10.09.2025
News
Monthly Recap: August 2025
August was more mixed. After five strong months, the streak for our US product ended: the NDT US-Equities Momentum strategy returned -4.4% versus +1.6% for its benchmark.
In contrast, the NDT Global Multi Asset Momentum strategy gained +2.1%, outpacing its benchmark (+1.6%) by 0.5%.
Below, we unpack what changed this month and share the factsheet of our new Europe strategy, which has already built "momentum" with a YTD simulated return of +20.1%.
Market Commentary
US Equities: The S&P 500 rose +1.9% in August, with multiple fresh highs as breadth improved and equal-weight outpaced cap-weight.
Trade Policy: Tariff noise persisted but was less market-moving. The U.S. implemented higher “reciprocal” rates at the start of the month and later slapped a 50% tariff on India; at the same time, exemptions and bilateral deals helped reduce uncertainty.
Tariff Impact: August saw Swiss stocks wobble after fresh U.S. tariffs on Swiss goods, though the broader Europe STOXX 600 held the month in the green.
Federal Reserve: No meeting in August, but Jackson Hole signaled a shift: Powell said the balance of risks has moved, and futures priced a ~90% chance of a 25bps cut in September.
Economy: Inflation stayed within expectations; with core PCE +2.9%. Q2 GDP was revised up to an annualized 3.3% growth with steady consumption.
Q2 Earnings: Solid end to the season; roughly 81% of S&P 500 companies beat EPS and revenue forecasts; blended S&P 500 EPS growth tracked around ~12% year-over-year.
US Dollar: The dollar edged lower alongside rising Fed-cut expectations.
Alternatives/Commodities: Gold pushed above $3,500/oz, while crude softened amid geopolitical cross-currents.
Top Gainers and Losers - August 2025
Several holdings posted notable moves in August 2025, with the following highlighting the best and worst performers for the NDT US-Equities Momentum strategy:
Boeing Co. (+6.7%)
Strengthened on steady August deliveries and improved output rates, reinforcing confidence in its gradual production ramp. Management reaffirmed 2025 guidance, helping ease concerns over supply chain constraints and regulatory approvals.Netflix Inc. (+3.9%)
Momentum built as global subscribers surpassed ~302M and ad-tier adoption accelerated. Strong original content performance and continued international expansion bolstered confidence in the platform’s monetization strategy.Constellation Energy Corp. (-8.3%)
Lost ground despite solid Q2 earnings and progress on the Calpine deal. Guidance cuts and softer wholesale power prices offset otherwise stable operational performance.Trade Desk Inc. (-35.0%)
Dropped sharply after Aug 8 results met revenue expectations but delivered weaker guidance. Slowing ad spend in key markets and intensifying programmatic competition weighed on sentiment.
Europe Strategy Update
Factsheet Now Available: Below you can download the factsheet of our upcoming Europe strategy which will be issued by UBS as an AMC.
Subscription Phase Starting Soon: Capture Europe's tailwinds and let us know if you would like to participate in the subscription phase with better conditions.
NDT Europe-Equities Quality Momentum: A satellite solution to complement existing portfolios with a concentrated selection of European momentum and quality stocks.
Last Month's Strategy Returns
NDT US-Equities Momentum:
A satellite solution to complement existing portfolios with a concentrated selection of US large-cap stocks with strong momentum.
NDT Global Multi Asset Momentum:
A systematic strategy designed to complement discretionary portfolios for long-term participation in global growth.
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.
Photo by Herbert Brändle: https://www.pexels.com/photo/aerial-view-of-devil-s-bridge-in-andermatt-switzerland-33919600/
August was more mixed. After five strong months, the streak for our US product ended: the NDT US-Equities Momentum strategy returned -4.4% versus +1.6% for its benchmark.
In contrast, the NDT Global Multi Asset Momentum strategy gained +2.1%, outpacing its benchmark (+1.6%) by 0.5%.
Below, we unpack what changed this month and share the factsheet of our new Europe strategy, which has already built "momentum" with a YTD simulated return of +20.1%.
Market Commentary
US Equities: The S&P 500 rose +1.9% in August, with multiple fresh highs as breadth improved and equal-weight outpaced cap-weight.
Trade Policy: Tariff noise persisted but was less market-moving. The U.S. implemented higher “reciprocal” rates at the start of the month and later slapped a 50% tariff on India; at the same time, exemptions and bilateral deals helped reduce uncertainty.
Tariff Impact: August saw Swiss stocks wobble after fresh U.S. tariffs on Swiss goods, though the broader Europe STOXX 600 held the month in the green.
Federal Reserve: No meeting in August, but Jackson Hole signaled a shift: Powell said the balance of risks has moved, and futures priced a ~90% chance of a 25bps cut in September.
Economy: Inflation stayed within expectations; with core PCE +2.9%. Q2 GDP was revised up to an annualized 3.3% growth with steady consumption.
Q2 Earnings: Solid end to the season; roughly 81% of S&P 500 companies beat EPS and revenue forecasts; blended S&P 500 EPS growth tracked around ~12% year-over-year.
US Dollar: The dollar edged lower alongside rising Fed-cut expectations.
Alternatives/Commodities: Gold pushed above $3,500/oz, while crude softened amid geopolitical cross-currents.
Top Gainers and Losers - August 2025
Several holdings posted notable moves in August 2025, with the following highlighting the best and worst performers for the NDT US-Equities Momentum strategy:
Boeing Co. (+6.7%)
Strengthened on steady August deliveries and improved output rates, reinforcing confidence in its gradual production ramp. Management reaffirmed 2025 guidance, helping ease concerns over supply chain constraints and regulatory approvals.Netflix Inc. (+3.9%)
Momentum built as global subscribers surpassed ~302M and ad-tier adoption accelerated. Strong original content performance and continued international expansion bolstered confidence in the platform’s monetization strategy.Constellation Energy Corp. (-8.3%)
Lost ground despite solid Q2 earnings and progress on the Calpine deal. Guidance cuts and softer wholesale power prices offset otherwise stable operational performance.Trade Desk Inc. (-35.0%)
Dropped sharply after Aug 8 results met revenue expectations but delivered weaker guidance. Slowing ad spend in key markets and intensifying programmatic competition weighed on sentiment.
Europe Strategy Update
Factsheet Now Available: Below you can download the factsheet of our upcoming Europe strategy which will be issued by UBS as an AMC.
Subscription Phase Starting Soon: Capture Europe's tailwinds and let us know if you would like to participate in the subscription phase with better conditions.
NDT Europe-Equities Quality Momentum: A satellite solution to complement existing portfolios with a concentrated selection of European momentum and quality stocks.
Last Month's Strategy Returns
NDT US-Equities Momentum:
A satellite solution to complement existing portfolios with a concentrated selection of US large-cap stocks with strong momentum.
NDT Global Multi Asset Momentum:
A systematic strategy designed to complement discretionary portfolios for long-term participation in global growth.
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.
Photo by Herbert Brändle: https://www.pexels.com/photo/aerial-view-of-devil-s-bridge-in-andermatt-switzerland-33919600/