In the Fund Check series, fund managers of selected funds look back on developments over the past year and give their assessment of what we can expect in 2026. (Note: Prognoses are not a reliable indicator of future performance. Please note that investing in securities involves risks as well as opportunities.)

Summary

  • The robust performance of the equity markets since May 2025 resulted in an annual performance of 3.4% for ERSTE BEST OF WORLD.
  • Large-caps, which provide stability in times of uncertainty and have dominated the equity markets, accounted for the largest share of the portfolio.
  • With regard to global trade wars, there are many signs suggesting that this issue will not make a comeback comparable to what was seen in April 2025 during Trump's remaining term in office.
  • The positive sentiment surrounding artificial intelligence could carry the equity markets well into next year.

Note: Investments in securities entail risks in addition to the opportunities described.

Fund manager Christian Süttinger
(c) Tim Dornaus

Fund & Performance

ERSTE BEST OF WORLD is a fund of funds that invests in global equity funds. The funds are selected on the basis of both qualitative and quantitative criteria. A broad diversification of investment styles and an overall balanced risk-return ratio are decisive for the weighting of the funds. The maximum weighting of a subfund is 20%. 

Note: Please note that an investment in securities entails risks in addition to the opportunities described. Past performance is not a reliable indicator of future performance.

The performance is calculated in accordance with the OeKB method. The management fee as well as any performance-related remuneration is already included. The issue premium which might be applicable on purchase and as well as any individual transaction specific costs or ongoing costs that reduce earnings (e.g. account- and deposit fees) have not been taken into account in this presentation.

Commentary by fund manager Christian Süttinger

How did the fund perform in 2025?

The performance of ERSTE BEST OF WORLD for the full year 2025 was x%, driven by the robust performance of the equity markets since May, when the turbulences caused by US trade measures and tariff announcements subsided.

Please note: Past performance is no reliable indicator of the fund's future value development.

 

What were the fund’s main areas of focus in 2025?

Large-caps, which bring stability in periods of uncertainty and have dominated the equity markets, accounted for the largest share of the portfolio.

 

What are the expectations of your fund management team with regard to global economic development and trends, among other things, for 2026?

Many issues remain unresolved – e.g. the US-China relations, US economic supremacy, Europe’s competitiveness, demographics, national debt, etc. – but it is likely that none of these situations will change so drastically in 2026 as to cause turmoil on the equity markets. With regard to global trade wars, there is much to suggest that this issue was played out so dramatically in April 2025 that it will not make a comparable comeback during the rest of Trump's term in office.

Artificial intelligence (AI) was the most relevant topic in the second half of the year. Investments in IT infrastructure have made a significant contribution to economic growth in the USA and to the projected growth in corporate profits. Only time will tell whether these massive investments will actually yield the expected, quantifiable profits. However, this question will not be decided in 2026, and investors' positive sentiment towards this trend is likely to remain intact.

 

What are your priorities in the fund, based on your expectations?

Additional investments in small- and mid-cap shares are under discussion, and adjustments to growth investments are possible if value shares continue to perform well.

Disclaimer of the management company Erste Asset Management GmbH and its sales agent Erste Bank Group

This document is an advertisement. Unless indicated otherwise, source: Erste Asset Management GmbH. The language of communication of the sales offices is German and the languages of communication of the Management Company also include English.

The prospectus for UCITS funds (including any amendments) is prepared and published in accordance with the provisions of the InvFG 2011 as amended. Information for Investors pursuant to § 21 AIFMG is prepared for the alternative investment funds (AIF) administered by Erste Asset Management GmbH pursuant to the provisions of the AIFMG in conjunction with the InvFG 2011.

The currently valid versions of the prospectus, the Information for Investors pursuant to § 21 AIFMG, and the key information document can be found on the website www.erste-am.com under “Mandatory publications” and can be obtained free of charge by interested investors at the offices of the Management Company and at the offices of the depositary bank. The exact date of the most recent publication of the prospectus, the languages in which the fund prospectus or the Information for Investors pursuant to Art 21 AIFMG and the key information document are available, and any other locations where the documents can be obtained are indicated on the website www.erste-am.com. A summary of the investor rights is available in German and English on the website www.erste-am.com/investor-rights and can also be obtained from the Management Company.

The Management Company can decide to suspend the provisions it has taken for the sale of unit certificates in other countries in accordance with the regulatory requirements.

Note: You are about to purchase a product that may be difficult to understand. We recommend that you read the indicated fund documents before making an investment decision. In addition to the locations listed above, you can obtain these documents free of charge at the offices of the referring Sparkassen bank and the offices of Erste Bank der oesterreichischen Sparkassen AG. You can also access these documents electronically at www.erste-am.com.

Our analyses and conclusions are general in nature and do not take into account the individual characteristics of our investors in terms of earnings, taxation, experience and knowledge, investment objective, financial position, capacity for loss, and risk tolerance. Past performance is not a reliable indicator of the future performance of a fund.

Please note: Investments in securities entail risks in addition to the opportunities presented here. The value of units and their earnings can rise and fall. Changes in exchange rates can also have a positive or negative effect on the value of an investment. For this reason, you may receive less than your originally invested amount when you redeem your units. Persons who are interested in purchasing units in investment funds are advised to read the current fund prospectus(es) and the Information for Investors pursuant to § 21 AIFMG, especially the risk notices they contain, before making an investment decision. If the fund currency is different than the investor’s home currency, changes in the relevant exchange rate can positively or negatively influence the value of the investment and the amount of the costs associated with the fund in the home currency.

We are not permitted to directly or indirectly offer, sell, transfer, or deliver this financial product to natural or legal persons whose place of residence or domicile is located in a country where this is legally prohibited. In this case, we may not provide any product information, either.

Please consult the corresponding information in the fund prospectus and the Information for Investors pursuant to § 21 AIFMG for restrictions on the sale of the fund to American or Russian citizens.

It is expressly noted that this communication does not provide any investment recommendations, but only expresses our current market assessment. Thus, this communication is not a substitute for investment advice.

This document does not represent a sales activity of the Management Company and therefore may not be construed as an offer for the purchase or sale of financial or investment instruments.

Erste Asset Management GmbH is affiliated with the Erste Bank and austrian Sparkassen banks.

Please also read the “Information about us and our securities services” published by your bank.