{"id":17685,"date":"2026-10-06T09:34:49","date_gmt":"2026-10-06T08:34:49","guid":{"rendered":"https:\/\/greenbenefit.com\/management-commentary-for-retail-clients-october-6-2026\/"},"modified":"2026-10-06T10:50:03","modified_gmt":"2026-10-06T09:50:03","slug":"management-commentary-for-retail-clients-october-6-2026","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-for-retail-clients-october-6-2026\/","title":{"rendered":"Management Commentary for Retail Clients &#8211; October 6, 2026"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><a><strong>General Development<\/strong><\/a><\/p>\n\n<p class=\"wp-block-paragraph\">In September 2026, the fund&#8217;s price declined, closing the month down 8.61 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\"><a><strong>Widespread price declines are weighing on the portfolio<\/strong><\/a><\/p>\n\n<p class=\"wp-block-paragraph\">In September, 24 of our portfolio companies saw their stock prices decline, while 7 stocks rose. The declines and gains affected all four sectors of the portfolio. <\/p>\n\n<p class=\"wp-block-paragraph\">The largest contributors to the losses were Fluence Energy, Plug Power, JinkoSolar, Daqo, and Voltatron.<\/p>\n\n<p class=\"wp-block-paragraph\">The largest positive contributions came from thyssenkrupp nucera, Ceres Power, and Nano One.<\/p>\n\n<p class=\"wp-block-paragraph\">At the end of the month, the portfolio&#8217;s equity allocation stood at 98.1 percent.<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Geopolitics and Interest Rate Hikes Have a Significant Impact<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">The Federal Reserve implemented the interest rate hike that the market had anticipated in the U.S. Such interest rate hikes regularly influence the price performance of interest-rate-sensitive small- and mid-cap stocks and technology companies. The ongoing conflict in Iran and the resulting rise in oil prices further weighed on market sentiment.  <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Purchases and Sales<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">We reduced our position in QuantumScape further and sold small positions in Elia and SMA Solar. We invested these proceeds in a countercyclical manner in stocks that had fallen sharply, such as Novonix, Fluence Energy, and JinkoSolar. <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Company Developments<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\"><strong>QuantumsScape \u2013 Further Reduction of the Position<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">As early as 2025, we took advantage of QuantumScape\u2019s strong stock performance and, at a price of around $16, reduced our portfolio weighting at that time from nearly 10 percent to less than 5 percent, thereby locking in profits early on. Most recently, as a precautionary measure, we further reduced the position from about 3.5 percent to 1.3 percent in light of Volkswagen\u2019s planned cost cuts and a possible sale of its stake in QuantumScape. <\/p>\n\n<p class=\"wp-block-paragraph\">We are closely monitoring developments and may increase our position again if QuantumScape is able to bridge the potential gap through partnerships with other automakers.<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Fluence Energy: Production Issues Present a Countercyclical Buying Opportunity<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">Fluence Energy is currently facing a short-term production issue despite a record order backlog of $6.4 billion. Delays in ramping up the new plant in Houston led to a significant downward revision of the 2026 forecast and a sharp drop in the stock price, even though demand for the company\u2019s energy storage solutions remains high. <\/p>\n\n<p class=\"wp-block-paragraph\">Since we continue to view the long-term growth prospects for battery storage positively\u2014in part due to the rising energy demand from AI data centers\u2014we took advantage of the decline in the stock price to double our position in the stock.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In September 2026, the fund&#8217;s price declined, closing the month down 8.61 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-17685","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\/17685","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=17685"}],"version-history":[{"count":2,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17685\/revisions"}],"predecessor-version":[{"id":17708,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/17685\/revisions\/17708"}],"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=17685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=17685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=17685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}