In January 2026, the fund price recorded an increase of 4.98 percent, continuing its positive trend following a strong 2025. During the month, the value appreciation briefly exceeded 10 percent, but it was unable to maintain this level. Emerging discussions regarding the potential replacement of the US Federal Reserve Chair led to broader market declines at the end of January.
The fund continues to hold a top performance position in the Morningstar analysis among 710 sustainable funds over a 1-year comparison period. For full performance details, please refer to our factsheet.
January development shows a mixed picture In January, fifteen of our portfolio holdings recorded gains, while fourteen saw declines. The largest positive contributions came from Fluence Energy and Ceres Power, as well as Plug Power, Enphase Energy, Aumann, and SMA Solar.
The largest individual losses in January were recorded by Canadian Solar, Daqo New Energy, First Solar, and PowerCell Sweden.
At the end of January, the equity ratio of our portfolio stood at 94.5 percent.
Limited sales Minor sales were made in SMA Solar and Enphase for regulatory reasons (compliance with statutory maximum limits under the Investment Act).
Geopolitical Developments
Discussions regarding new US Federal Reserve Chair After the US Federal Reserve cut the benchmark interest rate for the third time in 2025 in December, speculation about a possible new Fed Chair caused noticeable unrest in the financial markets. The candidate brought into play by President Trump, Kevin Warsh, was viewed critically by many market participants. Consequently, volatility increased significantly, particularly in commodity prices and interest-sensitive companies. This was also a key reason why the interim performance of around 10 percent reached in January could not be sustained. In parallel, the yield on ten-year US Treasuries fell to approximately 4.2 percent, a clear signal of increasing risk aversion.
Overall, market movements pointed toward a broad reduction in risk. Even gold, which had previously benefited from the uncertainties surrounding the erratic policies of the Trump administration, corrected significantly. Investors began to question their previous assumptions, with US monetary policy decisions once again becoming the focus. The role of the US Federal Reserve is increasingly being discussed on a fundamental level. The Warsh appointment seemed particularly contradictory: on one hand, he was long considered a strict proponent of restrictive monetary policy; on the other, he recently spoke out in favor of lower interest rates—a tension that further increased uncertainty.
In the end, a sober realization remains: the person at the helm of the US Federal Reserve is undoubtedly important. However, the decisive factor for the markets is the interplay between fiscal policy, the bond market, and inflation expectations. This complex structure cannot be controlled by individual personnel decisions. This is precisely the core of the market nervousness—less a fear of a specific person, and more a certain respect for the potential consequences that monetary policy shifts can trigger in this environment.
Sector Reports
Solar – Storage – Grid: A Forward-Looking Core Architecture
The drop in prices for battery storage is favoring a new system architecture that is increasingly establishing itself as a leading model: the combination of solar energy, storage, and grid infrastructure. Solar power can be used directly, fed into the grid, or temporarily stored. Storage balances fluctuations, increases flexibility, and enables demand-oriented use, while the grid ensures spatial distribution.
With falling storage prices, the efficiency of this model is increasing significantly. Solar power can be used beyond sunset, peak loads are buffered, and grid bottlenecks are reduced. Battery storage systems are increasingly taking over functions previously reserved for conventional power plants, becoming the central link between generation and infrastructure.
Development in Europe
EU installs 27.1 GWh of battery storage in 2025, with utility-scale systems accounting for the largest share of growth.
Report from the Solar Energy Industry Association
SolarPower Europe is the leading European solar energy industry association, representing over 300 organizations and aiming to make solar and storage technologies Europe’s primary energy source by 2030. Based in Brussels, the organization acts as an interface between the solar PV industry and policymakers.
Strong growth of battery storage in Europe The latest market report from SolarPower Europe shows a clear turning point in the European battery storage market. In 2025, 27.1 GWh of new battery storage capacity was installed in the EU, a growth of 45 percent compared to the previous year. For the first time, utility-scale systems represented the largest share of new installations at 55 percent, replacing the residential sector as the most important growth driver. This six percent decline in home storage to 9.8 GWh is primarily due to lower electricity prices and reduced subsidy programs, while commercial and industrial storage saw only moderate growth.
Overall, Europe has already increased its battery storage capacity tenfold since 2021—from 7.8 GWh to 77.3 GWh. To meet the flexibility requirements of an increasingly renewable energy system, this tenfold increase would need to be achieved again by 2030, requiring an expansion to around 750 GWh. The report underlines that batteries are now considered a mature and investable technology, particularly on a utility scale, where improved market conditions and more stable political frameworks have enabled record figures.
In parallel, the analysis highlights the EU’s industrial base: while Europe has a nominal cell production capacity of 252 GWh in 2025 and strong positions in electrolytes and separators, structural weaknesses remain in cathode and anode materials. Furthermore, over 90 percent of cell capacities are geared toward electric vehicles rather than stationary storage. Project delays and comparatively high production costs further weigh on competitiveness.
This development shows that the three sectors of solar, hydrogen, and batteries are increasingly merging through the concept of the “smart grid,” and this interplay is very important for our portfolio.
Growing economic viability drives increasing expansion Current studies confirm the growing economic viability of combined solar-storage systems. An analysis by Fraunhofer ISE shows that solar energy in combination with battery storage can already be cheaper than electricity from new gas-fired power plants under certain conditions, even in Germany.
In sun-rich regions, developments go even further. The first large-scale projects are emerging there that enable almost continuous power supply. One example is a project in the United Arab Emirates where, starting in 2027, 5 GW of solar capacity and 19 GWh of battery storage are intended to provide a constant baseload of 1 GW. Such projects illustrate that solar plus storage is increasingly becoming the standard model for energy generation in suitable regions.
Model example of the interplay between solar and battery storage The diagram below also shows a model of how a 5 kW solar system with a 17 kWh battery in Las Vegas can provide a constant output of 1 kW over 24 hours. During the day, solar energy exceeds demand and charges the battery with 15 kWh, which then discharges 14.4 kWh after sunset to maintain the constant output.
Grid relief even in temperate climates
Battery storage is also gaining importance in less sunny countries. It reduces the need for fossil-fuel peak-load power plants, smooths load profiles, and relieves the grids. Since grid expansion is progressing more slowly in many places than the expansion of renewable energies, storage increasingly serves as a flexible bridge solution to securely integrate higher shares of solar and wind power.
The data and graphics clearly show: The combination of renewable energies with battery storage is a central prerequisite for a higher share of renewables in the grid. Falling costs and rising investments are making this a structural growth area of high strategic importance for future energy infrastructure.
Legal information / Imprint 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: 05.02.2026 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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This website serves as marketing information. The information contained on this site is for marketing and general informational purposes only and does not constitute investment advice or investment recommendations. The information cannot replace individual investment and investor-specific advice and does not constitute a contract or any other obligation. 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 website visitor (including their economic and financial situation) were not taken into account when creating the website. Investment funds are subject to the risk of falling share prices, as price declines in the securities contained in the fund or the underlying currencies are reflected in the share price. Investors must be prepared to accept losses up to the amount of the capital invested. The fund’s investment strategy may change at any time within the limits permitted by contract and law. The content of the limits is set out in the sales prospectus. The sole basis for purchasing shares is the currently valid sales documents (basic information sheet, sales prospectus, semi-annual and annual reports, and pre-contractual disclosures of the fund).
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Investment advice according to section 2 para. 2 no. 4 German Wertpapierinstitutsgesetz (WpIG) and investment brokerage according to section 2 para. 2 no. 3 German Banking Act shall be made on behalf of, in the name of, for the account and under the liability of the responsible legal entity BN & Partners Capital AG, Steinstraße 33, 50374 Erftstadt, according to section 3 para. 2 WpIG BN & Partners Capital AG has a corresponding license from the German Federal Financial Supervisory Authority (BaFin) in accordance with section 15 WpIG for the prenamed investment services.
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Management Commentary
Management Commentary 02/05/2026
General Development
In January 2026, the fund price recorded an increase of 4.98 percent, continuing its positive trend following a strong 2025. During the month, the value appreciation briefly exceeded 10 percent, but it was unable to maintain this level. Emerging discussions regarding the potential replacement of the US Federal Reserve Chair led to broader market declines at the end of January.
The fund continues to hold a top performance position in the Morningstar analysis among 710 sustainable funds over a 1-year comparison period. For full performance details, please refer to our factsheet.
January development shows a mixed picture
In January, fifteen of our portfolio holdings recorded gains, while fourteen saw declines. The largest positive contributions came from Fluence Energy and Ceres Power, as well as Plug Power, Enphase Energy, Aumann, and SMA Solar.
The largest individual losses in January were recorded by Canadian Solar, Daqo New Energy, First Solar, and PowerCell Sweden.
At the end of January, the equity ratio of our portfolio stood at 94.5 percent.
Limited sales
Minor sales were made in SMA Solar and Enphase for regulatory reasons (compliance with statutory maximum limits under the Investment Act).
Geopolitical Developments
Discussions regarding new US Federal Reserve Chair
After the US Federal Reserve cut the benchmark interest rate for the third time in 2025 in December, speculation about a possible new Fed Chair caused noticeable unrest in the financial markets. The candidate brought into play by President Trump, Kevin Warsh, was viewed critically by many market participants. Consequently, volatility increased significantly, particularly in commodity prices and interest-sensitive companies. This was also a key reason why the interim performance of around 10 percent reached in January could not be sustained. In parallel, the yield on ten-year US Treasuries fell to approximately 4.2 percent, a clear signal of increasing risk aversion.
Overall, market movements pointed toward a broad reduction in risk. Even gold, which had previously benefited from the uncertainties surrounding the erratic policies of the Trump administration, corrected significantly. Investors began to question their previous assumptions, with US monetary policy decisions once again becoming the focus. The role of the US Federal Reserve is increasingly being discussed on a fundamental level. The Warsh appointment seemed particularly contradictory: on one hand, he was long considered a strict proponent of restrictive monetary policy; on the other, he recently spoke out in favor of lower interest rates—a tension that further increased uncertainty.
In the end, a sober realization remains: the person at the helm of the US Federal Reserve is undoubtedly important. However, the decisive factor for the markets is the interplay between fiscal policy, the bond market, and inflation expectations. This complex structure cannot be controlled by individual personnel decisions. This is precisely the core of the market nervousness—less a fear of a specific person, and more a certain respect for the potential consequences that monetary policy shifts can trigger in this environment.
Sector Reports
Solar – Storage – Grid: A Forward-Looking Core Architecture
The drop in prices for battery storage is favoring a new system architecture that is increasingly establishing itself as a leading model: the combination of solar energy, storage, and grid infrastructure. Solar power can be used directly, fed into the grid, or temporarily stored. Storage balances fluctuations, increases flexibility, and enables demand-oriented use, while the grid ensures spatial distribution.
With falling storage prices, the efficiency of this model is increasing significantly. Solar power can be used beyond sunset, peak loads are buffered, and grid bottlenecks are reduced. Battery storage systems are increasingly taking over functions previously reserved for conventional power plants, becoming the central link between generation and infrastructure.
Development in Europe
EU installs 27.1 GWh of battery storage in 2025, with utility-scale systems accounting for the largest share of growth.
Report from the Solar Energy Industry Association
SolarPower Europe is the leading European solar energy industry association, representing over 300 organizations and aiming to make solar and storage technologies Europe’s primary energy source by 2030. Based in Brussels, the organization acts as an interface between the solar PV industry and policymakers.
Strong growth of battery storage in Europe
The latest market report from SolarPower Europe shows a clear turning point in the European battery storage market. In 2025, 27.1 GWh of new battery storage capacity was installed in the EU, a growth of 45 percent compared to the previous year. For the first time, utility-scale systems represented the largest share of new installations at 55 percent, replacing the residential sector as the most important growth driver. This six percent decline in home storage to 9.8 GWh is primarily due to lower electricity prices and reduced subsidy programs, while commercial and industrial storage saw only moderate growth.
Overall, Europe has already increased its battery storage capacity tenfold since 2021—from 7.8 GWh to 77.3 GWh. To meet the flexibility requirements of an increasingly renewable energy system, this tenfold increase would need to be achieved again by 2030, requiring an expansion to around 750 GWh. The report underlines that batteries are now considered a mature and investable technology, particularly on a utility scale, where improved market conditions and more stable political frameworks have enabled record figures.
In parallel, the analysis highlights the EU’s industrial base: while Europe has a nominal cell production capacity of 252 GWh in 2025 and strong positions in electrolytes and separators, structural weaknesses remain in cathode and anode materials. Furthermore, over 90 percent of cell capacities are geared toward electric vehicles rather than stationary storage. Project delays and comparatively high production costs further weigh on competitiveness.
This development shows that the three sectors of solar, hydrogen, and batteries are increasingly merging through the concept of the “smart grid,” and this interplay is very important for our portfolio.
Growing economic viability drives increasing expansion
Current studies confirm the growing economic viability of combined solar-storage systems. An analysis by Fraunhofer ISE shows that solar energy in combination with battery storage can already be cheaper than electricity from new gas-fired power plants under certain conditions, even in Germany.
In sun-rich regions, developments go even further. The first large-scale projects are emerging there that enable almost continuous power supply. One example is a project in the United Arab Emirates where, starting in 2027, 5 GW of solar capacity and 19 GWh of battery storage are intended to provide a constant baseload of 1 GW. Such projects illustrate that solar plus storage is increasingly becoming the standard model for energy generation in suitable regions.
Model example of the interplay between solar and battery storage
The diagram below also shows a model of how a 5 kW solar system with a 17 kWh battery in Las Vegas can provide a constant output of 1 kW over 24 hours. During the day, solar energy exceeds demand and charges the battery with 15 kWh, which then discharges 14.4 kWh after sunset to maintain the constant output.
Grid relief even in temperate climates
Battery storage is also gaining importance in less sunny countries. It reduces the need for fossil-fuel peak-load power plants, smooths load profiles, and relieves the grids. Since grid expansion is progressing more slowly in many places than the expansion of renewable energies, storage increasingly serves as a flexible bridge solution to securely integrate higher shares of solar and wind power.
The data and graphics clearly show: The combination of renewable energies with battery storage is a central prerequisite for a higher share of renewables in the grid. Falling costs and rising investments are making this a structural growth area of high strategic importance for future energy infrastructure.
Table of Contents
Manfred Wiegel
CEO und Fund advisor of the green benefit AG
Further management commentaries
April 7, 2026
Management commentary for Retail Clients – April 07, 2026
April 7, 2026
Management Commentary – April 7, 2026
March 3, 2026
Management Commentary for Private Clients – March 3, 2026
March 3, 2026
Management Commentary 03.03.2026
February 5, 2026
Management Commentary Retail Clients 05.02.2026
January 5, 2026
Management Commentary for Retail Clients, January 5, 2026
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: 05.02.2026
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.
Sign up for the monthly Newsletter
In our newsletter, we send out the monthly management commentary,
our INSIGHTS, as well as invitations to events.
You can register for the newsletter using the following button.