{"id":14476,"date":"2025-08-04T06:59:50","date_gmt":"2025-08-04T05:59:50","guid":{"rendered":"https:\/\/dev.greenbenefit.com\/management-commentary-for-retail-clients-2025-08-04\/"},"modified":"2026-04-07T13:59:30","modified_gmt":"2026-04-07T12:59:30","slug":"management-commentary-for-retail-clients-august-4-2025","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-for-retail-clients-august-4-2025\/","title":{"rendered":"Management Commentary for Retail Clients – August 4, 2025"},"content":{"rendered":"\n

General Development<\/h2>\n\n

In July 2025, the fund price rose by 10.37%, continuing the significant recovery since April. Towards the end of the month, however, renewed geopolitical tensions and political uncertainties in the USA weighed on the markets and led to profit-taking. Nevertheless, the overall performance of the month remained clearly positive – also supported by a net inflow of EUR 1.13 million, which underlines the strong investor base. Please refer to our fact sheet<\/a> for full details of the performance. <\/p>\n\n

Market development in July<\/strong>Nineteen portfolio values were in the black, including QuantumScape, Ceres Power, Voltabox, PowerCell Sweden, Daqo, Jinko Solar and Ballard Power. ITM Power, SMA Solar, Enphase and Hexagon Purus recorded losses. The equity ratio at the end of the month was 93.2%. Gains at Jinko Solar, QuantumScape and PowerCell Sweden were used to expand positions such as Canadian Solar, Plug Power and SMA Solar. <\/p>\n\n

Company Examples<\/h2>\n\n

Ceres Power: Mass production starts in South Korea<\/strong>Ceres Power reached a milestone with partner Doosan: The start of mass production of fuel cells has taken place. Manufacturing in South Korea addresses the rapidly growing energy demand, for example through data centers, and strengthens Ceres’ global position. The share recovered noticeably and, with a weighting of 5.6%, is once again one of the top ten in the fund. <\/p>\n\n

Solar industry: Market consolidation in China supports prices<\/strong>China’s government announced measures against overcapacity in the polysilicon sector – including production quotas, minimum prices and closures of inefficient suppliers. This regulation noticeably stabilized the prices for solar modules in July and has a positive effect on the entire industry. <\/p>\n\n

Plug Power benefits from new US legislative package<\/strong>The OBBB Act (“One Big Beautiful Bill”) extends key tax credits for Plug Power – an important political tailwind for the business model. A new long-term supply contract with an industrial gas partner underpins the strong operational development. <\/p>\n\n

QuantumScape: Extended cooperation with PowerCo<\/strong>QuantumScape deepened its cooperation with PowerCo (Volkswagen) for the industrialization of the QSE-5 solid-state battery. Despite strong fundamentals, the share lost value in July – we attribute this to the negative market environment and maintain the high weighting in the fund. <\/p>\n","protected":false},"excerpt":{"rendered":"

General Development In July 2025, the fund price rose by 10.37%, continuing the significant recovery since April. Towards the end of the month, however, renewed geopolitical tensions and political uncertainties in the USA weighed on the markets and led to profit-taking. Nevertheless, the overall performance of the month remained clearly positive – also supported by […]<\/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-14476","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\/14476","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=14476"}],"version-history":[{"count":1,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14476\/revisions"}],"predecessor-version":[{"id":17100,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14476\/revisions\/17100"}],"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=14476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=14476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=14476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}