Key Takeaways
- Energy, commodities and Norway-focused funds were the strongest performers, benefiting from sharp gains in the energy sector.
- Nordic growth-oriented smaller companies and India-focused equity funds performed the worst.
- There was a more than 66 percentage point gap between the best- and worst-performing funds in the first quarter.
The first quarter of 2026 was marked by sharp divergences across equity markets and sectors. Funds exposed to energy, commodities and Norway were among the strongest performers, supported by rising oil and gas prices. At the same time, several India-focused funds and Nordic small- and mid-cap strategies came under pressure and ended the quarter among the weakest performers.
Best Funds in Q1: Energy and Commodities at the Top
With its broad exposure to energy the top-ranking Schroder International Selection Fund Global Energy, rose 43.41% during the period. Other energy-focused strategies also featured prominently, including Guinness Asset Management Funds PLC - Global Energy Fund and BlackRock Global Funds - World Energy Fund, both of which delivered gains close to 40%.
Norway-focused equity exposure also stood out. Nordnet Norge Indeks ranked among the best-performing funds after outperforming the average fund in its category, while C WorldWide Norge also made the top of the list. This reflects the strength seen in the Norwegian market during the quarter, helped in part by its significant exposure to energy and resource-related companies.
Funds that had not reported return data to Morningstar for March by April 8, or that had a minimum initial investment requirement above €10 000, have been excluded from this analysis.
Historic Returns for the Best Funds in Q1 2026
Schroder International Selection Fund Global Energy
The EUR 994.5 million Schroder International Selection Fund Global Energy rose 43.41% in the first quarter. The gain on the actively managed fund beat the 40.81% 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. Year to date, the Schroders fund rose 43.41%, while the average fund in its category rose 40.81%. The fund has climbed 50.7% over the past year and gained 21.2% over the past three years.
Guinness Asset Management Funds PLC - Global Energy Fund
The actively managed Guinness Asset Management Funds PLC - Global Energy Fund gained 40.59% in the first quarter, performing roughly in line with the average fund in the equity energy category, which rose 40.81%. The fund placed in the 25.0th percentile for performance and beat its benchmark, the Morningstar Global Energy Index, by 5.74 percentage points. The EUR 272.1 million fund has gained 40.59% year to date, while the average fund in its category is up 40.81%. The Guinness fund is up 37.9% over the past year and is up 16.63% over the past three years.
BlackRock Global Funds - World Energy Fund
The EUR 2.7 billion BlackRock Global Funds - World Energy Fund rose 39.13% in the first quarter. The gain on the actively managed fund was roughly in line with the 40.81% gain on the average fund in the equity energy category, leaving it in the 44.0th percentile for performance. The fund beat its benchmark, the Morningstar Global Energy Index, by 4.28 percentage points. Year to date, the BlackRock fund rose 39.13%, while the average fund in its category rose 40.81%. The fund has climbed 30.36% over the past year and gained 15.39% over the past three years.
Nordnet Norge Indeks
The passively-managed Nordnet Norge Indeks gained 34.12% in the first quarter, outperforming the average fund in the Norway equity category, which rose 18.45%. The fund placed in the first percentile for performance and beat its benchmark, the Morningstar Norway Index, by 8.2 percentage points. The EUR 1 billion fund has gained 34.12% year to date, while the average fund in its category is up 18.45%. The Nordnet fund is up 42.54% over the past year and is up 23.58% over the past three years.
Schroder International Selection Fund Commodity
The actively managed Schroder International Selection Fund Commodity gained 30.97% in the first quarter, outperforming the average fund in the commodities - broad basket category, which rose 19.29%. The fund placed in the eighth percentile for performance. The EUR 121.8 million fund has gained 30.97% year to date, while the average fund in its category is up 19.29%. The Schroders fund is up 32.78% over the past year and is up 13.61% over the past three years.
Worst Funds in Q1: India and Nordic Growth Strategies Took a Hit
Among the weakest funds in the first quarter, India-focused equity funds and Nordic small- and mid-cap growth strategies dominated. The weakest performer was Adrigo Small & Midcap L/S, which fell 22.88% during the period. TIN Ny Teknik also ranked among the worst performers after declining 22.63%, significantly underperforming both its category average and its benchmark.
India equity funds were another clear weak spot in the quarter. OP-Intia, Multipartner SICAV - Tata India Equity Fund and Comgest Growth India all featured among the bottom five, with losses ranging from 19.82% to 21.23%. Each of these funds performed worse than the average fund in the India equity category, reflecting a difficult quarter for that part of the market.
Historic Returns for the Worst Funds in Q1 2026
Adrigo Small & Midcap L/S
The EUR 9 million Adrigo Small & Midcap L/S fell 22.88% in the first quarter. Year to date, the East Capital fund fell 22.88%. The fund has dropped 31.65% over the past year and lost 10.32% over the past three years.
TIN Ny Teknik
The EUR 262.4 million TIN Ny Teknik fell 22.63% in the first quarter. The loss on the actively managed fund was worse than the 8.84% loss on the average fund in the Nordic small/mid-cap equity category, leaving it in the 100.0th percentile for performance. The fund lagged its benchmark, the Morningstar Nordic Target Market Exposure Index, by 22.93 percentage points. Year to date, the TIN Fonder fund fell 22.63%, while the average fund in its category fell 8.84%. The fund has dropped 36.71% over the past year and lost 14.88% over the past three years.
OP-Intia
In the first quarter, the actively managed OP-Intia fell 21.23%, while the average India equity fund lost 16.25%. The fund placed in the 97.0th percentile for performance and fell further than its benchmark, the Morningstar India Target Market Exposure Index, by 4.61 percentage points. The EUR 100.6 million fund has dropped 21.23% year to date, falling further than the average fund in its category, which fell 16.25%. The OP fund has lost 27.27% over the past year and lost 3.9% over the past three years.
Multipartner SICAV - Tata India Equity Fund
The EUR 16 million Multipartner SICAV - Tata India Equity Fund fell 20.29% in the first quarter. The loss on the actively managed fund was worse than the 16.25% loss on the average fund in the India equity category, leaving it in the 96.0th percentile for performance. The fund fell further than its benchmark, the Morningstar India Target Market Exposure Index, by 3.67 percentage points. Year to date, the Tata fund fell 20.29%, while the average fund in its category fell 16.25%. The fund has dropped 27.44% over the past year and lost 3.22% over the past three years.
Comgest Growth India
In the first quarter, the actively managed Comgest Growth India fell 19.82%, while the average India equity fund lost 16.25%. The fund placed in the 94.0th percentile for performance and fell further than its benchmark, the Morningstar India Target Market Exposure Index, by 3.2 percentage points. The EUR 44.5 million fund has dropped 19.82% year to date, falling further than the average fund in its category, which fell 16.25%. The Comgest fund has lost 25.27% over the past year and gained 2.33% over the past three years.
