From MoneyWeek · · 2m
Where money hid during the Iran crisis
The AIC crunched six months of the Iran conflict and found tech, private growth and wind farms all beat the shock.
In brief
The AIC crunched six months of the Iran conflict and found tech, private growth and wind farms all beat the shock. Resilience during this conflict came from two very different places: the AI boom, and energy you don't have to import. Originally reported by MoneyWeek.
A war moved the money
Markets have been rattled since the Iran conflict began in late February. The Association of Investment Companies went looking for which closed-ended funds actually held up.
Tech led everything
Technology and Technology Innovation trusts returned 29.6% on a share price basis between 2 March and 31 August 2026, the best of any AIC sector.
“Investment trusts in the technology sector have continued to power ahead as the AI investment boom goes on”
Private companies paid off
Growth capital came second at 21.9%, helped by stakes in fast-growing private names and possible IPOs like Anthropic, ByteDance and Revolut.
Renewables were the surprise
Renewable energy infrastructure took third place with 16.8%. A war that exposed the fragility of oil and gas supply chains made wind and solar look strategic, not just green.
“An overreliance on volatile imported fuels is not a wise position to take”
Molten Ventures topped the list
The growth capital trust, which holds Revolut and Finnish space start-up ICEYE, returned 53% over the period. Biotech Growth followed at 38.5%, Allianz Technology at 33.3%.
Two green names in the top five
Gresham House Energy Storage returned 32.2% and Foresight Environmental Infrastructure 31%, putting renewable infrastructure alongside tech and biotech at the sharp end.
Cash flow, not just sentiment
Greencoat UK Wind's manager credits power and net cash generation more than the war. The trust covered its dividend in the first half of 2026 and still had capital left to grow.
“Strong performance in terms of power and net cash generation”
Electricity demand is the next bet
The case for wind now rests on forecast growth in electricity demand over the coming years, not on one geopolitical shock.
“Renewables, in particular wind, are well placed to take advantage of the forecasted increase in electricity demand”
Breadth beyond the headlines
Healthcare and biotech managed 15.8%, global 13.4%, and Asia Pacific 11.8%. The rebound reached well past the two or three sectors doing the talking.
Here's the gist
Resilience during this conflict came from two very different places: the AI boom, and energy you don't have to import.
