Key Takeaways
- Taiwanese equity, technology, and broader emerging-market funds were the strongest performers of the first half, several gaining more than 50%.
- Nordic small/mid-cap, gold, and Indonesian equity funds were the weakest performers of the first half.
- Gold funds ended the first half in negative territory despite still showing large one-year gains, after giving back earlier gains in the second quarter.
When it comes to fgund performance, the first half of 2026 consisted of two distinct phases. Energy, commodities, and Norway-focused funds led the market in the first quarter, before a rally in semiconductor and technology stocks took over in the second quarter and pushed Taiwanese, technology, and broader Asian equity funds to the top of the rankings.
Gold funds, by contrast, gave back earlier gains as the quarter progressed, and Nordic small/mid-cap and Indonesian equity funds remained under pressure throughout.
Funds that had not reported return data to Morningstar for June by July 8, or that had a minimum initial investment requirement above EUR 10,000, have been excluded from this analysis.
Best Funds in H1 2026: Taiwan and Technology Lead
Amid an AI chip stock rally, Taiwan equity exposure featued atop the rankings for the first half. Schroder International Selection Fund Taiwanese Equity rose 87.55% over the six months, including a 63.49% gain in the second quarter alone. Technology-sector funds also featured prominently.
Polar Capital Global Technology gained 71.97% for the half, well ahead of the 29.30% average for the sector equity technology category, while Robeco Smart Materials (+64.85%) and Polar Capital Smart Energy (+68.34%) also outpaced their respective category averages by a wide margin.
Broader emerging-market exposure rounded out the top performers. Nomura Emerging Markets gained 63.37% for the half, ahead of the 26.55% average for the global emerging markets equity category.
Returns for the Best Funds in H1 2026
Schroder International Selection Fund Taiwanese Equity
The actively managed Schroder International Selection Fund Taiwanese Equity rose 63.49% in the second quarter and was thereby the period’s best-performing fund. Sitting in the Taiwan large-cap equity category, it is up 87.55% year to date and has climbed 138.86% over the past year.
Polar Capital Global Technology
The actively managed Polar Capital Global Technology rose 61.14% in the second quarter, placing it well ahead of its peers in the sector equity technology category. The fund is up 71.97% year to date and has climbed 123.84% over the past year.
Polar Capital Smart Energy
The actively managed Polar Capital Smart Energy rose 49.53% in the second quarter, within the alternative energy sector category. The fund is up 68.34% year to date and has climbed 119.71% over the past year.
Robeco Smart Materials
The actively managed Robeco Smart Materials rose 38.84% in the second quarter, within the industrial materials sector category. The fund is up 64.85% year to date and has climbed 108.17% over the past year.
Nomura Emerging Markets
The actively managed Nomura Emerging Markets rose 55.89% in the second quarter, within the global emerging markets equity category. The fund is up 63.37% year to date and has climbed 121.22% over the past year.
Nordic Small-Caps and Indonesia Take a Hit
Indonesia-focused equity funds were among the weakest performers of the first half. Fidelity Indonesia fell 24.80%, more than the 21.99% average decline for the Indonesia equity category.
Nordic small/mid-cap exposure was the other clear weak spot. TIN Ny Teknik fell 20.73% over the first half, far worse than the 3.60% average decline for the Nordic small/mid-cap equity category, despite a small second-quarter gain of 1.07%.
China-focused funds also lagged the broader Asian rally. Fidelity China Focus fell 15.33% for the half, while the average fund in its category fell 6.02%.
Gold funds gave back earlier gains as the half progressed. Ninety One Global Gold fell 13.08% and BlackRock Global Funds World Gold fell 12.96%, both roughly in line with the 11.70% average decline for the precious metals sector category, despite one-year gains above 50% for each fund.
Returns for the Worst Funds in H1 2026
Fidelity Indonesia
The actively managed Fidelity Indonesia fell 24.80% year to date and was thereby the half’s worst-performing fund. The fund, which sits in the Indonesia equity category, fell 18.16% in the second quarter and has dropped 20.30% over the past year.
TIN Ny Teknik
The actively managed TIN Ny Teknik fell 20.73% year to date, within the Nordic small/mid-cap equity category. The fund gained 1.07% in the second quarter but has dropped 40.62% over the past year.
Fidelity China Focus
The actively managed Fidelity China Focus fell 15.33% year to date, within the China equity category. The fund fell 9.97% in the second quarter and has dropped 5.96% over the past year.
Ninety One Global Gold
The actively managed Ninety One Global Gold fell 13.08% year to date, within the precious metals sector category. The fund fell 15.01% in the second quarter but is up 56.15% over the past year.
BlackRock Global Funds World Gold
The actively managed BlackRock Global Funds World Gold fell 12.96% year to date, within the precious metals sector category. The fund fell 14.72% in the second quarter but is up 50.59% over the past year.
