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The Best and Worst Performing Funds in Norway in Q1 2026

Energy funds led the way as oil prices rose sharply, while Nordic small caps and Indian equities posted significant losses.

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

Key Takeaways

  • Energy and Norwegian equity index funds delivered the strongest returns in Q1, driven by rising oil prices and the commodity-heavy composition of the Oslo Bors.
  • Schroder International Selection Fund Global Energy was the top-performing fund, gaining 35.87%.
  • Nordic small-cap and India-focused funds were among the worst performers, with Adrigo Small & Midcap L/S at the bottom.

Fund performance in the first quarter of 2026 was sharply divided along sector and regional lines. Energy and resource-exposed strategies delivered strong double-digit gains, while Norwegian equity index funds also stood out, benefiting from the commodity-heavy composition of the OsloBors.

Nordic small/mid-cap strategies and India equity funds posted the steepest losses, reflecting a broad rotation out of growth and emerging markets during the quarter.

Only funds available in Norway with a minimum investment requirement of NOK 100,000 or equivalent or less, and with reported data for the first quarter as of April 13, are included. All data is reported in NOK.

Energy and Commodities Set the Tone

The first quarter was shaped by the US-Israeli airstrikes which started on Iran on Feb. 28 and have since seen the closure of the Strait of Hormuz. Brent crude nearly doubled over the period, rising from around USD 61 per barrel in January to USD 118 per barrel by the end of March. With roughly a quarter of global seaborne oil trade normally passing through the strait, the de facto shutdown sent energy prices sharply higher, and weighed on risk appetite across global markets. Funds with direct exposure to energy and commodities captured the full benefit, while the Oslo Bors, which hit all-time highs in March, rewarded domestic index investors through its heavy sectoral tilt toward energy and materials. Rising energy import costs and broader investor caution hit emerging markets and growth-oriented segments hardest.

The Best-Performing Funds for Norwegian Investors in Q1 2026

Schroder International Selection Fund Global Energy

In the first quarter, the actively managed Schroder International Selection Fund Global Energy rose 35.87%, while the average equity energy fund gained 33.41%. The fund placed in the sixth percentile for performance and beat its benchmark, the Morningstar Global Energy Index, by 8.11 percentage points. The NOK 10.4 billion fund has climbed 48.63% over the past year, outperforming the average fund in its category, which rose 34.46%. The Schroders fund has gained 20.65% over the past three years and gained 27.42% over the past five years.

Guinness Asset Management Funds plc - Global Energy Fund

The actively managed Guinness Asset Management Funds PLC - Global Energy Fund gained 33.2% in the first quarter, performing roughly in line with the average fund in the equity energy category, which rose 33.41%. The fund placed in the 25th percentile for performance and beat its benchmark, the Morningstar Global Energy Index, by 5.44 percentage points. The NOK 2.8 billion fund has gained 36.01% over the past year, while the average fund in its category is up 34.46%. The Guinness fund is up 16.1% over the past three years and is up 23.45% over the past five years.

BlackRock Global Funds - World Energy Fund

In the first quarter, the actively managed BlackRock Global Funds - World Energy Fund rose 31.81%, while the average equity energy fund gained 33.41%. The fund placed in the 44th percentile for performance and beat its benchmark, the Morningstar Global Energy Index, by 4.05 percentage points. The NOK 30 billion fund has climbed 28.57% over the past year, underperforming the average fund in its category, which rose 34.46%. The BlackRock fund has gained 14.86% over the past three years and gained 24.31% over the past five years.

Nordnet Norge Indeks

The NOK 11.6 billion Nordnet Norge Indeks rose 27.07% in the first quarter. The gain on the passively managed fund beat the 12.22% 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 7.77 percentage points. Over the past year, the Nordnet fund rose 40.59%, while the average fund in its category rose 31.22%. The fund has climbed 23.01% over the past three years and gained 16.62% over the past five years.

DNB Norge Indeks

The passively managed DNB Norge Indeks gained 22.49% in the first quarter, outperforming the average fund in the Norway equity category, which rose 12.22%. The fund placed in the sixth percentile for performance and beat its benchmark, the Morningstar Norway Index, by 3.19 percentage points. The NOK 25.2 billion fund has gained 36.14% over the past year, while the average fund in its category is up 31.22%. The DNB fund is up 19.85% over the past three years and is up 14.1% over the past five years.

The Worst-Performing Funds for Norwegian Investors in Q1 2026

Adrigo Small & Midcap L/S

The NOK 101.1 million Adrigo Small & Midcap L/S fell 26.93% in the first quarter. Over the past year, the East Capital fund fell 32.59%. The fund has dropped 10.73% over the past three years and lost 9.69% over the past five years.

TIN Ny Teknik

The actively managed TIN Ny Teknik lost 26.7% in the first quarter, falling further than the average fund in the Nordic small/mid-cap equity category, which fell 13.64%. The fund placed in the 100th percentile for performance and fell further than its benchmark, the Morningstar Nordic Target Market Exposure Index, by 21.72 percentage points. The NOK 3.1 billion fund has lost 37.57% over the past year, while the average fund in its category is down 0.55%. The TIN Fonder fund is down 15.27% over the past three years and is down 15.75% over the past five years.

Multipartner SICAV - Tata India Equity Fund

The NOK 178.1 million Multipartner SICAV - Tata India Equity Fund fell 24.48% in the first quarter. The loss on the actively managed fund was worse than the 20.65% loss on the average fund in the India equity category, leaving it in the 96th percentile for performance. The fund fell further than its benchmark, the Morningstar India Target Market Exposure Index, by 3.48 percentage points. Over the past year, the Tata fund fell 28.44%, while the average fund in its category fell 20.9%. The fund has dropped 3.66% over the past three years and gained 4.53% over the past five years.

JPMorgan Funds - India Fund

The actively managed JPMorgan Funds - India Fund lost 23.38% in the first quarter, falling further than the average fund in the India equity category, which fell 20.65%. The fund placed in the 89th percentile for performance and fell further than its benchmark, the Morningstar India Target Market Exposure Index, by 2.38 percentage points. The NOK 4.5 billion fund has lost 25.24% over the past year, while the average fund in its category is down 20.9%. The JPMorgan fund is down 3.05% over the past three years and is up 2.45% over the past five years.

DNB Fund - Listed Private Equity

In the first quarter, the actively managed DNB Fund - Listed Private Equity fell 22.66%, while the average equity listed private equity fund lost 21.43%. The fund placed in the 72nd percentile for performance and performed roughly in line with its benchmark, the Morningstar PitchBook Developed Markets Listed Private Equity Index. The NOK 1.2 billion fund has dropped 19.48% over the past year, falling further than the average fund in its category, which fell 14.53%. The DNB fund has gained 6.31% over the past three years and gained 6.22% 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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