07.09.2026
News
Monthly Recap: August 2026
With summer drawing to a close and offices returning to full strength, we take a look at how our strategies performed in August.
Markets regained some footing during the month, posting a modest rebound after July's pullback. Within this backdrop, our strategies delivered solid gains, with AI-related infrastructure, semiconductor, and storage names once again driving the bulk of performance.
Performance Update (as of the close of August 31, 2026)
Market Commentary
US Equities & Economic Backdrop: US stocks had a strong August, with the S&P 500 up 2.7%, the best since 2021. The economy stayed resilient, as the Atlanta Fed's GDPNow model tracked Q3 growth at 4.6%, nearly double the 2.4% consensus.
Key Drivers: Policy pulled in two directions. Fed Chair Warsh gave a hawkish Jackson Hole speech, warning softer inflation may not reflect improvement, and September rate hike odds jumped from 36% to 67%. The Treasury also unveiled a "Treasury Twist" program doubling long-dated bond buybacks to ease long-end pressure.
Eurozone & Global: Gains were broad, with developed markets up 2.6% and emerging markets up 3.4%. Japan's TOPIX rose 3.9%, while China's data pointed to continued weak domestic demand. Investors expect the ECB to raise rates in September and pulled forward expectations for a Bank of Japan hike to the same month.
Rates, Sectors & Themes: Government bond yields pushed higher worldwide. The 30-year US Treasury yield hit 5.3%, highest since 2007, while German and Japanese 10-year yields hit 3.3% and 3.0%. Energy led US sectors, up 7.0%, extending its 2026 advance to 44.2%.
Commodities & Other Assets: Hard assets stood out. The Bloomberg Commodity Index rose over 7.0% for a second straight month, and gold gained 9.7%, silver 15.6% and gold miners 33.0% as the "debasement trade" returned. Strait of Hormuz tensions lifted oil, pushing WTI near $86, while bitcoin surged around 25.0%, best month since November 2024.
Top Performers in the US
During August, the portfolio increased by +2.3%, driven by companies specialising in AI infrastructure across memory, optical networking and cybersecurity.
Our Top Performers and Detractors in Europe
Portfolio growth of +2.8% was recorded in August, with gains broadly diversified across industrial, energy and technology sectors.
NDT US-Equities Momentum:
A satellite solution to complement existing portfolios with a concentrated selection of US large-cap stocks with strong momentum.
NDT x Alquant US-Momentum Protect:
Our US-Equities Momentum strategy paired with a systematic protection overlay from Alquant, designed to soften drawdowns while keeping momentum upside.
NDT Europe-Equities Quality Momentum:
Complement your portfolio with a selection of high-momentum, 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 autumn approaches, we wish you a wonderful start to the season and thank you for your continued trust.
Best regards,
Team NDT
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.
Photo by Pexels User
With summer drawing to a close and offices returning to full strength, we take a look at how our strategies performed in August.
Markets regained some footing during the month, posting a modest rebound after July's pullback. Within this backdrop, our strategies delivered solid gains, with AI-related infrastructure, semiconductor, and storage names once again driving the bulk of performance.
Performance Update (as of the close of August 31, 2026)
Market Commentary
US Equities & Economic Backdrop: US stocks had a strong August, with the S&P 500 up 2.7%, the best since 2021. The economy stayed resilient, as the Atlanta Fed's GDPNow model tracked Q3 growth at 4.6%, nearly double the 2.4% consensus.
Key Drivers: Policy pulled in two directions. Fed Chair Warsh gave a hawkish Jackson Hole speech, warning softer inflation may not reflect improvement, and September rate hike odds jumped from 36% to 67%. The Treasury also unveiled a "Treasury Twist" program doubling long-dated bond buybacks to ease long-end pressure.
Eurozone & Global: Gains were broad, with developed markets up 2.6% and emerging markets up 3.4%. Japan's TOPIX rose 3.9%, while China's data pointed to continued weak domestic demand. Investors expect the ECB to raise rates in September and pulled forward expectations for a Bank of Japan hike to the same month.
Rates, Sectors & Themes: Government bond yields pushed higher worldwide. The 30-year US Treasury yield hit 5.3%, highest since 2007, while German and Japanese 10-year yields hit 3.3% and 3.0%. Energy led US sectors, up 7.0%, extending its 2026 advance to 44.2%.
Commodities & Other Assets: Hard assets stood out. The Bloomberg Commodity Index rose over 7.0% for a second straight month, and gold gained 9.7%, silver 15.6% and gold miners 33.0% as the "debasement trade" returned. Strait of Hormuz tensions lifted oil, pushing WTI near $86, while bitcoin surged around 25.0%, best month since November 2024.
Top Performers in the US
During August, the portfolio increased by +2.3%, driven by companies specialising in AI infrastructure across memory, optical networking and cybersecurity.
Our Top Performers and Detractors in Europe
Portfolio growth of +2.8% was recorded in August, with gains broadly diversified across industrial, energy and technology sectors.
NDT US-Equities Momentum:
A satellite solution to complement existing portfolios with a concentrated selection of US large-cap stocks with strong momentum.
NDT x Alquant US-Momentum Protect:
Our US-Equities Momentum strategy paired with a systematic protection overlay from Alquant, designed to soften drawdowns while keeping momentum upside.
NDT Europe-Equities Quality Momentum:
Complement your portfolio with a selection of high-momentum, 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 autumn approaches, we wish you a wonderful start to the season and thank you for your continued trust.
Best regards,
Team NDT
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.
Photo by Pexels User