Key Morningstar Metrics for C WorldWide Globale Aksjer
- : BronzeMorningstar Medalist Rating
- : ★★★Morningstar Rating
- : Above AverageProcess Pillar
- : Above AveragePeople Pillar
- : Above AverageParent Pillar
BNP Paribas C Worldwide Global Equity Trust remains a solid option for investors seeking a high-conviction, quality-growth strategy underpinned by long-term thematic insights.
The firm and global portfolio decisions team is led by respected managing director Bo Knudsen and includes Bengt Seger, Mattias Kolm, and Peter O’Reilly. Together, the four members’ average portfolio management experience is over 30 years, and they have established solid working relationships. O’Reilly joined the firm in 2018 and replaced retiring decision team member Lars Wincentsen (who remains in a senior consulting role) since 2022. Morten Springborg leads thematic research efforts, with firm tenure of over 20 years. The team is well-supported by 20 additional analysts at the Copenhagen, Denmark-based firm who are skilled, experienced, and split across dedicated regions: global, emerging markets, and Nordic equities.
The process is robust and consistently applied. The team builds a concentrated portfolio of up to 30 stocks, selected through deep bottom-up research and aligned with long-term structural themes such as digital infrastructure, energy transition, and healthcare innovation. Thematic insights are not marketing overlays but are central to idea generation and portfolio construction.
The strategy’s “one-in, one-out” discipline ensures only the highest-conviction ideas make it into the portfolio. While the team avoids short-term noise, it remains responsive to valuation and macroeconomic shifts through its stock selection, as seen in the 2024 rotation away from mega-cap tech toward industrials and defensives. Performance has been challenged in recent years. The strategy lagged its benchmark since 2022 through to Feb. 28, 2026, largely because of underweight exposure to the mega-cap tech and valuation-driven drawdowns in names like Novo Nordisk.
That said, we retain our conviction in this strategy. The experienced team, disciplined process, and long-term mindset remain key strengths, even as short-term headwinds persist.
The primary vehicle from which this strategy’s pillar ratings are derived is BNP Paribas C WorldWide Global Equity Trust, ticker 4542.
C WorldWide Globale Aksjer: Performance Highlights
The fund’s credible long-term performance profile has been diluted by underperformance over the past few years.
Since appointment to the Australian vehicle in May 2013 through to Feb. 28, 2026, the fund has delivered annualized returns of 12.2%, ahead of its MSCI All Country World Index benchmark return of 10.6% and marginally above the global large-growth Morningstar Category peer average of 11.7%.
Annual returns have fluctuated meaningfully over time, which is consistent with the team’s high-conviction, thematic approach. Strong outcomes in 2014 and 2015 reflected zero energy exposure and favorable US housing exposure, while 2016 saw peer underperformance as energy stocks rallied and pharmaceutical holdings struggled. Sensitivity to interest rate regimes was again evident during the 2018 taper tantrum and the 2022 monetary-tightening cycle, although quality growth characteristics supported strong recoveries in 2019 and 2021.
In 2023, the fund recovered losses from 2022 with a positive absolute return but lagged the category index and peers. Performance deteriorated further in 2024, with approximately 10% relative underperformance driven by an underweight to mega-cap technology and valuation-led drawdowns in high-conviction holdings such as Novo Nordisk NOVO B and ASML ASML. One-year performance to Feb. 28, 2026, remained challenged, reflecting continued narrow market leadership and style headwinds rather than a deterioration in process or execution.
