{"id":17206,"date":"2026-01-05T13:30:08","date_gmt":"2026-01-05T12:30:08","guid":{"rendered":"https:\/\/greenbenefit.com\/management-commentary-for-retail-clients-january-5-2026\/"},"modified":"2026-04-07T13:58:05","modified_gmt":"2026-04-07T12:58:05","slug":"management-commentary-for-retail-clients-january-5-2026","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-for-retail-clients-january-5-2026\/","title":{"rendered":"Management Commentary for Retail Clients, January 5, 2026"},"content":{"rendered":"\n<p><strong>General Performance<\/strong><br\/>In December 2025, the fund recorded a decrease of 7.07%. After seven consecutive positive months, this was the first monthly decline. For the full year 2025, the fund still achieved a strong performance of around 22%, continuing to be among the best sustainable funds in its peer group. The fund also occupies top positions in the Morningstar comparison over shorter periods. The equity ratio at the end of the month was 95.4%. Please refer to our <a href=\"https:\/\/documents.anevis-solutions.com\/greenben\/green_benefit_Global_Impact_Fund_P.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">fact sheet<\/a> for complete performance details.     <\/p>\n\n<p><strong>Market Performance in December<\/strong><br\/>Seven portfolio values developed positively, while 22 recorded declines. The largest positive contributions came from thyssenkrupp nucera, Enphase, and Electrovaya. FuelCell Energy, Elia, JinkoSolar, and Fluence Energy also made positive contributions.<br\/>Ceres Power, PowerCell Sweden, Nano One, Canadian Solar, ITM Power, and Enapter had a particularly negative impact, seeing profit-taking after strong price increases.  <\/p>\n\n<p><strong>Targeted Purchase and Interest Rate Environment<\/strong><br\/>We used the low price level at FuelCell Energy for a targeted repurchase after the company reported operational progress. The US Federal Reserve lowered the key interest rate for the third time in December 2025. Lower interest rates particularly support high-growth small-cap companies, thus having a positive effect on the portfolio.  <\/p>\n\n<p><strong>Daqo New Energy<br\/><\/strong>Daqo suffered in the first half of the year from the sharp fall in prices in the polysilicon market, but reacted early with production cuts. Thanks to a very strong balance sheet with over USD 2.2 billion in liquidity and no debt, the company was able to survive the weak phase well. In the third quarter of 2025, Daqo returned to profitability, supported by a price recovery of around 37%. In addition, market consolidation is progressing in China, including through a new industry platform to stabilize supply and prices. Daqo continues to be one of the most cost-effective producers in the industry.    <\/p>\n\n<p><strong>FuelCell Energy<br\/><\/strong>FuelCell Energy showed significant operational progress in the fourth quarter of 2025. Sales and margins improved, losses decreased noticeably, and the order backlog increased to USD 1.19 billion. The company benefits from the increasing demand for electricity, especially in the data center sector. The solid liquidity position supports the ongoing turnaround. FuelCell Energy is currently weighted at around 2.5% in the portfolio.    <\/p>\n\n<p><strong>ITM Power<\/strong><br\/>ITM Power achieved record sales in the first half of 2025 and has a very strong liquidity base. Demand for electrolyzers is growing, especially in Europe, particularly in Germany. With new products, successful major projects, and decreasing losses, ITM Power is one of the most robust hydrogen stocks in the portfolio.  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>General PerformanceIn December 2025, the fund recorded a decrease of 7.07%. After seven consecutive positive months, this was the first monthly decline. For the full year 2025, the fund still achieved a strong performance of around 22%, continuing to be among the best sustainable funds in its peer group. The fund also occupies top positions [&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-17206","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\/17206","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=17206"}],"version-history":[{"count":6,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17206\/revisions"}],"predecessor-version":[{"id":17236,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17206\/revisions\/17236"}],"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=17206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=17206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=17206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}