{"id":14515,"date":"2025-03-04T08:54:21","date_gmt":"2025-03-04T07:54:21","guid":{"rendered":"https:\/\/dev.greenbenefit.com\/management-commentary-for-private-clients-march-4-2025\/"},"modified":"2026-04-07T14:05:14","modified_gmt":"2026-04-07T13:05:14","slug":"management-commentary-for-retail-clients-march-4-2025","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-for-retail-clients-march-4-2025\/","title":{"rendered":"Management Commentary for Retail Clients \u2013 March 3,2025"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">General Development<\/h2>\n\n<p>In February 2025, the fund price recorded a decrease of 5.18% after initially showing an increase of around 5%. Geopolitical factors, inflation concerns, and President Trump&#8217;s announcement of new US tariffs weighed on the markets and led to increased uncertainty. Despite the short-term turbulence, we continue to see positive developments at the corporate level, particularly in the solar sector, where module and solar cell prices are stabilizing and industry consolidation is progressing. 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 Performance in February<\/strong><\/p>\n\n<p>While ten of our portfolio holdings generated gains, 18 experienced losses. Voltabox in the e-mobility sector, as well as Jinko Solar, Daqo New Energy, SMA Solar, and Canadian Solar from the solar sector, performed particularly well. PowerCell Sweden and SFC Energy in the hydrogen sector also contributed positively to performance. Conversely, Ceres Power, ITM Power, Plug Power, Hexagon Purus, and Enapter showed weaker performance.   <\/p>\n\n<p><strong>Stabilization in the Solar Sector<\/strong><\/p>\n\n<p>Solar module prices continued to rise in February, particularly due to production cutbacks in China. Experts from Wood Mackenzie forecast rising module prices until the end of the year, while market consolidation is likely to displace smaller manufacturers. This development could counteract existing overcapacities and ensure greater long-term stability in the sector.  <\/p>\n\n<h2 class=\"wp-block-heading\">Company Examples<\/h2>\n\n<p><strong>Ceres Power: Setback from Bosch, but long-term prospects intact<\/strong><br\/>The end of the partnership with Bosch and the planned sale of the 17.44% stake led to a sharp drop in Ceres Power&#8217;s share price. Nevertheless, the company is sticking to its long-term forecasts and is increasingly focusing on strategic partnerships with global production partners. High-margin licensing revenues remain a crucial factor for the business model, which is why we are holding onto the position.  <\/p>\n\n<p><strong>Nel ASA: EU Subsidies and Improved Financial Figures<\/strong><br\/>Nel ASA secured 135 million euros from the EU Innovation Fund for the further development of its electrolyzer technology. Despite ongoing losses, the company showed positive revenue development, with a significant improvement in earnings in the Alkaline division. CEO H\u00e5kon Volldal emphasized that revenue has almost doubled since 2022, while losses have been reduced by 60%. Nel plans a 50% reduction in investments and expects an increasing order intake for 2025.   <\/p>\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>General Development In February 2025, the fund price recorded a decrease of 5.18% after initially showing an increase of around 5%. Geopolitical factors, inflation concerns, and President Trump&#8217;s announcement of new US tariffs weighed on the markets and led to increased uncertainty. Despite the short-term turbulence, we continue to see positive developments at the corporate [&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":[90],"class_list":["post-14515","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\/14515","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=14515"}],"version-history":[{"count":1,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14515\/revisions"}],"predecessor-version":[{"id":17106,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14515\/revisions\/17106"}],"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=14515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=14515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=14515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}