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The Best- and Worst-Performing Funds for Danish Investors in the First Half of 2026

Taiwanese equities and technology funds surged on the AI-driven semiconductor rally, while gold funds and Chinese equities lagged.

Key Takeaways

  • Taiwan, technology, and Asian equity funds delivered the strongest first-half returns, powered by a second-quarter rally in AI-related semiconductor stocks.
  • Schroder International Selection Fund Taiwanese Equity was the top-performing fund, gaining 92.81% year to date.
  • Gold and China-focused funds were among the worst performers, alongside Indonesian equities, with Fidelity Funds - Indonesia Fund at the bottom.

Fund performance in the first half of 2026 was a tale of two quarters. The first quarter belonged to energy, as the closure of the Strait of Hormuz sent oil prices soaring and lifted commodity-heavy strategies. The second quarter belonged to technology, as a powerful rally in semiconductor stocks propelled Taiwanese, technology, and Asian equity funds to the top of the rankings and pushed several to first-half gains above 50%.

Gold, Chinese equity, and Indonesian equity funds posted the steepest losses over the six months, with the precious metals funds giving back their first-quarter safe-haven gains as geopolitical tensions eased.

Only funds available in Denmark with a minimum investment requirement of DKK 50,000 or less, and with reported data for the first half as of July 7, are included. All data is reported in DKK.

From Oil Shock to Chip Rally

The first half was split between two very different market regimes. The US-Israeli airstrikes on Iran that began on Feb. 28 and the subsequent closure of the Strait of Hormuz drove Brent crude from around USD 61 per barrel to a peak above USD 120, rewarding energy and commodity-exposed strategies in the first quarter—before a US-Iran interim peace deal in June and the conditional reopening of the Strait sent Brent back to the low 70s, erasing its wartime gains.

Technology stocks took over from there, as soaring demand for semiconductors at the heart of the artificial intelligence buildout sent Asian chip-heavy markets to record highs and lifted Taiwanese equity, technology, and Asian equity funds sharply. The easing tensions cut the other way for safe havens: Gold posted its largest quarterly decline since 2013, dragging gold-mining funds down with it, while Chinese equity funds sat out Asia’s regional rally.

The Best-Performing Funds for Danish Investors in H1 2026

Schroder International Selection Fund Taiwanese Equity

The DKK 3.2 billion Schroder International Selection Fund Taiwanese Equity rose 64.81% in the second quarter. The gain on the actively managed fund beat the 52.51% gain on the average fund in the Taiwan large-cap equity category, leaving it in the 12th percentile for performance. The fund beat its benchmark, the Morningstar Taiwan Target Market Exposure Index, by 14.36 percentage points. Year to date, the Schroder fund rose 92.81%, while the average fund in its category rose 69.96%. The fund has climbed 42.63% over the past three years and gained 22.66% over the past five years.

Polar Capital Funds PLC - Polar Capital Global Technology Fund

The actively managed Polar Capital Funds PLC - Polar Capital Global Technology Fund gained 62.44% in the second quarter, outperforming the average fund in the equity technology category, which rose 38.37%. The fund placed in the 14th percentile for performance and beat its benchmark, the Morningstar Global Technology Index, by 22.66 percentage points. The DKK 137.3 billion fund has gained 76.8% year to date, while the average fund in its category is up 35.63%. The Polar Capital fund is up 53.99% over the past three years and is up 27.73% over the past five years.

Maj Invest UCITS ETF AI & Semiconductor

The DKK 922.7 million Maj Invest UCITS ETF AI & Semiconductor rose 55.55% in the second quarter. The gain on the actively managed fund beat the 38.37% gain on the average fund in the equity technology category, leaving it in the 19th percentile for performance. The fund beat its benchmark, the Morningstar Global Technology Index, by 15.77 percentage points. Year to date, the Maj Invest fund rose 61.49%, while the average fund in its category rose 35.63%. The fund was launched in June 2024.

Allianz Global Investors Fund - Allianz Little Dragons

The actively managed Allianz Global Investors Fund - Allianz Little Dragons gained 42.89% in the second quarter, outperforming the average fund in the Asia ex-Japan equity category, which rose 29.45%. The fund placed in the ninth percentile for performance and beat its benchmark, the Morningstar Asia ex-Japan Target Market Exposure Index, by 15.04 percentage points. The DKK 1.1 billion fund has gained 56.21% year to date, while the average fund in its category is up 31.21%. The Allianz Global Investors fund is up 23.47% over the past three years and is up 7.29% over the past five years.

Robeco Smart Energy

The DKK 41 billion Robeco Smart Energy rose 34.21% in the second quarter. The gain on the actively managed fund beat the 14.18% gain on the average fund in the equity alternative energy category, leaving it in the sixth percentile for performance. The fund beat its benchmark, the Morningstar Global Markets Renewable Energy Index, by 26.62 percentage points. Year to date, the Robeco fund rose 55.34%, while the average fund in its category rose 25.53%. The fund has climbed 26.56% over the past three years and gained 17.41% over the past five years.

The Worst-Performing Funds for Danish Investors in H1 2026

Fidelity Funds - Indonesia Fund

The DKK 937.4 million Fidelity Funds - Indonesia Fund fell 17.49% in the second quarter. The loss on the actively managed fund was smaller than the 19.90% loss on the average fund in the Indonesia equity category, leaving it in the 21st percentile for performance. The fund beat its benchmark, the Morningstar Indonesia Index, by 8.49 percentage points. Year to date, the Fidelity International fund fell 22.69%, while the average fund in its category fell 27.69%. The fund has dropped 13.24% over the past three years and lost 3.48% over the past five years.

Fidelity Funds - China Focus Fund

In the second quarter, the actively managed Fidelity Funds - China Focus Fund fell 9.27%, while the average China equity fund gained 6.57%. The fund placed in the 93rd percentile for performance and fell further than its benchmark, the Morningstar China Target Market Exposure Index, by 3.69 percentage points. The DKK 13.4 billion fund has dropped 12.95% year to date, underperforming the average fund in its category, which rose 2.35%. The Fidelity International fund has gained 0.83% over the past three years and lost 0.09% over the past five years.

Ninety One Global Strategy Fund - Global Gold Fund

The DKK 7.2 billion Ninety One Global Strategy Fund - Global Gold Fund fell 14.32% in the second quarter. The loss on the actively managed fund was worse than the 10.82% loss on the average fund in the equity precious metals category, leaving it in the 70th percentile for performance. The fund edged out its benchmark, the Morningstar Global Gold Index, by 2.38 percentage points. Year to date, the Ninety One fund fell 10.65%, while the average fund in its category fell 6.92%. The fund has climbed 38.32% over the past three years and gained 21.26% over the past five years.

BlackRock Global Funds - World Gold Fund

The actively managed BlackRock Global Funds - World Gold Fund lost 14.02% in the second quarter, falling further than the average fund in the equity precious metals category, which fell 10.82%. The fund placed in the 60th percentile for performance and edged out its benchmark, the Morningstar Global Gold Index, by 2.68 percentage points. The DKK 63.2 billion fund has lost 10.52% year to date, while the average fund in its category is down 6.92%. The BlackRock fund is up 36.14% over the past three years and is up 18.33% over the past five years.

Multipartner SICAV - Tata India Equity Fund

The DKK 114.9 million Multipartner SICAV - Tata India Equity Fund rose 12.37% in the second quarter. The gain on the actively managed fund was roughly in line with the 12.53% gain on the average fund in the India equity category, leaving it in the 45th percentile for performance. The fund beat its benchmark, the Morningstar India Target Market Exposure Index, by 0.99 percentage points. Year to date, the Tata fund fell 10.38%, while the average fund in its category fell 5.61%. The fund has dropped 2.27% over the past three years and gained 3.24% over the past five years.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar's editorial policies.

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