05.07.2025
News
Monthly Recap: June 2025
June was another remarkable month for US equities, with markets pushing to fresh record highs as investor optimism grew around potential rate cuts and easing geopolitical tensions. The rally was broad-based and resilient, supported by strong momentum in technology.
Our strategies captured these tailwinds: The NDT US-Equities Momentum strategy returned +7.2%, outperforming its benchmark (+5.7%) by 1.5%. The NDT Global Multi-Asset Momentum strategy returned +3.8%, which was 0.5% higher than its benchmark (+3.3%).
Market Commentary
The S&P 500 gained nearly 5.0% in June, closing at new all-time highs. Since the April 8th low, the index is up 23%, driven by AI enthusiasm, fiscal stimulus, and easing Fed expectations.
Geopolitical fears eased after a late-month ceasefire between Israel and Iran. Despite initial fears of escalation, markets stayed risk-on, and oil prices retreated.
Core PCE inflation remained above the Federal Reserve’s target but showed modest signs of cooling, while the labor market continued to demonstrate resilience with stronger-than-expected job growth and a declining unemployment rate.
The June FOMC meeting and softer inflation data reinforced market expectations for Fed cuts later this year. Markets appear to be pricing in the start of an easing cycle.
The U.S. Dollar Index weakened further, continuing its YTD downtrend amid structural concerns and capital outflows. Meanwhile, gold remains in high demand.
Fiscal concerns remain elevated: The U.S. reported a $316 billion deficit in May 2025, the third largest ever for that month, driven by rising interest costs and increased spending, despite higher tax revenues.
With debt and deficits continuing to climb, Congress passed the "One Big Beautiful Bill" in early July to raise the debt ceiling and avoid a potential default, addressing widespread expectations that the limit would need to be lifted again.
Bitcoin was flat in June, while AI-linked stocks remained buoyant. Meta’s acquisition of Scale AI for $14.3bn highlighted continued exuberance in the AI sector.
Staying Selective Amid Concentration: Market concentration reached historic levels in June, with the top 10 stocks making up nearly 40% of the S&P 500’s market cap. Our model remains focused on identifying opportunities beyond the crowded top 10.
Top 3 Performers - June 2025
Several holdings delivered strong returns in June for the NDT US-Equities Momentum strategy:
Zscaler Inc. (+13.4%)
The cybersecurity firm impressed investors in late May with better-than-expected fiscal quarterly results, reporting 23% year-over-year revenue growth to $678 million and raising its full-year revenue guidance.Tapestry Inc. (+11.6%)
In June, shares of the luxury fashion house rose following strong quarterly results reported in May, with revenue beating expectations and an upgraded full-year outlook. Robust sales in China and digital channels, along with positive analyst sentiment, boosted investor confidence and supported the stock’s upward momentum.Netflix Inc. (+11.4%)
The shares of the streaming giant rose to record highs in June, fueled by stronger-than-expected user retention from its password-sharing crackdown and hit content like "Squid Game". Analysts praised improving profitability and rapid growth in the ad-supported tier, highlighting strong monetization potential.
Further 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 factor. More information to follow, feel free to reach out.
HSG Startup: We are proud to share that we have recently been recognized as an official HSG Startup by the University of St. Gallen.
Last Month's Strategy Returns
NDT Global Multi Asset Momentum:
A systematic strategy designed to complement discretionary portfolios for long-term participation in global growth.
Factsheet
Live Performance
NDT US-Equities Momentum:
A satellite solution to complement existing portfolios with a concentrated selection of US large-cap stocks with strong momentum.
Factsheet
Contact us
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.
Photo by Ilia Bronskiy
June was another remarkable month for US equities, with markets pushing to fresh record highs as investor optimism grew around potential rate cuts and easing geopolitical tensions. The rally was broad-based and resilient, supported by strong momentum in technology.
Our strategies captured these tailwinds: The NDT US-Equities Momentum strategy returned +7.2%, outperforming its benchmark (+5.7%) by 1.5%. The NDT Global Multi-Asset Momentum strategy returned +3.8%, which was 0.5% higher than its benchmark (+3.3%).
Market Commentary
The S&P 500 gained nearly 5.0% in June, closing at new all-time highs. Since the April 8th low, the index is up 23%, driven by AI enthusiasm, fiscal stimulus, and easing Fed expectations.
Geopolitical fears eased after a late-month ceasefire between Israel and Iran. Despite initial fears of escalation, markets stayed risk-on, and oil prices retreated.
Core PCE inflation remained above the Federal Reserve’s target but showed modest signs of cooling, while the labor market continued to demonstrate resilience with stronger-than-expected job growth and a declining unemployment rate.
The June FOMC meeting and softer inflation data reinforced market expectations for Fed cuts later this year. Markets appear to be pricing in the start of an easing cycle.
The U.S. Dollar Index weakened further, continuing its YTD downtrend amid structural concerns and capital outflows. Meanwhile, gold remains in high demand.
Fiscal concerns remain elevated: The U.S. reported a $316 billion deficit in May 2025, the third largest ever for that month, driven by rising interest costs and increased spending, despite higher tax revenues.
With debt and deficits continuing to climb, Congress passed the "One Big Beautiful Bill" in early July to raise the debt ceiling and avoid a potential default, addressing widespread expectations that the limit would need to be lifted again.
Bitcoin was flat in June, while AI-linked stocks remained buoyant. Meta’s acquisition of Scale AI for $14.3bn highlighted continued exuberance in the AI sector.
Staying Selective Amid Concentration: Market concentration reached historic levels in June, with the top 10 stocks making up nearly 40% of the S&P 500’s market cap. Our model remains focused on identifying opportunities beyond the crowded top 10.
Top 3 Performers - June 2025
Several holdings delivered strong returns in June for the NDT US-Equities Momentum strategy:
Zscaler Inc. (+13.4%)
The cybersecurity firm impressed investors in late May with better-than-expected fiscal quarterly results, reporting 23% year-over-year revenue growth to $678 million and raising its full-year revenue guidance.Tapestry Inc. (+11.6%)
In June, shares of the luxury fashion house rose following strong quarterly results reported in May, with revenue beating expectations and an upgraded full-year outlook. Robust sales in China and digital channels, along with positive analyst sentiment, boosted investor confidence and supported the stock’s upward momentum.Netflix Inc. (+11.4%)
The shares of the streaming giant rose to record highs in June, fueled by stronger-than-expected user retention from its password-sharing crackdown and hit content like "Squid Game". Analysts praised improving profitability and rapid growth in the ad-supported tier, highlighting strong monetization potential.
Further 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 factor. More information to follow, feel free to reach out.
HSG Startup: We are proud to share that we have recently been recognized as an official HSG Startup by the University of St. Gallen.
Last Month's Strategy Returns
NDT Global Multi Asset Momentum:
A systematic strategy designed to complement discretionary portfolios for long-term participation in global growth.
Factsheet
Live Performance
NDT US-Equities Momentum:
A satellite solution to complement existing portfolios with a concentrated selection of US large-cap stocks with strong momentum.
Factsheet
Contact us
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.
Photo by Ilia Bronskiy