General Development

In May 2026, the fund price rose significantly for the second time in a row after the already very strong April (+29.05%), achieving an increase in value of 30.43%. Die vollständigen Angaben zur Wertentwicklung entnehmen Sie bitte unserem Factsheet.

With a performance of 48.14% since the beginning of the year, the fund took first place within its peer group of 676 sustainability equity funds. The performance over the comparative period of one year is equally pleasing, with the fund also coming in first place with growth of 127.06%.

After the challenging past four years, this development is an important signal. It shows that the fund has been able to realize its potential again.

Strong price increase for most portfolio stocks in May

Twenty-one of our portfolio stocks posted gains in May, while nine posted declines. The largest positive contributions came from all four sectors, which is a very important sign of the portfolio’s balance. Enphase Energy, the weakest performer in April, was the best performer in May. Ballard Power, Fuelcell Energy, Fluence Energy, Ceres Power, ITM Power, Nel ASA, Plug Power, Canadian Solar and First Solar also made very strong contributions to performance in May.

Daqo New Energy, Novonix, DynaCert and Maxeon Solar accounted for the largest individual losses in May.

At the end of May, the equity ratio of our portfolio stood at 92.7%.

Targeted purchases and sales

We took advantage of the strong price increases in Ceres Power, ITM Power, Enphase Energy and Fluence Energy to sell shares. In contrast, we made targeted purchases at very low levels in the following companies: Daqo New Energy, PowerCell Sweden and Novonix.

Corporate Developments

Fluence

Siemens, Nvidia and Fluence develop reference architecture for the electrical and energy infrastructure of data centers

From Fluence’s perspective, the announcement in early June 2026 is particularly positive as it positions the company as a central partner in a reference architecture for the next generation of AI data centers. Together with Siemens, Nvidia and nVent, a concept for data centers with 100 MW of IT power has been developed that is specifically designed to meet the enormous requirements of modern AI applications.

Fluence supplies its Smartstack battery storage system, which performs several critical functions: It stabilizes the power grid in the event of voltage and frequency fluctuations, enables a so-called black start after power outages and balances out the highly fluctuating load profiles of AI data centers. These load fluctuations in particular are considered one of the biggest challenges for future AI infrastructures.

The collaboration with Siemens and Nvidia underlines Fluence’s technological relevance in the fast-growing market for AI data centers. While the power demand of data centers is growing rapidly worldwide, battery storage is increasingly becoming an indispensable part of the energy infrastructure to ensure grid stability and security of supply.

For Fluence, the partnership shows that the company is not only positioning itself as a provider of battery storage systems for renewable energies, but also increasingly as an important infrastructure partner for the AI boom. This significantly expands the addressable market and opens up additional growth opportunities alongside traditional applications in solar, wind and power grids.

Enphase

Enphase with potential key role in energy supply for data centers

Enphase Energy shares rose significantly in May 2026 after analysts attributed a potential key role to the company in the energy supply of future AI data centers. The focus is on solid-state transformers, which enable data centers to be operated with high-voltage direct current and could therefore reduce energy losses.

Enphase is planning to launch corresponding products by the end of the year in order to benefit more intensively from this trend from 2027 onwards.

SMA Solar

At “The smarter E Europe” trade fair in Munich, SMA Solar will present new solutions for private households, businesses, power plants and large-scale systems.

New hybrid inverters for households and businesses: A new generation of three-phase hybrid inverters with integrated energy management, battery storage and backup functions. For the first time, they also support dynamic electricity tariffs and enable more intelligent use of solar power.

Strong focus on energy storage: With the new SMA Storage XL Package, the company offers a complete solution for commercial customers including battery storage, inverters and a ten-year system warranty.

Security of supply and resilience: New backup and off-grid solutions improve the power supply in the event of grid failures or in off-grid regions, thereby addressing an increasingly important market segment.

Innovations for large-scale projects and data centers: SMA presents grid-forming large-scale storage and hybrid solutions that increase grid stability and have been specially developed for the increasing energy requirements of data centers and other critical infrastructures.

These innovations show that SMA Solar is increasingly developing from a traditional inverter manufacturer into a provider of integrated energy and smart grid solutions. In particular, the focus areas of battery storage, intelligent energy management, grid stability and data centers address some of the fastest-growing areas of the energy transition.

Ceres Power

Ceres Power strong in AI data centers through strategic partnerships

Ceres Power is a central component of our hydrogen portfolio and makes a significant contribution to diversification with its technology based on solid oxide electrolysis cells (SOEC). This technology shows great potential, particularly in industries that are difficult to decarbonize.

According to various experts, hydrogen companies could benefit from the significant increase in the use of fuel cells in AI data centers. According to investment banks, the rapid growth of artificial intelligence is expected to increase global data center power demand by around 160 percent by 2030, which will strain existing power grids and drive demand for reliable, locally available green power solutions.

Of particular note here are Ceres Power’s strategic partnerships with Doosan Fuel Cell and Delta Electronics, which focus on the development and mass production of Ceres Power’s technology specifically for data centers and are key drivers of significant revenue and royalty growth for the company.

The reasons for the rapid rise in Ceres Power’s share price in recent months were mainly due to discussions about AI data centers and solutions for their gigantic energy requirements. Ceres Power is focusing on the new Ceres Endura platform for highly efficient, decentralized power supply. The technology is aimed directly at the exploding energy requirements of AI data centers, industry and critical infrastructure. Ceres claims more than 65% electrical efficiency with natural gas and more than 90% overall efficiency in combined heat and power. In particular, the strong developments at its partner Doosan in Asia boosted Ceres’ share price. The rise in Doosan Fuel Cell’s share price is due, among other things, to stronger demand for PAFC fuel cells for North American data centers and the expected visibility of SOFC stack exports.