06.05.2026
News
Monthly Recap: April 2026
Another month of 2026 is behind us, with volatility and persistent geopolitical tensions continuing to shape the market environment.
What increasingly feels like the “new normal” is gradually being absorbed by the markets and our strategies.
We are pleased with how our strategies navigated the challenging April and successfully captured momentum. This is reflected in the strong performance delivered across all our three strategies.
Performance Update (as of the close of April 30, 2026)
We are happy to share that all strategies outperformed their benchmark in April and also YTD.
Performance of April 2026
NDT US-Equities Momentum strategy returned +19.3% (benchmark: +12.6%)
NDT Europe-Equtities Quality Momentum strategy delivered +7.0%(benchmark: +5.4%)
NDT Global Multi Asset Momentum strategy gained +7.3% (benchmark: +6.3%)
Year-to-date 2026
NDT US-Equities Momentum strategy is up +35.0% (benchmark: +7.3%)
NDT Europe-Equities Quality Momentum strategy delivered +5.6%(benchmark: +4.4%)
NDT Global Multi Asset Momentum strategy gained +7.2% (benchmark: +4.0%)
Market Commentary
US Equities & Economic Backdrop: US stocks staged a powerful risk-on rally in April, with the S&P 500 hitting new all-time highs as investors rotated back into AI names. Mega-cap tech delivered blowout Q1 earnings, with Google up 81%, Amazon up 77% and Meta up 63% year-on-year, helping also the Nasdaq-100 to reach a record high. Q1 GDP grew at a 2.0% annual pace, with AI investment accounting for roughly half of that growth.
Key Drivers: The Fed held rates unchanged at 3.50%-3.75%, but three members dissented, arguing a hike was as plausible as a cut after headline PCE inflation jumped to 3.5%, a near three-year high.
The four AI hyperscalers now plan $725 billion of capex this year, fueling the rotation back into technology. April also marked Powell’s last meeting as Chair, with Kevin Warsh advancing toward confirmation.
Eurozone & Global: Emerging markets were the standout, with MSCI EM up 14.7% and Asia ex-Japan up 16.3%, powered by Taiwan (+26.2%) and South Korea (+38.2%), the heart of the AI semiconductor supply chain. Japan’s TOPIX gained 6.6% and Europe ex-UK rose 5.7%, while the UK’s FTSE All-Share lagged at 2.8% as eurozone business activity slipped into contraction.
Rates, Sectors & Themes: The 10-year US Treasury yield rose to 4.4% as inflation worries returned, but Treasuries (-0.1%) held up better than Japanese government bonds (-0.7%), where the 10-year yield reached its highest level since 1997 on a more hawkish Bank of Japan. Growth equities returned 12.4% versus 7.2% for value, and the Philadelphia Semiconductor Index surged close to 40%.
Commodities & Other Assets: Commodities gained 4.2%, with energy up 7.7% and industrial metals up 5.0%, reflecting Middle East supply disruptions and surging demand from the AI data-center build-out. Brent crude pushed above $110 a barrel as the Strait of Hormuz remained severely disrupted, while risk-on sentiment narrowed credit spreads.
Our Top Performers in the US of April 2026
Below are the three stocks from our NDT US-Equities Momentum Strategy that posted the strongest gains in April:
Intel Corp | +110.2% | Semiconductor
The chipmaker delivered a Q1 turnaround, posting revenue of $13.6B and EPS of $0.29 versus consensus of $0.01, driving a near 24% surge on April 24. Data center and AI revenue rose 22% year-on-year, the first double-digit print since 2022.
Seagate Technology | +70.0% | HDD Storage
AI-driven storage demand pushed nearline capacity sold out through 2027. Fiscal Q3 non-GAAP gross margin hit an all-time high of 47% and management raised its annual revenue growth target to at least 20%, with Q4 EPS guidance of $5.00.
Sandisk Corp | +67.8% | Memory & Storage
NAND prices kept climbing as robust memory demand from AI data centers fueled an extraordinary rally. Wall Street expects fiscal Q3 revenue of $4.69B, up over 175% year-on-year, and EPS of $14.45, lifting the stock more than 348% year-to-date.
Our Top Performers in Europe of April 2026
Below are the top performers from our NDT Europe-Equities Quality MomentumStrategy from April:
Technoprobe SpA | +22.4% | Semiconductors
Demand for AI chip testing fueled a rally alongside the broader AI semiconductor wave. AI-related revenue is set to climb from €220M in 2025 to €330M in 2026, around 40-50% of sales, leveraging the firm's roughly 30% share of the global probe card market.Siemens Energy AG | +15.0% | Power & Grid
AI-driven grid demand drove the rally. On April 23 the company raised fiscal 2026 comparable revenue growth from 11-13% to 14-16% and nearly doubled its pre-tax free cash flow target to €8B, with Q2 orders surging ~30% to a record €17.75B.HOCHTIEF AG | +12.7% | Construction & Infrastructure
Data center exposure powered the gains. CIMIC's Leighton Asia secured a large-scale, multi-phase hyperscale data center campus in Malaysia, building on 2025 operational net profit growth of 26% to €789M and 2026 guidance of +20-30%.
NDT US-Equities Momentum:
A satellite solution to complement existing portfolios with a concentrated selection of US large-cap stocks with strong momentum.
NDT Europe-Equities Quality Momentum:
Complement your portfolio with a selection of high-momentum and quality stocks out of the STOXX Europe 600.
NDT Global Multi Asset Momentum:
A systematic strategy designed to complement discretionary portfolios for long-term participation in global growth.
As we progress through the year, we remain attentive to evolving market dynamics while continuing to execute our disciplined, systematic approach with consistency.
We thank you for your continued trust and remain committed to managing and developing our strategies.
If you have any questions or would like to connect, we look forward to hearing from you.
Best regards,
Adrian, Andreu & Loris
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.
Photo by Jakub Pabis
Another month of 2026 is behind us, with volatility and persistent geopolitical tensions continuing to shape the market environment.
What increasingly feels like the “new normal” is gradually being absorbed by the markets and our strategies.
We are pleased with how our strategies navigated the challenging April and successfully captured momentum. This is reflected in the strong performance delivered across all our three strategies.
Performance Update (as of the close of April 30, 2026)
We are happy to share that all strategies outperformed their benchmark in April and also YTD.
Performance of April 2026
NDT US-Equities Momentum strategy returned +19.3% (benchmark: +12.6%)
NDT Europe-Equtities Quality Momentum strategy delivered +7.0%(benchmark: +5.4%)
NDT Global Multi Asset Momentum strategy gained +7.3% (benchmark: +6.3%)
Year-to-date 2026
NDT US-Equities Momentum strategy is up +35.0% (benchmark: +7.3%)
NDT Europe-Equities Quality Momentum strategy delivered +5.6%(benchmark: +4.4%)
NDT Global Multi Asset Momentum strategy gained +7.2% (benchmark: +4.0%)
Market Commentary
US Equities & Economic Backdrop: US stocks staged a powerful risk-on rally in April, with the S&P 500 hitting new all-time highs as investors rotated back into AI names. Mega-cap tech delivered blowout Q1 earnings, with Google up 81%, Amazon up 77% and Meta up 63% year-on-year, helping also the Nasdaq-100 to reach a record high. Q1 GDP grew at a 2.0% annual pace, with AI investment accounting for roughly half of that growth.
Key Drivers: The Fed held rates unchanged at 3.50%-3.75%, but three members dissented, arguing a hike was as plausible as a cut after headline PCE inflation jumped to 3.5%, a near three-year high.
The four AI hyperscalers now plan $725 billion of capex this year, fueling the rotation back into technology. April also marked Powell’s last meeting as Chair, with Kevin Warsh advancing toward confirmation.
Eurozone & Global: Emerging markets were the standout, with MSCI EM up 14.7% and Asia ex-Japan up 16.3%, powered by Taiwan (+26.2%) and South Korea (+38.2%), the heart of the AI semiconductor supply chain. Japan’s TOPIX gained 6.6% and Europe ex-UK rose 5.7%, while the UK’s FTSE All-Share lagged at 2.8% as eurozone business activity slipped into contraction.
Rates, Sectors & Themes: The 10-year US Treasury yield rose to 4.4% as inflation worries returned, but Treasuries (-0.1%) held up better than Japanese government bonds (-0.7%), where the 10-year yield reached its highest level since 1997 on a more hawkish Bank of Japan. Growth equities returned 12.4% versus 7.2% for value, and the Philadelphia Semiconductor Index surged close to 40%.
Commodities & Other Assets: Commodities gained 4.2%, with energy up 7.7% and industrial metals up 5.0%, reflecting Middle East supply disruptions and surging demand from the AI data-center build-out. Brent crude pushed above $110 a barrel as the Strait of Hormuz remained severely disrupted, while risk-on sentiment narrowed credit spreads.
Our Top Performers in the US of April 2026
Below are the three stocks from our NDT US-Equities Momentum Strategy that posted the strongest gains in April:
Intel Corp | +110.2% | Semiconductor
The chipmaker delivered a Q1 turnaround, posting revenue of $13.6B and EPS of $0.29 versus consensus of $0.01, driving a near 24% surge on April 24. Data center and AI revenue rose 22% year-on-year, the first double-digit print since 2022.
Seagate Technology | +70.0% | HDD Storage
AI-driven storage demand pushed nearline capacity sold out through 2027. Fiscal Q3 non-GAAP gross margin hit an all-time high of 47% and management raised its annual revenue growth target to at least 20%, with Q4 EPS guidance of $5.00.
Sandisk Corp | +67.8% | Memory & Storage
NAND prices kept climbing as robust memory demand from AI data centers fueled an extraordinary rally. Wall Street expects fiscal Q3 revenue of $4.69B, up over 175% year-on-year, and EPS of $14.45, lifting the stock more than 348% year-to-date.
Our Top Performers in Europe of April 2026
Below are the top performers from our NDT Europe-Equities Quality MomentumStrategy from April:
Technoprobe SpA | +22.4% | Semiconductors
Demand for AI chip testing fueled a rally alongside the broader AI semiconductor wave. AI-related revenue is set to climb from €220M in 2025 to €330M in 2026, around 40-50% of sales, leveraging the firm's roughly 30% share of the global probe card market.Siemens Energy AG | +15.0% | Power & Grid
AI-driven grid demand drove the rally. On April 23 the company raised fiscal 2026 comparable revenue growth from 11-13% to 14-16% and nearly doubled its pre-tax free cash flow target to €8B, with Q2 orders surging ~30% to a record €17.75B.HOCHTIEF AG | +12.7% | Construction & Infrastructure
Data center exposure powered the gains. CIMIC's Leighton Asia secured a large-scale, multi-phase hyperscale data center campus in Malaysia, building on 2025 operational net profit growth of 26% to €789M and 2026 guidance of +20-30%.
NDT US-Equities Momentum:
A satellite solution to complement existing portfolios with a concentrated selection of US large-cap stocks with strong momentum.
NDT Europe-Equities Quality Momentum:
Complement your portfolio with a selection of high-momentum and quality stocks out of the STOXX Europe 600.
NDT Global Multi Asset Momentum:
A systematic strategy designed to complement discretionary portfolios for long-term participation in global growth.
As we progress through the year, we remain attentive to evolving market dynamics while continuing to execute our disciplined, systematic approach with consistency.
We thank you for your continued trust and remain committed to managing and developing our strategies.
If you have any questions or would like to connect, we look forward to hearing from you.
Best regards,
Adrian, Andreu & Loris
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.
Photo by Jakub Pabis