In September 2026, the fund’s price declined, closing the month down 8.61 percent. Please refer to our fact sheet for complete performance data.
Widespread price declines are weighing on the portfolio
In September, 24 of our portfolio companies saw their stock prices decline, while 7 stocks rose. The declines and gains affected all four sectors of the portfolio.
The largest contributors to the losses were Fluence Energy, Plug Power, JinkoSolar, Daqo, and Voltatron.
The largest positive contributions came from thyssenkrupp nucera, Ceres Power, and Nano One.
At the end of the month, the portfolio’s equity allocation stood at 98.1 percent.
Geopolitics and Interest Rate Hikes Have a Significant Impact
The Federal Reserve implemented the interest rate hike that the market had anticipated in the U.S. Such interest rate hikes regularly influence the price performance of interest-rate-sensitive small- and mid-cap stocks and technology companies. The ongoing conflict in Iran and the resulting rise in oil prices further weighed on market sentiment.
Overall, the market environment therefore remains challenging. However, we expect to see increasing momentum at the corporate level for the remainder of 2026 and, above all, in 2027, which should enable our portfolio companies to decouple themselves from this negative market environment.
Purchases and Sales
We reduced our position in QuantumScape further and sold small positions in Elia and SMA Solar. We invested these proceeds in a countercyclical manner in stocks that had fallen sharply, such as Novonix, Fluence Energy, and JinkoSolar.
Corporate Developments
QuantumScape
A change in strategy at Volkswagen leads to a reduction in the portfolio weighting
Volkswagen, a key partner of QuantumScape, plans to implement extensive cost reductions in its development and production processes. In this context, a potential sale of corporate holdings such as QuantumScape is also being considered. Since the short-term impact on QuantumScape is currently difficult to assess, we have reduced the portfolio weighting as a precautionary measure from approximately 3.5 percent to about 1.3 percent.
We are closely monitoring further developments and may increase our position again if it becomes apparent that QuantumScape can bridge the potential gap through partnerships with other automakers.
A positive factor for our portfolio is that as early as last year, in 2025, when the stock price was above approximately $16—roughly three times the current share price—we reduced our weighting from nearly 10 percent to less than 5 percent, thereby locking in profits early on. Sales are shown in RED and purchases in GREEN over the past 12 months. The left-hand scale shows the price history in USD.
Fluence Energy
Fluence Energy – Battery Storage for the Power Grids of the Future
Fluence Energy, based in Virginia (U.S.), is a leading system integrator for grid-connected battery energy storage systems, jointly founded by the U.S. energy provider and power generator AES and the German industrial giant Siemens. The company’s global manufacturing and operations division is responsible for the production and worldwide delivery of energy storage systems, as well as for the operation and maintenance of power plants.
Production problems are weighing on performance in the short term
Fluence Energy has significantly lowered its forecast for 2026 due to production delays in the U.S. Expected revenue has been reduced from approximately $3 billion to $2.4 billion, while an adjusted EBITDA loss of nearly $200 million is now anticipated. The production ramp-up at the new plant in Houston was initially delayed by about three months and was recently further hampered by additional automation issues.
By contrast, demand for energy storage solutions remains strong both in the U.S. and internationally, and the order backlog stands at a record $6.4 billion. In the third quarter of 2026 alone, more than $1.44 billion in new orders were added. The contractually secured order backlog for energy storage projects rose to 12.6 GW, up from 9.1 GW at the end of September 2025.
The downward revision to the forecast in September is therefore primarily a problem related to implementation or production, rather than a problem with demand.
The company responded decisively by reorganizing its production and supply chain processes and has already achieved initial improvements in daily production volumes. Among the company’s immediate priorities are converting its order backlog into revenue and cash while improving working capital efficiency.
The goal is to restore a more reliable operating foundation and achieve neutral-to-positive operating cash flow by 2027.
Fluence Strengthens Its Supply Chain Through a Partnership with EVE Energy
In September, Fluence Energy signed a multi-year supply agreement with battery manufacturer EVE Energy, thereby strengthening its global supply chain for energy storage systems. More reliable access to battery cells is expected to increase supply and cost transparency, reduce procurement risks, and give Fluence greater flexibility in implementing large-scale storage projects. At the same time, the partnership supports the further scaling of the energy storage business and improves the company’s ability to meet growing global demand.
AI Data Centers as a Key Growth Driver for Fluence
The rapid expansion of AI data centers is opening up additional growth opportunities for Fluence Energy. AI facilities require highly reliable, flexible power supply systems that can handle sudden fluctuations in electricity demand.
Position in Fluence Significantly Increased
Fluence’s downward revisions in September led some analysts to make drastic cuts to their price forecasts. An analyst at Baird, for example, lowered the 12-month price target from $10 to $3. In doing so, the analyst focused heavily on the final quarter of 2026. Such forecasts often have a significant impact on short-term stock price movements, and that was the case here as well. The stock price corrected sharply to approximately $7, and we took advantage of this pullback to buy the stock against the trend.
The chart shows the number of Fluence shares held. In September, we increased our holdings from 138,237 shares to 295,489 shares, thereby lowering the average price in our portfolio to less than $12.
Fluence currently accounts for approximately 4 percent of the portfolio.
Legal information / ImprintThis 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 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=814The 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 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: 06.10.2026 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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Management Commentary
Management Commentary – October 6, 2026
General Development
In September 2026, the fund’s price declined, closing the month down 8.61 percent. Please refer to our fact sheet for complete performance data.
Widespread price declines are weighing on the portfolio
In September, 24 of our portfolio companies saw their stock prices decline, while 7 stocks rose. The declines and gains affected all four sectors of the portfolio.
The largest contributors to the losses were Fluence Energy, Plug Power, JinkoSolar, Daqo, and Voltatron.
The largest positive contributions came from thyssenkrupp nucera, Ceres Power, and Nano One.
At the end of the month, the portfolio’s equity allocation stood at 98.1 percent.
Geopolitics and Interest Rate Hikes Have a Significant Impact
The Federal Reserve implemented the interest rate hike that the market had anticipated in the U.S. Such interest rate hikes regularly influence the price performance of interest-rate-sensitive small- and mid-cap stocks and technology companies. The ongoing conflict in Iran and the resulting rise in oil prices further weighed on market sentiment.
Overall, the market environment therefore remains challenging. However, we expect to see increasing momentum at the corporate level for the remainder of 2026 and, above all, in 2027, which should enable our portfolio companies to decouple themselves from this negative market environment.
Purchases and Sales
We reduced our position in QuantumScape further and sold small positions in Elia and SMA Solar. We invested these proceeds in a countercyclical manner in stocks that had fallen sharply, such as Novonix, Fluence Energy, and JinkoSolar.
Corporate Developments
QuantumScape
A change in strategy at Volkswagen leads to a reduction in the portfolio weighting
Volkswagen, a key partner of QuantumScape, plans to implement extensive cost reductions in its development and production processes. In this context, a potential sale of corporate holdings such as QuantumScape is also being considered. Since the short-term impact on QuantumScape is currently difficult to assess, we have reduced the portfolio weighting as a precautionary measure from approximately 3.5 percent to about 1.3 percent.
We are closely monitoring further developments and may increase our position again if it becomes apparent that QuantumScape can bridge the potential gap through partnerships with other automakers.
A positive factor for our portfolio is that as early as last year, in 2025, when the stock price was above approximately $16—roughly three times the current share price—we reduced our weighting from nearly 10 percent to less than 5 percent, thereby locking in profits early on. Sales are shown in RED and purchases in GREEN over the past 12 months. The left-hand scale shows the price history in USD.
Fluence Energy
Fluence Energy – Battery Storage for the Power Grids of the Future
Fluence Energy, based in Virginia (U.S.), is a leading system integrator for grid-connected battery energy storage systems, jointly founded by the U.S. energy provider and power generator AES and the German industrial giant Siemens. The company’s global manufacturing and operations division is responsible for the production and worldwide delivery of energy storage systems, as well as for the operation and maintenance of power plants.
Production problems are weighing on performance in the short term
Fluence Energy has significantly lowered its forecast for 2026 due to production delays in the U.S. Expected revenue has been reduced from approximately $3 billion to $2.4 billion, while an adjusted EBITDA loss of nearly $200 million is now anticipated. The production ramp-up at the new plant in Houston was initially delayed by about three months and was recently further hampered by additional automation issues.
By contrast, demand for energy storage solutions remains strong both in the U.S. and internationally, and the order backlog stands at a record $6.4 billion. In the third quarter of 2026 alone, more than $1.44 billion in new orders were added. The contractually secured order backlog for energy storage projects rose to 12.6 GW, up from 9.1 GW at the end of September 2025.
The downward revision to the forecast in September is therefore primarily a problem related to implementation or production, rather than a problem with demand.
The company responded decisively by reorganizing its production and supply chain processes and has already achieved initial improvements in daily production volumes. Among the company’s immediate priorities are converting its order backlog into revenue and cash while improving working capital efficiency.
The goal is to restore a more reliable operating foundation and achieve neutral-to-positive operating cash flow by 2027.
Fluence Strengthens Its Supply Chain Through a Partnership with EVE Energy
In September, Fluence Energy signed a multi-year supply agreement with battery manufacturer EVE Energy, thereby strengthening its global supply chain for energy storage systems. More reliable access to battery cells is expected to increase supply and cost transparency, reduce procurement risks, and give Fluence greater flexibility in implementing large-scale storage projects. At the same time, the partnership supports the further scaling of the energy storage business and improves the company’s ability to meet growing global demand.
AI Data Centers as a Key Growth Driver for Fluence
The rapid expansion of AI data centers is opening up additional growth opportunities for Fluence Energy. AI facilities require highly reliable, flexible power supply systems that can handle sudden fluctuations in electricity demand.
Position in Fluence Significantly Increased
Fluence’s downward revisions in September led some analysts to make drastic cuts to their price forecasts. An analyst at Baird, for example, lowered the 12-month price target from $10 to $3. In doing so, the analyst focused heavily on the final quarter of 2026. Such forecasts often have a significant impact on short-term stock price movements, and that was the case here as well. The stock price corrected sharply to approximately $7, and we took advantage of this pullback to buy the stock against the trend.
The chart shows the number of Fluence shares held. In September, we increased our holdings from 138,237 shares to 295,489 shares, thereby lowering the average price in our portfolio to less than $12.
Fluence currently accounts for approximately 4 percent of the portfolio.
Table of Contents
Manfred Wiegel
CEO und Fund advisor of the green benefit AG
Further management commentaries
October 6, 2026
Management Commentary for Retail Clients – October 6, 2026
September 2, 2026
Management Commentary – September 4, 2026
September 2, 2026
Management Commentary for Retail Clients – September 4, 2026
August 4, 2026
Management Commentary for Retail Clients, August 4, 2026
August 4, 2026
Management Commentary – August 4, 2026
July 2, 2026
Management Commentary for Retail Clients, July 3, 2026
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: 06.10.2026
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.