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The S SEK share class in Finserve Global Defence & Security Fund has been awarded Morningstar's highest Medalist rating – Gold.
The rating is forward-looking and reflects Morningstar's assessment of the fund's potential to outperform the average in its category over an entire market cycle.
The Morningstar Medalist Rating is based on an assessment of the fund's management team, investment process, management company and fee level. Gold is the highest level on Morningstar's five-point scale, which also includes Silver, Bronze, Neutral and Negative.
A testament to the fund's long-term prospects
Morningstar describes the Medalist Rating as a forward-looking analysis of a fund's likely ability to create value relative to comparable funds. The assessment is based on three central pillars, among others: People, Process and Parent, supplemented by an assessment of the fund's fees.
For Finserve Global Defence & Security Fund, the award comes at a time when the defence, security and space sectors are undergoing a structural shift. Increased defence budgets, higher investments in cybersecurity and the growing importance of space-based infrastructure create long-term opportunities for companies operating in these areas. The fund focuses on identifying and investing in companies that are considered to be able to benefit from these development trends.
Seven years of history in a growing sector
Finserve Global Defence & Security Fund was launched in 2019 and invests globally in defence, security, cybersecurity and space. The fund differs from many newer alternatives through its longer history and its focus on both large, mid-cap and smaller companies within the sector.
Increased focus on comparison within the category
Morningstar updated its Medalist methodology in 2026 to make its ratings more transparent and comparable. A key change is that funds are rated more highly relative to other funds in the same category, while the impact of fees on investors' long-term returns has become more apparent in the model. A Gold rating continues to mean that Morningstar expects the fund to outperform the average in its category over an entire market cycle.
Morningstar Medalist Rating for share class S SEK (ISIN LU1822851371): Gold as of 2026-06-23. The Medalist Rating is a forward-looking rating that expresses Morningstar's assessment of the fund's potential to outperform the average in its category over an entire market cycle. The rating is not a guarantee of future performance and may change over time. Source: Morningstar.