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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).
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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.
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Management commentary
Retail clients
Management Commentary for Retail Clients -June 5, 2026
General Development
In May 2026, the fund price rose by 30.43% – following a strong 29.05% in April. This puts the fund in first place in its peer group of 676 sustainability equity funds with a 48.14% increase since the start of the year. Over the course of a year, it also leads the field with a gain of 127.06%. After four difficult years, this is an important positive signal. Please refer to ourfactsheet for full performance details.
Portfolio performance
21 stocks rose in May, while 9 stocks recorded declines. The largest gains were spread across all four sectors, which indicates a balanced portfolio.
The best-performing stock was Enphase Energy, which had been the laggard in April. Ballard Power, Fuelcell Energy, Fluence Energy, Ceres Power, ITM Power, Nel ASA, Plug Power, Canadian Solar and First Solar also made strong contributions to performance. The biggest losses were recorded by Daqo New Energy, Novonix, DynaCert and Maxeon Solar. The equity allocation stood at 92.7 percent at the end of the month.
Purchases and sales
We took advantage of the strong increases in Ceres Power, ITM Power, Enphase Energy and Fluence Energy to sell and made targeted purchases at a low level in Daqo New Energy, PowerCell Sweden and Novonix.
Corporate Developments
Fluence
Siemens, Nvidia, nVent and Fluence presented a joint concept for AI data centers with a capacity of 100 MW at the beginning of June. Fluence is supplying its Smartstack battery storage system, which stabilizes the power grid and balances out the highly fluctuating load of such data centers. The company is thus positioning itself as an important infrastructure partner for the AI boom in addition to renewable energies.
Enphase
The share price rose in May after analysts attributed a potential key role to the company in the energy supply of AI data centers. The focus is on solid-state transformers that can reduce energy losses in the operation of data centers. The first products are planned for the end of the year, which should have a positive impact from 2027.
SMA Solar
At “The smarter E Europe” trade fair, SMA will showcase new solutions, including hybrid inverters with storage and backup functions for households and commercial customers. In addition, the company plans to present large-scale storage and hybrid solutions that increase grid stability and have been developed primarily for the increasing demand for energy. SMA is thus evolving from a pure inverter manufacturer to a provider of intelligent energy solutions.
Ceres Power
Ceres Power is a central component of our hydrogen portfolio. Its fuel cell technology is benefiting from the sharp rise in electricity demand from AI data centers (estimated increase by 2030: ~ 160 percent). The partnerships with Doosan Fuel Cell and Delta Electronics are important for Ceres Power. In particular, strong demand from its partner Doosan in Asia has driven the share price recently.
Manfred Wiegel
CEO und Fund advisor of the green benefit AG
Further management commentaries
May 5, 2026
Management Commentary for Retail Clients – May 4, 2026
April 7, 2026
Management Commentary for Retail Clients – April 7, 2026
March 3, 2026
Management Commentary for Retail Clients – March 3, 2026
February 5, 2026
Management Commentary Retail Clients – February 5, 2026
January 5, 2026
Management Commentary for Retail Clients – January 5, 2026
December 3, 2025
Management Commentary for Retail Clients – December 3, 2025
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: 08.06.2026
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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