Against a volatile market backdrop, Storebrand Global Solutions delivered solid performance in the first quarter, broadly in line with the MSCI All Country World Index[1]. Renewable energy was the best performing portfolio theme, led by grid and infrastructure companies. The smart cities theme also contributed positively, driven by electric mobility names. This helped to offset weaker performance from the equal opportunities and circular economy themes.
At a stock level, the strong momentum in clean energy boosted Quanta Services and Samsung SDI (battery storage), while Comfort Systems, Prysmian and Aurubis all benefitted from positive sentiment around increased data centre capacity, heating ventilation and air conditioning, and metals recycling. Crowdstrike and Palo Alto were the largest drags on Q1 performance with the cyber security companies impacted by the broader AI-driven drawdown among software stocks. The portfolio holdings generally performed strongly with many delivering positive earnings surprises ahead of analyst expectations.
Portfolio positioning
Siemens entered the portfolio during the quarter. A pioneer in electrification and automation software and hardware with a strong global presence, the company has been on the team’s radar for a while and became investable following the divestment of its fossil fuel exposure. The German multinational replaced Unilever, which was sold after more than a decade in the portfolio. The global consumer goods company was exited at an all-time high and before the negative share price reaction to news that it was selling off its food division.
At quarter-end Global Solutions held 65 companies with the top ten positions representing around a third of the portfolio. It remains underweight in the US and overweight in Europe, China and India. On a sector basis, the fund is overweight in Industrials, which is its largest exposure at around a third of the portfolio. This is diversified across a range of sub-sectors and companies providing a mix of energy, infrastructure and recycling solutions.
The outlook for the fund remains positive, highlighted by the publication of BloombergNEF’s latest Energy Transition Investment Trends during the first quarter. The report showed that global energy transition investment hit a record $2.3 trillion in 2025, up 8% from a year earlier and a new all-time high. The report also underlined the increasing importance of energy security and independence which should provide a continued tailwind for solutions companies and their investors in the years ahead.
Source: BloombergNEF, Energy Transition Investment Trends 2026
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[1] In EUR, gross of fees.