General Development
In March 2026, the fund price recorded a decline of 8.86 percent and was thus also affected by the general market situation on the financial markets regarding the Iran war. For complete performance data, please refer to our factsheet.
Current War in the Middle East
The current conflict in Iran has triggered stronger fluctuations on commodity exchanges and subsequently led to noticeable movements on stock markets. This clearly shows that the war in Iran has impacts on numerous industries.
Iran’s attack on energy facilities in Qatar in March 2026 thus marked a turning point in global energy supply and initiated a new phase of the gas price crisis. Iranian missiles and drones damaged several liquefied gas facilities, temporarily eliminating approximately 17% of Qatar’s export capacity. Since Qatar is among the largest exporters of liquefied natural gas, this outage had an immediate impact on international energy markets. At the same time, the Strait of Hormuz was blocked, through which around 20% of global oil and gas transport is handled. The combination of military escalation and disrupted transport routes led to a massive supply shock on energy markets, causing energy prices to rise while simultaneously intensifying concerns about renewed inflation. This particularly burdens technology stocks, as the multibillion-dollar expansion of AI data centers also becomes more expensive in this environment. Several portfolio companies from the energy sector have touchpoints with this development, such as Fluence Energy.
Short-term and long-term effects of the conflict
In the short term, a rise in oil and gas prices would strengthen the structural competitiveness of renewable energy. At the same time, higher energy prices often drive up costs for transport, logistics, and intermediate products such as steel, aluminum, or specialty chemicals—all relevant cost factors for solar, storage, and hydrogen companies.
Longer-term effects have been particularly observable since the start of the Ukraine war, when many countries that had previously used renewable energy only to a limited extent began to invest more heavily in these technologies. For example, countries such as Australia, Pakistan, Chile, the Netherlands, Greece, Spain, Hungary, Poland, and South Africa have significantly increased their expansion of solar capacity in recent years.
Currently, however, we are experiencing more of the short-term negative effect of a risk-off movement in the wake of the Iran war. In such phases, small caps and technology-oriented growth companies are sold off in particular, regardless of their long-term fundamental dynamics. For clean-tech stocks, this means increased volatility, even though the structural trends—decarbonization, electrification, and grid expansion—remain intact.
Many market participants are now painfully reminded once again that dependence on fossil fuels can continue to be a strong negative factor. The high prices for diesel and gasoline illustrate this. As a result, the question of energy security is moving back into focus, which could further increase the strategic importance of renewable energy and energy storage.
The development in March shows a clear picture
In March, eight of our portfolio holdings posted gains, while 22 holdings recorded declines. By far the largest positive contributions came from Plug Power and SMA Solar—precisely those stocks that had been among the strongest losers in February.
The largest individual losses in March were attributable to Canadian Solar, Enphase Energy, Fuelcell Energy, Fluence Energy, Auman, Daqo New Energy, and PowerCell Sweden.
At the end of March, our portfolio’s equity allocation stood at 96.8%.
Corporate Developments
SMA Solar
SMA Solar with strong development in core business segment for large customers
SMA Solar’s revenue declined by only 0.9% year-on-year to €1.5 billion in 2025, based on preliminary figures. Analysts had expected a sharper decline. The declining performance was primarily due to significantly lower revenues in the Home & Business Solutions (HBS) division compared to the previous year, which covers business with private households as well as small and medium-sized commercial installations. Demand in this area remains weak. Accordingly, SMA Solar did not generate a profit in 2025 either. In addition, there were write-downs on inventories and projects, restructuring costs, and provisions. These one-time effects massively distort the picture.
In contrast, revenue in the large customer business has remained strong even during the crisis and increased by almost 8% in 2025 to €1.28 billion, while the profit margin stands at a very good 16.6%. The integration of AI-controlled energy management into the new storage systems is leading to unexpectedly high demand in the core business. SMA Solar is well positioned to benefit from the rising demand for storage systems. The large customer business now accounts for 83% of SMA Solar’s revenue.
“The 2025 fiscal year was once again very challenging,” said SMA CEO Jürgen Reinert. “The solar industry operated in a field of tension between still very volatile markets, geopolitical uncertainties, and politically driven discussions. This led to lower willingness to invest, particularly in the USA and Europe.” However, SMA made “important progress” in 2025, particularly thanks to its savings program.
Planning for the current year 2026
For the current year, the company expects revenue between €1.475 and €1.675 billion as well as profit between €50 and €180 million, thus aiming to return to profitability. With an order backlog of €1.35 billion, demand remains at a high level. The year 2025 was characterized by painful but necessary adjustments for SMA Solar. With strong large customer business and an overall solid balance sheet, 2026 could bring positive momentum again.
SMA Solar is currently weighted at 5.1% among the TOP Five in the portfolio.
Plug Power
Plug Power with positive turning point – cost programs showing results
Hydrogen company Plug Power reports new progress in restructuring its business. After difficult years, the latest results show rising revenues, a positive gross margin for the first time in the fourth quarter, and concrete targets on the path to profitability.
In fiscal year 2025, the company achieved revenue of approximately $710 million, representing growth of 12.9% compared to the previous year. In the fourth quarter alone, revenue was $225.2 million, 17.6% above the prior-year quarter and 27.2% above the third quarter of 2025.
An important milestone was reached in profitability: Plug Power achieved a positive gross margin of 2.4% in the fourth quarter.
Gross profit was $5.5 million, or 2.4% of revenue. In the same period of the previous year, the company had reported a gross margin of -122.5%.
The improvement is part of a comprehensive efficiency program. As part of the Project Quantum Leap initiative, processes were optimized, locations consolidated, and investments reprioritized. Price adjustments, lower service costs, and more efficient production also contributed to the progress.
Plug Power ended the year with $368.5 million in unrestricted cash. Operating cash outflow decreased to $535.8 million, more than 26.5% below the previous year.
More focused alignment on core business
Plug Power has further strengthened its balance sheet. The sale of a stake in the “Project Gateway” site in New York to data center developer Stream Data Centers brings approximately $132.5 million into the coffers. It is the first step of a more comprehensive initiative that will bring the company more than $275 million in additional liquidity in total. The transaction is cleverly chosen, as it divests non-operating assets such as land and focuses on the core business of hydrogen and fuel cells. At the same time, Plug Power participates in the data center boom without having to tie up capital in this infrastructure itself.
This shows that Plug Power is adaptable, willing to withdraw from expensive prestige projects and focus on what can actually generate revenue. Supply contracts were renegotiated and the price mix of products sold also improved significantly. Additionally, a dispute with Walmart was settled, which in the worst case could have cost the company over 42 million additional shares.
Plug Power delivers green hydrogen to Europe
This primarily concerns the business with green hydrogen, which is produced through electrolysis using renewable electricity and is currently focused mainly on Europe. While the domestic market in the USA is stagnating, Plug Power is delivering 32 tons of certified hydrogen to a new pipeline in the Port of Rotterdam and advancing projects in Portugal and Finland. The multibillion-dollar project pipeline in Europe shows that the technology is in demand. Here, the company benefits from clear regulatory requirements that accelerate investment decisions.
New CEO of Plug Power focuses on growth and profitability
Parallel to the financial results, a leadership change was implemented. Since March 2, 2026, Jose Luis Crespo has been leading the company as new CEO. Previously, he was President and Chief Revenue Officer and is considered a key architect of the global sales strategy, particularly through building strategic relationships with major customers such as Amazon and Walmart. Under his responsibility, the company’s revenue grew from approximately $27 million in 2013 to more than $700 million in 2025. At the same time, he built a global sales pipeline with business opportunities worth over $8 trillion.
“For 2026, we expect similar growth to 2025, driven by the Material Handling and Electrolyzer business segments,” said new CEO Crespo. The fuel cell solutions segment for the logistics industry benefits from established customers such as Amazon and Walmart as well as new customers such as Floor & Decor. The electrolyzer segment is also expanding, with significant projects in the pipeline, including a 55-megawatt contract with Carlton Power in the UK.
Plug Power is currently the largest position in the portfolio with a weighting of 9.35%.
Nel ASA
Nel ASA’s financial results for 2025 show a company in transition. Revenue at NOK 963 million was significantly below the previous year, declining by 31%. The alkaline electrolysis division in particular developed weakly and recorded a revenue decline of 44%. The operating result deteriorated as expected, as the group continues to invest heavily in future expansion. Liquid assets remained at a solid level of NOK 1.6 billion, also because Nel cut costs early and reduced its workforce by around 15%. For investors, the question is therefore less about current quarterly figures, but rather whether the strategic direction will succeed.
Second-highest order intake in history in the last quarter of 2025
A more important indicator is order intake. At NOK 686 million in the final quarter of 2025, the company achieved the second-best value in its history. A 40 MW order for PEM electrolyzers with a volume of more than $50 million as well as follow-up orders from H2 Energy from Switzerland show that the technology is in demand. Total order backlog increased to NOK 1.3 billion, with 70% attributable to the PEM division. Nel thus remains a relevant provider in this market despite a difficult market environment.
New production line for more efficient and cost-effective electrolyzers
The strategically most important development is taking place in Herøya. A production line with a capacity of 1 GW for a new pressure-based alkaline electrolysis technology is being built there, supported by the EU Innovation Fund with up to €135 million. Initial prototype tests exceeded expectations for efficiency and cost reduction. Market launch is planned for May 2026. Nel is focusing on a standardized, modular design in container format to significantly reduce installation costs. This positions the company competitively both technologically and in terms of pricing against Asian providers.
Nel ASA is currently weighted at 4.2% among the TOP Ten in the portfolio.
Ceres Power
Ceres Power with strong partners and high gross margin
Ceres Power announced at the end of March 2026 that it is entering into a partnership with British energy and services company Centrica to advance the production of solid oxide fuel cells and thus address the projected multi-gigawatt demand from industrial customers in Europe. The background is that delays in grid connection are increasingly affecting new industrial, commercial, and digital projects, thereby widening the gap between electricity demand and available grid capacity in the UK and Europe. Through the collaboration, Centrica aims to offer its customers highly efficient, low-carbon, and grid-independent on-site power supply that can be deployed much faster than gas turbines or nuclear power plants.
Chris O’Shea, Group CEO, explained that they see the collaboration with Ceres’ technology as an opportunity to supply data centers, AI, and industry with clean electricity on a large scale. Ceres emphasized that the fuel cells could be manufactured and delivered on-site to bring power supply “into operation within months rather than years.”
Last month, Centrica, together with National Gas, Equinor, and SSE Thermal, submitted a coordinated proposal to develop the UK’s first regional hydrogen transport and storage network in the Humber region. The financing decision, estimated at around £500 million, would create the necessary infrastructure for large-scale deployment of hydrogen in the UK.
The CEO of Centrica plc said: “Businesses across the UK and Europe need more electricity, and they need it faster than the grids can deliver. This partnership is about providing customers with a reliable, efficient source of on-site power that can be operational quickly. By combining Ceres’ technology with our energy expertise, we see a real opportunity to supply data centers, AI data centers, and industry with clean electricity on a large scale while helping to relieve pressure on the grid and boost economic growth.”
Ceres’ licensing model ensures stable gross profit margins
License fees from existing partners Delta Electronics, Doosan, and Weichai are a central component of Ceres Power’s business model. Potential orders from the data center sector are also gaining increasing importance. Thanks to this licensing model, the company has been able to maintain gross profit margins of around 70%.
The first license fees from Doosan in connection with data centers in South Korea mark an important operational milestone after years of technology development. Ceres Power had a cash position of £83 million at the end of 2025. In addition, the company has completed restructuring measures and expects a cost reduction of around 20%, which should further strengthen its market position.
For 2026, revenue is expected to double to approximately £62 million. Ceres Power is currently the second-largest position in the portfolio with a weighting of 9.0%.
Management Commentary
Management Commentary – April 7, 2026
General Development
In March 2026, the fund price recorded a decline of 8.86 percent and was thus also affected by the general market situation on the financial markets regarding the Iran war. For complete performance data, please refer to our factsheet.
Current War in the Middle East
The current conflict in Iran has triggered stronger fluctuations on commodity exchanges and subsequently led to noticeable movements on stock markets. This clearly shows that the war in Iran has impacts on numerous industries.
Iran’s attack on energy facilities in Qatar in March 2026 thus marked a turning point in global energy supply and initiated a new phase of the gas price crisis. Iranian missiles and drones damaged several liquefied gas facilities, temporarily eliminating approximately 17% of Qatar’s export capacity. Since Qatar is among the largest exporters of liquefied natural gas, this outage had an immediate impact on international energy markets. At the same time, the Strait of Hormuz was blocked, through which around 20% of global oil and gas transport is handled. The combination of military escalation and disrupted transport routes led to a massive supply shock on energy markets, causing energy prices to rise while simultaneously intensifying concerns about renewed inflation. This particularly burdens technology stocks, as the multibillion-dollar expansion of AI data centers also becomes more expensive in this environment. Several portfolio companies from the energy sector have touchpoints with this development, such as Fluence Energy.
Short-term and long-term effects of the conflict
In the short term, a rise in oil and gas prices would strengthen the structural competitiveness of renewable energy. At the same time, higher energy prices often drive up costs for transport, logistics, and intermediate products such as steel, aluminum, or specialty chemicals—all relevant cost factors for solar, storage, and hydrogen companies.
Longer-term effects have been particularly observable since the start of the Ukraine war, when many countries that had previously used renewable energy only to a limited extent began to invest more heavily in these technologies. For example, countries such as Australia, Pakistan, Chile, the Netherlands, Greece, Spain, Hungary, Poland, and South Africa have significantly increased their expansion of solar capacity in recent years.
Currently, however, we are experiencing more of the short-term negative effect of a risk-off movement in the wake of the Iran war. In such phases, small caps and technology-oriented growth companies are sold off in particular, regardless of their long-term fundamental dynamics. For clean-tech stocks, this means increased volatility, even though the structural trends—decarbonization, electrification, and grid expansion—remain intact.
Many market participants are now painfully reminded once again that dependence on fossil fuels can continue to be a strong negative factor. The high prices for diesel and gasoline illustrate this. As a result, the question of energy security is moving back into focus, which could further increase the strategic importance of renewable energy and energy storage.
The development in March shows a clear picture
In March, eight of our portfolio holdings posted gains, while 22 holdings recorded declines. By far the largest positive contributions came from Plug Power and SMA Solar—precisely those stocks that had been among the strongest losers in February.
The largest individual losses in March were attributable to Canadian Solar, Enphase Energy, Fuelcell Energy, Fluence Energy, Auman, Daqo New Energy, and PowerCell Sweden.
At the end of March, our portfolio’s equity allocation stood at 96.8%.
Corporate Developments
SMA Solar
SMA Solar with strong development in core business segment for large customers
SMA Solar’s revenue declined by only 0.9% year-on-year to €1.5 billion in 2025, based on preliminary figures. Analysts had expected a sharper decline. The declining performance was primarily due to significantly lower revenues in the Home & Business Solutions (HBS) division compared to the previous year, which covers business with private households as well as small and medium-sized commercial installations. Demand in this area remains weak. Accordingly, SMA Solar did not generate a profit in 2025 either. In addition, there were write-downs on inventories and projects, restructuring costs, and provisions. These one-time effects massively distort the picture.
In contrast, revenue in the large customer business has remained strong even during the crisis and increased by almost 8% in 2025 to €1.28 billion, while the profit margin stands at a very good 16.6%. The integration of AI-controlled energy management into the new storage systems is leading to unexpectedly high demand in the core business. SMA Solar is well positioned to benefit from the rising demand for storage systems. The large customer business now accounts for 83% of SMA Solar’s revenue.
“The 2025 fiscal year was once again very challenging,” said SMA CEO Jürgen Reinert. “The solar industry operated in a field of tension between still very volatile markets, geopolitical uncertainties, and politically driven discussions. This led to lower willingness to invest, particularly in the USA and Europe.” However, SMA made “important progress” in 2025, particularly thanks to its savings program.
Planning for the current year 2026
For the current year, the company expects revenue between €1.475 and €1.675 billion as well as profit between €50 and €180 million, thus aiming to return to profitability. With an order backlog of €1.35 billion, demand remains at a high level. The year 2025 was characterized by painful but necessary adjustments for SMA Solar. With strong large customer business and an overall solid balance sheet, 2026 could bring positive momentum again.
SMA Solar is currently weighted at 5.1% among the TOP Five in the portfolio.
Plug Power
Plug Power with positive turning point – cost programs showing results
Hydrogen company Plug Power reports new progress in restructuring its business. After difficult years, the latest results show rising revenues, a positive gross margin for the first time in the fourth quarter, and concrete targets on the path to profitability.
In fiscal year 2025, the company achieved revenue of approximately $710 million, representing growth of 12.9% compared to the previous year. In the fourth quarter alone, revenue was $225.2 million, 17.6% above the prior-year quarter and 27.2% above the third quarter of 2025.
An important milestone was reached in profitability: Plug Power achieved a positive gross margin of 2.4% in the fourth quarter.
Gross profit was $5.5 million, or 2.4% of revenue. In the same period of the previous year, the company had reported a gross margin of -122.5%.
The improvement is part of a comprehensive efficiency program. As part of the Project Quantum Leap initiative, processes were optimized, locations consolidated, and investments reprioritized. Price adjustments, lower service costs, and more efficient production also contributed to the progress.
Plug Power ended the year with $368.5 million in unrestricted cash. Operating cash outflow decreased to $535.8 million, more than 26.5% below the previous year.
More focused alignment on core business
Plug Power has further strengthened its balance sheet. The sale of a stake in the “Project Gateway” site in New York to data center developer Stream Data Centers brings approximately $132.5 million into the coffers. It is the first step of a more comprehensive initiative that will bring the company more than $275 million in additional liquidity in total. The transaction is cleverly chosen, as it divests non-operating assets such as land and focuses on the core business of hydrogen and fuel cells. At the same time, Plug Power participates in the data center boom without having to tie up capital in this infrastructure itself.
This shows that Plug Power is adaptable, willing to withdraw from expensive prestige projects and focus on what can actually generate revenue. Supply contracts were renegotiated and the price mix of products sold also improved significantly. Additionally, a dispute with Walmart was settled, which in the worst case could have cost the company over 42 million additional shares.
Plug Power delivers green hydrogen to Europe
This primarily concerns the business with green hydrogen, which is produced through electrolysis using renewable electricity and is currently focused mainly on Europe. While the domestic market in the USA is stagnating, Plug Power is delivering 32 tons of certified hydrogen to a new pipeline in the Port of Rotterdam and advancing projects in Portugal and Finland. The multibillion-dollar project pipeline in Europe shows that the technology is in demand. Here, the company benefits from clear regulatory requirements that accelerate investment decisions.
New CEO of Plug Power focuses on growth and profitability
Parallel to the financial results, a leadership change was implemented. Since March 2, 2026, Jose Luis Crespo has been leading the company as new CEO. Previously, he was President and Chief Revenue Officer and is considered a key architect of the global sales strategy, particularly through building strategic relationships with major customers such as Amazon and Walmart. Under his responsibility, the company’s revenue grew from approximately $27 million in 2013 to more than $700 million in 2025. At the same time, he built a global sales pipeline with business opportunities worth over $8 trillion.
“For 2026, we expect similar growth to 2025, driven by the Material Handling and Electrolyzer business segments,” said new CEO Crespo. The fuel cell solutions segment for the logistics industry benefits from established customers such as Amazon and Walmart as well as new customers such as Floor & Decor. The electrolyzer segment is also expanding, with significant projects in the pipeline, including a 55-megawatt contract with Carlton Power in the UK.
Plug Power is currently the largest position in the portfolio with a weighting of 9.35%.
Nel ASA
Nel ASA’s financial results for 2025 show a company in transition. Revenue at NOK 963 million was significantly below the previous year, declining by 31%. The alkaline electrolysis division in particular developed weakly and recorded a revenue decline of 44%. The operating result deteriorated as expected, as the group continues to invest heavily in future expansion. Liquid assets remained at a solid level of NOK 1.6 billion, also because Nel cut costs early and reduced its workforce by around 15%. For investors, the question is therefore less about current quarterly figures, but rather whether the strategic direction will succeed.
Second-highest order intake in history in the last quarter of 2025
A more important indicator is order intake. At NOK 686 million in the final quarter of 2025, the company achieved the second-best value in its history. A 40 MW order for PEM electrolyzers with a volume of more than $50 million as well as follow-up orders from H2 Energy from Switzerland show that the technology is in demand. Total order backlog increased to NOK 1.3 billion, with 70% attributable to the PEM division. Nel thus remains a relevant provider in this market despite a difficult market environment.
New production line for more efficient and cost-effective electrolyzers
The strategically most important development is taking place in Herøya. A production line with a capacity of 1 GW for a new pressure-based alkaline electrolysis technology is being built there, supported by the EU Innovation Fund with up to €135 million. Initial prototype tests exceeded expectations for efficiency and cost reduction. Market launch is planned for May 2026. Nel is focusing on a standardized, modular design in container format to significantly reduce installation costs. This positions the company competitively both technologically and in terms of pricing against Asian providers.
Nel ASA is currently weighted at 4.2% among the TOP Ten in the portfolio.
Ceres Power
Ceres Power with strong partners and high gross margin
Ceres Power announced at the end of March 2026 that it is entering into a partnership with British energy and services company Centrica to advance the production of solid oxide fuel cells and thus address the projected multi-gigawatt demand from industrial customers in Europe. The background is that delays in grid connection are increasingly affecting new industrial, commercial, and digital projects, thereby widening the gap between electricity demand and available grid capacity in the UK and Europe. Through the collaboration, Centrica aims to offer its customers highly efficient, low-carbon, and grid-independent on-site power supply that can be deployed much faster than gas turbines or nuclear power plants.
Chris O’Shea, Group CEO, explained that they see the collaboration with Ceres’ technology as an opportunity to supply data centers, AI, and industry with clean electricity on a large scale. Ceres emphasized that the fuel cells could be manufactured and delivered on-site to bring power supply “into operation within months rather than years.”
Last month, Centrica, together with National Gas, Equinor, and SSE Thermal, submitted a coordinated proposal to develop the UK’s first regional hydrogen transport and storage network in the Humber region. The financing decision, estimated at around £500 million, would create the necessary infrastructure for large-scale deployment of hydrogen in the UK.
The CEO of Centrica plc said: “Businesses across the UK and Europe need more electricity, and they need it faster than the grids can deliver. This partnership is about providing customers with a reliable, efficient source of on-site power that can be operational quickly. By combining Ceres’ technology with our energy expertise, we see a real opportunity to supply data centers, AI data centers, and industry with clean electricity on a large scale while helping to relieve pressure on the grid and boost economic growth.”
Ceres’ licensing model ensures stable gross profit margins
License fees from existing partners Delta Electronics, Doosan, and Weichai are a central component of Ceres Power’s business model. Potential orders from the data center sector are also gaining increasing importance. Thanks to this licensing model, the company has been able to maintain gross profit margins of around 70%.
The first license fees from Doosan in connection with data centers in South Korea mark an important operational milestone after years of technology development. Ceres Power had a cash position of £83 million at the end of 2025. In addition, the company has completed restructuring measures and expects a cost reduction of around 20%, which should further strengthen its market position.
For 2026, revenue is expected to double to approximately £62 million. Ceres Power is currently the second-largest position in the portfolio with a weighting of 9.0%.
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
March 3, 2026
Management Commentary for Retail Clients – March 3, 2026
March 3, 2026
Management Commentary – March 3, 2026
February 5, 2026
Management Commentary Retail Clients – February 5, 2026
February 5, 2026
Management Commentary – February 5, 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: 07.04.2026
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