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The Best and Worst Funds for Danish Investors in Q1

Energy and natural resource funds dominated the best-performing funds, while several India funds featured among the weakest.

Collage illustration of a pie chart with images of the Oslo, an upward arrow, and currency.

Key Takeaways

  • Performance in the first quarter was varied, with sector and regional exposure impacting returns.
  • Schroder International Selection Fund Global Energy was the top-performing fund.
  • Several India-equity funds ranked among the worst performers, with C Worldwide Indien KL at the bottom.

Fund performance in the first quarter of 2026 was sharply divided. Energy, commodities, and resource-focused strategies delivered strong double‑digit gains, led by global energy and natural resources funds. In contrast, equity funds focused on India and high-growth segments struggled, reflecting weaker sentiment toward emerging markets and growth stocks during the quarter.

Energy and Resources Drove Strong Returns

Rising energy prices and renewed investor interest in commodities provided a powerful tailwind for funds exposed to global energy, natural resources, and commodities. Several of the best-performing funds benefited from concentrated exposure to these sectors, while Latin American and Brazil-focused equity funds also posted solid gains amid improved regional market conditions.

Only funds with a minimum investment requirement of DKK 50.000 or less, and with reported data for the first quarter as of April 9 are included. All data is reported in DKK.

The Best Performing Funds for Danish Investors in Q1 2026

Schroder International Selection Fund Global Energy

The DKK 7.4 billion Schroder International Selection Fund Global Energy rose 43.48% in the first quarter. The gain on the actively managed fund beat the 40.88% gain on the average fund in the equity energy category, leaving it in the sixth percentile for performance. The fund beat its benchmark, the Morningstar Global Energy Index, by 8.56 percentage points. Over the past three years, the Schroders fund rose 21.32%, while the average fund in its category rose 18.71%. Over the past five years, the fund has climbed 24.71%, compared to the 21.72% gain for the category.

BlackRock Global Funds - World Energy Fund

In the first quarter, the actively managed BlackRock Global Funds - World Energy Fund rose 39.19%, while the average equity energy fund gained 40.88%. The fund placed in the 44th percentile for performance and beat its benchmark, the Morningstar Global Energy Index, by 4.27 percentage points. The DKK 20 billion fund has climbed 15.51% over the past three years, underperforming the average fund in its category, which rose 18.71%. Over the past five years, the BlackRock fund is up 21.67%, while the average fund in its category is up 21.72%.

Nordnet Norge Indeks

The DKK 7.7 billion Nordnet Norge Indeks rose 34.19% in the first quarter. The gain on the passively managed fund beat the 18.5% gain on the average fund in the Norway equity category, leaving it in the first percentile for performance. The fund beat its benchmark, the Morningstar Norway Index, by 8.21 percentage points. Over the past three years, the Nordnet fund rose 23.7%, while the average fund in its category rose 19.75%. Over the past five years, the fund has climbed 14.14%, compared to the 10.44% gain for the category.

Templeton Latin America Fund

In the first quarter, the actively managed Templeton Latin America Fund rose 20.29%, while the average Latin America equity fund gained 13.0%. The fund placed in the second percentile for performance and beat its benchmark, the Morningstar Emerging Markets Americas Target Market Exposure Index, by 1.58 percentage points. The DKK 4.9 billion fund has climbed 15.4% over the past three years, outperforming the average fund in its category, which rose 13.01%. Over the past five years, the Franklin Templeton fund is up 10.71%, while the average fund in its category is up 9.09%.

BGF Natural Resources Fund

The actively managed BGF Natural Resources Fund gained 20.17% in the first quarter, outperforming the average fund in the equity natural resources category, which rose 12.54%. The fund placed in the 19th percentile for performance and lagged its benchmark, the Morningstar Global Upstream Natural Resources Index, by 2.25 percentage points. The DKK 2.8 billion fund has gained 10.96% over the past three years, while the average fund in its category is up 14.9%. Over the past five years, the BlackRock fund has climbed 14.17%, compared to the 12.0% gain for the category.

The Worst Performing Funds for Danish Investors in Q1 2026

Multipartner SICAV - Tata India Equity Fund

The actively managed Multipartner SICAV - Tata India Equity Fund lost 20.25% in the first quarter, falling further than the average fund in the India equity category, which fell 16.21%. The fund placed in the 96th percentile for performance and fell further than its benchmark, the Morningstar India Target Market Exposure Index, by 3.67 percentage points. The DKK 119.5 million fund has lost 3.12% over the past three years, while the average fund in its category is up 3.02%. Over the past five years, the Tata fund has climbed 2.31%, compared to the 3.79% gain for the category.

Horizon3 Innovation

In the first quarter, the actively managed Horizon3 Innovation fell 18.41%, while the average global large-cap growth equity fund lost 6.1%. The fund placed in the 100th percentile for performance and fell further than its benchmark, the Morningstar Global Growth Target Market Exposure Index, by 13.11 percentage points. The DKK 363.5 million fund has climbed 14.92% over the past three years, outperforming the average fund in its category, which rose 8.53%. The PortfolioManager fund was launched in Feb. 2023.

Horizon3 Innovation Akk. KL

The actively managed Horizon3 Innovation Akk. KL lost 18.25% in the first quarter, falling further than the average fund in the equity technology category, which fell 3.08%. The fund placed in the 97th percentile for performance and fell further than its benchmark, the Morningstar Global Technology Index, by 13.7 percentage points. The DKK 33.4 million fund was launched in June 2025.

Ashoka WhiteOak ICAV - Ashoka WhiteOak India Opportunities Fund

In the first quarter, the actively managed Ashoka WhiteOak ICAV - Ashoka WhiteOak India Opportunities Fund fell 17.36%, while the average India equity fund lost 16.21%. The fund placed in the 74th percentile for performance and performed roughly in line with its benchmark, the Morningstar India Target Market Exposure Index. The DKK 10.7 billion fund has climbed 6.01% over the past three years, outperforming the average fund in its category, which rose 3.02%. Over the past five years, the White Oak Capital Partners fund is up 5.51%, while the average fund in its category is up 3.79%.

Wealth Invest Symmetry Invest

The actively managed Wealth Invest Symmetry Invest lost 17.07% in the first quarter, falling further than the average fund in the long/short equity - global category, which fell 0.5%. The fund placed in the 100th percentile for performance and fell further than its benchmark, the Morningstar Global Target Market Exposure Index, by 15.68 percentage points. The DKK 955.5 million fund has gained 5.48% over the past three years, while the average fund in its category is up 5.82%. The Wealth Invest fund was launched in March 2023.

This article was generated with the help of automation and reviewed by Morningstar editors. Learn more about Morningstar's use of automation.

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