{"id":14509,"date":"2025-04-04T07:35:15","date_gmt":"2025-04-04T06:35:15","guid":{"rendered":"https:\/\/dev.greenbenefit.com\/management-commentary-for-retail-clients-april-4-2025\/"},"modified":"2025-12-02T12:50:29","modified_gmt":"2025-12-02T11:50:29","slug":"management-commentary-for-retail-clients-april-4-2025","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-for-retail-clients-april-4-2025\/","title":{"rendered":"Management Commentary for Retail Clients – April 4, 2025"},"content":{"rendered":"\n

General Development<\/h2>\n\n

In March 2025, the fund price recorded a moderate decline of 6.34% after initially recovering by 10% from its interim low. As in previous months, positive corporate news and Germany’s 100-billion-euro climate package provided only temporary impetus, while political uncertainties surrounding new US tariffs and high market volatility weighed again. For full performance details, please refer to our Factsheet<\/a>. <\/p>\n\n

Market Performance in March<\/strong>Eleven portfolio holdings generated gains, while seventeen recorded losses during the month. The biggest gainers included German companies such as Aumann, SFC Energy, SMA Solar, Enapter, Voltabox, and thyssenkrupp nucera. Larger losses came from JinkoSolar, Canadian Solar, Plug Power, Wolfspeed, Daqo, QuantumScape, Ceres Power, and PowerCell Sweden. The fund remains heavily invested with an equity ratio of 90 percent. <\/p>\n\n

Europe as a Strategic Opportunity<\/strong>With a 27% portfolio share, Germany is currently the most heavily weighted country. We see this deliberate European allocation as a strategic advantage, as it offers the potential to benefit disproportionately from the announced infrastructure programs \u2013 especially compared to the low-weighted US holdings (16%). <\/p>\n\n

Company Examples<\/h2>\n\n

SMA Solar: Growth Leader in Large-Scale Storage Business<\/strong>SMA Solar benefits significantly from the new German infrastructure package. Especially in the large-scale storage project segment, the company impressed with a 39.1% increase in revenue and a profit of 227 million euros. A new cooperation with Rheinenergie and the Europe-wide rollout of the “Sunny Central Storage” inverter strengthen SMA’s position in a strategically important growth area. <\/p>\n\n

Aumann: Profit Surge and Future Focus<\/strong>Aumann increased its profit in 2024 by 73.4% to 35.8 million euros, maintaining a stable financial position. The company is strategically investing in new applications outside the automotive sector \u2013 including Clean Tech, aerospace \u2013 and is launching a share buyback program amounting to approximately 10% of its share capital. <\/p>\n\n

SFC Energy: New Records and International Momentum<\/strong>SFC Energy exceeded the 100 million euro revenue mark for the first time in 2024 in its fuel cell business and expects further double-digit growth for 2025. A new major order from Canada for EFOY fuel cells demonstrates increasing international demand, particularly for decentralized energy supply in remote regions. <\/p>\n","protected":false},"excerpt":{"rendered":"

General Development In March 2025, the fund price recorded a moderate decline of 6.34% after initially recovering by 10% from its interim low. As in previous months, positive corporate news and Germany’s 100-billion-euro climate package provided only temporary impetus, while political uncertainties surrounding new US tariffs and high market volatility weighed again. For full performance […]<\/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":[91],"class_list":["post-14509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management-commentary-retail","tag-2025-q2-en"],"_links":{"self":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14509","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=14509"}],"version-history":[{"count":1,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14509\/revisions"}],"predecessor-version":[{"id":17120,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14509\/revisions\/17120"}],"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=14509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=14509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=14509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}