{"id":14470,"date":"2025-09-04T06:51:51","date_gmt":"2025-09-04T05:51:51","guid":{"rendered":"https:\/\/dev.greenbenefit.com\/management-commentary-for-retail-clients-2025-09-04\/"},"modified":"2026-04-07T14:01:39","modified_gmt":"2026-04-07T13:01:39","slug":"management-commentary-for-retail-clients-september-4-2025","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-for-retail-clients-september-4-2025\/","title":{"rendered":"Management Commentary for Retail Clients \u2013 September 4, 2025"},"content":{"rendered":"\n

General Development<\/h2>\n\n

In August 2025, the fund price recorded its fourth consecutive positive month with an increase of 0.31%. Since the low point in April, the fund has thus further stabilized. The month was generally characterized by a low volume of news, although geopolitical tensions \u2013 particularly due to decisions by the US government \u2013 had a negative impact in some cases. At the same time, many stocks benefited from structural progress, stabilized solar module prices, and operational successes. Please refer to our fact sheet<\/a> for complete details on performance. <\/p>\n\n

Market development in August<\/strong>Twelve portfolio values recorded price gains, sixteen were in the red. Voltabox, Nano One, SMA Solar, Novonix, Daqo, Enphase, and ITM Power performed particularly well. Losses came from, among others, Canadian Solar, QuantumScape, SFC Energy, PowerCell Sweden, and Ceres Power. The equity ratio at the end of the month was 96.4%. <\/p>\n\n

Portfolio movements: Counter-cyclical and selective<\/strong>In August, we used targeted pullbacks at ITM Power, Plug Power, and QuantumScape for counter-cyclical follow-up purchases and simultaneously expanded First Solar. Smaller adjustments through sales were made at SMA Solar, Voltabox, Ceres Power, and PowerCell Sweden. <\/p>\n\n

Company Examples<\/h2>\n\n

Voltabox: Growth through acquisition and new forecast<\/strong>Voltabox once again benefited from the GMS acquisition, which gives the company a broader strategic and sales base. The new sales forecast, solid sales revenue from the high-voltage business, and the renaming to “Voltatron AG” strengthen confidence in the turnaround \u2013 with a weighting of 6.0%, Voltabox continues to be one of the top ten in the fund. <\/p>\n\n

ITM Power: Green hydrogen for Infineon<\/strong>A large-scale electrolyzer from Linde based on ITM technology will in future supply Infineon’s semiconductor production in Villach with green hydrogen. The plant saves CO\u2082, reduces dependencies, and is an impressive example of the growing industrial use of ITM Power \u2013 one of our strongest hydrogen stocks. <\/p>\n\n

Daqo New Energy: Solid despite cycle low<\/strong>Despite weak figures and massive price corrections in the polysilicon market, Daqo remains a robust industry leader thanks to high liquidity and freedom from debt. A share buyback of USD 100 million and the ongoing market consolidation in China speak for long-term potential \u2013 with a portfolio share of 4.1%, Daqo remains strategically positioned.<\/p>\n\n

Solar sector: First signs of bottoming out in module prices<\/strong>In China and on the world market, the first price increases for solar modules can be observed in August. Political measures to stabilize the market and stricter tender criteria support the turnaround \u2013 a positive signal for our solar positions. <\/p>\n\n

Nano One: Key technology for North America<\/strong>Nano One reached an important milestone with the commissioning of its new 20,000-liter one-pot reactor. Capacity is increasing by 50%, and production costs are falling. As a cobalt-free LFP solution with US funding and strong regional roots in Canada, Nano One is positioning itself as a strategic player in the North American battery value chain. <\/p>\n","protected":false},"excerpt":{"rendered":"

General Development In August 2025, the fund price recorded its fourth consecutive positive month with an increase of 0.31%. Since the low point in April, the fund has thus further stabilized. The month was generally characterized by a low volume of news, although geopolitical tensions \u2013 particularly due to decisions by the US government \u2013 […]<\/p>\n","protected":false},"author":2,"featured_media":17096,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[87],"class_list":["post-14470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management-commentary-retail","tag-2025-q3-en"],"_links":{"self":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/comments?post=14470"}],"version-history":[{"count":1,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14470\/revisions"}],"predecessor-version":[{"id":17116,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14470\/revisions\/17116"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/media\/17096"}],"wp:attachment":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/media?parent=14470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=14470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=14470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}