Management commentary
Retail clients

October 6, 2025

General Development

Fund with Strong Performance – No. 1 at Morningstar
In September 2025, the fund price rose by 13.5% – the fifth consecutive month of gains. This places the fund currently No. 1 among 694 sustainable funds in all short-term Morningstar comparisons (1, 3, 6 months). The April lows have been definitively overcome. For full performance details, please refer to our Factsheet.

Interest Rate Cut Boosts Small Caps
The US Federal Reserve cut the key interest rate by 0.25 percentage points. Expected further easing particularly strengthened smaller companies – an advantage for the fund, which is heavily invested in this segment.

Broad-Based Recovery
17 stocks advanced, 11 saw slight declines. Among the strongest performers were QuantumScape, Plug Power, Daqo, Ballard Power, Canadian Solar, and Ceres Power.

Company Examples

Quantumscape

QuantumScape – Battery Breakthrough at IAA
At the IAA, QuantumScape presented a Ducati motorcycle with its own solid-state cells for the first time – a technological milestone. A new partnership with Corning aims to enable the production of ceramic separators, while collaboration with Volkswagen subsidiary PowerCo was deepened with new license payments. The cells offer high energy density (844 Wh/L), short charging times, and high safety – a decisive step towards commercialization.

Plug Power

Plug Power – Three Major Projects and Record Figures
Plug Power achieved a production record of 324 tons of green hydrogen in Georgia. The electrolyzer business has tripled, supported by global projects:

  • Brazil Deal with GH2 Global opens up new markets
  • Delivery for Europe’s largest PEM project (100 MW) to Galp in Portugal
  • Initial progress in the efficiency program “Quantum Leap”

The technology works on an industrial scale – a strong signal for investors.

Ceres Power

Ceres Power – AI Data Centers as a New Driver
With the rapidly growing energy demand from AI data centers (plus 160% by 2030), the demand for decentralized power solutions is increasing. Ceres Power is working with Doosan and Delta Electronics on SOFC systems and is relying on a high-margin licensing model that could generate high gross margins as early as 2026.

Nel ASA

Nel ASA – Focus on PEM instead of Alkaline
While the alkaline division is declining, PEM technology at Nel is developing dynamically. It is ideally suited for coupling with wind and solar power. The growing order backlog and the strategic partnership with Samsung E&A strengthen its market position. With 1.9 billion NOK in cash, Nel is solidly financed – we have increased the position to 3.5%.

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: 06.10.2025
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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