{"id":17332,"date":"2026-03-03T12:56:59","date_gmt":"2026-03-03T11:56:59","guid":{"rendered":"https:\/\/greenbenefit.com\/management-commentary-for-private-clients-march-3-2026\/"},"modified":"2026-04-07T14:25:22","modified_gmt":"2026-04-07T13:25:22","slug":"management-commentary-for-private-clients-march-3-2026","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-for-private-clients-march-3-2026\/","title":{"rendered":"Management Commentary for Private Clients – March 3, 2026"},"content":{"rendered":"\n

General Development<\/strong>In February 2026, the fund price fell by 8.02%, interrupting the positive trend from 2025 and January 2026.<\/p>\n\n

The main triggers were political uncertainties in the USA, including discussions about a possible reappointment at the head of the US Federal Reserve. Additionally, the US Supreme Court declared key tariffs of the Trump administration illegal, calling into question an important component of previous trade policy. This creates uncertainties for internationally operating clean-tech companies regarding supply chains, procurement costs, and margins. For full details on performance, please refer to our Factsheet<\/a>. <\/p>\n\n

Geopolitical Risks<\/strong>The conflict in the Middle East could also increase volatility. Rising oil and gas prices could make renewable energies more attractive in the long term, but in the short term, they increase inflation risks. Higher inflation can lead to rising bond yields, which particularly burdens high-growth and interest-rate-sensitive companies. In such phases, investors typically reduce risks (“Risk-Off”), putting pressure on small caps and technology stocks regardless of their fundamental development. However, the structural trends \u2013 decarbonization, electrification, and grid expansion \u2013 remain unchanged, albeit with increased volatility. <\/p>\n\n

Portfolio Development<\/strong>Six stocks closed February in positive territory, while twenty-four recorded declines. Positive contributions came from Enphase Energy, Elia, DynaCert, and SFC Energy. Fluence Energy, Plug Power, Ceres Power, and SMA Solar performed significantly weaker \u2013 precisely those stocks that had been among the strongest performers in January. <\/p>\n\n

Eos Energy from the smart grid sector was newly added. The position is initially small and specifically expands our commitment to stationary storage and grid stabilization. <\/p>\n\n

The equity ratio was 97.3% at the end of the month.<\/p>\n\n

Enphase with Operational Strength<\/strong>Enphase impressed with quarterly figures exceeding expectations. The US business developed particularly strongly with a significant increase in sales, while Europe remained subdued. Free cash flow was approximately $38 million. With $1.51 billion in liquid assets and $1.21 billion in debt, the balance sheet remains solid. Rising electricity prices, new product generations, and growing electricity demand due to electromobility and data centers support the business. <\/p>\n\n

Industry Environment – Solar<\/strong>According to BloombergNEF, global electricity demand will rise significantly in the coming years. The International Energy Agency expects solar energy to account for the largest share of renewable capacity expansion. At the same time, solar module prices have risen by 15 to 18% since their low point in December 2025. The price recovery indicates that manufacturers are aiming for economically viable levels again. Despite political uncertainties in the USA and discussions in Germany regarding the grid package, the long-term foundation of the solar and storage industry remains stable and growth-oriented. <\/p>\n","protected":false},"excerpt":{"rendered":"

General DevelopmentIn February 2026, the fund price fell by 8.02%, interrupting the positive trend from 2025 and January 2026. The main triggers were political uncertainties in the USA, including discussions about a possible reappointment at the head of the US Federal Reserve. Additionally, the US Supreme Court declared key tariffs of the Trump administration illegal, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[101],"class_list":["post-17332","post","type-post","status-publish","format-standard","hentry","category-management-commentary-retail","tag-2026-q1"],"_links":{"self":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17332","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=17332"}],"version-history":[{"count":1,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17332\/revisions"}],"predecessor-version":[{"id":17333,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17332\/revisions\/17333"}],"wp:attachment":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/media?parent=17332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=17332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=17332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}