{"id":17512,"date":"2026-07-02T11:56:13","date_gmt":"2026-07-02T10:56:13","guid":{"rendered":"https:\/\/greenbenefit.com\/management-commentary-for-retail-clients-july-3-2026\/"},"modified":"2026-07-02T11:59:28","modified_gmt":"2026-07-02T10:59:28","slug":"management-commentary-for-retail-clients-july-3-2026","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-for-retail-clients-july-3-2026\/","title":{"rendered":"Management Commentary for Retail Clients, July 3, 2026"},"content":{"rendered":"\n

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

In June 2026, following two exceptionally strong months with a cumulative gain of over 60 percent, the fund\u2019s price suffered a significant decline, losing 22.96 percent of its value. Please refer to our fact sheet<\/a> for complete performance data. <\/p>\n\n

Most portfolio holdings saw a sharp decline in price in June<\/strong><\/p>\n\n

In June, 26 of our portfolio companies saw their share prices decline, while only four stocks posted gains. The declines affected all four sectors of the portfolio and particularly impacted companies in the hydrogen, solar, electric mobility, and smart grids sectors that had previously risen sharply. FuelCell Energy made the largest positive contribution, benefiting from very positive corporate news. At the end of the month, the portfolio\u2019s equity allocation stood at 96.0 percent. <\/p>\n\n

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

We took advantage of the sharp price increases in Fluence Energy to slightly reduce our position. In contrast, we selectively added to our positions in the following companies at very low price levels: Eos Energy, PowerCell Sweden, and Novonix. <\/p>\n\n

Geopolitics, inflation, and interest rates are weighing on the markets<\/strong><\/p>\n\n

In June 2026, rising inflation, volatile oil prices, and uncertainty surrounding the war in Iran weighed on the financial markets. At the same time, rising inflationary pressures in the U.S. and Europe made further interest rate cuts difficult, while the ECB raised its key interest rate. Higher interest rates put particular pressure on technology and growth stocks. <\/p>\n\n

AI Correction Weighs on Clean Tech<\/strong><\/p>\n\n

Following strong performance amid the AI boom, many companies in the hydrogen, solar, battery storage, and smart grid sectors also came under selling pressure in June. In our view, the price declines primarily reflect weaker market sentiment and capital outflows from the technology sector\u2014but not a deterioration in the long-term fundamentals of our portfolio companies. <\/p>\n\n

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

FuelCell Energy<\/em><\/strong><\/p>\n\n

Through a strategic partnership to provide power for AI data centers, FuelCell Energy has positioned itself as a key player in the growing AI infrastructure market. In addition, a financing package from the U.S. government bolstered the company\u2019s liquidity. Despite weaker quarterly results, the rapidly expanding project pipeline, the expansion of production capacity, and the solid balance sheet point to attractive long-term growth prospects. <\/p>\n\n

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

QuantumScape continues to drive forward the commercialization of its solid-state battery technology and has secured Honda as a development partner, joining Volkswagen as the second leading automaker to partner with the company. This multi-year collaboration confirms the technology\u2019s competitiveness and strengthens the company\u2019s position in the future market for solid-state batteries. <\/p>\n","protected":false},"excerpt":{"rendered":"

In June 2026, following two exceptionally strong months with a cumulative gain of over 60 percent, the fund\u2019s price suffered a significant decline, losing 22.96 percent of its value. Please refer to our fact sheet for complete performance data. <\/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-17512","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\/17512","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=17512"}],"version-history":[{"count":1,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17512\/revisions"}],"predecessor-version":[{"id":17513,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17512\/revisions\/17513"}],"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=17512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=17512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=17512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}