{"id":17152,"date":"2025-12-03T08:55:30","date_gmt":"2025-12-03T07:55:30","guid":{"rendered":"https:\/\/greenbenefit.com\/management-commentary-for-retail-clients-december-3-2025\/"},"modified":"2026-04-07T11:49:57","modified_gmt":"2026-04-07T10:49:57","slug":"management-commentary-for-retail-clients-december-3-2025","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-for-retail-clients-december-3-2025\/","title":{"rendered":"Management Commentary for Retail Clients – December 3, 2025"},"content":{"rendered":"\n

General Development<\/strong>In November, the fund rose by 1.94%, marking the seventh consecutive month of gains. At times, the increase was significantly higher but was reduced by market movements. Since the beginning of the year, the return has been 30.91%. The fund continues to be among the strongest sustainable products in its peer group across several time periods. The equity ratio at the end of the month was 94.7%. We continue to see the fund as well-positioned for the coming years. Please refer to our fact sheet<\/a> for complete performance details. <\/p>\n\n

Market Performance and Portfolio<\/strong>Ten stocks performed positively in November, including Canadian Solar, Ceres Power, SMA Solar, Enapter, and Fluence Energy. Declines were seen in Plug Power, QuantumScape, Ballard Power, and ITM Power after previous price increases. <\/p>\n\n

We used the price movements for partial sales in Canadian Solar, Ceres Power, Powercell Sweden, and JinkoSolar. Reinvestments were made in Nel, Plug Power, Novonix, and Enphase. Fluence Energy was newly added to the portfolio. <\/p>\n\n

A possible further interest rate cut by the US Federal Reserve would primarily help high-growth small caps, which would benefit our portfolio.<\/p>\n\n

Fluence Energy \u2013 New Addition to the Fund<\/strong>Fluence is a leading provider of large battery storage systems and associated software for modern power grids. The global expansion of renewable energies increases the need for flexibility and grid stability. Storage is a central component, and the market is growing at a double-digit rate annually. Fluence significantly increased its revenue and margin in 2024 and has an order backlog of approximately $4.9 billion USD. A standout project is the \u201cGigaBattery J\u00e4nschwalde,\u201d one of the largest announced storage projects in Europe. <\/p>\n\n

With the new Smartstack technology, Fluence offers a maintenance-friendly, modular system that simplifies the connection of large storage facilities. Political uncertainties in the USA temporarily caused price pressure, but long-term support programs remain in place. Stricter requirements for foreign providers also strengthen the competitive position of American companies. Fluence is financially sound and has made the leap into profitability. The stock was weighted at 3.9%. <\/p>\n\n

Enphase<\/strong>Enphase is benefiting in the USA from new support programs that make solar-plus-storage solutions more attractive for households. Important partnerships, such as with Green Mountain Power, support the expansion of regional energy storage. Despite a decline in revenue, Enphase remains profitable. After a sharp price decline, the valuation is significantly more favorable than in previous years. We increased the position in November. <\/p>\n\n

SMA<\/strong>SMA is expanding its offerings for large-scale plants and commercial customers. New solutions such as the MVPS-9200 medium-voltage unit and the Sunny Tripower X 60 inverter are designed to simplify the planning and operation of large solar systems. With rising orders and cost reductions, the outlook for 2026 is improving. <\/p>\n","protected":false},"excerpt":{"rendered":"

General DevelopmentIn November, the fund rose by 1.94%, marking the seventh consecutive month of gains. At times, the increase was significantly higher but was reduced by market movements. Since the beginning of the year, the return has been 30.91%. The fund continues to be among the strongest sustainable products in its peer group across several […]<\/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-17152","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\/17152","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=17152"}],"version-history":[{"count":1,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17152\/revisions"}],"predecessor-version":[{"id":17153,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17152\/revisions\/17153"}],"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=17152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=17152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=17152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}