{"id":17530,"date":"2026-08-04T10:39:08","date_gmt":"2026-08-04T09:39:08","guid":{"rendered":"https:\/\/greenbenefit.com\/management-commentary-for-retail-clients-august-4-2026\/"},"modified":"2026-08-04T12:10:26","modified_gmt":"2026-08-04T11:10:26","slug":"management-commentary-for-retail-clients-august-4-2026","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-for-retail-clients-august-4-2026\/","title":{"rendered":"Management Commentary for Retail Clients, August 4, 2026"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><a><strong>General Development<\/strong><\/a><\/p>\n\n<p class=\"wp-block-paragraph\">In July 2026, the fund price fell sharply, losing 13.87 percent of its value. Please refer to our <a href=\"https:\/\/documents.anevis-solutions.com\/greenben\/green_benefit_Global_Impact_Fund_P.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">fact sheet<\/a> for complete performance data. <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Most portfolio holdings saw a sharp decline in price in July<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">In July, 28 of our portfolio companies saw their share prices fall, while only four stocks managed to gain ground. The declines affected all four sectors of the portfolio. Hydrogen companies such as Fuelcell Energy, Plug Power, Ceres Power, and Ballard Power were particularly hard hit. But solar stocks such as Enphase, Daqo New Energy, and First Solar, as well as QuantumScape, Fluence, and Eos Energy, also fell sharply.   <\/p>\n\n<p class=\"wp-block-paragraph\">thyssenkrupp nucera made the largest positive contribution.<\/p>\n\n<p class=\"wp-block-paragraph\">At the end of the month, the portfolio&#8217;s equity allocation stood at 96.4 percent<strong>.<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\"><strong>AI Correction Weighs on Clean Tech<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">The correction in AI and semiconductor stocks also weighed on numerous clean-tech companies in June and July. This was primarily triggered by profit-taking and doubts about the short-term profitability of heavy AI investments, rather than a deterioration in fundamentals. By the end of the month, strong results from Microsoft and declining inflation expectations had already spurred a recovery in technology and clean-tech stocks.  <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Sales<\/strong><br\/><strong><br\/><\/strong>We took advantage of the sharp rise in SMA Solar\u2019s share price to slightly reduce our position. In the case of Aumann, we accepted a buyback offer from the company and reduced our portfolio weighting to 3.7 percent. <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>New Additions: Nordex and CATL<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">In July, we added two companies to the portfolio. With Nordex, we added one of Europe\u2019s leading manufacturers of onshore wind turbines. The company has successfully completed its operational turnaround, has a rapidly growing service business with recurring revenue, and is benefiting from the global expansion of wind energy. We took advantage of the significant pullback in the stock price to establish an initial position of 1.2 percent.   <\/p>\n\n<p class=\"wp-block-paragraph\">With CATL, we also invested in the world\u2019s leading manufacturer of batteries for electric vehicles and stationary energy storage systems. The company stands out for its technological leadership, high profitability, and strong market position. At the same time, CATL is benefiting from long-term growth trends in the areas of electric mobility, energy storage, and the electrification of power grids. Here, too, we took advantage of the stock\u2019s weakness to enter the position and initially built up a 1.6 percent stake.   <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Performance Overview In July 2026, the fund price fell sharply, losing 13.87 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":[108],"class_list":["post-17530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management-commentary-retail","tag-2026-q3"],"_links":{"self":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17530","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=17530"}],"version-history":[{"count":1,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17530\/revisions"}],"predecessor-version":[{"id":17531,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17530\/revisions\/17531"}],"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=17530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=17530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=17530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}