Semiconductor funds make up most of the top-performing funds 100 days after the war in Iran broke out on 28 February 2026, according to data compiled from FE fundinfo.

The continued closure of the Strait of Hormuz since the outbreak of the war has choked off critical oil supply, putting upward pressure on oil prices and hurting the global economy.

But as the US and Iran appear to be working towards ending the conflict, oil prices have remained relatively contained at roughly $95 per barrel after initially spiking above $110.

With this backdrop, the top performing funds since the war broke out are made up mostly of semiconductor funds as the artificial intelligence (AI) buildout continues.

Below are the 25 best performing funds since the war in Iran broke out 100 days ago, according to data compiled by FSA from FE fundinfo of funds available to eligible investors in Hong Kong and Singapore.

Fund	Return (%)
State Street SPDR S&P Semiconductor ETF	69.82
Manulife Global Semiconductor Opportunities	63.3
Mirae Asset Global X S&P Crude Oil Futures Enhanced ER ETF	62.27
VanEck Semiconductor UCITS ETF	54.14
iShares iShares Semiconductor ETF	53.43
Value Partners Taiwan	53.04
Manulife Taiwan Equity	47.5
Nomura Taiwan Equity	47.47
CSOP Yinhua CSI 5G Communications Theme ETF	47.39
VanEck Vectors Semiconductor ETF	47.29
GF GFI Global Select Equity Fund	47.1
Samsung S&P GSCI Crude Oil ER Futures ETF	47.09
LionGlobal Taiwan	46.6
HSBC Nasdaq Global Semiconductor UCITS ETF	45.5
L&G Cyber Security UCITS ETF	44.84
Schroder ISF Taiwanese Equity	43.61
HSBC Taiwan Electronics	41.91
JPM Taiwan	40.27
IQ EQ Fund Management Rize Cybersecurity and Data Privacy UCITS ETF	39.66
Allianz Cyber Security	39.05
LionGlobal Korea	38.81
Polar Capital Global Technology	38.8
Liontrust GF Global Technology Fund	38.78
HSBC Taiwan Phoenix	38.76
Mirae Asset Global X Cybersecurity UCITS ETF	38.03

The top performing fund is the State Street SPDR S&P Semiconductor ETF, an exchange-traded-fund that tracks the S&P Semiconductor Select Industry Index.

It is up 69.8% since 28 February, as index constituents MaxLinear, Marvell Technology and Astera Labs have rallied 340%, 253% and 191% respectively, since the outbreak of the war.

The second top performing fund is the Manulife Global Semiconductor Opportunities fund, which launched in Hong Kong roughly a year prior to the war.

This fund invests in semiconductor and semiconductor-related stocks globally, with a top holding in US semiconductor firm Intel, as well as index heavyweights Marvell Technology and Astera Labs.

Other strong performers include semiconductor ETFs such as the VanEck Semiconductor UCITS ETF, the iShares Semiconductor ETF and the HSBC Nasdaq Global Semiconductor UCITS ETF.

Third in the list is an ETF directly betting on oil futures contracts rather than energy producers: the Mirae Asset Global X S&P Crude Oil Futures Enhanced ER ETF.

This fund invests directly in West Texas Intermediate crude oil (WTI) futures contracts and is up 62% since the outbreak of the war.

Other top performing funds include Taiwanese focused equity funds, such as Value Partners Taiwan and Nomura Taiwan Equity.

Taiwanese companies have rallied in recent months as Nvidia CEO Jensen Huang committed to spend $150bn in Taiwan, host to many companies in the semiconductor supply chain described by Huang as the “epicentre” of the AI revolution.