{"id":16434,"date":"2025-10-06T14:44:37","date_gmt":"2025-10-06T13:44:37","guid":{"rendered":"https:\/\/dev.greenbenefit.com\/management-commentary-for-retail-clients-10-06-2025\/"},"modified":"2026-04-07T11:51:36","modified_gmt":"2026-04-07T10:51:36","slug":"management-commentary-for-retail-clients-october-6-2025","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-for-retail-clients-october-6-2025\/","title":{"rendered":"Management Commentary for Retail Clients – October 6, 2025"},"content":{"rendered":"\n

General Development<\/h3>\n\n

Fund with Strong Performance \u2013 No. 1 at Morningstar<\/strong>In September 2025, the fund price rose by 13.5%<\/strong> \u2013 the fifth consecutive month of gains. This places the fund currently No. 1 among 694 sustainable funds<\/strong> in all short-term Morningstar comparisons (1, 3, 6 months). The April lows have been definitively overcome. For full performance details, please refer to our Factsheet<\/a>. <\/p>\n\n

Interest Rate Cut Boosts Small Caps<\/strong>The US Federal Reserve cut the key interest rate by 0.25 percentage points. Expected further easing particularly strengthened smaller companies \u2013 an advantage for the fund, which is heavily invested in this segment. <\/p>\n\n

Broad-Based Recovery<\/strong>17 stocks advanced, 11 saw slight declines. Among the strongest performers were QuantumScape<\/strong>, Plug Power<\/strong>, Daqo<\/strong>, Ballard Power<\/strong>, Canadian Solar<\/strong>, and Ceres Power<\/strong>. <\/p>\n\n

Company Examples<\/h3>\n\n

Quantumscape<\/h4>\n\n

QuantumScape \u2013 Battery Breakthrough at IAA<\/strong>At the IAA, QuantumScape presented a Ducati motorcycle with its own solid-state cells<\/strong> for the first time \u2013 a technological milestone. A new partnership with Corning<\/strong> aims to enable the production of ceramic separators, while collaboration with Volkswagen subsidiary PowerCo<\/strong> was deepened with new license payments. The cells offer high energy density (844 Wh\/L), short charging times, and high safety \u2013 a decisive step towards commercialization. <\/p>\n\n

Plug Power<\/h4>\n\n

Plug Power \u2013 Three Major Projects and Record Figures<\/strong>Plug Power achieved a production record of 324 tons of green hydrogen<\/strong> in Georgia. The electrolyzer business has tripled<\/strong>, supported by global projects: <\/p>\n\n

    \n
  • Brazil Deal<\/strong> with GH2 Global opens up new markets<\/li>\n\n\n\n
  • Delivery for Europe’s largest PEM project<\/strong> (100 MW) to Galp in Portugal<\/li>\n\n\n\n
  • Initial progress in the efficiency program “Quantum Leap”<\/li>\n<\/ul>\n\n

    The technology works on an industrial scale \u2013 a strong signal for investors.<\/p>\n\n

    Ceres Power<\/h4>\n\n

    Ceres Power \u2013 AI Data Centers as a New Driver<\/strong>With the rapidly growing energy demand from AI data centers<\/strong> (plus 160% by 2030), the demand for decentralized power solutions is increasing. Ceres Power is working with Doosan<\/strong> and Delta Electronics<\/strong> on SOFC systems and is relying on a high-margin licensing model<\/strong> that could generate high gross margins as early as 2026. <\/p>\n\n

    Nel ASA<\/h4>\n\n

    Nel ASA \u2013 Focus on PEM instead of Alkaline<\/strong>While the alkaline division is declining, PEM technology<\/strong> at Nel is developing dynamically. It is ideally suited for coupling with wind and solar power. The growing order backlog and the strategic partnership with Samsung E&A<\/strong> strengthen its market position. With 1.9 billion NOK in cash, Nel is solidly financed \u2013 we have increased the position to 3.5%<\/strong>. <\/p>\n","protected":false},"excerpt":{"rendered":"

    General Development Fund with Strong Performance \u2013 No. 1 at MorningstarIn September 2025, the fund price rose by 13.5% \u2013 the fifth consecutive month of gains. This places the fund currently No. 1 among 694 sustainable funds in all short-term Morningstar comparisons (1, 3, 6 months). The April lows have been definitively overcome. For full […]<\/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-16434","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\/16434","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=16434"}],"version-history":[{"count":1,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/16434\/revisions"}],"predecessor-version":[{"id":17098,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/16434\/revisions\/17098"}],"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=16434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=16434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=16434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}