General Development
In October 2025, the fund price recorded growth of 16.08 percent, marking the sixth consecutive month of positive performance. The fund continues to rank first in terms of performance among 694 sustainable funds in the Morningstar evaluation for all short-term comparison periods (1, 3, and 6 months). Performance since the beginning of the year stands at 28.41 percent—a result that also ranks the fund among the leaders in its peer group during this period. This development confirms that sticking to medium- and long-term goals pays off, and we believe the fund is very well positioned for the coming years. Please refer to our fact sheet for complete performance information.
Fund Performance
October’s performance shows a clear picture
In October, nineteen of our portfolio stocks reported positive gains, while nine stocks recorded slight declines. The largest positive contributions came from Ceres Power, QuantumScape, Canadian Solar, and Plug Power. This continued the positive momentum for these companies. PowerCell Sweden, Ballard Power, Nano One, SMA Solar, ITM Power, Novonix, and Daqo New Energy also made significant positive contributions to performance during the month under review. This means that price gains came from all three main sectors and from a large number of different companies – proof of how crucial targeted stock picking is in a concentrated portfolio such as ours.
Individual losses in October came from Voltabox, Enphase, thyssenkrupp nucera, and Fuelcell Energy.
At the end of October, the equity allocation of our portfolio stood at 93.9 percent. We generated net inflows of EUR 1.1 million over the month of October as a whole, meaning that many investors took advantage of the positive momentum to enter the market. The increased USD weighting resulting from strong price gains in US positions was fully hedged using EUR/USD futures in order to completely eliminate currency risks in USD in the portfolio.
Selling and several targeted purchases
We are taking advantage of the sharp price increases at Plug Power and QuantumScape to sell. We are reallocating the funds made available to the following companies: SMA Solar, JinkoSolar, Daqo New Energy, Enphase, Nel ASA, FuelCell Energy, dynaCERT, PowerCell Sweden, Elia Group, and thyssenkrupp nucera.
Interest rate cut by the US Federal Reserve
At the end of October, the US Federal Reserve (Fed) cut its key interest rate for the second time this year to a range of 3.75% to 4.0%. This expected measure is intended to support the economy and, in particular, the labor market. Further interest rate cuts – possibly as early as December and up to three steps in 2026 – are currently considered likely. This would give small-cap stocks in particular an additional boost and could therefore also have a positive effect on our portfolio.
Company Examples
PowerCell
PowerCell Sweden reports new sales records and strong gross margin
After PowerCell Sweden reported strong financial results in the second quarter—sales rose by 96%, setting a new record in the company’s history—the company recently announced further positive developments. The previous year’s loss of SEK 39 million (Swedish kronor) was turned into a profit of SEK 21.9 million. Particularly noteworthy is the improvement in gross margin, which jumped from 16.6% in the previous year to 61.6% – a clear sign of increased efficiency and better economies of scale. CEO Richard Berkling commented on the figures as follows: “We are still in the early stages of scaling our industry, but the results confirm that the market is taking shape and that our strategy is working.”
The company supplies customers in the mobility and shipping industries, among others, with modular, scalable fuel cell systems—for example, for hydrogen trucks, buses, and marine applications. PowerCell Sweden works closely with Bosch, which holds 10% of the shares and is thus the largest single shareholder. This partnership is not only financial in nature, but also deeply rooted in technology. As part of the collaboration, Bosch secured licensing rights for the PowerCell Stack S3, a modular fuel cell that is particularly suitable for use in vehicles.
At the end of September, PowerCell received an order worth SEK 43 million for the delivery of its methanol-to-power system from a European shipyard. The system, with a rated output of 0.5 MW, will be installed as part of a retrofit program on a large sailing yacht, with delivery scheduled for 2027. The order is the second commercial contract for the M2Power 250 platform, which was launched at the end of 2024. The integrated system combines PowerCell’s fuel cell technology with a methanol reformer that converts renewable methanol into clean hydrogen that can be used directly in the fuel cell stack. The result is a compact, turnkey solution that enables zero-emission power generation. The M2Power 250 offers shipowners a practical way to reduce emissions from existing vessels and supports the accelerated transition to cleaner auxiliary and propulsion power systems.
With an order from GMI Rederi in Norway, PowerCell also succeeded in entering the bulk cargo segment. With a length of 85 meters and a deadweight capacity of 4,000 tons, the ships will be the world’s first hydrogen-powered bulk carriers when they enter service in early 2027. Torstein Holsvik, CEO of GMI Rederi, commented on the order: “Existing bulk carriers are outdated, and we had to completely rethink our approach. After carefully evaluating technological maturity, fuel availability, and cost efficiency, we decided that compressed hydrogen with fuel cells was the most sustainable solution.”
PowerCell once again reported solid figures for the fourth quarter, with sales up another 19% compared to the same quarter last year. In the first three quarters of 2025, sales growth totaled 52% to SEK 289.9 million, while gross profit improved to a margin of 48.5%. PowerCell also announced the final assembly and delivery of a large 2 × 6.4 MW ferry system to Torghatten in Norway – another milestone in its maritime positioning.
Auch in der Luftfahrt kommt das Unternehmen voran: Gemeinsam mit ZeroAvia und weiteren Partnern aus der Luft- und Raumfahrt treibt PowerCell den Zertifizierungsprozess weiter voran. ZeroAvia hat bereits erste Systeme an Kunden ausgeliefert, die 2027 in Betrieb gehen sollen. Die Brennstoffzellenstapel der nächsten Generation sind ein wichtiger Schritt für größere Turboprop-Flugzeuge der Zukunft. PowerCell hat in den letzten vier Jahren nahezu alles verändert – Technologieportfolio, Produktpalette, Betrieb, Marketing und Vertrieb – und zeigt sich heute deutlich reifer mit einem klaren Weg zu weiterem profitablem Wachstum.
Canadian Solar
Canadian Solar strengthens its leading position in the global energy storage market with e-STORAGE
The storage business is becoming increasingly important for Canadian Solar. Through its subsidiary e-STORAGE, the company has already delivered over 13 GWh of battery energy storage solutions worldwide as of June 30, 2025, and has an impressive order backlog of around US$3 billion. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected to the grid solar power projects with a capacity of approximately 12 GWp and battery energy storage projects with a capacity of 6 GWh worldwide. e-STORAGE’s modern, fully automated production facilities have an annual production capacity of 10 GWh for storage systems and 3 GWh for battery cells.
At the end of October, the company announced the successful commissioning of the 220 MWh Mannum DC battery project in South Australia. The project marks another milestone in e-STORAGE’s global expansion and underscores its growing expertise in large-scale storage solutions. The technology used guarantees safe, reliable, and efficient operation. In addition, e-STORAGE will take over ongoing operational management and performance optimization as part of a long-term service agreement.
The Mannum project, built alongside a 46 MWp solar plant by Epic Energy, plays a key role in strengthening grid stability in South Australia and supports the region’s ambitious goal of achieving a 100% renewable electricity supply by 2027. With over 1.8 GWh of storage projects currently under construction, e-STORAGE is cementing its position as a leading provider of energy storage solutions in Australia and beyond.
SMA Solar
SMA Solar sets new standards with grid-forming technology and comprehensive realignment
SMA Solar recently impressed with strong order intake and robust business in the large-scale solar power plant segment. These developments underscore the company’s solid positioning and future viability in an increasingly competitive market environment. In October, SMA received the certificate for grid-forming operation for its Sunny Central Storage central inverter—the first of its kind in Germany. The use of state-of-the-art SiC semiconductors makes energy conversion even more efficient, enabling the inverter to achieve an efficiency of over 99 percent at a power output of 4.6 megawatts. For project developers and power plant operators, this means higher profitability, lower infrastructure costs and reduced maintenance expenses. Following its successful market launch in Australia, the system is now also available in Europe and the USA – further proof of SMA Solar’s international competitive strength.
At the same time, the company is consistently pushing ahead with the realignment it began last year. The aim is to return the Home & Business Solutions division to a path of sustainable success and strengthen the overall structure of the company through balanced development across all business areas. The expansion of the transformation program is expected to generate additional annual savings of over 100 million euros. As part of these measures, SMA plans to cut around 350 full-time positions worldwide—approximately nine percent of its workforce—in order to streamline processes and better leverage efficiency potential.
Management sees three areas as the most effective levers for achieving these goals: focusing research and development expenditure, targeted streamlining of the product portfolio, and increased use of the competence center in India. In addition, the company is withdrawing from low-margin markets.
SMA is setting another technological milestone with the Sunny Tripower X 60, which will be launched in November 2025. The new solar inverter was developed specifically for the requirements of commercial PV systems and impresses with its high flexibility: It is equally suitable for roofs, carports and ground-mounted systems. With an output of up to 60 kW and suitability for high-current and bifacial modules, SMA is strengthening its position as a technological pioneer in the commercial photovoltaic solutions segment.
First Solar
First Solar posts record quarter and strategically expands US market leadership
First Solar delivered exceptionally strong results in the third quarter of 2025: Net revenue rose 79.7 percent year-over-year to $1.595 billion, while shipment volume reached a new company record of 5.3 gigawatts. Net income increased to $456 million (previous year: $313 million), and the solid net cash position of $1.5 billion underscores the company’s strong financial foundation.
Industrial-scale power generation remains attractive due to its competitiveness and rapid implementation – regardless of the political environment. Nevertheless, the solar industry in the US faces new challenges due to the Trump administration’s energy policy. While the planned tax and spending bill (“One Big, Beautiful Bill Act”) could phase out subsidies for solar and wind energy by 2028, rising import tariffs on Chinese suppliers are simultaneously supporting domestic manufacturers such as First Solar.
Thanks to its US production and technological leadership in thin-film technology, First Solar is strategically well positioned in this environment. Its order backlog stands at 53.7 gigawatts with a total value of US$16.4 billion, with new orders for over 2.7 gigawatts added in the third quarter alone. At the end of October, the company also announced the construction of another production facility with a capacity of 3.7 gigawatts, which is scheduled to begin operations at the end of 2026. This further strengthens First Solar’s dominant position in the US market and consistently focuses on growth from its own strength.
Elia Group
Elia Group posts strong half-year results and plays a central role in Europe’s energy transition
The Elia Group presented strong financial results for the first half of 2025 and reported strategic progress in its Belgian and German activities. As one of Europe’s leading transmission system operators, Elia plays a key role in the energy transition, particularly through the massive expansion of grid infrastructure and offshore wind connections.
The company’s net profit went up by a remarkable 48.4% year-on-year to €269.6 million, while revenue increased by 9.3% to €2.09 billion. This growth was driven by both Elia Transmission Belgium (ETB) and the German subsidiary 50Hertz. The latter achieved particularly strong results, with revenue up 18.2% to €1.34 billion and profit up 84.7% to €207.5 million. In Belgium, net profit increased by 31.7% to €129.8 million.
The Elia Group is in an excellent financial position: €2.2 billion in equity capital was raised through a capital increase and private placement. In addition, 50Hertz secured €800 million in green bonds and a €1 billion green loan to finance key offshore projects in the North Sea and Baltic Sea. The Group’s net debt fell by 11.6% to €11.64 billion, with a high fixed-rate ratio of 98.2% and average borrowing costs of only 2.9%.
Despite these successes, market sentiment toward utility stocks is currently more restrained, mainly due to uncertainties surrounding the regulatory framework in Germany.
Strategically, Elia continues to focus on the future of European energy supply. The focus is on the Princess Elisabeth zone in Belgium, which will serve as an energy island and hub for up to 3.5 GW of offshore wind capacity, supplemented by another zone with 2.3 GW of installed capacity. These projects underscore Elia’s central role as the backbone of the European energy transition.
With the appointment of Bernard Gustin as CEO and Marco Nix as CFO, and the strengthening of its management structure, the Elia Group is also well positioned organizationally to continue on its growth path.
Management Commentary
Management Commentary – November 4, 2025
General Development
In October 2025, the fund price recorded growth of 16.08 percent, marking the sixth consecutive month of positive performance. The fund continues to rank first in terms of performance among 694 sustainable funds in the Morningstar evaluation for all short-term comparison periods (1, 3, and 6 months). Performance since the beginning of the year stands at 28.41 percent—a result that also ranks the fund among the leaders in its peer group during this period. This development confirms that sticking to medium- and long-term goals pays off, and we believe the fund is very well positioned for the coming years. Please refer to our fact sheet for complete performance information.
Fund Performance
October’s performance shows a clear picture
In October, nineteen of our portfolio stocks reported positive gains, while nine stocks recorded slight declines. The largest positive contributions came from Ceres Power, QuantumScape, Canadian Solar, and Plug Power. This continued the positive momentum for these companies. PowerCell Sweden, Ballard Power, Nano One, SMA Solar, ITM Power, Novonix, and Daqo New Energy also made significant positive contributions to performance during the month under review. This means that price gains came from all three main sectors and from a large number of different companies – proof of how crucial targeted stock picking is in a concentrated portfolio such as ours.
Individual losses in October came from Voltabox, Enphase, thyssenkrupp nucera, and Fuelcell Energy.
At the end of October, the equity allocation of our portfolio stood at 93.9 percent. We generated net inflows of EUR 1.1 million over the month of October as a whole, meaning that many investors took advantage of the positive momentum to enter the market. The increased USD weighting resulting from strong price gains in US positions was fully hedged using EUR/USD futures in order to completely eliminate currency risks in USD in the portfolio.
Selling and several targeted purchases
We are taking advantage of the sharp price increases at Plug Power and QuantumScape to sell. We are reallocating the funds made available to the following companies: SMA Solar, JinkoSolar, Daqo New Energy, Enphase, Nel ASA, FuelCell Energy, dynaCERT, PowerCell Sweden, Elia Group, and thyssenkrupp nucera.
Interest rate cut by the US Federal Reserve
At the end of October, the US Federal Reserve (Fed) cut its key interest rate for the second time this year to a range of 3.75% to 4.0%. This expected measure is intended to support the economy and, in particular, the labor market. Further interest rate cuts – possibly as early as December and up to three steps in 2026 – are currently considered likely. This would give small-cap stocks in particular an additional boost and could therefore also have a positive effect on our portfolio.
Company Examples
PowerCell
PowerCell Sweden reports new sales records and strong gross margin
After PowerCell Sweden reported strong financial results in the second quarter—sales rose by 96%, setting a new record in the company’s history—the company recently announced further positive developments. The previous year’s loss of SEK 39 million (Swedish kronor) was turned into a profit of SEK 21.9 million. Particularly noteworthy is the improvement in gross margin, which jumped from 16.6% in the previous year to 61.6% – a clear sign of increased efficiency and better economies of scale. CEO Richard Berkling commented on the figures as follows: “We are still in the early stages of scaling our industry, but the results confirm that the market is taking shape and that our strategy is working.”
The company supplies customers in the mobility and shipping industries, among others, with modular, scalable fuel cell systems—for example, for hydrogen trucks, buses, and marine applications. PowerCell Sweden works closely with Bosch, which holds 10% of the shares and is thus the largest single shareholder. This partnership is not only financial in nature, but also deeply rooted in technology. As part of the collaboration, Bosch secured licensing rights for the PowerCell Stack S3, a modular fuel cell that is particularly suitable for use in vehicles.
At the end of September, PowerCell received an order worth SEK 43 million for the delivery of its methanol-to-power system from a European shipyard. The system, with a rated output of 0.5 MW, will be installed as part of a retrofit program on a large sailing yacht, with delivery scheduled for 2027. The order is the second commercial contract for the M2Power 250 platform, which was launched at the end of 2024. The integrated system combines PowerCell’s fuel cell technology with a methanol reformer that converts renewable methanol into clean hydrogen that can be used directly in the fuel cell stack. The result is a compact, turnkey solution that enables zero-emission power generation. The M2Power 250 offers shipowners a practical way to reduce emissions from existing vessels and supports the accelerated transition to cleaner auxiliary and propulsion power systems.
With an order from GMI Rederi in Norway, PowerCell also succeeded in entering the bulk cargo segment. With a length of 85 meters and a deadweight capacity of 4,000 tons, the ships will be the world’s first hydrogen-powered bulk carriers when they enter service in early 2027. Torstein Holsvik, CEO of GMI Rederi, commented on the order: “Existing bulk carriers are outdated, and we had to completely rethink our approach. After carefully evaluating technological maturity, fuel availability, and cost efficiency, we decided that compressed hydrogen with fuel cells was the most sustainable solution.”
PowerCell once again reported solid figures for the fourth quarter, with sales up another 19% compared to the same quarter last year. In the first three quarters of 2025, sales growth totaled 52% to SEK 289.9 million, while gross profit improved to a margin of 48.5%. PowerCell also announced the final assembly and delivery of a large 2 × 6.4 MW ferry system to Torghatten in Norway – another milestone in its maritime positioning.
Auch in der Luftfahrt kommt das Unternehmen voran: Gemeinsam mit ZeroAvia und weiteren Partnern aus der Luft- und Raumfahrt treibt PowerCell den Zertifizierungsprozess weiter voran. ZeroAvia hat bereits erste Systeme an Kunden ausgeliefert, die 2027 in Betrieb gehen sollen. Die Brennstoffzellenstapel der nächsten Generation sind ein wichtiger Schritt für größere Turboprop-Flugzeuge der Zukunft. PowerCell hat in den letzten vier Jahren nahezu alles verändert – Technologieportfolio, Produktpalette, Betrieb, Marketing und Vertrieb – und zeigt sich heute deutlich reifer mit einem klaren Weg zu weiterem profitablem Wachstum.
Canadian Solar
Canadian Solar strengthens its leading position in the global energy storage market with e-STORAGE
The storage business is becoming increasingly important for Canadian Solar. Through its subsidiary e-STORAGE, the company has already delivered over 13 GWh of battery energy storage solutions worldwide as of June 30, 2025, and has an impressive order backlog of around US$3 billion. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected to the grid solar power projects with a capacity of approximately 12 GWp and battery energy storage projects with a capacity of 6 GWh worldwide. e-STORAGE’s modern, fully automated production facilities have an annual production capacity of 10 GWh for storage systems and 3 GWh for battery cells.
At the end of October, the company announced the successful commissioning of the 220 MWh Mannum DC battery project in South Australia. The project marks another milestone in e-STORAGE’s global expansion and underscores its growing expertise in large-scale storage solutions. The technology used guarantees safe, reliable, and efficient operation. In addition, e-STORAGE will take over ongoing operational management and performance optimization as part of a long-term service agreement.
The Mannum project, built alongside a 46 MWp solar plant by Epic Energy, plays a key role in strengthening grid stability in South Australia and supports the region’s ambitious goal of achieving a 100% renewable electricity supply by 2027. With over 1.8 GWh of storage projects currently under construction, e-STORAGE is cementing its position as a leading provider of energy storage solutions in Australia and beyond.
SMA Solar
SMA Solar sets new standards with grid-forming technology and comprehensive realignment
SMA Solar recently impressed with strong order intake and robust business in the large-scale solar power plant segment. These developments underscore the company’s solid positioning and future viability in an increasingly competitive market environment. In October, SMA received the certificate for grid-forming operation for its Sunny Central Storage central inverter—the first of its kind in Germany. The use of state-of-the-art SiC semiconductors makes energy conversion even more efficient, enabling the inverter to achieve an efficiency of over 99 percent at a power output of 4.6 megawatts. For project developers and power plant operators, this means higher profitability, lower infrastructure costs and reduced maintenance expenses. Following its successful market launch in Australia, the system is now also available in Europe and the USA – further proof of SMA Solar’s international competitive strength.
At the same time, the company is consistently pushing ahead with the realignment it began last year. The aim is to return the Home & Business Solutions division to a path of sustainable success and strengthen the overall structure of the company through balanced development across all business areas. The expansion of the transformation program is expected to generate additional annual savings of over 100 million euros. As part of these measures, SMA plans to cut around 350 full-time positions worldwide—approximately nine percent of its workforce—in order to streamline processes and better leverage efficiency potential.
Management sees three areas as the most effective levers for achieving these goals: focusing research and development expenditure, targeted streamlining of the product portfolio, and increased use of the competence center in India. In addition, the company is withdrawing from low-margin markets.
SMA is setting another technological milestone with the Sunny Tripower X 60, which will be launched in November 2025. The new solar inverter was developed specifically for the requirements of commercial PV systems and impresses with its high flexibility: It is equally suitable for roofs, carports and ground-mounted systems. With an output of up to 60 kW and suitability for high-current and bifacial modules, SMA is strengthening its position as a technological pioneer in the commercial photovoltaic solutions segment.
First Solar
First Solar posts record quarter and strategically expands US market leadership
First Solar delivered exceptionally strong results in the third quarter of 2025: Net revenue rose 79.7 percent year-over-year to $1.595 billion, while shipment volume reached a new company record of 5.3 gigawatts. Net income increased to $456 million (previous year: $313 million), and the solid net cash position of $1.5 billion underscores the company’s strong financial foundation.
Industrial-scale power generation remains attractive due to its competitiveness and rapid implementation – regardless of the political environment. Nevertheless, the solar industry in the US faces new challenges due to the Trump administration’s energy policy. While the planned tax and spending bill (“One Big, Beautiful Bill Act”) could phase out subsidies for solar and wind energy by 2028, rising import tariffs on Chinese suppliers are simultaneously supporting domestic manufacturers such as First Solar.
Thanks to its US production and technological leadership in thin-film technology, First Solar is strategically well positioned in this environment. Its order backlog stands at 53.7 gigawatts with a total value of US$16.4 billion, with new orders for over 2.7 gigawatts added in the third quarter alone. At the end of October, the company also announced the construction of another production facility with a capacity of 3.7 gigawatts, which is scheduled to begin operations at the end of 2026. This further strengthens First Solar’s dominant position in the US market and consistently focuses on growth from its own strength.
Elia Group
Elia Group posts strong half-year results and plays a central role in Europe’s energy transition
The Elia Group presented strong financial results for the first half of 2025 and reported strategic progress in its Belgian and German activities. As one of Europe’s leading transmission system operators, Elia plays a key role in the energy transition, particularly through the massive expansion of grid infrastructure and offshore wind connections.
The company’s net profit went up by a remarkable 48.4% year-on-year to €269.6 million, while revenue increased by 9.3% to €2.09 billion. This growth was driven by both Elia Transmission Belgium (ETB) and the German subsidiary 50Hertz. The latter achieved particularly strong results, with revenue up 18.2% to €1.34 billion and profit up 84.7% to €207.5 million. In Belgium, net profit increased by 31.7% to €129.8 million.
The Elia Group is in an excellent financial position: €2.2 billion in equity capital was raised through a capital increase and private placement. In addition, 50Hertz secured €800 million in green bonds and a €1 billion green loan to finance key offshore projects in the North Sea and Baltic Sea. The Group’s net debt fell by 11.6% to €11.64 billion, with a high fixed-rate ratio of 98.2% and average borrowing costs of only 2.9%.
Despite these successes, market sentiment toward utility stocks is currently more restrained, mainly due to uncertainties surrounding the regulatory framework in Germany.
Strategically, Elia continues to focus on the future of European energy supply. The focus is on the Princess Elisabeth zone in Belgium, which will serve as an energy island and hub for up to 3.5 GW of offshore wind capacity, supplemented by another zone with 2.3 GW of installed capacity. These projects underscore Elia’s central role as the backbone of the European energy transition.
With the appointment of Bernard Gustin as CEO and Marco Nix as CFO, and the strengthening of its management structure, the Elia Group is also well positioned organizationally to continue on its growth path.
Table of Contents
Manfred Wiegel
CEO und Fund advisor of the green benefit AG
Further management commentaries
December 3, 2025
Management Commentary for Retail Clients – December 3, 2025
December 3, 2025
Management Commentary – December 3, 2025
November 6, 2025
Management commentary for Retail Clients – November 04, 2025
October 6, 2025
Management Commentary for Retail Clients – October 6, 2025
October 6, 2025
Management Commentary – October 6, 2025
September 4, 2025
Management Commentary for Retail Clients – September 4, 2025
This document is a customer information within the meaning of the German Securities Trading Act (WpHG), it is directed exclusively to professional clients within the meaning of section 67 WpHG (natural and juristic persons) with habitual residence or registered office in Germany and is used solely 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 or on the website: https://fondswelt.hansainvest.com/en/funds/details/814The 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: 04.11.2025
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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