General Development

In October 2024, the fund price recorded a loss of 7.78%. The high volatility in the run-up to the US elections had a strong impact, meaning that the fund was unable to maintain profits during the month and ultimately closed the month in the red. Please refer to our fact sheet for full details of the performance.

October’s performance paints a clear picture
In October, 7 stocks in our portfolio delivered gains and 22 stocks suffered losses.

Company Examples

Hexagon Purus with setback in orders and with capital increase
Hexagon Purus recorded significant successes over the course of the year, including partnerships with Toyota and Mitsui, as well as record sales, but in October it suffered a setback due to the cancellation of a supply agreement with Daimler Truck North America. Despite a subsequent sharp price correction and the pressure of a capital increase, we are sticking with Hexagon Purus and see the company as a well-positioned specialist in hydrogen storage and transport in the long term.

Wolfspeed with high government funding and loans totaling $2.5 billion
Wolfspeed is on the verge of receiving government funding and additional investments totaling $1.5 billion for its new silicon carbide wafer plant in North Carolina and also expects tax refunds of $1 billion through the Chips and Science Act. This funding strengthens the company’s position as a leading manufacturer of energy-efficient chips for electric vehicles and supports its ambitious growth targets in the e-mobility sector.

Jinko Solar with stabilizations in the prices of its products and return to profit
Jinko Solar returned to profitability in the third quarter of 2024, supported by a favorable geographic sales mix and stable module prices, which improved gross margins. For the year as a whole, the company is planning a high dividend payout and expects strong shipments of 90 to 100 GW, thus consolidating its position as the world’s number one; in addition, the construction of a 10 GW module factory in Saudi Arabia strengthens its global expansion and technological leadership.

Politics

Impact of the US election
Trump’s victory in the 2024 US presidential election could slow the momentum of climate protection efforts. The example from 2016 shows that initial volatility in the clean tech sector can subside quickly, and we remain optimistic about the long-term opportunities in the portfolio and advise sticking to the future direction.