Management commentary
Retail clients

May 5, 2025

General Development

In April 2025, the fund price recorded a 1.2% decline, after having previously recovered 13% from its monthly low in the short term. The market turbulence was primarily triggered by far-reaching tariff announcements from the Trump administration, which not only affected individual trade measures but also questioned fundamental principles of global trade. A subsequent partial withdrawal of tariffs – with the exception of measures against China – led to a calming of the markets. For full performance details, please refer to our factsheet.

Market Development in April
Fourteen portfolio holdings generated gains, including Aumann, Voltabox, ITM Power, Hexagon Purus, and Wolfspeed. In contrast, losses were recorded by Plug Power, JinkoSolar, SMA Solar, Enapter, and Daqo Energy, among others. Currency hedging fully offset the strong fluctuation of the USD against the Euro. The equity ratio stood at 97% at the end of the month.

Counter-Cyclical Purchases and Portfolio Restructuring
In April, we strategically utilized price declines for additional purchases in selected stocks, including Canadian Solar, Enphase, Hexagon Purus, and Plug Power. At the same time, we fully divested from Meyer Burger, as management’s statements regarding short-term bond extensions and takeover speculation posed too high a risk. The Elia Group was newly added to the portfolio as a promising entry into the smart grid segment, as was First Solar again – with an attractive valuation level and a strong order book.

Company Examples

Elia Group – New Position in the Smart Grid Sector
The Elia Group is a central player in the European energy transition, connecting electricity markets, integrating offshore wind, and ensuring grid stability. The company boasts stable, regulatorily secured revenues, a high-profit margin of over 50%, and is strategically excellently positioned for the long term.

US Tariffs Affect the Solar Sector Differently
While Enphase can mitigate the impact of the new US tariffs through a diversified supply chain for micro-inverters, the gross margin in the battery segment will be temporarily burdened. First Solar, on the other hand, benefits from protection in the US market but simultaneously faces challenges at its Asian production sites. Nevertheless, the company remains well-positioned for the long term thanks to its strong US presence and political support.

Picture of Manfred Wiegel

Manfred Wiegel

CEO und Fund advisor of the green benefit AG

Further management commentaries

Legal information / Imprint
This document is a customer information within the meaning of the German Securities Trading Act, it is addressed to natural persons and legal entities with their habitual residence or registered office in Germany and is used exclusively for marketing and general informational purposes.
The information contained herein cannot replace an individual investment- and investor-friendly advice and does not justify a contract or any other obligation. Furthermore, the contents do not constitute investment advice, an individual investment recommendation, an invitation to subscribe for securities or a declaration of intent or a request to conclude a contract for a transaction in financial instruments. Also, it was not written with the intention of providing legal or tax advice. The tax treatment of transactions depends on the personal circumstances of the respective customer and may be subject to future changes. The individual circumstances of the recipient (including their economic and financial situation) were not taken into account in the preparation of this information. Past performance is not a reliable indicator of future performance. Recommendations and forecasts are non-binding value judgments about future events and may therefore prove to be inaccurate with respect to the future development of a product. The contained information refer exclusively to the time of the creation of this information, a guarantee for timeliness and continued correctness cannot be accepted. An investment in mentioned financial instruments / investment strategy / securities services involves certain product specific risks – e.g. Market or industry risks and risk in currency, default, liquidity, interest rate and credit – and is not suitable for all investors. Investments are subject to volatility and may result in the loss of the capital invested. Therefore, potential prospects should make an investment decision only after a detailed investment advisory session by a registered investment advisor and after consulting all available sources of information.The basis for the purchase of fund units is the current sales documents (basic information sheet, sales prospectus, annual and semi-annual report, pre-contractual disclosures) for the investment fund. These can be found free of charge and in German on the following website: https://fondswelt.hansainvest.com/en/funds/details/814A summary of your investor rights in German can be found in digital form on the following website: https://www.hansainvest.de/de/unternehmen/complianceIn the event of any legal disputes, you will find an overview of all instruments of collective legal enforcement at national and EU level under the prenamed hyperlink or in the sales prospectus of the fund. The management company of the advertised financial instrument may decide to cancel arrangements it has made for the distribution of the shares of the financial instrument or to revoke the distribution altogether. The purchase of fund shares constitutes the acquisition of shares in an investment fund, not in its assets. Fees and expenses paid by the Fund reduce the return on an investment. Certain securities and cash held by the Fund may be calculated USD, GBP, CAD, SKK, NOK, AUD or CHF. Fluctuations in currency exchange rates may affect the return of an investment both positively and negatively.
The above content reflects only the opinions of the author, a change of opinion is possible at any time, without it being published. This customer information is protected by copyright. Any reproduction or commercial use is prohibited. Date: 05.05.2025
Editor: green benefit AG, Gustav-Weißkopf-Str. 7 in 90768 Fürth acts as a tied agent (section 3 (2) German Wertpapierinstitutsgesetz (WpIG)) on behalf of, in the name of, for account and under the liability of the responsible legal entity BN & Partners Capital AG, Steinstrasse 33, 50374 Erftstadt. BN & Partners Capital AG has a corresponding license (section 15 WpIG) from the German Federal Financial Supervisory Authority (BaFin) for the provision of investment advice in accordance with section 2 (2) no. 4 WpIG and investment brokerage according to section 2 (2) no. 3 WpIG.

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