{"id":17444,"date":"2026-06-08T12:44:00","date_gmt":"2026-06-08T11:44:00","guid":{"rendered":"https:\/\/greenbenefit.com\/management-commentary-for-retail-clients-june-5-2026\/"},"modified":"2026-06-09T12:09:07","modified_gmt":"2026-06-09T11:09:07","slug":"management-commentary-for-retail-clients-june-5-2026","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-for-retail-clients-june-5-2026\/","title":{"rendered":"Management Commentary for Retail Clients -June 5, 2026"},"content":{"rendered":"\n

General Development<\/strong> <\/p>\n\n

In May 2026, the fund price rose by 30.43% – following a strong 29.05% in April. This puts the fund in first place in its peer group of 676 sustainability equity funds with a 48.14% increase since the start of the year. Over the course of a year, it also leads the field with a gain of 127.06%. After four difficult years, this is an important positive signal. Please refer to ourfactsheet<\/a> for full performance details. <\/p>\n\n

Portfolio performance<\/strong> <\/p>\n\n

21 stocks rose in May, while 9 stocks recorded declines. The largest gains were spread across all four sectors, which indicates a balanced portfolio.The best-performing stock was Enphase Energy, which had been the laggard in April. Ballard Power, Fuelcell Energy, Fluence Energy, Ceres Power, ITM Power, Nel ASA, Plug Power, Canadian Solar and First Solar also made strong contributions to performance. The biggest losses were recorded by Daqo New Energy, Novonix, DynaCert and Maxeon Solar. The equity allocation stood at 92.7 percent at the end of the month. <\/p>\n\n

Purchases and sales<\/strong> <\/p>\n\n

We took advantage of the strong increases in Ceres Power, ITM Power, Enphase Energy and Fluence Energy to sell and made targeted purchases at a low level in Daqo New Energy, PowerCell Sweden and Novonix.<\/p>\n\n

Corporate Developments<\/strong><\/p>\n\n

Fluence<\/em> <\/strong><\/p>\n\n

Siemens, Nvidia, nVent and Fluence presented a joint concept for AI data centers with a capacity of 100 MW at the beginning of June. Fluence is supplying its Smartstack battery storage system, which stabilizes the power grid and balances out the highly fluctuating load of such data centers. The company is thus positioning itself as an important infrastructure partner for the AI boom in addition to renewable energies. <\/p>\n\n

Enphase<\/em><\/strong> <\/p>\n\n

The share price rose in May after analysts attributed a potential key role to the company in the energy supply of AI data centers. The focus is on solid-state transformers that can reduce energy losses in the operation of data centers. The first products are planned for the end of the year, which should have a positive impact from 2027. <\/p>\n\n

SMA Solar<\/em><\/strong><\/p>\n\n

At “The smarter E Europe” trade fair, SMA will showcase new solutions, including hybrid inverters with storage and backup functions for households and commercial customers. In addition, the company plans to present large-scale storage and hybrid solutions that increase grid stability and have been developed primarily for the increasing demand for energy. SMA is thus evolving from a pure inverter manufacturer to a provider of intelligent energy solutions. <\/p>\n\n

Ceres Power<\/em><\/strong> <\/p>\n\n

Ceres Power is a central component of our hydrogen portfolio. Its fuel cell technology is benefiting from the sharp rise in electricity demand from AI data centers (estimated increase by 2030: ~ 160 percent). The partnerships with Doosan Fuel Cell and Delta Electronics are important for Ceres Power. In particular, strong demand from its partner Doosan in Asia has driven the share price recently. <\/p>\n","protected":false},"excerpt":{"rendered":"

In May 2026, the fund price rose by 30.43% – following a strong 29.05% in April. This puts the fund in first place in its peer group of 676 sustainability equity funds with a 48.14% increase since the start of the year. Over the course of a year, it also leads the field with a gain of 127.06%. After four difficult years, this is an important positive signal. Please refer to our factsheet for full performance details. <\/p>\n","protected":false},"author":6,"featured_media":17096,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[104],"class_list":["post-17444","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\/17444","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=17444"}],"version-history":[{"count":2,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17444\/revisions"}],"predecessor-version":[{"id":17457,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17444\/revisions\/17457"}],"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=17444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=17444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=17444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}