Management commentary
Retail clients

July 2, 2026

Management Commentary for Retail Clients, July 3, 2026

General Development

In June 2026, following two exceptionally strong months with a cumulative gain of over 60 percent, the fund’s price suffered a significant decline, losing 22.96 percent of its value. Please refer to our fact sheet for complete performance data.

Most portfolio holdings saw a sharp decline in price in June

In June, 26 of our portfolio companies saw their share prices decline, while only four stocks posted gains. The declines affected all four sectors of the portfolio and particularly impacted companies in the hydrogen, solar, electric mobility, and smart grids sectors that had previously risen sharply. FuelCell Energy made the largest positive contribution, benefiting from very positive corporate news. At the end of the month, the portfolio’s equity allocation stood at 96.0 percent.

Purchases and sales

We took advantage of the sharp price increases in Fluence Energy to slightly reduce our position. In contrast, we selectively added to our positions in the following companies at very low price levels: Eos Energy, PowerCell Sweden, and Novonix.

Geopolitics, inflation, and interest rates are weighing on the markets

In June 2026, rising inflation, volatile oil prices, and uncertainty surrounding the war in Iran weighed on the financial markets. At the same time, rising inflationary pressures in the U.S. and Europe made further interest rate cuts difficult, while the ECB raised its key interest rate. Higher interest rates put particular pressure on technology and growth stocks.

AI Correction Weighs on Clean Tech

Following strong performance amid the AI boom, many companies in the hydrogen, solar, battery storage, and smart grid sectors also came under selling pressure in June. In our view, the price declines primarily reflect weaker market sentiment and capital outflows from the technology sector—but not a deterioration in the long-term fundamentals of our portfolio companies.

Company Developments

FuelCell Energy

Through a strategic partnership to provide power for AI data centers, FuelCell Energy has positioned itself as a key player in the growing AI infrastructure market. In addition, a financing package from the U.S. government bolstered the company’s liquidity. Despite weaker quarterly results, the rapidly expanding project pipeline, the expansion of production capacity, and the solid balance sheet point to attractive long-term growth prospects.

QuantumScape

QuantumScape continues to drive forward the commercialization of its solid-state battery technology and has secured Honda as a development partner, joining Volkswagen as the second leading automaker to partner with the company. This multi-year collaboration confirms the technology’s competitiveness and strengthens the company’s position in the future market for solid-state batteries.

Picture of Manfred Wiegel

Manfred Wiegel

CEO und Fund advisor of the green benefit AG

Further management commentaries

Legal information / Imprint
Bei diesem Dokument handelt es sich um eine Kundeninformation im Sinne des Wertpapierhandelsgesetzes, diese richtet sich an natürliche und juristische Personen mit gewöhnlichem Aufenthalt/Sitz in Deutschland und wird ausschließlich zu Marketing- und allgemeinen Informationszwecken eingesetzt. 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 considered 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 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) for the investment fund. These can be found free of charge and in German on the following website: https://fondswelt.hansainvest.com/de/fonds/details/814?fondsid=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 financial instrument may, subject to compliance with the applicable statutory and regulatory provisions, resolve to discontinue the marketing arrangements established for the distribution of the units or to withdraw the marketing of the financial instrument altogether.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 in AUD, CAD, CHF, GBP, HKD, NOK, SEK or USD. 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. For information based on third-party sources, no guarantee is given for its accuracy, completeness or timeliness. Liability for errors, inaccuracies or omissions is excluded to the extent permitted by law. This customer information is protected by copyright. Any reproduction or commercial use is prohibited. Date: 02.07.2026
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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