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Disclaimer and risk information
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).
Liability umbrella information
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
Retail clients
Management Commentary for Retail Clients, August 4, 2026
General Development
In July 2026, the fund price fell sharply, losing 13.87 percent of its value. Please refer to our fact sheet for complete performance data.
Most portfolio holdings saw a sharp decline in price in July
In July, 28 of our portfolio companies saw their share prices fall, while only four stocks managed to gain ground. The declines affected all four sectors of the portfolio. Hydrogen companies such as Fuelcell Energy, Plug Power, Ceres Power, and Ballard Power were particularly hard hit. But solar stocks such as Enphase, Daqo New Energy, and First Solar, as well as QuantumScape, Fluence, and Eos Energy, also fell sharply.
thyssenkrupp nucera made the largest positive contribution.
At the end of the month, the portfolio’s equity allocation stood at 96.4 percent.
AI Correction Weighs on Clean Tech
The correction in AI and semiconductor stocks also weighed on numerous clean-tech companies in June and July. This was primarily triggered by profit-taking and doubts about the short-term profitability of heavy AI investments, rather than a deterioration in fundamentals. By the end of the month, strong results from Microsoft and declining inflation expectations had already spurred a recovery in technology and clean-tech stocks.
Sales
We took advantage of the sharp rise in SMA Solar’s share price to slightly reduce our position. In the case of Aumann, we accepted a buyback offer from the company and reduced our portfolio weighting to 3.7 percent.
New Additions: Nordex and CATL
In July, we added two companies to the portfolio. With Nordex, we added one of Europe’s leading manufacturers of onshore wind turbines. The company has successfully completed its operational turnaround, has a rapidly growing service business with recurring revenue, and is benefiting from the global expansion of wind energy. We took advantage of the significant pullback in the stock price to establish an initial position of 1.2 percent.
With CATL, we also invested in the world’s leading manufacturer of batteries for electric vehicles and stationary energy storage systems. The company stands out for its technological leadership, high profitability, and strong market position. At the same time, CATL is benefiting from long-term growth trends in the areas of electric mobility, energy storage, and the electrification of power grids. Here, too, we took advantage of the stock’s weakness to enter the position and initially built up a 1.6 percent stake.
Manfred Wiegel
CEO und Fund advisor of the green benefit AG
Further management commentaries
July 2, 2026
Management Commentary for Retail Clients, July 3, 2026
June 8, 2026
Management Commentary for Retail Clients -June 5, 2026
May 5, 2026
Management Commentary for Retail Clients – May 4, 2026
April 7, 2026
Management Commentary for Retail Clients – April 7, 2026
March 3, 2026
Management Commentary for Retail Clients – March 3, 2026
February 5, 2026
Management Commentary Retail Clients – February 5, 2026
Bei diesem Dokument handelt es sich um eine Kundeninformation im Sinne des Wertpapierhandelsgesetzes, diese richtet sich an natürliche und juristische Personen mit gewöhnlichem Aufenthalt/Sitz in Deutschland und wird ausschließlich zu Marketing- und allgemeinen Informationszwecken eingesetzt. 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 considered 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 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) for the investment fund. These can be found free of charge and in German on the following website: https://fondswelt.hansainvest.com/de/fonds/details/814?fondsid=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 financial instrument may, subject to compliance with the applicable statutory and regulatory provisions, resolve to discontinue the marketing arrangements established for the distribution of the units or to withdraw the marketing of the financial instrument altogether.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 in AUD, CAD, CHF, GBP, HKD, NOK, SEK or USD. 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. For information based on third-party sources, no guarantee is given for its accuracy, completeness or timeliness. Liability for errors, inaccuracies or omissions is excluded to the extent permitted by law. This customer information is protected by copyright. Any reproduction or commercial use is prohibited. Date: 04.08.2026
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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