{"id":17556,"date":"2026-09-02T12:30:43","date_gmt":"2026-09-02T11:30:43","guid":{"rendered":"https:\/\/greenbenefit.com\/managementkommentar-fuer-privatkunden-04-09-2026\/"},"modified":"2026-09-03T08:41:29","modified_gmt":"2026-09-03T07:41:29","slug":"managementkommentar-fuer-privatkunden-04-09-2026","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/managementkommentar-fuer-privatkunden-04-09-2026\/","title":{"rendered":"Management Commentary for Retail Clients, September 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 August 2026, the fund&#8217;s price fell slightly and ended the month down 2.67 percent. Please refer to our <a href=\"https:\/\/documents.anevis-solutions.com\/greenben\/green_benefit_Global_Impact_Fund_P.pdf\" target=\"_blank\" rel=\"noopener\">fact sheet<\/a> for complete performance data. <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Stabilization in August following the sharp declines of the previous months<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">In August, 17 of our portfolio companies saw their share prices decline, while 15 stocks rose. The declines and gains spanned all four sectors of the portfolio. <\/p>\n\n<p class=\"wp-block-paragraph\">The largest contributors to the losses were Fuelcell Energy, Canadian Solar, Ballard Power, Fluence Energy, Eos Energy, JinkoSolar, and Novonix.<\/p>\n\n<p class=\"wp-block-paragraph\">The largest positive contributions came from Ceres Power, Aumann, SMA Solar, Daqo New Energy, and ITM Power.<\/p>\n\n<p class=\"wp-block-paragraph\">At the end of the month, the portfolio&#8217;s equity allocation stood at 97.1 percent.<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Geopolitical Factors and Interest Rate Risks Are Slowing the Recovery<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">Geopolitical tensions stemming from the war in Iran, rising oil prices and interest rates, as well as the new tariff dispute between the U.S. and Canada, continued to weigh on the markets and prevented a stronger recovery for the companies in our portfolio. We increasingly expect positive momentum to come from the corporate sector. <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Purchases and Sales<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">We took advantage of the sharp price pullbacks in Eos Energy to strategically increase our position. The purchase was financed by a partial sale of First Solar and by new cash inflows in August. <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Positive Business Developments<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Canadian Solar: Energy Storage as a Growth Driver<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">Canadian Solar increased its battery storage shipments by 73 percent to 3.7 GWh in the second quarter. With an order backlog of $3.5 billion and a project pipeline of approximately 84 GWh, the storage business is becoming increasingly important and is partially offsetting the weakness in the solar module business. <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Ballard Power: Acquisition Expands Business Model<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">With the acquisition of the British company GeoPura, Ballard is expanding its business from fuel cell technology to an integrated hydrogen platform that includes in-house production, logistics, and power supply.<\/p>\n\n<p class=\"wp-block-paragraph\">As a result, Ballard is tapping into additional markets and will be able to play a greater role in the entire hydrogen value chain in the future.<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>SMA Solar: AI Data Centers\u2014A New Growth Market<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">SMA Solar is tapping into an attractive growth market with new solutions for powering AI and hyperscale data centers. The company expects revenue from this segment to reach the mid- to high-double-digit millions of euros as early as 2027. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>In August 2026, the fund&#8217;s price declined slightly, closing the month down 2.67 percent. 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-17556","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\/17556","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=17556"}],"version-history":[{"count":3,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17556\/revisions"}],"predecessor-version":[{"id":17563,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17556\/revisions\/17563"}],"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=17556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=17556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=17556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}