06.08.2025
News
Monthly Recap: July 2025
July extended the equity rally, with the S&P 500 climbing to new all-time highs and logging a third consecutive monthly gain. Meanwhile, volatility stayed notably calm despite tariff and macro headlines.
Our strategies captured these tailwinds: The NDT US-Equities Momentum strategy returned +3.0%, outperforming its benchmark (+2.6%) by 0.4%. The NDT Global Multi Asset Momentum strategy returned +1.0%, which was in line with its benchmark (+1.0%).
Market Commentary
US-Equities: The S&P 500 gained 2.3% in July, setting 10 new all-time highs.
Trade Policy: Tariff headlines repeatedly influenced market sentiment, including news of new tariffs on India. Trade agreements with Vietnam, the EU, and Japan helped ease macroeconomic uncertainty.
Federal Reserve: Rates held steady at 4.25-4.50% for a fifth consecutive meeting. The statement stayed hawkish, and Kalshi prediction markets now price in a 25bps cut for September.
Economy: Inflation (PCE) rose to 2.6% in June. The economy grew 3.0% (annualized) in the second quarter.
Q2 Earnings: By the end of July, roughly 60% of S&P 500 companies have reported, of which 83% beat EPS estimates. Nevertheless, the aggregate earnings surprise landed below its 5-year average.
US Dollar: Year-to-date slide moderated as the USD rallied in July on tariff headlines and closed the month stronger on trade-deal optimism, but it has since slipped again in early August.
US Job Market: July’s jobs report disappointed, with fewer new jobs than expected. Large downward revisions erased many jobs from the previous two months, and unemployment rose to 4.2%.
Alternatives: Bitcoin gained 9% in July, gold was steady, and copper tumbled 22% by month-end on tariff concerns.
Top 3 Performers - July 2025
Several holdings delivered strong returns in July for the NDT US-Equities Momentum strategy:
GE Vernova Inc. (+25.8%)
The energy technology company surged after its strong Q2 earnings and a raised full-year outlook. The company posted impressive revenue growth in renewables and grid segments, surpassing analyst expectations. Announcements of new global contracts and tight cost controls helped fuel its best monthly gain since becoming independent.Tapestry Inc. (+23.6%)
Shares rallied on solid quarterly results and an upgraded full-year forecast. The affordable luxury group credited sustained demand in China and flourishing digital channels. Strong sales of Coach products and improved margins drew renewed analyst praise and investor enthusiasm.Palantir Technologies Inc. (+17.2%)
The stock jumped as Q2 results broke company records, with quarterly revenue exceeding $1 billion for the first time, a 48% year-over-year increase. Rapid expansion in government and commercial AI contracts, along with upgraded full-year guidance, drove the stock’s momentum.
Strategy Updates
New Strategy Coming Soon: Our Europe strategy is in the pipeline and set to roll out in the coming months. It combines our proprietary momentum approach with a quality model. More information to follow soon, feel free to reach out.
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 Fatih Kopcal: https://www.pexels.com/photo/scenic-view-of-zug-city-and-lake-in-switzerland-32664146/
July extended the equity rally, with the S&P 500 climbing to new all-time highs and logging a third consecutive monthly gain. Meanwhile, volatility stayed notably calm despite tariff and macro headlines.
Our strategies captured these tailwinds: The NDT US-Equities Momentum strategy returned +3.0%, outperforming its benchmark (+2.6%) by 0.4%. The NDT Global Multi Asset Momentum strategy returned +1.0%, which was in line with its benchmark (+1.0%).
Market Commentary
US-Equities: The S&P 500 gained 2.3% in July, setting 10 new all-time highs.
Trade Policy: Tariff headlines repeatedly influenced market sentiment, including news of new tariffs on India. Trade agreements with Vietnam, the EU, and Japan helped ease macroeconomic uncertainty.
Federal Reserve: Rates held steady at 4.25-4.50% for a fifth consecutive meeting. The statement stayed hawkish, and Kalshi prediction markets now price in a 25bps cut for September.
Economy: Inflation (PCE) rose to 2.6% in June. The economy grew 3.0% (annualized) in the second quarter.
Q2 Earnings: By the end of July, roughly 60% of S&P 500 companies have reported, of which 83% beat EPS estimates. Nevertheless, the aggregate earnings surprise landed below its 5-year average.
US Dollar: Year-to-date slide moderated as the USD rallied in July on tariff headlines and closed the month stronger on trade-deal optimism, but it has since slipped again in early August.
US Job Market: July’s jobs report disappointed, with fewer new jobs than expected. Large downward revisions erased many jobs from the previous two months, and unemployment rose to 4.2%.
Alternatives: Bitcoin gained 9% in July, gold was steady, and copper tumbled 22% by month-end on tariff concerns.
Top 3 Performers - July 2025
Several holdings delivered strong returns in July for the NDT US-Equities Momentum strategy:
GE Vernova Inc. (+25.8%)
The energy technology company surged after its strong Q2 earnings and a raised full-year outlook. The company posted impressive revenue growth in renewables and grid segments, surpassing analyst expectations. Announcements of new global contracts and tight cost controls helped fuel its best monthly gain since becoming independent.Tapestry Inc. (+23.6%)
Shares rallied on solid quarterly results and an upgraded full-year forecast. The affordable luxury group credited sustained demand in China and flourishing digital channels. Strong sales of Coach products and improved margins drew renewed analyst praise and investor enthusiasm.Palantir Technologies Inc. (+17.2%)
The stock jumped as Q2 results broke company records, with quarterly revenue exceeding $1 billion for the first time, a 48% year-over-year increase. Rapid expansion in government and commercial AI contracts, along with upgraded full-year guidance, drove the stock’s momentum.
Strategy Updates
New Strategy Coming Soon: Our Europe strategy is in the pipeline and set to roll out in the coming months. It combines our proprietary momentum approach with a quality model. More information to follow soon, feel free to reach out.
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 Fatih Kopcal: https://www.pexels.com/photo/scenic-view-of-zug-city-and-lake-in-switzerland-32664146/