Amara NZero - comment - Positioning

North American energy providers are slashing investments by half in response to the Big Beautiful Bill. This should quite directly hit Amara’s Sunergy US business and possibly worldwide prices of solar equipment (we have previously written about 80% of US panels being produced in the US). Consequently, Amara N-Zero bonds dropped steeply into the mid to high 30s. We are buying 1% of NAV here at 38c/€.