Management commentary
Retail clients

September 2, 2026

Management Commentary for Retail Clients, September 4, 2026

General Development

In August 2026, the fund’s price fell slightly and ended the month down 2.67 percent. Please refer to our fact sheet for complete performance data.

Stabilization in August following the sharp declines of the previous months

In August, 17 of our portfolio companies saw their share prices decline, while 15 stocks rose. The declines and gains spanned all four sectors of the portfolio.

The largest contributors to the losses were Fuelcell Energy, Canadian Solar, Ballard Power, Fluence Energy, Eos Energy, JinkoSolar, and Novonix.

The largest positive contributions came from Ceres Power, Aumann, SMA Solar, Daqo New Energy, and ITM Power.

At the end of the month, the portfolio’s equity allocation stood at 97.1 percent.

Geopolitical Factors and Interest Rate Risks Are Slowing the Recovery

Geopolitical tensions stemming from the war in Iran, rising oil prices and interest rates, as well as the new tariff dispute between the U.S. and Canada, continued to weigh on the markets and prevented a stronger recovery for the companies in our portfolio. We increasingly expect positive momentum to come from the corporate sector.

Purchases and Sales

We took advantage of the sharp price pullbacks in Eos Energy to strategically increase our position. The purchase was financed by a partial sale of First Solar and by new cash inflows in August.

Positive Business Developments

Canadian Solar: Energy Storage as a Growth Driver

Canadian Solar increased its battery storage shipments by 73 percent to 3.7 GWh in the second quarter. With an order backlog of $3.5 billion and a project pipeline of approximately 84 GWh, the storage business is becoming increasingly important and is partially offsetting the weakness in the solar module business.

Ballard Power: Acquisition Expands Business Model

With the acquisition of the British company GeoPura, Ballard is expanding its business from fuel cell technology to an integrated hydrogen platform that includes in-house production, logistics, and power supply.

As a result, Ballard is tapping into additional markets and will be able to play a greater role in the entire hydrogen value chain in the future.

SMA Solar: AI Data Centers—A New Growth Market

SMA Solar is tapping into an attractive growth market with new solutions for powering AI and hyperscale data centers. The company expects revenue from this segment to reach the mid- to high-double-digit millions of euros as early as 2027.

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: 02.09.2026
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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