Captor's Dahlia Green Bond fund has deliberately directed capital towards some of the most carbon-intensive sectors in the economy, arguing that meaningful decarbonisation depends on transforming heavy industry rather than avoiding it.

The Stockholm-based asset manager's approach focuses on financing the industries underpinning the energy transition, including cement, mining, industrial manufacturing and power generation. Judges highlighted the strategy's "whole-value-chain" perspective, which recognises that renewable energy infrastructure depends on emissions-intensive materials such as steel, aluminium and copper.

That philosophy has translated into a significant portfolio repositioning since 2025, with increased exposure to infrastructure, raw materials and industrial companies, alongside reduced allocations to finance and real estate. In 2025, the fund reported that 97% of assets were invested in sustainable investments. That same year, the fund delivered a 4.2% annual return, outperforming its benchmark's 3.2%.

Among the fund's investments are green bonds issued by German utility RWE, which is in the process of phasing out coal-fired generation, and Heidelberg Materials, for projects including carbon capture and alternative fuels. The strategy also includes exposure to Finnish nuclear operator TVO.