{"id":17336,"date":"2026-02-05T14:47:22","date_gmt":"2026-02-05T13:47:22","guid":{"rendered":"https:\/\/greenbenefit.com\/management-commentary-retail-clients-05-02-2026\/"},"modified":"2026-04-07T14:34:50","modified_gmt":"2026-04-07T13:34:50","slug":"management-commentary-retail-clients-05-02-2026","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-retail-clients-05-02-2026\/","title":{"rendered":"Management Commentary Retail Clients 05.02.2026"},"content":{"rendered":"\n<p><strong>General Development<\/strong><br\/>In January 2026, the fund price increased by 4.98%, continuing the positive trend following the strong year of 2025. At times, the gain exceeded 10%, but could not be sustained. Discussions about a possible replacement of the US Federal Reserve Chair caused increased market uncertainty at the end of the month. Despite these fluctuations, the fund continues to hold a top position among approximately 710 sustainable funds in the 1-year comparison. The equity ratio was 94.5%. For complete performance data, please refer to our <a href=\"https:\/\/documents.anevis-solutions.com\/greenben\/green_benefit_Global_Impact_Fund_P.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Factsheet<\/a>.     <\/p>\n\n<p><strong>Market Development in January<\/strong><br\/>Fifteen portfolio holdings developed positively, fourteen recorded declines. The largest positive contributions came from Fluence Energy, Ceres Power, Plug Power, Enphase Energy, Aumann, and SMA Solar.<br\/>Canadian Solar, Daqo New Energy, First Solar, and PowerCell Sweden had a negative impact.<br\/>For regulatory reasons, we made minor sales in SMA Solar and Enphase. <\/p>\n\n<p><strong>Monetary Policy and Market Uncertainty<\/strong><br\/>Following the US Federal Reserve&#8217;s third interest rate cut in December 2025, speculation about a possible new Fed Chair caused increased volatility. The yield on ten-year US Treasury bonds fell to around 4.2%, indicating rising risk aversion. Overall, many investors reduced their risks. However, what remains crucial for the markets is not a single appointment, but the interplay of monetary policy, inflation expectations, and bond markets.   <\/p>\n\n<p><strong>Solar, Storage, and Grids as Economic Model<\/strong><br\/>Declining prices for battery storage are accelerating the expansion of integrated energy systems combining solar energy, storage, and grid infrastructure. Storage systems balance fluctuations, relieve grid pressure, and increasingly take on functions of conventional power plants. This development significantly strengthens the economic viability of renewable energies.  <\/p>\n\n<p><strong>Strong Growth of Battery Storage in Europe<\/strong><br\/>According to SolarPower Europe, a leading industry association representing over 300 organizations, the EU installed approximately 27.1 GWh of new battery storage capacity in 2025, a growth of 45% compared to the previous year. For the first time, the majority was accounted for by utility-scale installations. Since 2021, European storage capacity has already increased tenfold. To meet rising flexibility demand, further expansion to around 750 GWh would be required by 2030, which would again represent a tenfold increase.   <\/p>\n\n<p><strong>Economic Viability Continues to Increase<\/strong><br\/>Studies show that solar energy combined with battery storage can already be more cost-effective than new fossil fuel power plants under certain conditions, even in Germany. The combination of renewable energies and storage is thus developing into a central component of future energy infrastructure\u2014a structural growth driver for our portfolio. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>General DevelopmentIn January 2026, the fund price increased by 4.98%, continuing the positive trend following the strong year of 2025. At times, the gain exceeded 10%, but could not be sustained. Discussions about a possible replacement of the US Federal Reserve Chair caused increased market uncertainty at the end of the month. Despite these fluctuations, [&hellip;]<\/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-17336","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\/17336","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=17336"}],"version-history":[{"count":1,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17336\/revisions"}],"predecessor-version":[{"id":17337,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17336\/revisions\/17337"}],"wp:attachment":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/media?parent=17336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=17336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=17336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}