Management commentary
Retail clients

February 5, 2025

General Development

Market Update January 2025: A Turbulent Start to the Year
January 2025 started promisingly for our fund with an increase of around 10%, but ended with a decline of 12.15%. The main reason was the political uncertainty following Donald Trump’s return to office. His announced tariffs against Canada, China, and Mexico caused nervousness in the markets. His energy policy, with a focus on increased oil production, also caused concern, as a drastic reduction in oil prices remains unlikely.

Companies Remain on Growth Path
Despite market turbulence, the fundamental developments of our portfolio companies remain positive. The setback reflects short-term uncertainties, but not a lasting deterioration of economic prospects.

Jinko Solar is particularly noteworthy: The company once again set a world efficiency record with a module efficiency of 33.84%. Jinko Solar was also ranked as the leading solar module manufacturer worldwide. However, the stock came under pressure after a strong rally, following analysts lowering their earnings forecasts.

There are also exciting developments in the hydrogen sector: Plug Power secured funding of USD 1.7 billion to expand production capacities for green hydrogen in the USA. ITM Power reported increasing revenues, a strong order book, and improved operational progress – which provides a strong basis for further growth in the long term.

Reversal in Solar Module Prices
After months of falling prices, a turnaround is emerging in the solar market. Ten leading manufacturers have increased solar module prices by over 20%. TOPCon modules are particularly affected, whose price per watt rose from 7 cents in October 2024 to 10 cents in January 2025. The reason for this is reduced production capacities, as manufacturers are no longer willing to sell below their costs.

Outlook
Our portfolio remains focused on companies with long-term growth potential. The current volatility offers opportunities, as the fundamental developments are intact. Experience shows that strong business models and technological advancements prevail in the long term – and that is precisely what we rely on.

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: 05.02.2025
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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