Fondita Sustainable World – Off to an Excellent Start in 2026

Fondita Sustainable World — a fund investing globally in climate- and environmentally smart solutions — has had a strong start to 2026, significantly outperforming both the MSCI World Index and the MSCI Global Climate Paris Aligned Index. The outperformance is equally compelling over the past 12 months. The theme has clearly regained momentum, though the drivers behind it are entirely different from the last cycle.

A New and Powerful Demand Driver

The primary engine right now is the AI-driven data center buildout and the resulting surge in global energy demand. Data centers currently account for around 1.5% of global electricity consumption, a share that is projected to nearly double to just under 3% by 2030, according to the IEA. In the U.S. the shift is even more dramatic, with data centers expected to grow from roughly 4% to as much as 12% of total national electricity consumption by 2030. After nearly two decades of flat electricity demand in the US the era of stagnation is firmly over.

Meeting this demand requires massive investment across the entire energy chain — renewables, grid infrastructure, cables, transformers, and on-site generation capacity. This has opened compelling new investment opportunities within the fund’s theme, complementing its original core segments of clean water, waste management and recycling, electrification and sustainable technology. Energy efficient microprocessors, advanced data center cooling solutions and cable and grid infrastructure producers are natural extensions of the same philosophy: companies making the economy more resource-efficient and less carbon-intensive.

Top Contributors

The best-performing holdings over the past 12 months have been Vestas (world-leading wind turbine manufacturer, benefiting from surging demand for utility-scale renewable generation), Nextpower (global developer of utility-scale solar projects), GE Vernova (power equipment and grid solutions provider, exposed to the massive grid modernisation wave), Prysmian (world-leading cable manufacturer, a direct beneficiary of grid expansion and data center connectivity investment) and AMD (designer of high-performance, energy-efficient processors increasingly critical to AI data center infrastructure).

Looking Ahead

After a few tough years marked by political headwinds and rising interest rates it is encouraging to see fundamentals reasserting themselves. The current tailwind is private-sector driven, making it structurally more durable than previous policy-dependent cycles. We see good reasons to expect continued strong performance within the theme.

Marcus Björkstén

Portfolio Manager