Storebrand Asset Management Q2 2026 business update

As expectations for monetary policy have become more balanced and geopolitical tensions eased, market conditions have stabilized. Global equity markets rebounded, supported by resilient corporate earnings and increasing confidence that inflation pressures continue to moderate. Norwegian equities lagged broader global markets during the quarter, as lower energy prices weighed on the energy sector.

“Financial performance improved compared with the same period last year, supported by healthy cost development and continued progress toward the targets communicated at our Capital Markets Day in December. While underlying client activity remained broadly stable, net flows were impacted by redemptions from internal group companies primarily driven by one large client’s decision to reallocate assets within its pension scheme.” - Jan Erik Saugestad, CEO Storebrand AM.

Additional read
Market Outlook - Central banks resume rate hikes as equities shrug off tightening fears
Time for a more harmonized Nordic fund market
Institutional Investors Are Rethinking Diversification

Clients: Diversification remains key
Clients in general maintained a somewhat cautious stance, prioritizing capital preservation through defensive positioning, while remaining disciplined in balancing market participation with downside risk.

Against this backdrop, our fixed income funds continued to resonate with clients, offering more predictable returns in the current environment. Diversification also remained a key priority as investors sought to enhance portfolio resilience and manage risk.

The SICAV continued to make strong progress, with our UK initiatives gaining traction and contributing positively to results, delivering tangible outcomes. Growth was driven primarily by our Plus fund range, highlighting that sustainability-related investments remain an important client priority despite a more polarized debate on sustainability.

We also saw strong demand for the newly launched Nordic Investment Grade fund, reflecting clients’ desire to diversify credit exposure across the Nordic region.

Infrastructure: Growing demand for resilient assets
During the quarter, our investment partner AIP Management (“AIP”) delivered further progress across the infrastructure portfolio. AIP completed the full realisation of its investment in Navarra, a portfolio of four onshore wind assets in Spain, delivering a strong outcome and underscoring its disciplined structuring and partnership-led execution.

AIP also increased its ownership in Cross London Trains (“XLT”), a core UK electrified rail asset operating the Thameslink fleet, further building on its existing position and strengthening exposure to resilient, contracted transport infrastructure and lower-carbon mobility.

In addition, Stegra, a fully integrated green steel facility in northern Sweden, secured additional financing, providing a fully funded path to completion and marking an important de-risking milestone for an investment supporting lower-carbon steel production.

Overall, infrastructure remains well positioned, supported by visible cash flows, growing demand for resilient assets and long-term structural trends linked to electrification, grid flexibility and the energy transition.

Real Estate: Active quarter with strong performance and deal flow
The second quarter was characterized by high activity within Real Estate. The underlying portfolios performed well, supported by value-accretive initiatives. We participated in several bidding processes and are currently in exclusivity and due diligence on four major deals.

Investor appetite for our pan-Nordic core-plus strategy remains strong, as Storebrand Nordic Real Estate Fund II continued its fundraising and is preparing for its fourth closing. The fund is currently 67% invested, with further deployments expected after summer. The final closing is expected in 2026.

In Norway, we rebalanced and diversified the captive portfolio by selling the shopping center City Syd and acquiring a logistics property, with further activity expected.

In Denmark, Capital Investment executed several value-accretive letting and capex initiatives. Market activity is gaining momentum, though still slightly below 2025 levels. We are pursuing several attractive opportunities, including two exclusivity cases: A central office acquisition and a high-street retail divestment.

Private Equity: Early signs of recovery
Q2 show early signs of improvement, though without a fundamental shift in overall market conditions. Activity has been supported by a gradual increase in transactions, particularly larger U.S. buyouts. Exit activity has also picked up modestly, while liquidity conditions continue to normalize gradually, pointing to a market that is improving, but at a measured pace.

Sustainability: Secures global sustainability recognition and co-leads new biodiversity finance effort
Storebrand was once again included in the Dow Jones Best-in-Class World Index for 2025. The renowned global sustainability index (formerly the Dow Jones Sustainability Indices) consists of listed companies that are considered to be among the best in sustainability in their industry. The selection is based on S&P Global's assessment of environmental, social and governance issues. This placement in the index is an important external confirmation of our commitment to sustainability, and our ability to integrate it.

We also received a global recognition for our sustainability efforts, ranking number 45 on TIME and Statista’s list of the world’s most sustainable companies and number 4 globally within our industry. The assessment reviewed 5,000 companies, with 750 making the final list, based on criteria such as transparency, environmental impact, and gender diversity.

The Finance for Biodiversity Foundation (FfB), of which Storebrand AM has been a founding and leading member, has launched a nature transition working group in a bid to scale up capital flows to companies reducing pressure on nature. Storebrand AM’s head of climate and environment will co-chair the group.

For more insights on Storebrand AM's work on sustainability, read the newly published Q2 2026 instalment of our Sustainable Investment Review>>

Full year Sustainability Report 2025>>

Disclaimer: This is marketing material intended for professional investors only and note that all investments involve risk. Historical returns are no guarantee of future performance, and the value of invested capital can both increase and decrease. Full information, including the fund prospectus and legal documentation, is available on our website or upon request Sales & Distribution - Storebrand Asset Management