{"id":17417,"date":"2026-05-05T09:37:57","date_gmt":"2026-05-05T08:37:57","guid":{"rendered":"https:\/\/greenbenefit.com\/management-commentary-for-private-clients-2026-05-04\/"},"modified":"2026-06-09T11:55:09","modified_gmt":"2026-06-09T10:55:09","slug":"management-commentary-for-private-clients-2026-05-04","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-for-private-clients-2026-05-04\/","title":{"rendered":"Management Commentary for Retail Clients &#8211; May 4, 2026"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">In April 2026, the fund experienced significant growth of over 29%, performing very positively despite the currently challenging market environment. 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 class=\"wp-block-paragraph\">Markets are currently heavily influenced by geopolitical tensions. Rising oil prices from crisis regions fuel high inflation concerns. This is compounded by uncertainty from events such as the announced withdrawal of the United Arab Emirates from OPEC. Since the conflict in the Middle East, oil prices have risen sharply, shaping the general inflation picture.   <\/p>\n\n<p class=\"wp-block-paragraph\">The US Federal Reserve (FED) is also under pressure: energy inflation forces the FED to strike a precise balance between combating inflation and stabilizing the economy.<\/p>\n\n<p class=\"wp-block-paragraph\">Furthermore, industry recognizes that dependence on fossil fuels poses a risk. Therefore, the strategic importance of renewable energies and energy storage is gaining increasing momentum. This development has been observed since the beginning of the war in Ukraine and reinforces the perception that such crises act as a catalyst for investments in the clean-tech sector.  <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Portfolio performance and transactions<\/strong><br\/>In April, we saw strong gains in the hydrogen sector in particular &#8211; from companies such as ITM Power and Ceres Power. We took advantage of these upward trends to lock in some of the gains and sell the winners. At the same time, we continued our strategy of buying key technology companies such as Eos Energy, Canadian Solar and PowerCell Sweden at very low prices. At the end of April, the equity allocation of our portfolio stood at 94.2%.   <\/p>\n\n<h2 class=\"wp-block-heading\">Company and Industry Developments<\/h2>\n\n<p class=\"wp-block-paragraph\"><strong>ITM Power Gains Political Relevance<\/strong><br\/>Hydrogen specialist ITM Power benefited significantly from political interest. Great Britain&#8217;s participation with capital and voting rights strengthens the company&#8217;s position. In addition, substantial government funding was provided for the further development of electrolyzers. Furthermore, the cooperation with Rheinmetall intensifies the focus on synthetic fuels, which are to be produced via a Europe-wide network in the defense sector.   <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Hydrogen as a Solution for Industrial Challenges<\/strong><br\/>The increase in interest in hydrogen is enormous, as the technology closes gaps where pure electricity reaches its limits.<\/p>\n\n<p class=\"wp-block-paragraph\">Compared to fossil fuels, hydrogen is ideal for processes requiring extremely high temperatures (e.g., in steel production) or for areas with high energy densities such as heavy-duty and maritime transport. It is also crucial for system stability, as it can store large amounts of energy and thus stabilize the power grid from fluctuating sources. <\/p>\n\n<p class=\"wp-block-paragraph\">These properties make it a central component in energy systems that rely on high supply security and flexibility.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In April 2026, the fund experienced significant growth of over 29%, performing very positively despite the currently challenging market environment. For complete performance data, please refer to our Factsheet. Markets are currently heavily influenced by geopolitical tensions. Rising oil prices from crisis regions fuel high inflation concerns. This is compounded by uncertainty from events such [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":17096,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[104],"class_list":["post-17417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management-commentary-retail","tag-2026-q2"],"_links":{"self":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17417","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\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/comments?post=17417"}],"version-history":[{"count":4,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17417\/revisions"}],"predecessor-version":[{"id":17447,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17417\/revisions\/17447"}],"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=17417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=17417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=17417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}