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Storebrand Global Plus - Q1 2026 Update

Equity Funds 2 min lesing

Storebrand Global Plus: Q1 2026 Update

Senior Portfolio Manager, Geir Magne Bøe, provides an update on Storebrand Global Plus and explains how the fund has navigated a challenging market environment, particularly for fossil-free strategies.

Against a market backdrop of geopolitical tensions, Storebrand Global Plus underperformed the MSCI World Index over the first quarter but has recovered strongly in April. The attack on Iran by the US and Israel at the end of February effectively closed the Strait of Hormuz, a shipping artery through which around a fifth of global oil and gas supply travels – creating what the IEA described as “the most severe oil supply shock in history.”

This led to rising oil prices with Brent Crude almost doubling over the quarter to close March at around $120 a barrel. Market volatility increased and oil companies rallied sharply, creating headwinds for the fossil-free strategy. 

In addition to the fossil exclusions which cost around 200 bps over the quarter, the fund’s other screens detracted about 50 bps in relative terms. This was partly compensated by strong performance from its climate solutions sub-portfolio, which represents approximately 12% of the fund. Driven by renewable energy (+64 bps) and recycling (+18 bps), solutions companies continued their positive momentum from 2025 and added around 80 bps to relative returns during Q1. 

Storebrand Global Plus ended the first quarter around 130 bps behind its index, after losing 85 bps in March on a relative basis, but has closed the gap in April as oil prices have fallen and the fund now lags the benchmark by around 60 bps year-to-date[1]. 

Positive outlook

Despite facing severe short-term headwinds at the start of the year, the strategy remains well-positioned for the energy transition. Climate solutions companies, particularly within grid and renewables infrastructure, have performed very strongly in 2025 and 2026 year-to-date, while events in the Middle East have highlighted the longer-term need for energy security and locally-produced electricity. With structural demand drivers from electrification and AI consumption, the investment case for renewables and climate solutions remains as powerful as ever.

Click here to watch the webinar: Storebrand Global Plus - Q1 2026 Update
 
[1] As at 17/04/2026.

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