This article is excerpted from a letter authored by Will Thomson and Chip Russell, managing partners of Massif Capital, a value-oriented partnership focused on the small- and mid-cap space, with special attention on industrial and commodity-related businesses.

As the world seeks to reduce its carbon footprint, real asset industries face only one certainty: change. Business models for mining, energy, and heavy industrial companies are rapidly shifting, creating opportunity for investors in the space.

In our third quarter letter, we share some of the best examples of companies in our portfolio that are transitioning their business model to reduce carbon emissions.

Examples include a German company that is transitioning from one of Europe’s most polluting and carbon-intensive electric utilities into a leading renewable energy producer, a small-cap energy developer that could establish itself as a platform for financing projects that tap into South America’s nascent renewable energy market, and a minerals company that is recycling coal royalties into a newly formed subsidiary that will allocate capital to renewable projects.

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Opinions expressed herein by Massif Capital, LLC (Massif Capital) are not an investment recommendation and are not meant to be relied upon in investment decisions. Massif Capital’s opinions expressed herein address only select aspects of potential investment in securities of the companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is limited in scope, based on an incomplete set of information, and has limitations to its accuracy. Massif Capital recommends that potential and existing investors conduct thorough investment research of their own, including a detailed review of the companies’ regulatory filings, public statements, and competitors. Consulting a qualified investment adviser may be prudent. The information upon which this material is based and was obtained from sources believed to be reliable but has not been independently verified. Therefore, Massif Capital cannot guarantee its accuracy. Any opinions or estimates constitute Massif Capital’s best judgment as of the date of publication and are subject to change without notice. Massif Capital explicitly disclaims any liability that may arise from the use of this material; reliance upon information in this publication is at the sole discretion of the reader. Furthermore, under no circumstances is this publication an offer to sell or a solicitation to buy securities or services discussed herein.