Firsthand Alternative Energy Fund
| Average Annual Total Returns vs. Indices | |||
|---|---|---|---|
| As of MARCH 31, 2026 | |||
| Period | Firsthand Alternative Energy Fund |
WilderHill Clean Energy Index | S&P 500 Index |
| Since inception (10/29/07) | 1.88% | -6.66% | 10.26% |
| 10-Year | 9.87% | 5.23% | 14.16% |
| 5-Year | -0.48% | -19.83% | 12.06% |
| 3-Year | 4.92% | -7.47% | 18.32% |
| 1-Year | 70.46% | 102.01% | 17.80% |
| Q1 '26 (not annualized) | 15.57% | 3.49% | -4.33% |
| Monthly Performance Update | |||
|---|---|---|---|
| As of MAY 31, 2026 | |||
| Period | Firsthand Alternative Energy Fund |
||
| Since inception (10/29/07) | 3.66% | ||
| 10-Year | 14.20% | ||
| 5-Year | 7.57% | ||
| 3-Year | 19.49% | ||
| 1-Year | 110.18% | ||
| 1-Month | 3.77% | ||
The Fund's performance information assumes reinvestment of all dividends and includes all Fund expenses, but does not reflect the impact of taxes. Performance data quoted represent past performance, which is not a guarantee of future results, and current performance may be lower or higher than the performance quoted. Both the return from and the principal value of an investment in the Fund will fluctuate so that any investor's shares, when redeemed, may be worth more or less than their original cost. To obtain performance as of the most recent month-end, please contact Firsthand Funds by calling 1.888.884.2675 or go to www.firsthandfunds.com.
The Fund's total gross operating expenses are 2.11%. The Fund's total net operating expenses are 2.01%. Under the Investment Advisory Agreement, the Investment Adviser has agreed to reduce its fees and/or make expense reimbursements so that the Fund's total annual operating expenses (excluding independent trustees' compensation, brokerage and commission expenses, short sale expenses, litigation costs and any extraordinary and non-recurring expenses) are limited to 1.98% of the Fund's average daily net assets up to $200 million, 1.93% of such assets from $200 million to $500 million, 1.88% of such assets from $500 million to $1 billion, and 1.83% of such assets in excess of $1 billion. The current expense waiver is in effect until 4/30/27.
Growth of a Hypothetical $10,000 Investment
October 29, 2007 through March 31, 2026
Chart represents the growth of a hypothetical $10,000 investment from Firsthand Alternative Energy Fund inception date until the end of the quarter indicated. Firsthand Alternative Energy Fund performance assumes reinvestment of all dividends and includes all Fund expenses but does not reflect the impact of taxes.
Q1'26 Contributors to Performance
The largest contributor to the Fund’s performance in Q1 was Bloom Energy (BE). The solid oxide fuel cell provider’s stock was up 56% in the first quarter, boosted by the company’s connection to the AI data center buildout as well as oil supply concerns related to the Iran war. In February, Bloom reported record revenues of $2 billion for 2025, an increase of 37% from 2024.
Leading fiber optic cable manufacturer Corning Inc. (GLW) was the second largest contributor to Fund performance in Q1. Corning reported solid financial results in January for its fiscal fourth quarter, including raised guidance for revenue growth for the 2026 – 2028 period.
Quanta Services (PWR), a leading power infrastructure provider, was the third largest contributor to the performance of the Fund in Q1. Strong demand for electric infrastructure projects helped the company exceed analysts’ expectations for Q4 revenues, and pushed backlog to a record $44 billion at the end of Q4.
Q1'26 Detractors from Performance
Shares of Oklo (OKLO) slid in Q1, and the nuclear technology company was the largest detractor from the Fund’s performance during the quarter. Oklo is a pre-revenue company; it’s first commercial powerhouse is not expected to be operational until late 2027 or 2028. During Q1 the company posted financial results that included a larger than expected net loss.
First Solar (FSLR) stock fell 24% during Q1 and was the second largest detractor from fund performance for the first quarter. The company’s shares fell sharply in February after First Solar’s Q4 and full-year financial results for 2025 disappointed investors. Of particular note, the company’s forecast revenues for 2026 fell short of Wall Street expectations.
The shares of residential solar supplier SunPower (SPWR) fell 19% in Q1. SunPower, not to be confused with a predecessor entity with the same name and ticker symbol, was created by the acquisition of “old” SunPower’s assets by Complete Solaria. Complete Solaria later changed its name to SunPower in 2025. During the quarter, the SunPower completed its acquisition of Cobalt Power Systems, a Silicon Valley based solar system installer. This marks the company’s third acquisition in the past three quarters.
Firsthand Alternative Energy Fund is subject to greater risk than more diversified funds because of its investments in fewer securities and because of its concentration of investments in the alternative energy and energy technology sectors. Specific risks associated with these investments could cause the Fund's share price to fluctuate dramatically. The Fund's investments in small-cap companies present greater risk than investments in larger companies. The Fund invests in several industries within the alternative energy and energy technology sectors and the relative weightings of these industries in the Fund's portfolio may change at any time. Equity investing involves risks, including the potential loss of the principal amount invested.
The Standard & Poor's 500 Index (S&P 500) represents an unmanaged, broad-based basket of stocks and is typically used as a benchmark for overall market performance. The WilderHill Clean Energy Index is a market-weighted index of companies in the cleaner fuel, energy conversion, energy storage, greener utilities, power delivery and conservation, and renewable energy harvesting sectors. The indices' performance figures assume the reinvestment of all dividends (except where noted), but do not reflect the impact of taxes. Additionally, because an investor cannot invest in an index directly, indices' performance figures do not reflect the expenses associated with the management of an actual mutual fund portfolio.
As of 3/31/26: BE (14.9% of ALTEX), GLW (8.1% of ALTEX), PWR (10.6% of ALTEX), OKLO (4.6% of ALTEX), FSLR (1.8% of ALTEX), SPWR (1.7% of ALTEX).
The information provided should not be considered a recommendation to purchase or sell a particular security and there is no assurance that, as of the date of publication, the securities purchased remain in a Fund's portfolio or that securities sold have not been repurchased. Also, you should note that the securities discussed, even if they have been purchased by a Fund, do not represent a Fund's entire portfolio and, in the aggregate, may represent only a small percentage of that Fund's holdings. There can be no assurance that any Firsthand Funds will buy, sell, or hold any particular security after the date referred to in the discussion.