General Development
In November 2025, the fund price recorded an increase of 1.94 percent, marking the seventh consecutive month of positive performance. During the month, the fund price temporarily rose by 14 percent, but could not maintain this level. The fund continues to hold a top position in the Morningstar evaluation among 687 sustainable funds in various short-term comparison periods (3 and 6 months, 1 year). The year-to-date performance is 30.91 percent – a result that also ranks the fund among the leaders in its peer group during this period. We feel confirmed in adhering to medium- and long-term goals and are convinced that the fund is very well positioned for the coming years. Please refer to our fact sheet for complete performance details.
The development in November shows a mixed picture
In November, ten of our portfolio values recorded gains, while nineteen values recorded slight declines. The largest positive contributions came from Canadian Solar and Ceres Power. These two companies were thus able to confirm their positive development from the previous months. SMA Solar, Voltabox, Enapter, First Solar, Daqo New Energy, JinkoSolar and Fluence Energy also made high positive performance contributions in the reporting month.
Individual losses in November were recorded by Plug Power, QuantumScape, Ballard Power, Nano One and ITM Power, which were affected by usual profit-taking after their previously strong price increases.
At the end of November, the equity ratio of our portfolio was 94.7 percent.
Sales, targeted purchases and a new purchase
We used the strong price increases for sales at Canadian Solar, Ceres Power, Powercell Sweden and JinkoSolar. We reallocated the released funds to the following companies: Nel ASA, Plug Power, Novonix and Enphase. Fluence Energy from the Smart Grids sector was newly added to the portfolio.
Interest rate cut by the US Federal Reserve
After the US Federal Reserve had already cut the key interest rate for the second time this year in October, which noticeably boosted the stock markets, the probability of a further interest rate cut in December increased significantly in November. A renewed easing of monetary policy would give small-cap stocks additional tailwind in particular – an environment that should also have a positive impact on our portfolio.
Company Examples
Fluence Energy
Fluence Energy: A new quality value in the Smart Grids sector with global market leadership
Fluence Energy, based in Arlington, Virginia, is a leading provider of large-scale energy storage systems and the associated control software. The company develops modular battery systems as well as digital platforms for optimizing solar, wind and storage parks. Emerging from a joint venture between AES Corporation and Siemens, Fluence combines industrial experience in grid infrastructure with a very technology-driven, scalable business model – exactly at the interface between renewable energies, grid expansion and digitization.
The addressed market is growing structurally: Worldwide, the need for grid stability, flexibility options and hedging of peak loads is increasing, not least due to the massive expansion of wind and solar capacities as well as the sharply increasing electricity demand, for example from data centers. Industry analyses expect annual growth of around 20 to 30 percent for stationary energy storage systems until 2030. Political support programs in the USA, Europe and Australia as well as regulatory requirements for decarbonization support this trend and make storage projects a central component of modern energy systems.
Fluence has been able to grow significantly operationally in recent years: Sales in fiscal year 2024 were around US$2.7 billion and were noticeably increased compared to the previous year. Particularly noteworthy is the improvement in the gross margin from approximately 6.4 to around 12.6 percent, which indicates economies of scale, better project execution and progress in the standardization of systems. At the same time, the leap into the profit zone was achieved in the fourth quarter of 2024. For 2025, management has initially adjusted the sales forecast to US$2.6 to 2.8 billion, signaling that operational hurdles – such as project postponements or supply chain risks – are still noticeable.
Fluence currently has an order backlog of around US$4.9 billion, which has recently increased further. A key example of this is the GigaBattery project by Leag in Jänschwalde in Lusatia: Fluence is supplying a 1-gigawatt storage system there, which is considered the largest announced battery project in Europe and is intended to transform a former lignite mining area into a central hub for green energy.
As part of the agreement, Fluence will supply its latest product, Smartstack, which is characterized by an innovative design that facilitates logistics and maintenance while offering high energy density. Smartstack was launched earlier this year and is an AC block – a container that integrates both the battery and the power conversion system (PCS). The central element is the Smart Skid, which serves as a compact electrical and control center. It integrates state-of-the-art cooling technology, the complete power electronics, all cabling as well as comprehensive monitoring and control functions. The so-called pods, which contain the battery cells with integrated sensors, sit on this foundation. They are designed to be manufacturer-independent and can be easily replaced during maintenance or technological advancements – a decisive advantage for high system availability and long life cycles.
Fluence’s scope of services includes the provision of the entire storage technology, the integration of the electrical systems and the construction of the plant. An area of around ten hectares southeast of the Jänschwalde power plant has been earmarked for the project. Siemens Energy is supplying the necessary switchgear for connection to the existing 380 kV high-voltage grid.
“The dimension of this project makes it a special milestone,” emphasizes Thomas Brandenburg, Managing Director of Leag. “The four-hour storage system supports the further expansion of renewable energies in the GigawattFactory, stabilizes the grid and enables optimal use of the existing grid connection through lower specific investment costs. With Fluence, we have a technologically strong partner at our side to successfully implement the GigaBattery Jänschwalde 1000.”
Such projects show that Fluence plays in the first league of global storage providers technologically and commercially – especially in Europe, a strategically important market.
Fluence is increasingly developing from a pure plant manufacturer to an integrated solution provider with a combination of project revenues, service contracts and software fees. In an environment in which utilities and grid operators are urgently looking for flexible, controllable resources, this software component can act as an important differentiating factor.
Political headwinds in the USA, in particular changes in support regimes or tariff policy, had a visible impact on the mood in the sector. Fluence’s share price has therefore been volatile in the past twelve months. The strongest headwind for the US clean energy industry came in August from the “One Big Beautiful Bill Act” (OBBBA), the central tax and spending package of the Trump administration. The law eliminates essential investment and production tax credits for new projects in the field of renewable energies. However, developers can continue to benefit from funding, provided that construction begins by July 5, 2026 at the latest. At the same time, the OBBBA contains some exceptions that are clearly advantageous for Fluence. For example, tax credits for battery storage will be extended until 2034, while competition from Chinese suppliers will be limited by stricter requirements for foreign companies. These framework conditions strengthen Fluence’s position, particularly in the growing storage segment.
After it became clear that the company was able to work profitably despite this environment, has a solid liquidity base and offers an attractive opportunity-risk profile from our point of view with a valuation of only a fraction of the expected annual turnover (low price-sales ratio), we included the value in the portfolio in November. From our point of view, Fluence is clearly in a transition phase from a pure growth value to a company that focuses more on profitability and cash flow.
From a strategic perspective, the company is strengthening our focus on large-scale energy storage and grid infrastructure in the Smart Grids sector, which is crucial for the further expansion of solar and wind energy and complements our existing solar and hydrogen commitment. It is particularly important to us that the order backlog, which has increased by USD 1.1 billion since the end of June, is spread widely across the world’s regions. North and South America account for the largest share at 47 percent, followed by Europe and the Middle East at 28 percent and Asia at 25 percent. This balanced regional positioning underscores the global demand for the company’s solutions while increasing resilience to regional market fluctuations. Fluence closed the third quarter with liquidity of USD 460 million.
We have currently weighted Fluence, a high-growth company, at 3.9 percent, and the share price has already risen since the purchase.
Enphase
Enphase with solid figures and favorable valuation
Enphase Energy has achieved an important market success: The company’s IQ battery systems have been approved for the Solar Battery Savings Program of San Diego Community Power – a major energy supplier in California. The program offers homeowners attractive financial incentives for installing new solar-plus-storage systems or retrofitting existing systems. This includes high upfront rebates of $250 to $350 per kWh of battery capacity, as well as ongoing performance bonuses for stored energy that is fed into the home grid during peak times. The goal is to strengthen grid stability during times of high demand, lower electricity costs for consumers, and promote the expansion of cleaner, decentralized energy systems.
The new fourth-generation Enphase system – consisting of IQ Battery 10C, IQ Meter Collar, and IQ Combiner 6C – also enables quick, uncomplicated installation of emergency power for the entire house and is secured by a 15-year warranty. As Enphase increasingly manufactures the batteries with US components, they meet the conditions for the Domestic Content Bonus Credit. Local installers are already reporting strong customer interest, and Enphase sees programs like this as paving the way for the expansion of cleaner, more flexible energy systems that relieve the burden on both households and the local power grid.
Enphase was able to announce a new safe harbor agreement with a leading solar financier. The agreement is expected to generate nearly $68 million in revenue from 2026 over a period of 12 to 24 months. The agreement includes Enphase’s IQ9 microinverters for private solar projects. These microinverters are manufactured in US production facilities; delivery is scheduled to begin in the first quarter of 2026. This is the third safe harbor agreement for Enphase since the passage of the new US Federal Budget Act in July 2025. The company pointed out that additional revenues are expected from other system components, depending on customer needs.
“Safe harbor agreements enable developers and financing partners to act quickly and confidently in a changing political environment,” said Ken Fong, Senior Vice President of Sales at Enphase Energy. The safe harbor mechanism secures eligibility for both the basic Investment Tax Credit and the Domestic Content Bonus Credit for future projects, reducing the risk of potential political changes.
In Vermont (USA), Enphase has entered into a strategic partnership with Green Mountain Power (GMP) to bring modern storage and energy technologies directly to customers while making the regional power grid more resilient and cost-efficient. GMP integrates Enphase batteries into its leasing program, which provides households with a reliable emergency power supply and provides stored energy to the utility’s virtual power plant during peak load times – now the state’s largest flexible energy source. In addition, both partners plan to integrate Enphase’s new bidirectional electric vehicle charger in the future, which will be able to feed electricity from the vehicle back into the house or grid from 2026.
Enphase Energy is one of the few solar equipment suppliers that has remained profitable despite the most difficult market conditions. While high interest rates and US President Donald Trump’s shift in energy policy toward fossil fuels are weighing on the industry, solar energy remains one of the cheapest ways to generate electricity. The rapidly increasing energy demand from AI data centers is likely to further reinforce this.
In contrast to many competitors, Enphase has been delivering stable profitability for years. Although revenues recently fell from USD 2.33 billion to USD 1.51 billion, and profit also shrank from USD 439 million to USD 196 million, a profitable result is again expected for the coming year despite further price and margin pressure. In addition, there are net assets of USD 244 million.
This defensive strength has so far hardly been recognized on the stock market. After a price loss of over 90%, the formerly high valuation has turned into the opposite. The expected P/E ratio (price-earnings ratio) for 2026 is 9.7, around 80% below the five-year average. In a sector comparison, the share is traded at a discount of around 60%. We continued to expand our position in Enphase in November in an anticyclical manner.
SMA
SMA strengthens market position with new solutions for large-scale plants and commercial systems
SMA is significantly expanding its product portfolio in the large-scale plant and commercial segments. With the new MVPS-9200 medium-voltage solution, the company is launching a 40-foot skid unit for large photovoltaic and battery storage systems on the European market for the first time. The solution, which is manufactured entirely in Europe, simplifies planning and installation, offers high availability thanks to its robust design and enables efficient energy conversion with low operating and maintenance costs thanks to modern inverter technologies. At the same time, SMA is strengthening its offering for commercial solar systems with the new Sunny Tripower X 60, which delivers up to 60 kilowatts of power, supports high-current and bifacial modules and is particularly user-friendly thanks to tool-free installation and integrated control functions. Modern safety standards round off the device, which is already available in many European markets.
SMA has continued its positive development since the latest financial figures were presented in November. The company appears to have overcome the most difficult phase. The ongoing cost-cutting program and increasing order intake in the area of large PV plants should significantly improve margins in the coming years. While business with commercial customers has not yet picked up in the short term, large-volume projects are considered an important driver for 2026.
Management Commentary
Management Commentary – December 3, 2025
General Development
In November 2025, the fund price recorded an increase of 1.94 percent, marking the seventh consecutive month of positive performance. During the month, the fund price temporarily rose by 14 percent, but could not maintain this level. The fund continues to hold a top position in the Morningstar evaluation among 687 sustainable funds in various short-term comparison periods (3 and 6 months, 1 year). The year-to-date performance is 30.91 percent – a result that also ranks the fund among the leaders in its peer group during this period. We feel confirmed in adhering to medium- and long-term goals and are convinced that the fund is very well positioned for the coming years. Please refer to our fact sheet for complete performance details.
The development in November shows a mixed picture
In November, ten of our portfolio values recorded gains, while nineteen values recorded slight declines. The largest positive contributions came from Canadian Solar and Ceres Power. These two companies were thus able to confirm their positive development from the previous months. SMA Solar, Voltabox, Enapter, First Solar, Daqo New Energy, JinkoSolar and Fluence Energy also made high positive performance contributions in the reporting month.
Individual losses in November were recorded by Plug Power, QuantumScape, Ballard Power, Nano One and ITM Power, which were affected by usual profit-taking after their previously strong price increases.
At the end of November, the equity ratio of our portfolio was 94.7 percent.
Sales, targeted purchases and a new purchase
We used the strong price increases for sales at Canadian Solar, Ceres Power, Powercell Sweden and JinkoSolar. We reallocated the released funds to the following companies: Nel ASA, Plug Power, Novonix and Enphase. Fluence Energy from the Smart Grids sector was newly added to the portfolio.
Interest rate cut by the US Federal Reserve
After the US Federal Reserve had already cut the key interest rate for the second time this year in October, which noticeably boosted the stock markets, the probability of a further interest rate cut in December increased significantly in November. A renewed easing of monetary policy would give small-cap stocks additional tailwind in particular – an environment that should also have a positive impact on our portfolio.
Company Examples
Fluence Energy
Fluence Energy: A new quality value in the Smart Grids sector with global market leadership
Fluence Energy, based in Arlington, Virginia, is a leading provider of large-scale energy storage systems and the associated control software. The company develops modular battery systems as well as digital platforms for optimizing solar, wind and storage parks. Emerging from a joint venture between AES Corporation and Siemens, Fluence combines industrial experience in grid infrastructure with a very technology-driven, scalable business model – exactly at the interface between renewable energies, grid expansion and digitization.
The addressed market is growing structurally: Worldwide, the need for grid stability, flexibility options and hedging of peak loads is increasing, not least due to the massive expansion of wind and solar capacities as well as the sharply increasing electricity demand, for example from data centers. Industry analyses expect annual growth of around 20 to 30 percent for stationary energy storage systems until 2030. Political support programs in the USA, Europe and Australia as well as regulatory requirements for decarbonization support this trend and make storage projects a central component of modern energy systems.
Fluence has been able to grow significantly operationally in recent years: Sales in fiscal year 2024 were around US$2.7 billion and were noticeably increased compared to the previous year. Particularly noteworthy is the improvement in the gross margin from approximately 6.4 to around 12.6 percent, which indicates economies of scale, better project execution and progress in the standardization of systems. At the same time, the leap into the profit zone was achieved in the fourth quarter of 2024. For 2025, management has initially adjusted the sales forecast to US$2.6 to 2.8 billion, signaling that operational hurdles – such as project postponements or supply chain risks – are still noticeable.
Fluence currently has an order backlog of around US$4.9 billion, which has recently increased further. A key example of this is the GigaBattery project by Leag in Jänschwalde in Lusatia: Fluence is supplying a 1-gigawatt storage system there, which is considered the largest announced battery project in Europe and is intended to transform a former lignite mining area into a central hub for green energy.
As part of the agreement, Fluence will supply its latest product, Smartstack, which is characterized by an innovative design that facilitates logistics and maintenance while offering high energy density. Smartstack was launched earlier this year and is an AC block – a container that integrates both the battery and the power conversion system (PCS). The central element is the Smart Skid, which serves as a compact electrical and control center. It integrates state-of-the-art cooling technology, the complete power electronics, all cabling as well as comprehensive monitoring and control functions. The so-called pods, which contain the battery cells with integrated sensors, sit on this foundation. They are designed to be manufacturer-independent and can be easily replaced during maintenance or technological advancements – a decisive advantage for high system availability and long life cycles.
Fluence’s scope of services includes the provision of the entire storage technology, the integration of the electrical systems and the construction of the plant. An area of around ten hectares southeast of the Jänschwalde power plant has been earmarked for the project. Siemens Energy is supplying the necessary switchgear for connection to the existing 380 kV high-voltage grid.
“The dimension of this project makes it a special milestone,” emphasizes Thomas Brandenburg, Managing Director of Leag. “The four-hour storage system supports the further expansion of renewable energies in the GigawattFactory, stabilizes the grid and enables optimal use of the existing grid connection through lower specific investment costs. With Fluence, we have a technologically strong partner at our side to successfully implement the GigaBattery Jänschwalde 1000.”
Such projects show that Fluence plays in the first league of global storage providers technologically and commercially – especially in Europe, a strategically important market.
Fluence is increasingly developing from a pure plant manufacturer to an integrated solution provider with a combination of project revenues, service contracts and software fees. In an environment in which utilities and grid operators are urgently looking for flexible, controllable resources, this software component can act as an important differentiating factor.
Political headwinds in the USA, in particular changes in support regimes or tariff policy, had a visible impact on the mood in the sector. Fluence’s share price has therefore been volatile in the past twelve months. The strongest headwind for the US clean energy industry came in August from the “One Big Beautiful Bill Act” (OBBBA), the central tax and spending package of the Trump administration. The law eliminates essential investment and production tax credits for new projects in the field of renewable energies. However, developers can continue to benefit from funding, provided that construction begins by July 5, 2026 at the latest. At the same time, the OBBBA contains some exceptions that are clearly advantageous for Fluence. For example, tax credits for battery storage will be extended until 2034, while competition from Chinese suppliers will be limited by stricter requirements for foreign companies. These framework conditions strengthen Fluence’s position, particularly in the growing storage segment.
After it became clear that the company was able to work profitably despite this environment, has a solid liquidity base and offers an attractive opportunity-risk profile from our point of view with a valuation of only a fraction of the expected annual turnover (low price-sales ratio), we included the value in the portfolio in November. From our point of view, Fluence is clearly in a transition phase from a pure growth value to a company that focuses more on profitability and cash flow.
From a strategic perspective, the company is strengthening our focus on large-scale energy storage and grid infrastructure in the Smart Grids sector, which is crucial for the further expansion of solar and wind energy and complements our existing solar and hydrogen commitment. It is particularly important to us that the order backlog, which has increased by USD 1.1 billion since the end of June, is spread widely across the world’s regions. North and South America account for the largest share at 47 percent, followed by Europe and the Middle East at 28 percent and Asia at 25 percent. This balanced regional positioning underscores the global demand for the company’s solutions while increasing resilience to regional market fluctuations. Fluence closed the third quarter with liquidity of USD 460 million.
We have currently weighted Fluence, a high-growth company, at 3.9 percent, and the share price has already risen since the purchase.
Enphase
Enphase with solid figures and favorable valuation
Enphase Energy has achieved an important market success: The company’s IQ battery systems have been approved for the Solar Battery Savings Program of San Diego Community Power – a major energy supplier in California. The program offers homeowners attractive financial incentives for installing new solar-plus-storage systems or retrofitting existing systems. This includes high upfront rebates of $250 to $350 per kWh of battery capacity, as well as ongoing performance bonuses for stored energy that is fed into the home grid during peak times. The goal is to strengthen grid stability during times of high demand, lower electricity costs for consumers, and promote the expansion of cleaner, decentralized energy systems.
The new fourth-generation Enphase system – consisting of IQ Battery 10C, IQ Meter Collar, and IQ Combiner 6C – also enables quick, uncomplicated installation of emergency power for the entire house and is secured by a 15-year warranty. As Enphase increasingly manufactures the batteries with US components, they meet the conditions for the Domestic Content Bonus Credit. Local installers are already reporting strong customer interest, and Enphase sees programs like this as paving the way for the expansion of cleaner, more flexible energy systems that relieve the burden on both households and the local power grid.
Enphase was able to announce a new safe harbor agreement with a leading solar financier. The agreement is expected to generate nearly $68 million in revenue from 2026 over a period of 12 to 24 months. The agreement includes Enphase’s IQ9 microinverters for private solar projects. These microinverters are manufactured in US production facilities; delivery is scheduled to begin in the first quarter of 2026. This is the third safe harbor agreement for Enphase since the passage of the new US Federal Budget Act in July 2025. The company pointed out that additional revenues are expected from other system components, depending on customer needs.
“Safe harbor agreements enable developers and financing partners to act quickly and confidently in a changing political environment,” said Ken Fong, Senior Vice President of Sales at Enphase Energy. The safe harbor mechanism secures eligibility for both the basic Investment Tax Credit and the Domestic Content Bonus Credit for future projects, reducing the risk of potential political changes.
In Vermont (USA), Enphase has entered into a strategic partnership with Green Mountain Power (GMP) to bring modern storage and energy technologies directly to customers while making the regional power grid more resilient and cost-efficient. GMP integrates Enphase batteries into its leasing program, which provides households with a reliable emergency power supply and provides stored energy to the utility’s virtual power plant during peak load times – now the state’s largest flexible energy source. In addition, both partners plan to integrate Enphase’s new bidirectional electric vehicle charger in the future, which will be able to feed electricity from the vehicle back into the house or grid from 2026.
Enphase Energy is one of the few solar equipment suppliers that has remained profitable despite the most difficult market conditions. While high interest rates and US President Donald Trump’s shift in energy policy toward fossil fuels are weighing on the industry, solar energy remains one of the cheapest ways to generate electricity. The rapidly increasing energy demand from AI data centers is likely to further reinforce this.
In contrast to many competitors, Enphase has been delivering stable profitability for years. Although revenues recently fell from USD 2.33 billion to USD 1.51 billion, and profit also shrank from USD 439 million to USD 196 million, a profitable result is again expected for the coming year despite further price and margin pressure. In addition, there are net assets of USD 244 million.
This defensive strength has so far hardly been recognized on the stock market. After a price loss of over 90%, the formerly high valuation has turned into the opposite. The expected P/E ratio (price-earnings ratio) for 2026 is 9.7, around 80% below the five-year average. In a sector comparison, the share is traded at a discount of around 60%. We continued to expand our position in Enphase in November in an anticyclical manner.
SMA
SMA strengthens market position with new solutions for large-scale plants and commercial systems
SMA is significantly expanding its product portfolio in the large-scale plant and commercial segments. With the new MVPS-9200 medium-voltage solution, the company is launching a 40-foot skid unit for large photovoltaic and battery storage systems on the European market for the first time. The solution, which is manufactured entirely in Europe, simplifies planning and installation, offers high availability thanks to its robust design and enables efficient energy conversion with low operating and maintenance costs thanks to modern inverter technologies. At the same time, SMA is strengthening its offering for commercial solar systems with the new Sunny Tripower X 60, which delivers up to 60 kilowatts of power, supports high-current and bifacial modules and is particularly user-friendly thanks to tool-free installation and integrated control functions. Modern safety standards round off the device, which is already available in many European markets.
SMA has continued its positive development since the latest financial figures were presented in November. The company appears to have overcome the most difficult phase. The ongoing cost-cutting program and increasing order intake in the area of large PV plants should significantly improve margins in the coming years. While business with commercial customers has not yet picked up in the short term, large-volume projects are considered an important driver for 2026.
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
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
September 4, 2025
Management Commentary for Retail Clients – September 4, 2025
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