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

Taiwanese equities and technology funds surged on the AI-driven semiconductor rally, while Nordic small caps and Indonesian equities extended their losses.

Key Takeaways

  • Taiwan, technology, and emerging markets 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 83.99% year to date.
  • Nordic small/mid-cap and Indonesia-focused funds were among the worst performers, with Adrigo Small & Midcap L/S at the bottom for the second consecutive quarter.

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 Taiwan equity, emerging markets, and technology funds to the top of the rankings and pushed several to first-half gains above 50%.

Nordic small/mid-cap strategies and Indonesian equity funds posted the steepest losses over the six months, with several of the first quarter’s laggards unable to recover ground despite calmer markets in the second quarter.

Only funds available in Norway with a minimum investment requirement of NOK 100,000 or less, and with reported data for the first half as of July 7, are included. All data is reported in NOK.

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 at the end of February 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 Norwegian index funds 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 as the defining markets theme 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 emerging markets funds sharply, while alternative energy strategies rode the power demand tied to AI data centers. At the other end, Indonesian equities sold off heavily, and Nordic small caps extended their first-quarter slide.

The Best-Performing Funds for Norwegian Investors in H1 2026

Schroder International Selection Fund Taiwanese Equity

In the second quarter, the actively managed Schroder International Selection Fund Taiwanese Equity rose 66.08%, while the average Taiwan large-cap equity fund gained 53.69%. The fund placed in the 12th percentile for performance and beat its benchmark, the Morningstar Taiwan Target Market Exposure Index, by 14.47 percentage points. The NOK 4.8 billion fund has climbed 83.99% year to date, outperforming the average fund in its category, which rose 62.18%. The Schroders fund has gained 40.9% over the past three years and gained 25.08% over the past five years.

Polar Capital Funds PLC - Polar Capital Global Technology Fund

The NOK 206.4 billion Polar Capital Funds PLC - Polar Capital Global Technology Fund rose 63.69% in the second quarter. The gain on the actively managed fund beat the 39.43% gain on the average fund in the equity technology category, leaving it in the 14th percentile for performance. The fund beat its benchmark, the Morningstar Global Technology Index, by 22.83 percentage points. Year to date, the Polar Capital fund rose 68.71%, while the average fund in its category rose 29.43%. The fund has climbed 52.13% over the past three years and gained 30.26% over the past five years.

Nomura Fund Solutions - Nomura Emerging Markets Fund

The actively managed Nomura Fund Solutions - Nomura Emerging Markets Fund gained 58.36% in the second quarter, outperforming the average fund in the global emerging markets equity category, which rose 25.48%. The fund placed in the first percentile for performance and beat its benchmark, the Morningstar Emerging Markets Target Market Exposure Index, by 32.65 percentage points. The NOK 14.6 billion fund has gained 60.27% year to date, while the average fund in its category is up 21.24%. The Nomura fund is up 41.81% over the past three years and is up 19.55% over the past five years.

Allianz Global Investors Fund - Allianz Asia Ex China Equity

The NOK 989.8 million Allianz Global Investors Fund - Allianz Asia Ex China Equity rose 58.74% in the second quarter. The gain on the actively managed fund beat the 30.45% gain on the average fund in the Asia ex-Japan equity category, leaving it in the first percentile for performance. The fund beat its benchmark, the Morningstar Asia ex-Japan Target Market Exposure Index, by 29.91 percentage points. Year to date, the Allianz Global Investors fund rose 58.79%, while the average fund in its category rose 25.2%. The fund has climbed 28.03% over the past three years and gained 11.78% over the past five years.

Robeco Smart Energy

In the second quarter, the actively managed Robeco Smart Energy rose 35.25%, while the average equity alternative energy fund gained 15.06%. The fund placed in the sixth percentile for performance and beat its benchmark, the Morningstar Global Markets Renewable Energy Index, by 26.83 percentage points. The NOK 61.6 billion fund has climbed 48.24% year to date, outperforming the average fund in its category, which rose 19.79%. The Robeco fund has gained 25.03% over the past three years and gained 19.73% over the past five years.

The Worst-Performing Funds for Norwegian Investors in H1 2026

Adrigo Small & Midcap L/S

The NOK 86.4 million Adrigo Small & Midcap L/S fell 9.04% in the second quarter. Year to date, the East Capital fund fell 33.54%. The fund has dropped 11.26% over the past three years and lost 10.38% over the past five years.

Fidelity Funds - Indonesia Fund

In the second quarter, the actively managed Fidelity Funds - Indonesia Fund fell 16.86%, while the average Indonesia equity fund lost 19.28%. The fund placed in the 21st percentile for performance and beat its benchmark, the Morningstar Indonesia Index, by 8.55 percentage points. The NOK 1.4 billion fund has dropped 26.23% year to date, falling less than the average fund in its category, which fell 31%. The Fidelity International fund has lost 14.29% over the past three years and lost 1.57% over the past five years.

TIN Ny Teknik

The NOK 1.6 billion TIN Ny Teknik rose 1.06% in the second quarter. The gain on the actively managed fund was shy of the 5.94% gain on the average fund in the Nordic small/mid-cap equity category, leaving it in the 91st percentile for performance. The fund lagged its benchmark, the Morningstar Nordic Target Market Exposure Index, by 8.54 percentage points. Year to date, the TIN Fonder fund fell 25.92%, while the average fund in its category fell 8.50%. The fund has dropped 14.97% over the past three years and lost 16.56% over the past five years.

DNB Fund - Listed Private Equity

The NOK 1.1 billion DNB Fund - Listed Private Equity rose 3.85% in the second quarter. The gain on the actively managed fund was shy of the 6.74% gain on the average fund in the equity listed private equity category, leaving it in the 62nd percentile for performance. The fund lagged its benchmark, the Morningstar PitchBook Developed Markets Listed Private Equity Index, by 1.06 percentage points. Year to date, the DNB fund fell 19.69%, while the average fund in its category fell 17.13%. The fund has climbed 4.75% over the past three years and gained 4.31% over the past five years.

SEB Micro Cap Fund SICAV-SIF SEB Micro Cap Fund

The NOK 3 billion SEB Micro Cap Fund SICAV-SIF SEB Micro Cap Fund rose 1.44% in the second quarter. The fund lagged its benchmark, the Morningstar Sweden Index, by 8.32 percentage points. Year to date, the SEB fund fell 19.58%. The fund has dropped 1.5% over the past three years and lost 3.67% 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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