The Top Funds of 2026
An exceptional market year
2026 will go down as a year in which multiple trends culminated at once: the second wave of AI adoption, a surprisingly resilient US consumer, and a geopolitical reordering of supply chains. Those who overweighted the right sectors at the right moment captured double-digit returns — those who were mispositioned lagged the S&P 500 significantly.
The performance leaders
Among 13F-filing funds, three categories stand out this year:
### 1. AI-focused tech specialists
Funds that bet early and aggressively on the second AI wave — particularly AI infrastructure, edge computing, and robotics enablers — are crushing the market. Notably, the top performers in this category no longer just hold Nvidia, but increasingly invest in the second ring (power utilities, cooling technology, optical networks).
### 2. Energy renaissance
After years of underperformance, energy stocks are making a strong comeback. Several value-oriented funds that stuck with their energy overweight are among this year's biggest winners. The drivers: persistent power demand from AI data centers and disciplined capital allocation by the oil majors.
### 3. Selective healthcare bets
GLP-1 drugs, precision oncology therapies, and AI-driven diagnostics have lifted individual healthcare-focused funds.
What the rotation tells us
Looking at the largest quarter-over-quarter changes reveals clear patterns:
- Added to: AI infrastructure, utilities, select semiconductor equipment makers
- Trimmed: Classic mega-caps from the first AI wave, consumer goods with Chinese supply chain exposure
- New buys: Nuclear energy plays, quantum computing hardware, defense electronics
These moves are not random. They reflect a clear thesis: the next phase of AI value creation is happening further down the value chain.
What you should take away
1. Concentration is king. Top performers almost all run concentrated books — not 200 positions, but 20-30 with strong conviction.
2. Sector timing beats stock picking. Being in the right sector pays off, even with second-tier picks.
3. Do not forget drawdowns. Several top performers experienced double-digit intra-year drawdowns. High returns come with high volatility.
Beware of recency bias
The temptation to copy this year's winning strategies is strong. But remember: 13F data comes with a lag. What worked in 2026 may already be exhausted by 2027. Use the data as inspiration for your own research — not as a trade list.