Storebrand Global Solutions delivered positive absolute returns for 2025 and outperformed the MSCI All Country World Index[1], driven by strong performance from companies within the renewable energy theme. Nextpower was the fund’s top contributor with the US-based energy technology provider’s shares rising over 130%, followed by Prysmian Group, the global energy and telecom cable systems producer. Vestas was the third best performer as the Danish wind turbine company delivered strong order momentum. Onshore projects led the way, while the return of offshore orders after a weak period is positive for both the company and the wider segment.
The latter two companies are within the Industrials complex which represents Global Solutions’ largest sector exposure at around 30% of the portfolio, versus 11% of the MSCI All Country World Index. The fund’s exposure is diversified across different sub-sectors that are home to companies providing a wide range of energy, infrastructure and recycling solutions (see figure 1).
Renewables recovery
A notable theme of 2025 was the strong recovery of renewable energy stocks. After a slow start to the year, clouded by a ‘policy fog’ surrounding initiatives like the One Big Beautiful Bill (OBBA) and changes to US tariffs, valuations bottomed out and the sector recovered strongly from Liberation Day at the start of April, helped by AI momentum in areas like cables and efficiency (see figure 2).
The resurgence saw the S&P Global Clean Energy Transition Index deliver a positive 43% return in 2025 following three consecutive years of losses and our sub-portfolio also performed strongly, thanks to good stock selection and diversification. Global Solutions has renewables exposure across the value chain with holdings providing energy production, storage and distribution.
Global investment in the energy transition hit a record $2.3 trillion in 2025, climbing 8% from a year earlier and more than doubling since 2020[2]. According to Bloomberg estimates, data centre investment was around half a trillion dollars last year, putting it ahead of solar but behind electrified transport, which is now clearly the largest sector of the transition, with $893 billion spent on electric vehicles (EVs) and developing charging infrastructure in 2025, up 21% on the previous year.
Such capacity building has perhaps been overlooked with greater focus recently on energy security. In contrast to fossil fuels which many countries have to import, particularly in Asia and Europe, renewables provide long-term security without the need for additional delivery – another positive for the investment case.
Resilience to the fore
Society’s need to access energy and resources in order to produce and consume goods without sacrificing future reserves means that resilience has always been at the core of sustainability. However, greater emphasis on adaptation and security in response to global environmental, technological and geopolitical disruptions meant that it became a prominent theme of 2025.
Resilience is also fundamental to achieving several of the UN Sustainable Development Goals, notably Zero Hunger (SDG 2) and Responsible Consumption and Production (SDG 12), and therefore plays a critical role across our investments, providing a guiding principle for strengthening systems against both short-term shocks and long-term disruptions. Recent global crises, including extreme weather events due to climate change, rising energy prices caused by Russia’s invasion of Ukraine and the COVID-19 pandemic highlighted structural vulnerabilities in value chains and that conventional investment models are no longer fit for purpose.
As well as mitigating risks, resilience can help identify attractive opportunities. Studies show that resilience-oriented investments often incur only small incremental costs (3% of total investment needs) but yield significant economic returns (an average of $4 in benefits for every $1 invested). In a world where the pace of change continues to accelerate, integrating resilience into investment strategies is likely to help foster more stable and adaptable systems as well as drive improved long-term financial returns.
SDG stocktake
2025 also marked the tenth annual stocktake of global progress towards the 2030 Agenda for Sustainable Development. Adopted by all UN member states in 2015, the SDGs represent a shared blueprint for global peace and prosperity.
Despite substantial development gains during the past decade that have improved millions of lives, the report delivered a stark assessment that the current pace of change is insufficient to fully achieve all the Goals with the deadline only five years away.
Just over a third (35%) of the 169 SDG targets show adequate progress – 18% are on track and 17% are making moderate progress – whereas 48% of targets show insufficient progress, including 31% with only marginal gains and 17% with no progress at all. Most concerning, 18% of targets have regressed below 2015 baseline levels.
Despite this sobering reality, the SDGs remain the most comprehensive and globally endorsed framework for sustainable development. They offer a shared language and measurable targets that guide both public and private sector efforts across borders. Unlike alternative frameworks such as ESG, which vary widely in interpretation and application, the SDGs are universally adopted and encompass a broader, systemic view of development challenges, from poverty and inequality to climate action and peace.
Although some argue that the SDGs are too expansive, non-binding and hard to measure, their strength lies in their comprehensive scope, which captures the interconnected nature of global challenges and the need for integrated solutions. Storebrand chooses the SDGs not because they are perfect, but because they represent the most inclusive, ambitious, and actionable roadmap available for aligning investment with long-term societal and environmental value.
You can watch the Q4 Global Solutions webinar presented by Lead Portfolio Manager, Philip Ripman here: Q425 Update
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[1] In EUR, net of fees.
[2] Source: BloombergNEF, Energy Transition Investment Trends 2026.