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Water as a scarce resource


Dr. Strangelove is one of my favourite films. Pure genius, all the way through! In one of the bizarre scenes that illustrate the madness of the nuclear threat, the manic Brigadier General Jack D. Ripper (nomen est omen) explains to Captain mandrake, played by Peter Sellers, why he has just triggered a nuclear war and thus the end of the world: the Soviet Union are trying to destroy the West by contaminating the water.

What was chosen as an absurd topic of conversation in 1964 in order to highlight the even madder world of the military and game theoreticians, has swapped roles with the nuclear threat 50 years later. While we have probably overcome the nuclear madness, destruction caused by a lack of clean water is more real than ever.

For example the UNO has issued warnings that the frequency of armed water conflicts will rise in the future. The data of the US water research institution Pacific Institute show that this is already a real threat scenario. On its website, the institute lists wars fought about water over the past 5000 years. Water has become an absolute key resource.

For Erste Asset Management this is reason enough to discuss the topic of water from a sustainability perspective. The points of contact with environmental, social, and governance (ESG) aspects are numerous: water privatisation, resettlement as part of a dam-building project, the effects of fracking on groundwater, massive ecological damage caused by water pollution, excessive water withdrawal as part of an industrial production process, or even the danger of an interruption of the fl ow of cooling water to nuclear reactors, as was the case in Fukushima.

In Austria, a land with generous water resources, we find it challenging to understand the necessity of using the resource water sparingly. – One more reason to show how strongly the topic is rooted within the ESG approach of Erste Asset Management.

Read more in our Newsletter ERSTE RESPONSIBLE RETURN – The ESG Letter:

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This document is an advertisement. All data is sourced from ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H., Erste Asset Management GmbH and ERSTE Immobilien Kapitalanlagegesellschaft m.b.H. unless indicated otherwise. Our languages of communication are German and English.

The prospectus for UCITS (including any amendments) is published in Amtsblatt zur Wiener Zeitung in accordance with the provisions of the InvFG 2011 in the currently amended version. The simplified prospectus is prepared by ERSTE Immobilien Kapitalanlagegesellschaft m.b.H. and published in Amtsblatt zur Wiener Zeitung in accordance with the provisions of the ImmoInvFG 2003 as amended. Information for Investors pursuant to § 21 AIFMG is prepared for the alternative investment funds (AIF) administered by ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H., Erste Asset Management GmbH and for ERSTE Immobilien Kapitalanlagegesellschaft m.b.H. pursuant to the provisions of the AIFMG in connection with the InvFG 2011.

The fund prospectus, Information for Investors pursuant to § 21 AIFMG, the simplified prospectus, and the key investor document/KID can be viewed in their latest versions at the web site or or obtained in their latest versions free of charge from the domicile of the management company and the domicile of the custodian bank. The exact date of the most recent publication of the fund prospectus or simplified prospectus, the languages in which the key investor document/KID is available, and any additional locations where the documents can be obtained can be viewed on the web site or

This document serves as additional information for our investors and is based on the knowledge of the staff responsible for preparing it at the time of preparation. Our analyses and conclusions are general in nature and do not take into account the individual needs of our investors in terms of earnings, taxation and risk appetite. Past performance is not a reliable indicator of the future performance of a fund.

Gerold Permoser

Gerold Permoser has been Chief Investment Officer at Erste Asset Management since early April 2013. He is responsible for all asset management activities and investment strategies for all investment funds held by the Erste Asset Management Group in Austria, Germany, Croatia, Romania, Slovakia, th...


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