{"id":16429,"date":"2025-11-06T11:56:35","date_gmt":"2025-11-06T10:56:35","guid":{"rendered":"https:\/\/dev.greenbenefit.com\/management-commentary-for-retail-clients-november-4-2025\/"},"modified":"2026-04-07T11:50:52","modified_gmt":"2026-04-07T10:50:52","slug":"management-commentary-retail-clients-november-4-2025","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-retail-clients-november-4-2025\/","title":{"rendered":"Management commentary for Retail Clients &#8211; November 04, 2025"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">General Development<\/h2>\n\n<p><strong>Fund Performance<\/strong><br\/>In October, the fund price increased by 16.08%, continuing the series of positive months. Since the beginning of the year, the performance amounts to 28.41%, which means the fund remains in 1st place in the Morningstar ranking of all sustainable funds over the 1, 3, and 6-month periods. The broad distribution of winners demonstrates the strength of stock picking in the concentrated portfolio.  <\/p>\n\n<p><strong>Market Environment &amp; Interest Rates<\/strong><br\/>The US Federal Reserve lowered the key interest rate for the second time this year to 3.75\u20134.0%. Further steps could follow \u2013 an environment that favors small caps and gives the fund additional tailwind. Net inflows of \u20ac1.1 million reflect the increased investor interest.<\/p>\n\n<p><strong>Main Contributions to Performance<\/strong><br\/>Ceres Power, QuantumScape, Canadian Solar, and Plug Power were among the biggest winners. Ballard Power, SMA Solar, PowerCell Sweden, ITM Power, Nano One, Novonix, and Daqo New Energy also contributed significantly to the positive development. On the sell side were Voltabox, Enphase, thyssenkrupp nucera, and Fuelcell Energy.  <\/p>\n\n<p><\/p>\n\n<h2 class=\"wp-block-heading\">Company Examples<\/h2>\n\n<p><strong>PowerCell Sweden with impressive growth<\/strong><\/p>\n\n<p>PowerCell Sweden increased its sales in the third quarter by 52 percent and achieved a gross profit of almost 49 percent. Of particular note is a new order for emission-free power systems on a sailing yacht, as well as the entry into the bulk cargo market with hydrogen-powered ships. PowerCell is also making progress in aviation.  <\/p>\n\n<p><strong>Canadian Solar \/ e-STORAGE<\/strong><br\/>Canadian Solar, through its subsidiary e-STORAGE, has already delivered more than 13 GWh of storage capacity worldwide. With the 220 MWh project in South Australia, the company demonstrates its strength in large-scale storage solutions that contribute to grid stability worldwide. <\/p>\n\n<p><strong>SMA Solar<\/strong><br\/>SMA Solar received the first German certificate for grid-forming battery inverters. The new system achieves over 99 percent efficiency and is in high demand internationally. Through a transformation program with efficiency measures, SMA also intends to reorganize the \u201cHome &amp; Business Solutions\u201d division.  <\/p>\n\n<p><strong>First Solar<\/strong><br\/>First Solar increased its sales in the third quarter by almost 80 percent to $1.6 billion. With 5.3 GW of modules delivered, an order backlog of 53.7 GW, and a solid cash position, the company is further expanding its market leadership. Thanks to production in the USA and leading thin-film technology, First Solar benefits from the trend towards domestic manufacturing and remains a core investment in the fund.  <\/p>\n\n<p><strong>Elia Group<\/strong><br\/>The Elia Group, one of Europe&#8217;s leading transmission system operators, impressed with a profit growth of 48 percent compared to the previous year. The development of the German subsidiary 50Hertz and Elia Transmission Belgium (ETB) was particularly strong. With billions invested in offshore projects and stable finances, Elia is centrally positioned for the expansion of renewable energies in Europe.  <\/p>\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>General Development Fund PerformanceIn October, the fund price increased by 16.08%, continuing the series of positive months. Since the beginning of the year, the performance amounts to 28.41%, which means the fund remains in 1st place in the Morningstar ranking of all sustainable funds over the 1, 3, and 6-month periods. The broad distribution of [&hellip;]<\/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":[89],"class_list":["post-16429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management-commentary-retail","tag-2025-q4-en"],"_links":{"self":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/16429","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=16429"}],"version-history":[{"count":1,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/16429\/revisions"}],"predecessor-version":[{"id":17094,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/16429\/revisions\/17094"}],"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=16429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=16429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=16429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}