{"id":14507,"date":"2025-02-05T09:04:32","date_gmt":"2025-02-05T08:04:32","guid":{"rendered":"https:\/\/dev.greenbenefit.com\/management-commentary-for-private-clients-february-5-2025\/"},"modified":"2025-12-02T12:43:26","modified_gmt":"2025-12-02T11:43:26","slug":"management-commentary-for-retail-clients-february-5-2025","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-for-retail-clients-february-5-2025\/","title":{"rendered":"Management Commentary for Retail Clients &#8211; February 5, 2025"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">General Development<\/h2>\n\n<p><strong>Market Update January 2025: A Turbulent Start to the Year<\/strong><br\/>January 2025 started promisingly for our fund with an increase of around 10%, but ended with a decline of 12.15%. The main reason was the political uncertainty following Donald Trump&#8217;s return to office. His announced tariffs against Canada, China, and Mexico caused nervousness in the markets. His energy policy, with a focus on increased oil production, also caused concern, as a drastic reduction in oil prices remains unlikely.   <\/p>\n\n<p><strong>Companies Remain on Growth Path<\/strong><br\/>Despite market turbulence, the fundamental developments of our portfolio companies remain positive. The setback reflects short-term uncertainties, but not a lasting deterioration of economic prospects. <\/p>\n\n<p>Jinko Solar is particularly noteworthy: The company once again set a world efficiency record with a module efficiency of 33.84%. Jinko Solar was also ranked as the leading solar module manufacturer worldwide. However, the stock came under pressure after a strong rally, following analysts lowering their earnings forecasts.  <\/p>\n\n<p>There are also exciting developments in the hydrogen sector: Plug Power secured funding of USD 1.7 billion to expand production capacities for green hydrogen in the USA. ITM Power reported increasing revenues, a strong order book, and improved operational progress \u2013 which provides a strong basis for further growth in the long term. <\/p>\n\n<p><strong>Reversal in Solar Module Prices<\/strong><br\/>After months of falling prices, a turnaround is emerging in the solar market. Ten leading manufacturers have increased solar module prices by over 20%. TOPCon modules are particularly affected, whose price per watt rose from 7 cents in October 2024 to 10 cents in January 2025. The reason for this is reduced production capacities, as manufacturers are no longer willing to sell below their costs.   <\/p>\n\n<p><strong>Outlook<\/strong><br\/>Our portfolio remains focused on companies with long-term growth potential. The current volatility offers opportunities, as the fundamental developments are intact. Experience shows that strong business models and technological advancements prevail in the long term \u2013 and that is precisely what we rely on.  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>General Development Market Update January 2025: A Turbulent Start to the YearJanuary 2025 started promisingly for our fund with an increase of around 10%, but ended with a decline of 12.15%. The main reason was the political uncertainty following Donald Trump&#8217;s return to office. His announced tariffs against Canada, China, and Mexico caused nervousness in [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":15471,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[90],"class_list":["post-14507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management-commentary-retail","tag-2025-q1-en"],"_links":{"self":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14507","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=14507"}],"version-history":[{"count":1,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14507\/revisions"}],"predecessor-version":[{"id":17108,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14507\/revisions\/17108"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/media\/15471"}],"wp:attachment":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/media?parent=14507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=14507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=14507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}