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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 – November 04, 2025
General Development
Fund Performance
In October, the fund price increased by 16.08%, continuing the series of positive months. Since the beginning of the year, the performance amounts to 28.41%, which means the fund remains in 1st place in the Morningstar ranking of all sustainable funds over the 1, 3, and 6-month periods. The broad distribution of winners demonstrates the strength of stock picking in the concentrated portfolio.
Market Environment & Interest Rates
The US Federal Reserve lowered the key interest rate for the second time this year to 3.75–4.0%. Further steps could follow – an environment that favors small caps and gives the fund additional tailwind. Net inflows of €1.1 million reflect the increased investor interest.
Main Contributions to Performance
Ceres Power, QuantumScape, Canadian Solar, and Plug Power were among the biggest winners. Ballard Power, SMA Solar, PowerCell Sweden, ITM Power, Nano One, Novonix, and Daqo New Energy also contributed significantly to the positive development. On the sell side were Voltabox, Enphase, thyssenkrupp nucera, and Fuelcell Energy.
Company Examples
PowerCell Sweden with impressive growth
PowerCell Sweden increased its sales in the third quarter by 52 percent and achieved a gross profit of almost 49 percent. Of particular note is a new order for emission-free power systems on a sailing yacht, as well as the entry into the bulk cargo market with hydrogen-powered ships. PowerCell is also making progress in aviation.
Canadian Solar / e-STORAGE
Canadian Solar, through its subsidiary e-STORAGE, has already delivered more than 13 GWh of storage capacity worldwide. With the 220 MWh project in South Australia, the company demonstrates its strength in large-scale storage solutions that contribute to grid stability worldwide.
SMA Solar
SMA Solar received the first German certificate for grid-forming battery inverters. The new system achieves over 99 percent efficiency and is in high demand internationally. Through a transformation program with efficiency measures, SMA also intends to reorganize the “Home & Business Solutions” division.
First Solar
First Solar increased its sales in the third quarter by almost 80 percent to $1.6 billion. With 5.3 GW of modules delivered, an order backlog of 53.7 GW, and a solid cash position, the company is further expanding its market leadership. Thanks to production in the USA and leading thin-film technology, First Solar benefits from the trend towards domestic manufacturing and remains a core investment in the fund.
Elia Group
The Elia Group, one of Europe’s leading transmission system operators, impressed with a profit growth of 48 percent compared to the previous year. The development of the German subsidiary 50Hertz and Elia Transmission Belgium (ETB) was particularly strong. With billions invested in offshore projects and stable finances, Elia is centrally positioned for the expansion of renewable energies in Europe.
Manfred Wiegel
CEO und Fund advisor of the green benefit AG
Further management commentaries
December 3, 2025
Management Commentary for Retail Clients – December 3, 2025
October 6, 2025
Management Commentary for Retail Clients – October 6, 2025
September 4, 2025
Management Commentary for Retail Clients – September 4, 2025
August 4, 2025
Management Commentary for Retail Clients – August 4, 2025
July 3, 2025
Management Commentary for Retail Clients – July 3, 2025
June 5, 2025
Management Commentary for Retail Clients – June 5, 2025
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: 06.11.2025
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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