Firsthand Alternative Energy Fund
| Average Annual Total Returns vs. Indices | |||
|---|---|---|---|
| As of DECEMBER 31, 2025 | |||
| Period | Firsthand Alternative Energy Fund |
WilderHill Clean Energy Index | S&P 500 Index |
| Since inception (10/29/07) | 1.10% | -6.92% | 10.67% |
| 10-Year | 7.66% | 3.19% | 14.82% |
| 5-Year | -2.97% | -21.16% | 14.42% |
| 3-Year | 3.50% | -6.77% | 23.01% |
| 1-Year | 21.78% | 53.00% | 17.88% |
| Q4 '25 (not annualized) | -5.21% | 6.54% | 2.66% |
| Monthly Performance Update | |||
|---|---|---|---|
| As of January 31, 2026 | |||
| Period | Firsthand Alternative Energy Fund |
||
| Since inception (10/29/07) | 1.96% | ||
| 10-Year | 10.16% | ||
| 5-Year | -1.31% | ||
| 3-Year | 5.62% | ||
| 1-Year | 39.97% | ||
| 1-Month | 16.75% | ||
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 December 31, 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.
Q4'25 Contributors to Performance
The largest contributor to the Fund’s performance in Q4 was Vestas Wind Systems (VWSYF). The Danish wind turbine manufacturer posted modest revenue and order growth for its third quarter, and made a flurry of announcements of new orders in December.
Solar module supplier First Solar (FSLR) was the second largest contributor to Fund performance in Q4. The company’s stock rallied during the quarter, buoyed by higher-than-expected revenues for its third fiscal quarter, and the announcement of a new manufacturing facility in the U.S.
After slumping in the first half of Q4, shares of ON Semiconductor (ON) rose sharply in late November and into December. The power semiconductor manufacturer was the third largest contributor to the performance of the Fund in Q4. The company announced an upsized share buyback program on November 18 that was well received by the market.
Q4'25 Detractors from Performance
Shares of Oklo (OKLO) slid in Q4, and the nuclear technology company was the largest detractor from the Fund’s performance during the quarter. In early December the company announced an at-the-market (ATM) offering of up to $1.5 billion worth of common stock. Oklo shares fell approximately 36% from the time of the announcement through the end of the quarter.
Aspen Aerogels (ASPN) stock fell 59% during Q4, making the company the second largest detractor from fund performance for the fourth quarter. The thermal insulation supplier announced that Q3 revenues had declined 6% as compared to the prior quarter and lowered full-year 2025 revenue and profit guidance. The company cited lower near-term demand in the U.S. electric vehicle (EV) market as a driver of the downward revision in its guidance.
NuScale Power (SMR) is a manufacturer of small modular nuclear reactors. The company’s financial results for Q3 came in well below analysts’ expectations, and its stock was down sharply for the remainder of the quarter. With a decline of 60% for the quarter, NuScale stock was the third largest detractor from the performance of the Fund in Q4.
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 12/31/25: VWSYF (4.3% of ALTEX), FSLR (2.8% of ALTEX), ON (4.6% of ALTEX), OKLO (7.7% of ALTEX), ASPN (1.1% of ALTEX), SMR (0.8% 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.