Management commentary
Retail clients

January 5, 2026

Management Commentary for Retail Clients, January 5, 2026

General Performance
In December 2025, the fund recorded a decrease of 7.07%. After seven consecutive positive months, this was the first monthly decline. For the full year 2025, the fund still achieved a strong performance of around 22%, continuing to be among the best sustainable funds in its peer group. The fund also occupies top positions in the Morningstar comparison over shorter periods. The equity ratio at the end of the month was 95.4%. Please refer to our fact sheet for complete performance details.

Market Performance in December
Seven portfolio values developed positively, while 22 recorded declines. The largest positive contributions came from thyssenkrupp nucera, Enphase, and Electrovaya. FuelCell Energy, Elia, JinkoSolar, and Fluence Energy also made positive contributions.
Ceres Power, PowerCell Sweden, Nano One, Canadian Solar, ITM Power, and Enapter had a particularly negative impact, seeing profit-taking after strong price increases.

Targeted Purchase and Interest Rate Environment
We used the low price level at FuelCell Energy for a targeted repurchase after the company reported operational progress. The US Federal Reserve lowered the key interest rate for the third time in December 2025. Lower interest rates particularly support high-growth small-cap companies, thus having a positive effect on the portfolio.

Daqo New Energy
Daqo suffered in the first half of the year from the sharp fall in prices in the polysilicon market, but reacted early with production cuts. Thanks to a very strong balance sheet with over USD 2.2 billion in liquidity and no debt, the company was able to survive the weak phase well. In the third quarter of 2025, Daqo returned to profitability, supported by a price recovery of around 37%. In addition, market consolidation is progressing in China, including through a new industry platform to stabilize supply and prices. Daqo continues to be one of the most cost-effective producers in the industry.

FuelCell Energy
FuelCell Energy showed significant operational progress in the fourth quarter of 2025. Sales and margins improved, losses decreased noticeably, and the order backlog increased to USD 1.19 billion. The company benefits from the increasing demand for electricity, especially in the data center sector. The solid liquidity position supports the ongoing turnaround. FuelCell Energy is currently weighted at around 2.5% in the portfolio.

ITM Power
ITM Power achieved record sales in the first half of 2025 and has a very strong liquidity base. Demand for electrolyzers is growing, especially in Europe, particularly in Germany. With new products, successful major projects, and decreasing losses, ITM Power is one of the most robust hydrogen stocks in the portfolio.

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: 05.01.2026
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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