The Hydrogen Portfolio focuses on hydrogen as one of the central building blocks of the global energy transition. Whether in industry, mobility, power generation, or heavy transport — wherever electrification alone is not sufficient, hydrogen offers a sustainable, emission-free solution.
With growing global regulatory pressure, rising sustainability requirements, and massive investments in new infrastructure, the hydrogen sector continues to gain strategic importance. For many companies and countries, hydrogen has already become a key future theme.
In this dynamic environment, the Hydrogen Portfolio remains clearly structured and focuses specifically on the companies that are driving technological progress in the hydrogen sector.
Strategy Update – Investment Level at 94%
As of October 31, 2025, the portfolio’s investment level stands at 94%. This keeps the strategy firmly oriented toward capturing the strong momentum in the hydrogen sector — while maintaining the flexibility needed in a rapidly evolving market.
Pure-Play Focus: Investing Along the Entire Hydrogen Value Chain
The Hydrogen Portfolio continues to focus on pure-play companies whose core business is firmly anchored in the hydrogen sector. These firms shape the entire value chain:
Electrolysis & Production
Companies producing green hydrogen and enabling emission-free industry.
Infrastructure & Transport
Providers of storage, compression, pipeline transport, and refueling solutions.
Industrial & Energy Applications
Companies integrating hydrogen into industrial processes and opening new fields of application.
Components & Material Specialists
Firms delivering key technologies and components — often with significant technological advantages.
These pure-plays have significantly contributed to performance this year and benefit directly from the structural growth of the sector.
Broad Diversification Enhances Stability and Risk Balance
Despite the thematic focus, the portfolio remains broadly diversified:
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Geographically: USA, Europe, and Asia as the core growth regions
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Market Capitalization: A mix of established large caps and dynamic small- & mid-caps
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Segment Breadth: From infrastructure to technology to industrial applications
This balanced structure supports a strong opportunity-risk profile — essential in a sector that is high-growth but can also be volatile.
Japan as a Strategic Focus – Increased Weight Due to Positive Momentum
To further optimize regional exposure, the portfolio has recently increased its allocation to Japanese companies. Several factors support this:
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Leadership in fuel cell and hydrogen technologies
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Industry-driven applications with global pioneer status
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Strong political support for a hydrogen-based energy future
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Positive sector momentum in technology and industrial segments
This adjustment strengthens both the structural profile and regional risk balance of the portfolio.
Why the Hydrogen Portfolio Performs Over the Long Term
The global hydrogen market is entering a scaling phase supported by:
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ambitious net-zero targets,
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massive infrastructure investments,
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technological maturity and falling costs,
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and broad industrial demand.
Pure-play companies along the hydrogen value chain benefit disproportionately from this transformation. With its dynamic yet diversified structure, the Hydrogen Portfolio is optimally positioned to participate in long-term structural growth.
Further Reading Recommendations
International Energy Agency (IEA) – Global Hydrogen Review 2025
https://www.iea.org/reports/global-hydrogen-review-2025
Hydrogen Council – Global Hydrogen Compass 2025
https://compass.hydrogencouncil.com/wp-content/uploads/2025/09/Hydrogen-Council-Global-Hydrogen-Compass-2025.pdf
IRENA – Analysis of the potential for green hydrogen and related commodities trade (2025)
https://www.irena.org/Publications/2025/Jun/Analysis-of-the-potential-for-green-hydrogen-and-related-commodities-trade
Nature (2025) – The green hydrogen ambition and implementation gap
https://www.nature.com/articles/s41560-024-01684-7
MDPI (2025) – Hydrogen Safety in Energy Infrastructure: A Review
https://www.mdpi.com/1996-1073/18/20/5470