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Distribution Restriction
The information on this website is intended exclusively for persons with their registered office or habitual residence in Germany. The information contained herein is not intended for publication, use, or distribution to or by any person in any other country. In particular, this information is not intended for distribution in the United States of America (USA), to US citizens, or to persons residing or based in the USA or persons acting on their behalf. If persons residing or based abroad access the information contained on the website, the website operator makes no assurance or warranty that the information contained therein complies with the provisions applicable in the respective country.
Disclaimer and risk information
This website serves as marketing information. The information contained on this site is for marketing and general informational purposes only and does not constitute investment advice or investment recommendations. The information cannot replace individual investment and investor-specific advice and does not constitute a contract or any other obligation. 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 website visitor (including their economic and financial situation) were not taken into account when creating the website. Investment funds are subject to the risk of falling share prices, as price declines in the securities contained in the fund or the underlying currencies are reflected in the share price. Investors must be prepared to accept losses up to the amount of the capital invested. The fund’s investment strategy may change at any time within the limits permitted by contract and law. The content of the limits is set out in the sales prospectus. The sole basis for purchasing shares is the currently valid sales documents (basic information sheet, sales prospectus, semi-annual and annual reports, and pre-contractual disclosures of the fund).
Liability umbrella information
Investment advice according to section 2 para. 2 no. 4 German Wertpapierinstitutsgesetz (WpIG) and investment brokerage according to section 2 para. 2 no. 3 German Banking Act shall be made on behalf of, in the name of, for the account and under the liability of the responsible legal entity BN & Partners Capital AG, Steinstraße 33, 50374 Erftstadt, according to section 3 para. 2 WpIG BN & Partners Capital AG has a corresponding license from the German Federal Financial Supervisory Authority (BaFin) in accordance with section 15 WpIG for the prenamed investment services.
I confirm that I comply with the above requirements with regard to the investor category and that I have read, understood, and accepted the information regarding usage and distribution restrictions.
Management commentary
Retail clients
Management Commentary for Retail Clients – December 3, 2025
General Development
In November, the fund rose by 1.94%, marking the seventh consecutive month of gains. At times, the increase was significantly higher but was reduced by market movements. Since the beginning of the year, the return has been 30.91%. The fund continues to be among the strongest sustainable products in its peer group across several time periods. The equity ratio at the end of the month was 94.7%. We continue to see the fund as well-positioned for the coming years. Please refer to our fact sheet for complete performance details.
Market Performance and Portfolio
Ten stocks performed positively in November, including Canadian Solar, Ceres Power, SMA Solar, Enapter, and Fluence Energy. Declines were seen in Plug Power, QuantumScape, Ballard Power, and ITM Power after previous price increases.
We used the price movements for partial sales in Canadian Solar, Ceres Power, Powercell Sweden, and JinkoSolar. Reinvestments were made in Nel, Plug Power, Novonix, and Enphase. Fluence Energy was newly added to the portfolio.
A possible further interest rate cut by the US Federal Reserve would primarily help high-growth small caps, which would benefit our portfolio.
Fluence Energy – New Addition to the Fund
Fluence is a leading provider of large battery storage systems and associated software for modern power grids. The global expansion of renewable energies increases the need for flexibility and grid stability. Storage is a central component, and the market is growing at a double-digit rate annually. Fluence significantly increased its revenue and margin in 2024 and has an order backlog of approximately $4.9 billion USD. A standout project is the “GigaBattery Jänschwalde,” one of the largest announced storage projects in Europe.
With the new Smartstack technology, Fluence offers a maintenance-friendly, modular system that simplifies the connection of large storage facilities. Political uncertainties in the USA temporarily caused price pressure, but long-term support programs remain in place. Stricter requirements for foreign providers also strengthen the competitive position of American companies. Fluence is financially sound and has made the leap into profitability. The stock was weighted at 3.9%.
Enphase
Enphase is benefiting in the USA from new support programs that make solar-plus-storage solutions more attractive for households. Important partnerships, such as with Green Mountain Power, support the expansion of regional energy storage. Despite a decline in revenue, Enphase remains profitable. After a sharp price decline, the valuation is significantly more favorable than in previous years. We increased the position in November.
SMA
SMA is expanding its offerings for large-scale plants and commercial customers. New solutions such as the MVPS-9200 medium-voltage unit and the Sunny Tripower X 60 inverter are designed to simplify the planning and operation of large solar systems. With rising orders and cost reductions, the outlook for 2026 is improving.
Manfred Wiegel
CEO und Fund advisor of the green benefit AG
Further management commentaries
November 6, 2025
Management commentary for Retail Clients – November 04, 2025
October 6, 2025
Management Commentary for Retail Clients – October 6, 2025
September 4, 2025
Management Commentary for Retail Clients – September 4, 2025
August 4, 2025
Management Commentary for Retail Clients – August 4, 2025
July 3, 2025
Management Commentary for Retail Clients – July 3, 2025
June 5, 2025
Management Commentary for Retail Clients – June 5, 2025
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: 03.12.2025
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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