2026 is proving to be an exceptional year for investment funds , with all categories showing positive returns except for healthcare. Energy and technology have solidified their position as the most profitable sectors , with gains exceeding 40% for the year, while emerging markets are also approaching 30%. This performance is occurring against a backdrop of significant geopolitical volatility, with the conflict in the Middle East and the closure of the Strait of Hormuz driving up oil prices.
Despite concerns about a potential artificial intelligence bubble and market concentration in a few stocks, investors have found in funds a way to diversify and capture returns . In Spain, the Ibex 35 has reached all-time highs, and funds from domestic asset managers such as Azvalor, Cobas, and Magallanes have attracted significant investor attention, according to Finect data.
The impact of geopolitics on markets
The war between the United States, Israel, and Iran, which began in late February, has triggered a new energy crisis. The blockade of the Strait of Hormuz, through which more than a quarter of the world's crude oil passes, drove the price of Brent crude above $100 a barrel . This 40% surge in oil prices has directly benefited energy funds, especially those focused on clean energy, which have seen renewed interest as an alternative to gas and oil.
In this context, the Ibex 35 closed the first half of the year with a 12,5% ​​gain, reaching 19.542 points on June 22, following the ceasefire agreement. European equities have been less affected by technological consolidation than other indices , allowing Spanish value funds to achieve strong results.
The most profitable sectors: energy and technology
Within equities, energy funds are leading the way with a return of nearly 46% this year. The Polar Capital Smart Energy Fund is projected to appreciate by 76% by 2026 and by more than 120% in the last twelve months , investing in companies such as Corning, Linde, and Hydro One. It is followed by the Robeco Smart Energy Fund, with a 55% gain. In technology, the Liontrust Global Technology Fund is up 72%, with positions in Nvidia, Apple, and TSMC, while investment funds focused on technology companies, such as the Polar Capital Global Technology Fund, are approaching 70%.
Emerging markets are also shining: the Nomura Funds Taiwan Equity Fund has surged 87% thanks to the semiconductor boom, and the JPMorgan Korea Equity Fund has climbed 80%. These funds demonstrate that geographic diversification remains a source of value , although the risk of sector concentration is high, as experts warn.
Investor preferences in Spain
In the Spanish market, funds managed by independent asset managers with a value-oriented approach dominate Finect's rankings. Azvalor Internacional leads in both visits and comparisons, with a projected return of 20,38% by 2026 and a strong bias towards energy (45,4%) and commodities. It is followed by Horos Value (3,75%), Cobas Internacional (15,1%), and Magallanes Value Investors (7,19%). Also noteworthy are Singular Bank's defensive mixed fund (5,88%) and Cobas' flexible fixed-income fund (8,42%).
Meanwhile, sustainable funds are gaining ground. Assets under Articles 8 and 9 of the SFDR have reached €192.892 billion, representing 40,2% of the total , with 9,3 million investor accounts. Fixed income and money market funds account for the largest share, although US and Japanese international equities have a sustainable penetration rate exceeding 80%.
Strategies for the future
Looking ahead to the coming months, experts recommend building resilient portfolios that don't rely solely on the stock market. Active management and diversifying investment portfolios with alternative assets, such as gold, commodities, or long/short funds, are key to mitigating risk . In fixed income, short-term debt is preferred over long-term debt, and opportunities are seen in emerging markets and sectors like healthcare or small-cap companies, which are trading at a discount.
The Renta 4 Selección Tolerante fund, with an 18,13% return over the past year, exemplifies how to combine active and passive management. Meanwhile, the Goldman Sachs Europe Core Equity Portfolio, with an annualized return of 11,18% over 10 years, remains a benchmark for European exposure. The key lies in selecting funds with robust processes and stable teams , avoiding fleeting trends, and paying reasonable prices for growth.
In short, 2026 is proving to be a year of contrasts: geopolitics is driving the energy sector, artificial intelligence is maintaining technological momentum, and Spanish investors are betting on value and sustainability. Prudence and diversification remain the best allies for navigating a market that, despite the gains, is not without risks.
