Keep in mind that our commentary on the fund, as well as its past performance, is not a guarantee of what will happen in the future. It is also not financial advice – you should consider talking to a professional adviser if you're not sure whether an investment is right for you.
These investments are designed for long-term investors. As with all investments, your capital is at risk – investments can go down as well as up, currency fluctuations can affect returns, and you may not get back the full amount you invest.
How does the fund work?
The Triodos Global Equities Impact Fund aims to generate positive impact and competitive financial returns from a concentrated portfolio of large, listed companies pioneering the transition to a sustainable society. We select companies for their contribution to our sustainable transition themes. In an integrated financial and sustainability analysis we identify the impact of material environmental, social and governance (ESG) issues on a company's ability to create value.
First quarter market overview
The first quarter of 2026 was marked by volatility in global equity markets, driven largely by the escalation of conflict in the Middle East. The quarter began on a cautiously optimistic note, with markets moving slightly higher by the end of Feburary.
Later in the quarter, equity markets experienced a sharp decline, particularly in EUR terms, as investors were rattled by the geopolitical developments. From an economic perspective, the war led to a global energy supply shock, immediately visible through rapid increase to oil prices. The prospect of higher inflation, lower economic growth, and reduced corporate profits weighed heavily on investor sentiment, resulting in rapid decline to select sectors.
Before the conflict started, markets had shown resilience, supported by solid corporate performance and encouraging inflation data. However, the geopolitical shock overshadowed these positive factors, shifting investor focus toward risk management and defensive positioning.
Performance update
The Triodos Global Equities Impact Fund had a negative return in first quarter, but outperformed its benchmark which lost more during the same period. Despite the challenging market environment, the fund achieved a resilient outcome by leveraging its strengths in Communications Services, Technology, and select Consumer Staples holdings.
The fund's performance was weighed down by two main factors: no investment in fossil fuel Energy and a lack of Healthcare holdings.
Investments which contributed to performance
- Akamai Technologies launched a new AI cloud service which was well received by investors. Their sales grew and profits were better than expected.
- Darling Ingredients saw more demand for renewable fuels in light of rising oil costs and gained from upcoming favourable regulatory changes for biofuels (the US Renewable Fuel standard program).
Investments which detracted from performance
- Advanced Drainage & Assa Abloy whilst there is no company-specific news, there are concerns of Industrial holdings’ abilities to cope with higher input prices (e.g. rising energy costs) which add pressure to their margins. This is inevitably passed onto consumers, albeit with a time lag. The current economic environment may also have a negative impact on construction recovery.
Return
As of 31/03/2026
1M | 3M | YTD | 1Y | 3Y avg | 5Y avg | All avg | |
|---|---|---|---|---|---|---|---|
Triodos Global Equities Impact Fund KR-cap | -5.24% | -1.63% | -1.63% | 7.70% | 6.41% | 4.00% | 8.18% |
Triodos Global Equities Impact Fund KR-dis | -5.23% | -1.62% | -1.62% | 7.68% | 6.42% | 4.00% | 8.19% |
Benchmark | -4.45% | -1.80% | -1.80% | 15.93% | 14.13% | 11.21% | 11.95% |
Calendar year return
2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
Triodos Global Equities Impact Fund KR-cap | 6.41% | 8.00% | 12.78% | -10.69% | 6.95% |
Triodos Global Equities Impact Fund KR-dis | 6.40% | 7.99% | 12.80% | -10.71% | 6.95% |
Benchmark | 12.57% | 20.98% | 17.34% | -8.41% | 22.86% |
Benchmark: Bloomberg Developed Markets Index in EUR converted to GBP. Returns are shown as percentages and calculated on the basis that any income has been reinvested. Returns incorporate the ongoing charges, but do not take into account the impact of the annual service charge on the performance of your investment.
The above averages or annualised returns take into account the effect of cumulative losses or gains on the performance of an investment. As such these averages are likely to differ from any calculation using the calendar year returns divided by the number of years.
Developments within the fund
March saw an addition to the fund’s profile, French company Legrand, a global specialist in electrical and digital building infrastructures. Three holdings were sold within the quarter: Alexandria Real Estate, Elevance Health and Adobe.
Looking ahead
As investors increasingly look to renewable energy for energy security in times of conflict, wind and solar companies are expected to outperform broader market competitors funding unsustainable energies such as oil.
Traditionally defensive sectors such as Health Care and Consumer Staples are well represented in the Global Equities fund. Whilst this was not a safety net for returns in the first quarter of 2026, the companies in these sectors offer a stable outlook with attractive valuations which is why we view them positively.
Investing glossary of terms
Asset | Anything of value owned by an investor or company. |
Benchmark | A reference point against which the performance of an investment or fund can be compared. |
Bond | A bond is a fixed-income investment where money is lent to companies or governments for a set period of time, in return for regular interest payments. The Triodos Sterling Bond Impact Fund invests in a portfolio of bonds including corporate bonds, green and social bonds, and UK government bonds (gilts), with a focus on higher-impact issuers. |
Dividends | Payments made by a company to its shareholders or a fund to its investors, as a distribution of profits. |
ESG investing | Environmental, Social, and Governance (ESG) investing looks at how companies manage sustainability-related risks and opportunities. Triodos Impact Funds go beyond avoiding harm – instead actively choosing to do good. Read more about the difference between ESG and Impact Investing in our article. |
Exposure | The amount invested in a particular asset, sector, or market. |
Federal reserve | The Federal Reserve is the central bank of the United States of America. It conducts monetary policy, regulates and supervises banks, provides financial services for banks and the federal government, and maintains financial stability. |
Free cash flow | The cash a company generates after accounting for outgoing cash flows to support operations and maintain assets. |
Fund | A fund is a pool of money collected from multiple investors to be invested in a variety of assets. At Triodos, our Impact Funds are managed by Triodos Investment Management who make decisions on behalf of investors. |
Holdings | The individual securities or assets owned within a portfolio or fund. |
Interest rate | The percentage charged or paid for the use of money over a certain period of time. A country's ‘base rate’ is determined by its central bank, this can affect investment returns positively or negatively. |
Small, mid and large cap | This refers to a company’s “market capitalisation” which is a company’s value based on the total price of its outstanding shares. |
Portfolio | The collection of investments held by a fund. |
Valuation | The process of determining the current worth of an asset or company. |
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