General Development

In November 2024, the fund price recorded a loss of 12.68%. Donald Trump’s election as US president had a significant impact on the performance of clean tech stocks in November. There is hope that so-called “political markets” will once again be short-lived – a phenomenon in which political events often have a sharp but temporary impact on the markets. By January 2017, the portfolio had already recovered significantly in just three months after Trump’s first election, and over the entire duration of his first term in office from 2016 to 2020, the fund price rose by more than 200 percent. For complete performance information, please refer to our fact sheet.

November’s performance shows a clear picture
In October, six stocks in our portfolio delivered gains and 23 stocks suffered losses. Everfuel was sold through a complete takeover of its shares, and the proceeds from the sale were reinvested in companies such as Wolfspeed, SMA Solar, and Maxeon Solar.

Company Examples

Novonix wins new major orders
Novonix has secured a major order from Stellantis to supply up to 115,000 tons over six years starting in 2026. This represents an important milestone and underscores the company’s growth strategy in the field of e-mobility.

Maxeon Solar refocuses on the US market
Maxeon Solar Technologies has announced a strategic realignment and stated that it intends to serve exclusively the US market in the future. With this strategic decision, Maxeon Solar is streamlining its focus on more profitable future markets, which has prompted us to increase our position in the company.

KfW grants €24 billion loan for hydrogen core network in Germany
The outgoing German government’s national hydrogen strategy envisages establishing a core network of around 9,000 kilometers by 2032. The Federal Network Agency recently approved the network, and now the financing is also in place: the state-owned KfW Bank is providing a loan of €24 billion. With this commitment, the federal government is closing a significant financing gap.

Existing natural gas pipelines will be converted and new hydrogen pipelines built for the hydrogen core network. Connecting potential production and import sites as well as large industrial centers should enable the comprehensive industrial use of hydrogen. The first sections of the core network are scheduled to go into operation as early as next year.