General Development
In July 2025, the fund price increased by 10.37%, significantly recovering from its year-to-date lows since April. During July, the fund price temporarily recorded an increase of over 18%, but could not maintain this level until the end of the month. For full details on performance, please refer to our Factsheet.
The strong performance in July was once again driven by numerous positive impulses at the corporate level. Many portfolio companies impressed with progress in order intake, financial stabilization, and technological development. These developments increasingly provided tailwind for the portfolio throughout the month.
In the last week of July, pressure on the markets noticeably increased again, triggered by the erratic tariff decisions of the US government and the publicly aired dispute between US President Trump and US Federal Reserve Chairman Powell. Additionally, the ongoing war in Ukraine and the unresolved issues in Israel weighed on market sentiment. These geopolitical tensions significantly increased uncertainty in international capital markets.
Fund Performance
July’s performance paints a clear picture
In July, nineteen of our portfolio holdings recorded gains, while nine experienced temporary declines. The largest positive contributions came from QuantumScape, Ceres Power, Voltabox, PowerCell Sweden, Daqo New Energy, Jinko Solar, and Ballard Power.
The largest single loss in July was recorded by ITM Power, which had previously risen sharply in previous months. Further losses came from SMA Solar, Enphase, and Hexagon Purus. At the end of July, our portfolio’s equity ratio was 93.2%. Additionally, in July, we recorded a net capital inflow of approximately 1.13 million euros – a vote of confidence from our investors that continues to strengthen us in our strategic direction.
Sales and Targeted Acquisitions
During July, we utilized the sometimes massive price increases in QuantumScape, PowerCell Sweden, and Jinko Solar for sales and reduced our positions accordingly. We used the freed-up capital to expand existing holdings, focusing on: Canadian Solar, Plug Power, and SMA Solar.
Company Examples
Ceres Power
Milestone for Ceres Power in Collaboration with South Korean Partner Doosan
The South Korean conglomerate Doosan Corp. has begun mass production of fuel cell stacks using Ceres’ solid oxide technology. The Seoul-based conglomerate will manufacture the stacks and fuel cell power systems in a dedicated plant in South Korea, with plans for a factory with a total capacity of 50 megawatts of electricity per year.
Doosan is thus the first of Ceres Power’s strategic licensing partners to enter mass production with its technology. The completion of the plant in Jeollabuk-do, South Korea, marks the first production facility for Ceres Power’s metal-supported solid oxide fuel cells and systems to become operational. Construction began in 2022. Doosan will primarily use the solid oxide systems for stationary decentralized power supply applications, especially for areas with high and growing energy demand. These include data centers, where the rapid rise of AI applications has led to a surge in power consumption that can be met by using fuel cells. Further applications include stabilizing power grids and microgrids based on renewable energies through peak power generation, power supply systems for buildings, and auxiliary power solutions for maritime shipping.
Ceres’ solid oxide design is the ideal technology for these applications due to its higher efficiency, lower costs, and greater robustness compared to other technologies. The start of mass production by Doosan is an important step to make this technology available worldwide, and Ceres benefits greatly from this milestone. The stock had come under massive pressure in recent months when Bosch announced it would reduce its equity stake in Ceres Power. Bosch has since reduced its stake in Ceres Power from 17.4% to 14.1%. Following the announcement of the milestone with Doosan, Ceres Power’s stock significantly recovered and, with a 5.6% weighting, is once again among the top ten in the portfolio.
SFC Energy
SFC Energy Reduces Forecasts
SFC Energy had to announce a significant reduction in its financial forecast for fiscal year 2025 at the end of July. Revenue expectations are now between EUR 146.5 million and EUR 161 million, a reduction from the previous range of EUR 160.6 million to EUR 180.9 million. Profit expectations were revised to EUR 13 million to EUR 19 million – previous forecasts were EUR 24.7 million to EUR 28.2 million. The company cited macroeconomic uncertainties, negative currency effects, and project-related delays as primary reasons. The stock market reacted massively, and the share price fell significantly to a new 52-week low at the end of July. These short-term disappointments are initially to be viewed negatively, but SFC Energy’s management explicitly emphasized its strategic focus on long-term, profitable growth. This is underpinned by strong core performance and strategic initiatives, such as the establishment of a US production facility and the examination of M&A opportunities.
We view this phase of weakness as merely temporary – especially given SFC Energy’s strong positioning in clean energy solutions. Due to previous profit-taking, the position is currently weighted at only approximately 2% in the portfolio.
Stabilization of Polysilicon Prices in the Solar Sector
The Chinese government has pledged to take measures to eliminate outdated capacities in the solar industry and curb aggressive price reductions. The Ministry of Industry and Information Technology (MIIT) has now presented a proposal that foresees a market consolidation in the polysilicon sector. Among other things, monthly production quotas are planned for the four largest manufacturers, which cover 80% of global capacities, as well as the closure of smaller, inefficient providers. Additionally, a minimum price for polysilicon products is to be introduced. These measures aim to curb the recently escalating price reductions and stabilize the market environment. This continues a trend we had expected: smaller providers are increasingly disappearing from the market, and price pressure is noticeably easing. For the solar sector, this development is clearly positive – the stabilization of module prices in July is another visible result.
Voltabox
Voltabox Acquires GMS – Significantly Raises Forecast
Electronics specialist Voltabox AG (future: Voltatron AG) is acquiring GMS Electronic Vertriebs GmbH, thereby expanding its business model with an established electronics distribution. This was announced in a press release on July 29. The transaction is financed through a combination of cash payment and new shares. The acquisition is part of the announced growth strategy – and directly impacts the forecast: as early as 2025, the company expects significantly higher revenue, partly due to the proportional integration of GMS from August. With this step, Voltabox is evolving from a pure developer towards an integrated system provider.
Voltabox Strengthens Sales Power Through GMS
GMS Electronic Vertriebs GmbH is no newcomer: for over two decades, the company has supplied customers in medical technology, industry, automation, and event technology with electronic components. With revenue of approximately EUR 19 million and profit of EUR 1.4 million in 2024, GMS brings not only solid figures but also a stable distribution network.
For Voltabox, the deal is more than just an acquisition. The previously production-focused value chain gains a new frontend through GMS – one that is internationally positioned and broadly networked. A logical step for a company that aims to evolve from a niche provider to a platform.
The forecast for 2025 is being raised: instead of the previous EUR 15 million to EUR 20 million, Voltabox now expects EUR 23 million to EUR 26 million in revenue from continuing operations – plus EUR 1.6 million from discontinued activities. Operating profit is also expected to rise: EBITDA is now estimated at EUR 1 million to EUR 1.5 million. Furthermore, the sale of the high-voltage business provides tailwind, contributing a one-time effect of EUR 2.6 million. This divestment of the high-voltage battery business results in an extraordinary one-time positive earnings effect of EUR 2.6 million.
The Voltabox example impressively demonstrates our investment approach and that it pays to stick with investments even in difficult times. Voltabox is currently valued at a market capitalization of EUR 92 million and was worth a quarter of that, or EUR 23 million, a year ago. If one considers solely the sale of the high-voltage battery business and its proceeds of EUR 2.6 million, the undervaluation a year ago was clearly evident. Voltabox’s share price has since risen significantly and, with a 4.3% weighting, is among the top ten holdings in the portfolio.
Plug Power
Plug Power Gets Tailwinds from US Government
On July 7, Andy Marsh, CEO of Plug Power, stated that the hydrogen fuel cell company would significantly benefit from US President Donald Trump’s “One Big Beautiful Bill (OBBB) Act”. The bill extends two important tax credits that Plug Power and its customers rely on and which would have expired under the previous version of the law. Marsh stated that the passage of the bill, signed on July 4, represents “one of the most significant policy achievements for Plug and indeed for the entire hydrogen fuel cell sector in recent years”.
One of the tax incentives provides for a 30% credit on all fuel cell purchases. Specifically, the revised law eliminates the “zero-emission” requirement, restrictions on foreign content, and applicable wage or training conditions, thereby significantly expanding access to the tax credit. “This clarity allows us to make clear long-term decisions. The same applies to our partners and customers,” said Marsh.
Plug also welcomed the extension of the hydrogen production tax credit. This tax credit grants producers up to $3 per kilogram to make this energy source competitive with conventional fuels. This gives Plug more flexibility to adjust the construction schedule for its facilities to actual market demand. “We can build intelligently, we can build strategically,” said Marsh.
With the passage of the OBBB Act, the 30% fuel cell tax credit was extended until 2032, and the green hydrogen tax credit now applies to projects that began before 2028 instead of before 2026. This gives Plug more time to utilize these incentives as the company expands its network of green hydrogen facilities nationwide. “We are in a much better position today than we were a year ago,” Marsh told analysts.
Meanwhile, JPMorgan noted that the policy clarity created by the OBBBA should eliminate a long-standing “overhang for the entire hydrogen complex” that had been hampered for years by shifting regulatory guidelines. The firm also pointed out that Plug expects tax credits for its current production in Georgia and potentially in Louisiana, while also benefiting from “more flexibility in deploying capital” rather than being pressured by earlier eligibility deadlines. Furthermore, the firm informed investors in a research note that the recent policy changes could enable certain green hydrogen projects in the US to make a final investment decision that “would otherwise have been abandoned without the credit due to significantly higher production costs compared to blue/gray hydrogen”.
Another important point is that JPMorgan described the outlook for the previously delayed Department of Energy loan for Plug as improved, after the company had attributed the delay during the JPMorgan Energy Conference at the end of June to uncertainty regarding tax credits. As a reminder: In early January, Plug had received a loan guarantee of almost $1.7 billion from the Department of Energy to support six projects for the production of carbon-free and low-carbon hydrogen, but the Trump administration has since subjected the loan to a review.
On July 9, Plug announced that it had signed a new multi-year supply agreement with a major US industrial gas manufacturer and long-standing hydrogen partner. The agreement extends the existing strategic partnership between the companies until 2030 and secures a stable hydrogen supply for Plug’s expanding applications business, while significantly reducing the cost structure and improving cash flow.
QuantumScape
QuantumScape Intensifies Collaboration with PowerCo
QuantumScape has expanded its strategic collaboration with PowerCo, Volkswagen Group’s battery subsidiary. The original agreement between the German and US companies dates back to July 2024.
Volkswagen has been one of QuantumScape’s investors since 2012 and, according to the latest annual report, most recently held a 16% stake in the company. The updated collaboration aims to advance the development of the “QSE-5 battery” through the expansion of a pilot production line in San Jose. This is considered an important step towards the industrialization of solid-state technology, according to a QuantumScape announcement.
Under the new agreement, PowerCo will pay up to $131 million (EUR 112 million) over the next two years, contingent on the joint team achieving certain milestones. Initial milestones have already been met, with payments to QuantumScape commencing in 2025. These payments are in addition to the previously announced $130 million, which will be due upon technical progress and successful completion of the licensing agreement.
The agreement allows PowerCo to enter the production and automation of QSE-5 cells earlier. The goal is to ramp up manufacturing and enable technology transfer for a global market launch, according to QuantumScape. Additionally, PowerCo receives the right to annually produce up to 5 gigawatt-hours of QSE-5-based battery cells – also for customers outside the Volkswagen Group. The non-exclusive license option also includes certain future QuantumScape technologies.
“This expanded agreement is a clear signal of the growing strategic, technical, and financial alignment between both companies,” says Siva Sivaram, CEO and President of QuantumScape. The goal is to “revolutionize energy storage to enable a sustainable future” – with battery technologies that offer higher energy density, faster charging, and better safety.
According to the portal Electrive, QuantumScape’s recently published quarterly report states that the company has “entered into a joint development agreement with another major global automaker”. The unnamed customer has already received cell samples from QuantumScape. The new agreement aims to work towards a commercialization and licensing agreement.
Despite this very positive news, QuantumScape’s share price did not benefit in July and fell sharply. We attribute this to the negative market environment and maintain the high weighting of 6.2% in the portfolio.
Management Commentary
Management Commentary – August 4, 2025
General Development
In July 2025, the fund price increased by 10.37%, significantly recovering from its year-to-date lows since April. During July, the fund price temporarily recorded an increase of over 18%, but could not maintain this level until the end of the month. For full details on performance, please refer to our Factsheet.
The strong performance in July was once again driven by numerous positive impulses at the corporate level. Many portfolio companies impressed with progress in order intake, financial stabilization, and technological development. These developments increasingly provided tailwind for the portfolio throughout the month.
In the last week of July, pressure on the markets noticeably increased again, triggered by the erratic tariff decisions of the US government and the publicly aired dispute between US President Trump and US Federal Reserve Chairman Powell. Additionally, the ongoing war in Ukraine and the unresolved issues in Israel weighed on market sentiment. These geopolitical tensions significantly increased uncertainty in international capital markets.
Fund Performance
July’s performance paints a clear picture
In July, nineteen of our portfolio holdings recorded gains, while nine experienced temporary declines. The largest positive contributions came from QuantumScape, Ceres Power, Voltabox, PowerCell Sweden, Daqo New Energy, Jinko Solar, and Ballard Power.
The largest single loss in July was recorded by ITM Power, which had previously risen sharply in previous months. Further losses came from SMA Solar, Enphase, and Hexagon Purus. At the end of July, our portfolio’s equity ratio was 93.2%. Additionally, in July, we recorded a net capital inflow of approximately 1.13 million euros – a vote of confidence from our investors that continues to strengthen us in our strategic direction.
Sales and Targeted Acquisitions
During July, we utilized the sometimes massive price increases in QuantumScape, PowerCell Sweden, and Jinko Solar for sales and reduced our positions accordingly. We used the freed-up capital to expand existing holdings, focusing on: Canadian Solar, Plug Power, and SMA Solar.
Company Examples
Ceres Power
Milestone for Ceres Power in Collaboration with South Korean Partner Doosan
The South Korean conglomerate Doosan Corp. has begun mass production of fuel cell stacks using Ceres’ solid oxide technology. The Seoul-based conglomerate will manufacture the stacks and fuel cell power systems in a dedicated plant in South Korea, with plans for a factory with a total capacity of 50 megawatts of electricity per year.
Doosan is thus the first of Ceres Power’s strategic licensing partners to enter mass production with its technology. The completion of the plant in Jeollabuk-do, South Korea, marks the first production facility for Ceres Power’s metal-supported solid oxide fuel cells and systems to become operational. Construction began in 2022. Doosan will primarily use the solid oxide systems for stationary decentralized power supply applications, especially for areas with high and growing energy demand. These include data centers, where the rapid rise of AI applications has led to a surge in power consumption that can be met by using fuel cells. Further applications include stabilizing power grids and microgrids based on renewable energies through peak power generation, power supply systems for buildings, and auxiliary power solutions for maritime shipping.
Ceres’ solid oxide design is the ideal technology for these applications due to its higher efficiency, lower costs, and greater robustness compared to other technologies. The start of mass production by Doosan is an important step to make this technology available worldwide, and Ceres benefits greatly from this milestone. The stock had come under massive pressure in recent months when Bosch announced it would reduce its equity stake in Ceres Power. Bosch has since reduced its stake in Ceres Power from 17.4% to 14.1%. Following the announcement of the milestone with Doosan, Ceres Power’s stock significantly recovered and, with a 5.6% weighting, is once again among the top ten in the portfolio.
SFC Energy
SFC Energy Reduces Forecasts
SFC Energy had to announce a significant reduction in its financial forecast for fiscal year 2025 at the end of July. Revenue expectations are now between EUR 146.5 million and EUR 161 million, a reduction from the previous range of EUR 160.6 million to EUR 180.9 million. Profit expectations were revised to EUR 13 million to EUR 19 million – previous forecasts were EUR 24.7 million to EUR 28.2 million. The company cited macroeconomic uncertainties, negative currency effects, and project-related delays as primary reasons. The stock market reacted massively, and the share price fell significantly to a new 52-week low at the end of July. These short-term disappointments are initially to be viewed negatively, but SFC Energy’s management explicitly emphasized its strategic focus on long-term, profitable growth. This is underpinned by strong core performance and strategic initiatives, such as the establishment of a US production facility and the examination of M&A opportunities.
We view this phase of weakness as merely temporary – especially given SFC Energy’s strong positioning in clean energy solutions. Due to previous profit-taking, the position is currently weighted at only approximately 2% in the portfolio.
Stabilization of Polysilicon Prices in the Solar Sector
The Chinese government has pledged to take measures to eliminate outdated capacities in the solar industry and curb aggressive price reductions. The Ministry of Industry and Information Technology (MIIT) has now presented a proposal that foresees a market consolidation in the polysilicon sector. Among other things, monthly production quotas are planned for the four largest manufacturers, which cover 80% of global capacities, as well as the closure of smaller, inefficient providers. Additionally, a minimum price for polysilicon products is to be introduced. These measures aim to curb the recently escalating price reductions and stabilize the market environment. This continues a trend we had expected: smaller providers are increasingly disappearing from the market, and price pressure is noticeably easing. For the solar sector, this development is clearly positive – the stabilization of module prices in July is another visible result.
Voltabox
Voltabox Acquires GMS – Significantly Raises Forecast
Electronics specialist Voltabox AG (future: Voltatron AG) is acquiring GMS Electronic Vertriebs GmbH, thereby expanding its business model with an established electronics distribution. This was announced in a press release on July 29. The transaction is financed through a combination of cash payment and new shares. The acquisition is part of the announced growth strategy – and directly impacts the forecast: as early as 2025, the company expects significantly higher revenue, partly due to the proportional integration of GMS from August. With this step, Voltabox is evolving from a pure developer towards an integrated system provider.
Voltabox Strengthens Sales Power Through GMS
GMS Electronic Vertriebs GmbH is no newcomer: for over two decades, the company has supplied customers in medical technology, industry, automation, and event technology with electronic components. With revenue of approximately EUR 19 million and profit of EUR 1.4 million in 2024, GMS brings not only solid figures but also a stable distribution network.
For Voltabox, the deal is more than just an acquisition. The previously production-focused value chain gains a new frontend through GMS – one that is internationally positioned and broadly networked. A logical step for a company that aims to evolve from a niche provider to a platform.
The forecast for 2025 is being raised: instead of the previous EUR 15 million to EUR 20 million, Voltabox now expects EUR 23 million to EUR 26 million in revenue from continuing operations – plus EUR 1.6 million from discontinued activities. Operating profit is also expected to rise: EBITDA is now estimated at EUR 1 million to EUR 1.5 million. Furthermore, the sale of the high-voltage business provides tailwind, contributing a one-time effect of EUR 2.6 million. This divestment of the high-voltage battery business results in an extraordinary one-time positive earnings effect of EUR 2.6 million.
The Voltabox example impressively demonstrates our investment approach and that it pays to stick with investments even in difficult times. Voltabox is currently valued at a market capitalization of EUR 92 million and was worth a quarter of that, or EUR 23 million, a year ago. If one considers solely the sale of the high-voltage battery business and its proceeds of EUR 2.6 million, the undervaluation a year ago was clearly evident. Voltabox’s share price has since risen significantly and, with a 4.3% weighting, is among the top ten holdings in the portfolio.
Plug Power
Plug Power Gets Tailwinds from US Government
On July 7, Andy Marsh, CEO of Plug Power, stated that the hydrogen fuel cell company would significantly benefit from US President Donald Trump’s “One Big Beautiful Bill (OBBB) Act”. The bill extends two important tax credits that Plug Power and its customers rely on and which would have expired under the previous version of the law. Marsh stated that the passage of the bill, signed on July 4, represents “one of the most significant policy achievements for Plug and indeed for the entire hydrogen fuel cell sector in recent years”.
One of the tax incentives provides for a 30% credit on all fuel cell purchases. Specifically, the revised law eliminates the “zero-emission” requirement, restrictions on foreign content, and applicable wage or training conditions, thereby significantly expanding access to the tax credit. “This clarity allows us to make clear long-term decisions. The same applies to our partners and customers,” said Marsh.
Plug also welcomed the extension of the hydrogen production tax credit. This tax credit grants producers up to $3 per kilogram to make this energy source competitive with conventional fuels. This gives Plug more flexibility to adjust the construction schedule for its facilities to actual market demand. “We can build intelligently, we can build strategically,” said Marsh.
With the passage of the OBBB Act, the 30% fuel cell tax credit was extended until 2032, and the green hydrogen tax credit now applies to projects that began before 2028 instead of before 2026. This gives Plug more time to utilize these incentives as the company expands its network of green hydrogen facilities nationwide. “We are in a much better position today than we were a year ago,” Marsh told analysts.
Meanwhile, JPMorgan noted that the policy clarity created by the OBBBA should eliminate a long-standing “overhang for the entire hydrogen complex” that had been hampered for years by shifting regulatory guidelines. The firm also pointed out that Plug expects tax credits for its current production in Georgia and potentially in Louisiana, while also benefiting from “more flexibility in deploying capital” rather than being pressured by earlier eligibility deadlines. Furthermore, the firm informed investors in a research note that the recent policy changes could enable certain green hydrogen projects in the US to make a final investment decision that “would otherwise have been abandoned without the credit due to significantly higher production costs compared to blue/gray hydrogen”.
Another important point is that JPMorgan described the outlook for the previously delayed Department of Energy loan for Plug as improved, after the company had attributed the delay during the JPMorgan Energy Conference at the end of June to uncertainty regarding tax credits. As a reminder: In early January, Plug had received a loan guarantee of almost $1.7 billion from the Department of Energy to support six projects for the production of carbon-free and low-carbon hydrogen, but the Trump administration has since subjected the loan to a review.
On July 9, Plug announced that it had signed a new multi-year supply agreement with a major US industrial gas manufacturer and long-standing hydrogen partner. The agreement extends the existing strategic partnership between the companies until 2030 and secures a stable hydrogen supply for Plug’s expanding applications business, while significantly reducing the cost structure and improving cash flow.
QuantumScape
QuantumScape Intensifies Collaboration with PowerCo
QuantumScape has expanded its strategic collaboration with PowerCo, Volkswagen Group’s battery subsidiary. The original agreement between the German and US companies dates back to July 2024.
Volkswagen has been one of QuantumScape’s investors since 2012 and, according to the latest annual report, most recently held a 16% stake in the company. The updated collaboration aims to advance the development of the “QSE-5 battery” through the expansion of a pilot production line in San Jose. This is considered an important step towards the industrialization of solid-state technology, according to a QuantumScape announcement.
Under the new agreement, PowerCo will pay up to $131 million (EUR 112 million) over the next two years, contingent on the joint team achieving certain milestones. Initial milestones have already been met, with payments to QuantumScape commencing in 2025. These payments are in addition to the previously announced $130 million, which will be due upon technical progress and successful completion of the licensing agreement.
The agreement allows PowerCo to enter the production and automation of QSE-5 cells earlier. The goal is to ramp up manufacturing and enable technology transfer for a global market launch, according to QuantumScape. Additionally, PowerCo receives the right to annually produce up to 5 gigawatt-hours of QSE-5-based battery cells – also for customers outside the Volkswagen Group. The non-exclusive license option also includes certain future QuantumScape technologies.
“This expanded agreement is a clear signal of the growing strategic, technical, and financial alignment between both companies,” says Siva Sivaram, CEO and President of QuantumScape. The goal is to “revolutionize energy storage to enable a sustainable future” – with battery technologies that offer higher energy density, faster charging, and better safety.
According to the portal Electrive, QuantumScape’s recently published quarterly report states that the company has “entered into a joint development agreement with another major global automaker”. The unnamed customer has already received cell samples from QuantumScape. The new agreement aims to work towards a commercialization and licensing agreement.
Despite this very positive news, QuantumScape’s share price did not benefit in July and fell sharply. We attribute this to the negative market environment and maintain the high weighting of 6.2% in the portfolio.
Table of Contents
Manfred Wiegel
CEO und Fund advisor of the green benefit AG
Further management commentaries
December 3, 2025
Management Commentary for Retail Clients – December 3, 2025
December 3, 2025
Management Commentary – December 3, 2025
November 6, 2025
Management commentary for Retail Clients – November 04, 2025
November 4, 2025
Management Commentary – November 4, 2025
October 6, 2025
Management Commentary for Retail Clients – October 6, 2025
October 6, 2025
Management Commentary – October 6, 2025
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: 04.08.2025
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