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Sydinvest said it bought shares in Fuel Systems Solutions for its $10-million "green themes" Klima & Miljo fund while reducing its holding in Canadian uranium miner Cameco.
"We expect new nuclear power plants to be built in the United States and China but also that new technologies will dampen growth in uranium exploration," Sydinvest said in a monthly fund performance report.
"Our focus is on the United States and China because we expect that big parts of the stimulus packages in both countries will be spent this year and next," it said.
Citing growing expectations regarding Chinese demand for wind turbines, Sydinvest Klima & Miljo said: "Our likely next step is to increase our investments in Chinese wind park operators and wind turbine manufacturers.
It did not mention any potential target companies.
The Sydinvest Klima & Miljo fund's exposure to China grew to 8.5 percent of assets by end-February from 3.3 percent at end-2008.
The United States, where renewable energy is high on President Barack Obama's agenda, accounts for 28 percent.
The fund recorded a negative return of 1.6 percent in the first two months of the year compared with a decline of 3.3 percent for the MSCI World index, its benchmark, in the same period.
However, the fund's calendar 2009 return of 5.1 percent paled in comparison with the benchmark's 31.5 percent advance.
The topn three holdings at end-February were German engineering conglomerate Siemens with 3.8 percent of assets, Spain's Iberdrola Renovables with 2.7 percent and French Veolia Environment with 2.3 percent.
In February Sydinvest also added to its stake in power utility Energias de Portugal, which is now the Klima & Miljo fund's seventh biggest holding with 2 percent of assets.
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