Stock-picking drives strong returns for Fondita Global Megatrends in 2026

So far in 2026, markets have demanded a great deal from investors and portfolio managers. A volatile environment marked by significant dispersion, not only between sectors but between individual companies within the same sector, has made stock selection more consequential than it has been for some time. It is precisely in conditions like these that a systematic and disciplined investment process tends to show its value.

The fund has returned just over 22 % year to date, outperforming the MSCI World Index by almost 7 percentage points as of August 7th. This places the Fondita Global Megatrends fund in the top 10% of its Morningstar category among more than 300 globally focused funds.

The fund allocates capital systematically across four structural megatrends: Technology & Digitalization, Climate & Environmentally Smart Solutions, Health & Wellbeing, and Security & Defense. Each theme carries a defined allocation that we maintain consistently, which ensures that the portfolio does not drift toward whatever narrative happens to dominate markets at any given moment. In a year where dispersion has been particularly pronounced, that structure has provided both direction and resilience. 

At the heart of the investment process lie two equally important disciplines: identifying the companies best positioned to benefit from strong structural growth within the fund’s themes, and the willingness to exit positions when valuations or fundamentals no longer reflect what we consider plausible or realistic outcomes. 

Both disciplines have been at work in 2026. The primary driver of performance has been stock selection, with semiconductor holdings and other AI beneficiaries as the strongest contributors over the period. Within that space, however, we made a deliberate distinction in May. As memory chip companies’ share prices and earnings expectations climbed to levels we considered difficult to justify, we exited Micron and Western Digital ahead of what turned out to be a significant selloff in that segment. Part of that capital was redeployed into software names, including existing holdings such as Microsoft and SAP, where we saw a more compelling opportunity for the coming months. 

Looking across the four themes, Technology & Digitalization has been the strongest return contributor, with Climate & Environmentally Smart Solutions adding positively as a distant second. Security & Defense held up well during the summer amid continued geopolitical uncertainty. Health & Wellbeing has been the weakest performing theme in relative terms, although we have been selectively adding to positions here. We see some of the most interesting valuation opportunities in the healthcare sector and foresee upside potential as the year progresses. 

We believe that a systematic process, applied with discipline across four structural megatrends, continues to offer a compelling and differentiated way to access global growth. As the year progresses, we remain firmly convinced that the structural themes at the heart of our portfolio will continue to provide attractive long-term investment opportunities. 

Portfolio Managers
Marcus Björksten & Janna Haahtela