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.
Second quarter market overview
Equity markets in the second quarter were shaped by two dominant factors: the ongoing conflict with Iran and developments in artificial intelligence (AI) and technology.
Although geopolitical uncertainty remained high for much of the quarter, markets performed better during April and May, before the situation saw some de-escalation towards the end of the period.
Early in the quarter, markets declined as the conflict in the Middle East showed no signs of resolution. Later, concerns over inflation and rising interest rates weighed on investor sentiment, particularly affecting tech and AI-related stocks. Nevertheless, global stocks ended on a positive note for the quarter, though performance varied significantly across sectors.
Performance update
The Global Equities Impact Fund did well in Q2, remaining ahead of its benchmark.
Global stock markets bounced back strongly in Q2 as tensions in the Middle East eased, and investors started to believe the Iran conflict wouldn’t hurt the economy or company profits much. Big tech and artificial intelligence (AI) stocks also did really well, pushing markets to new record highs.
Later in the quarter, other sectors like healthcare, industrials, and consumer staples started to recover too. This helped the fund’s performance even more.
Investments which contributed to performance
- Palo Alto Networks acquired Portkey, a pioneer in AI Gateways in May. The company's market value passed $200 billion for the first time in the quarter. The company also reported strong quarterly earnings. It beat expectations and raised its forecast for the year. After the news, analysts increased the price they expect the stock to reach.
- TSMC, ASML, KLA and Murata: Semiconductor stocks saw the biggest returns in the second quarter, with many reporting strong sales and raising their forecasts. Performance for Murata in particular is due to high demand for AI servers.
Investments which detracted from performance
- First Solar: There wasn't any big news about the company itself. Instead, the whole renewable energy sector struggled because tensions in the Middle East eased, and fossil fuel prices dropped.
Return
As of 31/06/2026
1M | 3M | YTD | 1Y | 3Y avg | 5Y avg | All avg | |
|---|---|---|---|---|---|---|---|
Triodos Global Equities Impact Fund KR-cap | 5.34% | 16.03% | 14.14% | 22.94% | 9.67% | 11.68% | 6.16% |
Triodos Global Equities Impact Fund KR-dis | 5.35% | 16.03% | 14.17% | 22.94% | 11.68% | 6.16% | 9.25% |
Benchmark | 0.85% | 13.3% | 11.25% | 25.02% | 17.54% | 12.34% | 12.77% |
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
No new changes within the fund during the second quarter.
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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