{"id":14511,"date":"2025-05-05T06:25:47","date_gmt":"2025-05-05T05:25:47","guid":{"rendered":"https:\/\/dev.greenbenefit.com\/management-commentary-for-private-clients-may-5-2025\/"},"modified":"2026-04-07T14:00:54","modified_gmt":"2026-04-07T13:00:54","slug":"management-commentary-for-retail-clients-may-5-2025","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-for-retail-clients-may-5-2025\/","title":{"rendered":"Management Commentary for Retail Clients \u2013 May 5, 2025"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">General Development<\/h2>\n\n<p>In April 2025, the fund price recorded a 1.2% decline, after having previously recovered 13% from its monthly low in the short term. The market turbulence was primarily triggered by far-reaching tariff announcements from the Trump administration, which not only affected individual trade measures but also questioned fundamental principles of global trade. A subsequent partial withdrawal of tariffs \u2013 with the exception of measures against China \u2013 led to a calming of the markets. For full performance details, please refer to our <a href=\"https:\/\/documents.anevis-solutions.com\/greenben\/green_benefit_Global_Impact_Fund_P.pdf\" target=\"_blank\" rel=\"noopener\">factsheet<\/a>.   <\/p>\n\n<p><strong>Market Development in April<\/strong><br\/>Fourteen portfolio holdings generated gains, including Aumann, Voltabox, ITM Power, Hexagon Purus, and Wolfspeed. In contrast, losses were recorded by Plug Power, JinkoSolar, SMA Solar, Enapter, and Daqo Energy, among others. Currency hedging fully offset the strong fluctuation of the USD against the Euro. The equity ratio stood at 97% at the end of the month.   <\/p>\n\n<p><strong>Counter-Cyclical Purchases and Portfolio Restructuring<\/strong><br\/>In April, we strategically utilized price declines for additional purchases in selected stocks, including Canadian Solar, Enphase, Hexagon Purus, and Plug Power. At the same time, we fully divested from Meyer Burger, as management&#8217;s statements regarding short-term bond extensions and takeover speculation posed too high a risk. The Elia Group was newly added to the portfolio as a promising entry into the smart grid segment, as was First Solar again \u2013 with an attractive valuation level and a strong order book.  <\/p>\n\n<h2 class=\"wp-block-heading\">Company Examples<\/h2>\n\n<p><strong>Elia Group \u2013 New Position in the Smart Grid Sector<\/strong><br\/>The Elia Group is a central player in the European energy transition, connecting electricity markets, integrating offshore wind, and ensuring grid stability. The company boasts stable, regulatorily secured revenues, a high-profit margin of over 50%, and is strategically excellently positioned for the long term. <\/p>\n\n<p><strong>US Tariffs Affect the Solar Sector Differently<\/strong><br\/>While Enphase can mitigate the impact of the new US tariffs through a diversified supply chain for micro-inverters, the gross margin in the battery segment will be temporarily burdened. First Solar, on the other hand, benefits from protection in the US market but simultaneously faces challenges at its Asian production sites. Nevertheless, the company remains well-positioned for the long term thanks to its strong US presence and political support.  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>General Development In April 2025, the fund price recorded a 1.2% decline, after having previously recovered 13% from its monthly low in the short term. The market turbulence was primarily triggered by far-reaching tariff announcements from the Trump administration, which not only affected individual trade measures but also questioned fundamental principles of global trade. A [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":17096,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[91],"class_list":["post-14511","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\/14511","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=14511"}],"version-history":[{"count":1,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14511\/revisions"}],"predecessor-version":[{"id":17104,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14511\/revisions\/17104"}],"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=14511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=14511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=14511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}