October 2026 marks the first anniversary of the Ancoria Artificial Intelligence Fund, which has delivered an impressive return of 37.91% in EUR terms since its launch, making it our best-performing fund over the past year.
The Fund was introduced to provide policyholders with the opportunity to participate in the growth of Artificial Intelligence (AI), one of the most transformative technological developments of our time. It is passively managed through exchange-traded funds (ETFs), providing diversified exposure to companies across the AI value chain. These range from manufacturers of semiconductor equipment and advanced chips to providers of memory, networking and data centre infrastructure, as well as companies developing AI models and software applications.
What Has Driven the Fund’s Strong Performance?
The Fund’s strong first-year performance has been supported by continued investment in AI, as major technology companies, often referred to as hyperscalers, invest heavily in data centres and computing capacity to meet growing demand for AI. Semiconductor companies have been among the main beneficiaries, with strong demand for advanced chips and memory, combined with supply constraints, supporting higher prices and earnings growth.
While US technology companies dominated the AI-driven market rally in previous years, gains have broadened to Asia. Companies in Taiwan and South Korea have benefited significantly from their central role in the global semiconductor and AI infrastructure supply chain, which is essential to support AI development worldwide.
Despite its strong performance, investing in AI-related equities involves risks, and investors should be prepared for periods of heightened market volatility. The rapid pace of technological change, high earnings growth expectations and uncertainty over which companies will ultimately emerge as long-term winners present a challenges. Although the potential of AI is significant, its development remains difficult to predict. The performance chart below illustrates the significant fluctuations experienced by the Fund during its first year.
As we mark the Fund’s first anniversary, Artificial Intelligence continues to present significant investment opportunities, supported by rapid technological progress and growing investment across the sector. However, investors should remain mindful of the risks and uncertainties associated with this rapidly evolving market.
Fund Performance Since Launch (EUR, %, Net of Fees)
Note: Performance is presented net of all fund management fees as at 21 October 2026. Past performance is not a reliable indicator or guarantee of future performance. Investment return and principal value may go down as well as up and could result in a significant loss of the capital invested