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SEB’s AI fund was launched in the summer of 2023, when AI began gaining broad traction across industries. The objective was to provide focused exposure to companies where AI is a key growth driver, including businesses outside the technology sector.
Since the start three years ago and up to 29 June this year, the fund has delivered a return of more than 100 per cent*. Performance has largely been driven by companies supplying hardware to data centres, particularly within the semiconductor industry.
“A very small number of companies have accounted for a large share of the returns over the past year. Looking ahead, we expect an important shift: a broader rally where more industries and companies benefit from AI. As the technology is adopted across more parts of the economy, new winners can emerge,” says Alexander Winberg.
According to Winberg, the healthcare sector could be one of the major beneficiaries in the years ahead, as AI has the potential to speed up drug development and improve efficiency across processes.
At the same time, developments are expected to become more cyclical, with periods of both rapid growth and slower activity. Continued expansion will depend on AI adoption increasing and spreading to more areas of the economy.
Despite short-term fluctuations, Winberg believes the overall picture remains clear.
“This is a trend that could continue for 10–20 years. We have only seen the beginning,” says Alexander Winberg.
Listen to a podcast about SEB’s AI Fund featuring Alexander Winberg (In Swedish, spotify.com)
The podcast is available on all major podcast platforms.
About SEB Artificial Intelligence Fund
Launch date: 29 June 2023
Focus: Global companies where AI is a core part of the business
Invests in: Multiple sectors, including technology, healthcare and industry
Selection criteria: Companies developing AI solutions or enabling the technology
Return since inception (29 June 2023–29 June 2026): 106.49%*
*Return as of 29 June 2026.