Management commentary
Retail clients

August 4, 2025

General Development

In July 2025, the fund price rose by 10.37%, continuing the significant recovery since April. Towards the end of the month, however, renewed geopolitical tensions and political uncertainties in the USA weighed on the markets and led to profit-taking. Nevertheless, the overall performance of the month remained clearly positive – also supported by a net inflow of EUR 1.13 million, which underlines the strong investor base. Please refer to our fact sheet for full details of the performance.

Market development in July
Nineteen portfolio values were in the black, including QuantumScape, Ceres Power, Voltabox, PowerCell Sweden, Daqo, Jinko Solar and Ballard Power. ITM Power, SMA Solar, Enphase and Hexagon Purus recorded losses. The equity ratio at the end of the month was 93.2%. Gains at Jinko Solar, QuantumScape and PowerCell Sweden were used to expand positions such as Canadian Solar, Plug Power and SMA Solar.

Company Examples

Ceres Power: Mass production starts in South Korea
Ceres Power reached a milestone with partner Doosan: The start of mass production of fuel cells has taken place. Manufacturing in South Korea addresses the rapidly growing energy demand, for example through data centers, and strengthens Ceres’ global position. The share recovered noticeably and, with a weighting of 5.6%, is once again one of the top ten in the fund.

Solar industry: Market consolidation in China supports prices
China’s government announced measures against overcapacity in the polysilicon sector – including production quotas, minimum prices and closures of inefficient suppliers. This regulation noticeably stabilized the prices for solar modules in July and has a positive effect on the entire industry.

Plug Power benefits from new US legislative package
The OBBB Act (“One Big Beautiful Bill”) extends key tax credits for Plug Power – an important political tailwind for the business model. A new long-term supply contract with an industrial gas partner underpins the strong operational development.

QuantumScape: Extended cooperation with PowerCo
QuantumScape deepened its cooperation with PowerCo (Volkswagen) for the industrialization of the QSE-5 solid-state battery. Despite strong fundamentals, the share lost value in July – we attribute this to the negative market environment and maintain the high weighting in the fund.

Picture of Manfred Wiegel

Manfred Wiegel

CEO und Fund advisor of the green benefit AG

Further management commentaries

Legal information / Imprint
This document is a customer information within the meaning of the German Securities Trading Act, it is addressed to natural persons and legal entities with their habitual residence or registered office in Germany and is used exclusively 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: https://fondswelt.hansainvest.com/en/funds/details/814A summary of your investor rights in German can be found in digital form on the following website: https://www.hansainvest.de/de/unternehmen/complianceIn the event of any legal disputes, you will find an overview of all instruments of collective legal enforcement at national and EU level under the prenamed hyperlink or in the sales prospectus of the fund. The management company of the advertised financial instrument may decide to cancel arrangements it has made for the distribution of the shares of the financial instrument or to revoke the distribution altogether. The purchase of fund shares constitutes the acquisition of shares in an investment fund, not in its assets. Fees and expenses paid by the Fund reduce the return on an investment. Certain securities and cash held by the Fund may be calculated USD, GBP, CAD, SKK, NOK, AUD or CHF. Fluctuations in currency exchange rates may affect the return of an investment both positively and negatively.
The 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
Editor: green benefit AG, Gustav-Weißkopf-Str. 7 in 90768 Fürth acts as a tied agent (section 3 (2) German Wertpapierinstitutsgesetz (WpIG)) on behalf of, in the name of, for account and under the liability of the responsible legal entity BN & Partners Capital AG, Steinstrasse 33, 50374 Erftstadt. BN & Partners Capital AG has a corresponding license (section 15 WpIG) from the German Federal Financial Supervisory Authority (BaFin) for the provision of investment advice in accordance with section 2 (2) no. 4 WpIG and investment brokerage according to section 2 (2) no. 3 WpIG.

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