.
AstraZenaca Plc
Percentage holding: 4.1%
Company type: Leader
AstraZeneca is seen as a climate leader within the pharmaceutical industry, aiming for carbon neutrality in global operations by 2025 and carbon negativity across its value chain by 2030. They have set a precedent for integrating sustainability into core business strategy and R&D, committing up to $1 billion for sustainability investments across clean energy, green chemistry, procurement, and next-generation inhalers.
Autodesk Inc
Percentage holding: 3.5%
Company type: Solution Provider
Autodesk’s design software plays a pivotal role in enabling more efficient visualization, design, and management in construction and manufacturing. Its digital tools optimize resource use, reduce material waste (addressing an estimated 30% of waste on building sites), and improve operational efficiency through integrated design and construction.
Tetra Tech Inc
Percentage holding: 3.2%
Company type: Solution Provider
Tetra Tech is a global consulting and engineering firm specializing in safe water, environmental protection/restoration, disaster management, and sustainable/resilient infrastructure design. They are ranked no.1 by the leading trade journal in their industry for multiple categories, including water treatment, environmental management, solid waste, and power plants.
Taiwan Semiconductor
Percentage holding: 3.2%
Company type: Solution Provider
Taiwan Semiconductor is the world’s leading-edge logic semiconductor chip foundry, with a production monopoly at the leading edge. Their production techniques allow semiconductors to become significantly more efficient, with higher density and lower power consumption, boosting the energy efficiency of technologies like datacenters and AI.
Advanced Drainage
Percentage holding: 3.1%
Company type: Solution Provider
Advanced Drainage Systems (WMS) are the second-largest plastic recycler in North America, demonstrating a circular economy model. The company uses recycled materials in pipe manufacturing, diverting plastic from landfills, achieving virtually zero waste and net positive recycling. Its pipes, which replace environmentally harmful materials like concrete and PVC. WMS is committed to water resource protection, using majority recycled content, and quantifying its positive environmental impact.
L'Oreal
Percentage holding: 3.0%
Company type: Leader
L’Oréal is a sector leader in sustainability, deeply integrating it into their business with leadership in climate, water, and forest protection. Their “L’Oréal for the future” program sets ambitious 2030 targets for sustainability, including reducing greenhouse gases, using sustainably sourced and less plastic packaging, increasing factory water recycling, and aiding nature regeneration.
Broadcom
Percentage holding: 3.0%
Company type: Solution Provider
Broadcom is a leading global technology company, designing and manufacturing semiconductors and software that are essential for sustainable digital infrastructure. Their products, including network modules, fibre optics, and wireless access points, software for data centres, broadband networks, and enterprise systems, enabling energy-efficient connectivity and low-carbon digital transformation.
American Water
Percentage holding: 2.8%
Company type: Solution Provider
American Water saves water through advanced leak detection and efficiency measures. This directly supports water conservation and reduces the energy used in water treatment and distribution. The company has committed around 50% of its capital expenditure to upgrade and modernize water infrastructure, supporting environmental goals, climate resilience, and sustainable water management across the U.S.
What you could have earned already
The table below illustrates the annualised total returns of the fund for the period shown, compared with its benchmark. Remember, past performance isn’t a reliable guide to future performance.
The following is up-to-date as of 31 December 2025.
| December 2020 to December 2021 | December 2021 to December 2022 | December 2022 to December 2023 | December 2023 to December 2024 | December 2024 to December 2025 | |
|---|---|---|---|---|---|
| This fund | 14.8% | -12.9% | -5.0% | 3.4% | 4.9% |
| Benchmark* | 22.6% | -11.3% | 15.3% | 19.6% | 13.9% |
*The fund aims to beat the performance of its benchmark (MSCI All Countries World GBP – a measure of global share market returns), after charges, measured over periods of three years or more. The fund changed its investment strategy and benchmark on 26 July 2022. Performance shown up until that date relates to the previous strategy and benchmark
The ongoing charge changed from 1.00% to 0.70% on 6 January 2024. The performance shown is based on the current annual charge, with adjustments made to prior years to reflect the current charging structure for this fund.
Source: Lipper, total return (income invested)
Non financial performance
The 2025 annual sustainability review looks at progress made in efforts to address climate change by companies the fund is invested in. It includes a measurement of change across the entire fund, as well as specific, in-depth examples at a company level.
Key information
Before investing please make sure you’ve read the following:
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