05.06.2026
News
Monthly Recap: June 2026
As we close the first half of 2026, we are pleased with the results delivered by our strategies. Despite a selective market and continued sector rotation in June, our portfolios remained well positioned, with US Momentum delivering another strong period of outperformance.
July has so far brought greater volatility, particularly across parts of the technology sector. Our approach remains disciplined amid these changing conditions.
Performance Update (as of the close of June 30, 2026, net of fees)
We are pleased to share the performance of our four strategies and their benchmarks.
New Strategy: US-Momentum Protect
We are pleased to announce the launch of the NDT x Alquant US-Momentum Protect Strategy, issued by UBS.
The strategy combines NDT’s systematic momentum stock selection with Alquant’s quantitative risk-management overlay. It is designed to reduce downside risk while maintaining long-term exposure to leading US momentum opportunities.
Developed in response to investor demand, the strategy offers a more resilient way to access our NDT US-Equities Momentum strategy.
Market Commentary
US equities and economy: US stocks ended the second quarter strongly, with the S&P 500 gaining around 15%. A strong earnings season supported sentiment, with 85% of companies beating expectations, the highest rate since 2021. The Fed held rates at 3.50%–3.75% and maintained a relatively hawkish tone.
Key market drivers: AI remained the dominant theme, particularly in Asia. Korean equities rose 88% and Taiwan gained 49%, supported by strong earnings and continued AI investment. SK Hynix nearly tripled and Samsung Electronics roughly doubled.
Global markets: The rally broadened across regions. Europe ex-UK and Japan’s TOPIX both gained 14%, Emerging Markets rose 24%, and Asia ex-Japan advanced 28%. UK equities lagged with a 5% return.
Rates and fixed income: Central-bank policy diverged, with the ECB and Bank of Japan raising rates. Fixed income was broadly positive, led by emerging-market debt and European high yield, while Japanese government bonds declined.
Commodities: Commodities were the main weak spot, falling 8% as oil dropped 38%. Precious metals also declined by more than 10% as investors shifted toward equities and credit.
Our Top Performers in the US of June 2026
Below are the three stocks from our NDT US-Equities Momentum Strategy that posted the strongest gains in June:
The chip equipment maker delivered its strongest month since 1975, riding surging demand for AI production tools. Analysts hiked price targets across the board, with BofA lifting from $540 to $720, Wells Fargo to $740 and Cantor Fitzgerald to $850.
The custom AI silicon story kept fueling the rally. On June 6 S&P Dow Jones announced Marvell would join the S&P 500 on June 22, replacing Pool and Campbell's. Custom chip revenue hit $1.5B in fiscal 2026 with 20%+ growth expected in fiscal 2027.
Record fiscal Q3 results propelled the stock, with revenue up 24% year-on-year to $5.84B and non-GAAP EPS rising 41% to $1.47, beating consensus by 8%. Management expects advanced packaging revenue to grow more than 50% in 2026 on HBM demand.
Our Top Performers and Detractors in Europe of June 2026
Below are the top performers from our NDT Europe-Equities Quality Momentum Strategy from June:
The distributor raised its 2026 outlook after H1 revenue growth of about 4% at constant FX, with modest margin expansion and North American service levels largely restored. Volume drove two-thirds of first-half growth and price drove the remainder.
Shares rose after ST doubled its 2026 data-centre revenue target to about $1bn, citing strong AI demand and its silicon-photonics ramp. Analyst upgrades supported the move, partly offset by a convertible bond issue and a wider chip selloff.
The rally sharply reversed as insiders monetized. Shares shed nearly 45% from the €688 record on May 21, hit by a June 22 capital increase pricing 1.6M new shares at €300 (a 26% discount) and KKR's planned ~€1B placement to lift free float.
Shares fell on valuation concerns after a strong rally. Berenberg cut the stock to Hold, citing limited upside despite confidence in optical switching and aerospace & defence. A late-June tech selloff added pressure, with no company-specific setback.
NDT US-Equities Momentum:
Our concentrated portfolio of US large-cap stocks with strong momentum.
NDT x Alquant US-Momentum Protect:
Our concentrated portfolio of US large-cap stocks with strong momentum paired with a systematic protection overlay from Alquant.
NDT Europe-Equities Quality Momentum:
Our concentrated portfolio of European stocks with a mix of momentum and quality.
NDT Global Multi Asset Momentum:
Our systematic strategy designed to complement discretionary portfolios for long-term participation in global growth.
By mid-July, markets continue to show how rapidly leadership and risk conditions can change, with pronounced volatility across the technology sector. These developments have also affected our portfolios. At the same time, the recent market volatility may offer an attractive entry point for long-term investors.
This backdrop also supports the rationale for our recently launched NDT x Alquant US-Momentum Protect Strategy, combining our approach with Alquants quantitative risk overlay.
Thank you for your continued trust.
Best regards,
Loris and Adrian
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.
Photo by Eric Seddon
As we close the first half of 2026, we are pleased with the results delivered by our strategies. Despite a selective market and continued sector rotation in June, our portfolios remained well positioned, with US Momentum delivering another strong period of outperformance.
July has so far brought greater volatility, particularly across parts of the technology sector. Our approach remains disciplined amid these changing conditions.
Performance Update (as of the close of June 30, 2026, net of fees)
We are pleased to share the performance of our four strategies and their benchmarks.
New Strategy: US-Momentum Protect
We are pleased to announce the launch of the NDT x Alquant US-Momentum Protect Strategy, issued by UBS.
The strategy combines NDT’s systematic momentum stock selection with Alquant’s quantitative risk-management overlay. It is designed to reduce downside risk while maintaining long-term exposure to leading US momentum opportunities.
Developed in response to investor demand, the strategy offers a more resilient way to access our NDT US-Equities Momentum strategy.
Market Commentary
US equities and economy: US stocks ended the second quarter strongly, with the S&P 500 gaining around 15%. A strong earnings season supported sentiment, with 85% of companies beating expectations, the highest rate since 2021. The Fed held rates at 3.50%–3.75% and maintained a relatively hawkish tone.
Key market drivers: AI remained the dominant theme, particularly in Asia. Korean equities rose 88% and Taiwan gained 49%, supported by strong earnings and continued AI investment. SK Hynix nearly tripled and Samsung Electronics roughly doubled.
Global markets: The rally broadened across regions. Europe ex-UK and Japan’s TOPIX both gained 14%, Emerging Markets rose 24%, and Asia ex-Japan advanced 28%. UK equities lagged with a 5% return.
Rates and fixed income: Central-bank policy diverged, with the ECB and Bank of Japan raising rates. Fixed income was broadly positive, led by emerging-market debt and European high yield, while Japanese government bonds declined.
Commodities: Commodities were the main weak spot, falling 8% as oil dropped 38%. Precious metals also declined by more than 10% as investors shifted toward equities and credit.
Our Top Performers in the US of June 2026
Below are the three stocks from our NDT US-Equities Momentum Strategy that posted the strongest gains in June:
The chip equipment maker delivered its strongest month since 1975, riding surging demand for AI production tools. Analysts hiked price targets across the board, with BofA lifting from $540 to $720, Wells Fargo to $740 and Cantor Fitzgerald to $850.
The custom AI silicon story kept fueling the rally. On June 6 S&P Dow Jones announced Marvell would join the S&P 500 on June 22, replacing Pool and Campbell's. Custom chip revenue hit $1.5B in fiscal 2026 with 20%+ growth expected in fiscal 2027.
Record fiscal Q3 results propelled the stock, with revenue up 24% year-on-year to $5.84B and non-GAAP EPS rising 41% to $1.47, beating consensus by 8%. Management expects advanced packaging revenue to grow more than 50% in 2026 on HBM demand.
Our Top Performers and Detractors in Europe of June 2026
Below are the top performers from our NDT Europe-Equities Quality Momentum Strategy from June:
The distributor raised its 2026 outlook after H1 revenue growth of about 4% at constant FX, with modest margin expansion and North American service levels largely restored. Volume drove two-thirds of first-half growth and price drove the remainder.
Shares rose after ST doubled its 2026 data-centre revenue target to about $1bn, citing strong AI demand and its silicon-photonics ramp. Analyst upgrades supported the move, partly offset by a convertible bond issue and a wider chip selloff.
The rally sharply reversed as insiders monetized. Shares shed nearly 45% from the €688 record on May 21, hit by a June 22 capital increase pricing 1.6M new shares at €300 (a 26% discount) and KKR's planned ~€1B placement to lift free float.
Shares fell on valuation concerns after a strong rally. Berenberg cut the stock to Hold, citing limited upside despite confidence in optical switching and aerospace & defence. A late-June tech selloff added pressure, with no company-specific setback.
NDT US-Equities Momentum:
Our concentrated portfolio of US large-cap stocks with strong momentum.
NDT x Alquant US-Momentum Protect:
Our concentrated portfolio of US large-cap stocks with strong momentum paired with a systematic protection overlay from Alquant.
NDT Europe-Equities Quality Momentum:
Our concentrated portfolio of European stocks with a mix of momentum and quality.
NDT Global Multi Asset Momentum:
Our systematic strategy designed to complement discretionary portfolios for long-term participation in global growth.
By mid-July, markets continue to show how rapidly leadership and risk conditions can change, with pronounced volatility across the technology sector. These developments have also affected our portfolios. At the same time, the recent market volatility may offer an attractive entry point for long-term investors.
This backdrop also supports the rationale for our recently launched NDT x Alquant US-Momentum Protect Strategy, combining our approach with Alquants quantitative risk overlay.
Thank you for your continued trust.
Best regards,
Loris and Adrian
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.
Photo by Eric Seddon