Firsthand Alternative Energy Fund
| Average Annual Total Returns vs. Indices | |||
|---|---|---|---|
| As of SEPTEMBER 30, 2025 | |||
| Period | Firsthand Alternative Energy Fund |
WilderHill Clean Energy Index | S&P 500 Index |
| Since inception (10/29/07) | 1.42% | -7.34% | 10.67% |
| 10-Year | 9.44% | 4.80% | 15.30% |
| 5-Year | 2.98% | -13.45% | 16.47% |
| 3-Year | 6.17% | -15.24% | 24.94% |
| 1-Year | 14.96% | 45.06% | 17.60% |
| Q3 '25 (not annualized) | 28.20% | 44.75% | 8.12% |
| Monthly Performance Update | |||
|---|---|---|---|
| As of October 31, 2025 | |||
| Period | Firsthand Alternative Energy Fund |
||
| Since inception (10/29/07) | 2.00% | ||
| 10-Year | 9.73% | ||
| 5-Year | 4.42% | ||
| 3-Year | 9.65% | ||
| 1-Year | 39.30% | ||
| 1-Month | 10.96% | ||
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 2.08%. The Fund's total net operating expenses are 1.99%. 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 4/30/26.
Growth of a Hypothetical $10,000 Investment
October 29, 2007 through September 30, 2025
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.
Q3'25 Contributors to Performance
The largest contributor to the Fund’s performance in Q3 was solid oxide fuel cell supplier Bloom Energy (BE). The company’s stock soared more than 250% in Q3, buoyed by investor enthusiasm around power supplies for AI data centers. Bloom and Oracle announced during the quarter a collaboration to deploy Bloom’s fuel cell technology at select Oracle AI data centers in the U.S.
Oklo (OKLO) was the second largest contributor to fund performance in Q3. The nuclear energy company’s stock was up more than 50% in September, benefitting from renewed U.S. government support for nuclear power initiatives. Oklo also celebrated the groundbreaking for its first Aurora powerhouse at Idaho National Laboratory in September.
Corning (GLW) announced financial results that topped analysts’ expectations for the second quarter of 2025 and was the Fund’s third largest contributor to performance in Q3. The Optical Communications segment, Corning’s largest business unit, posted 41% revenue growth as compared to the same quarter a year ago.
Q3'25 Detractors from Performance
We purchased shares of compact nuclear reactor supplier NuScale Power (SMR) in late July, ahead of the company’s Q2 earnings announcement. Despite posting revenue growth in excess of 700% for the quarter ended June 30, 2025, reported revenues came in more than 30% below analysts’ consensus expectations. The company was the top detractor from the Fund’s performance in Q3.
Power Integrations (POWI) was the second-largest detractor from fund performance in the third quarter, and we liquidated our position near the end of Q3. The power semiconductor company’s stock fell approximately 28% during the quarter, reflecting the erosion of the company’s profitability in Q2 as compared to the same quarter in 2024.
The stock of power semiconductor supplier ON Semiconductor (ON) stumbled in Q3, after announcing a sharp decline in second quarter revenues. In particular, the company’s automotive market segment experienced a 4% decline in revenues compared to Q1, and a 19% decline compared to the year-ago period, reflecting softness in the electric vehicle market.
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 9/30/25: BE (12.5% of ALTEX), OKLO (11.0% of ALTEX), GLW (5.2% of ALTEX), SMR (1.8% of ALTEX), POWI (0.0% of ALTEX), ON (3.9% of ALTEX). A complete list of portfolio holdings for Firsthand Funds is available on www.firsthandfunds.com and is updated 45 days after the end of every calendar quarter. The portfolio holdings discussed are subject to change.
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.