NEW YORK: Record heatwaves in Europe and Asia this summer are leading fund managers to buy shares of air conditioning manufacturers, betting that the public health risks of rising temperatures will compel businesses and apartment building owners to install cooling systems.
Fund managers and analysts say the recent outperformance will likely continue due to the necessity of cooling systems as temperatures rise globally. Paris hit 42.6 degrees Celsius in July, the highest in the city's recorded history, while Britain reported its hottest July on record. Heat waves contributed to the deaths of 1,435 people in France this summer, the country's health ministry said Sunday.
Europe will likely be a large growth market despite the outsized costs of retrofitting older buildings with new cooling systems, said Nicholas Heymann, co-group head – global industrial infrastructure at William Blair. Currently, only about 20per cent of European households have air conditioning, compared with 87per cent percent of U.S. households and 90per cent in Japan, due in part to greater emphasis on less energy-intensive forms of cooling in Europe.
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