06.06.2026
News
Monthly Recap: May 2026
After a strong April, May delivered another solid month. Volatility eased and risk appetite improved, even as geopolitical tensions and uncertainty around the interest rate path persisted in the background.
Overall, we are pleased with how we navigated May and captured the renewed upward momentum.
Performance Update (as of the close of May 29, 2026)
We are happy to share that all strategies are ahead of their benchmarks YTD.
Performance of May 2026
NDT US-Equities Momentum strategy returned +14.6% (benchmark: +7.3%)
NDT Europe-Equities Quality Momentum strategy delivered +6.4%(benchmark: +3.1%)
NDT Global Multi Asset Momentum strategy gained +2.6% (benchmark: +3.2%)
Market Commentary
US Equities & Economic Backdrop: US equities surged to new all-time highs in May, with the S&P 500 up 5.3% and the Nasdaq 100 leading at 10.6%. The S&P 500 logged nine consecutive weekly gains, something seen only four times in 40 years, and the Dow crossed 51,000.
Key Drivers: AI and semiconductors did most of the heavy lifting. Technology jumped 16% in May and the SOX semiconductor index gained 22.1%, capping a two-month run of 69.1%, its best since 1996. Earnings were the engine, with 85% of S&P 500 companies beating EPS estimates, while resilient labor data and easing geopolitical tensions kept volatility low.
Eurozone & Global: Global markets joined the rally. European equities gained 4.1% with regional earnings growing about 5%, while Japan's TOPIX added 6.2%. Emerging markets stood out at 9.7%, led by Korea (+33%) and Taiwan (+14%) as Asian AI supply-chain names extended their run. The ECB raised rates in June, with eurozone inflation at 3.2%.
Rates, Sectors & Themes: Rising US yields kept rate-sensitive sectors under pressure. The 30-year Treasury yield touched a new cycle high of 5.2% as CPI ran at 3.8% (core 2.8%), and the yield curve flattened further. Energy fell 5.6%, Utilities 5.1% and Staples 3.2%, while Technology and small-cap tech (+21.4% in the Russell 2000) confirmed leadership tied to AI-related growth.
Commodities & Other Assets: Commodities dropped 3.6% as Brent crude fell 19.3% on improving expectations for an Iran ceasefire. Precious metals stabilized, with gold off 1.7% and silver eking out a small gain. Bitcoin lost 3.7% and US spot bitcoin ETFs saw their longest outflow streak since launch, with investors pulling roughly $2.8 billion over nine sessions.
Our Top Performers in the US of May 2026
Below are the three stocks from our NDT US-Equities Momentum Strategy that posted the strongest gains in May:
Micron Technology Inc | +89.6% | Memory & Storage
AI memory demand fueled the surge as the chipmaker's entire 2026 HBM production sold out under binding contracts. Following a UBS price target raise to a Street high of $1,625, shares jumped to a record, briefly pushing the company past a $1 trillion market cap.
ARM Holdings PLC | +69.6% | Semiconductors
The chip designer rallied as Q4 results showed data center royalties doubling year-on-year alongside the launch of its new AGI CPU for agentic AI. Analysts at RBC, Jefferies, TD Cowen and KeyBanc lifted their price targets sharply on the back of strong AI momentum.
Sandisk Corp | +42.8% | Memory & Storage
Q3 revenue hit $5.95B, up 251% year-on-year, with datacenter revenue surging 233% sequentially to $1.47B and non-GAAP EPS of $23.41 beating consensus by 60%. Three new Q3 contracts carry minimum contractual revenue of approximately $42 billion.
Our Top Performers in Europe of May 2026
Below are the top performers from our NDT Europe-Equities Quality MomentumStrategy from May:
Technoprobe SpA | +74.4% | Semiconductors
Shares jumped over 30% in a single day after record Q1 results, with revenue up 19% year-on-year and EBITDA reaching €69.2M. Management raised its 2026 targets on accelerating AI-related demand, sending year-to-date gains to over 100%.OHB SE | +57.1% | Aerospace & Defense
Two mid-May moves fueled the gain: on May 19 it joined Helsing, Kongsberg and Hensoldt to launch defense entity KIRK, and on May 21 ESA selected its SOVA-S mission. Q1 total output rose 15% to €279.3M with order backlog at a record €3.35B, +45% YoY.
AIXTRON SE | +21.3% | Semiconductor Equipment
The semiconductor equipment maker raised 2026 revenue guidance by ~8% to €560M and lifted its EBIT margin outlook to 17-20%, driven by stronger-than-expected optoelectronics demand. Q1 order intake jumped ~30% year-on-year to €171M.
NDT US-Equities Momentum:
A satellite solution to complement existing portfolios with a concentrated selection of US large-cap stocks with strong momentum.
NDT Europe-Equities Quality Momentum:
Complement your portfolio with a selection of high-momentum and 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.
Live Performance
The names that led in May were chosen by signal, not by view, which is the point of our systematic momentum approach. We will keep applying it with the same discipline through whatever the rest of the year brings.
Thank you for your continued trust. We look forward to staying in touch.
Best regards,
Team NDT
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.
Photo by Panumas Nikhomkhai
After a strong April, May delivered another solid month. Volatility eased and risk appetite improved, even as geopolitical tensions and uncertainty around the interest rate path persisted in the background.
Overall, we are pleased with how we navigated May and captured the renewed upward momentum.
Performance Update (as of the close of May 29, 2026)
We are happy to share that all strategies are ahead of their benchmarks YTD.
Performance of May 2026
NDT US-Equities Momentum strategy returned +14.6% (benchmark: +7.3%)
NDT Europe-Equities Quality Momentum strategy delivered +6.4%(benchmark: +3.1%)
NDT Global Multi Asset Momentum strategy gained +2.6% (benchmark: +3.2%)
Market Commentary
US Equities & Economic Backdrop: US equities surged to new all-time highs in May, with the S&P 500 up 5.3% and the Nasdaq 100 leading at 10.6%. The S&P 500 logged nine consecutive weekly gains, something seen only four times in 40 years, and the Dow crossed 51,000.
Key Drivers: AI and semiconductors did most of the heavy lifting. Technology jumped 16% in May and the SOX semiconductor index gained 22.1%, capping a two-month run of 69.1%, its best since 1996. Earnings were the engine, with 85% of S&P 500 companies beating EPS estimates, while resilient labor data and easing geopolitical tensions kept volatility low.
Eurozone & Global: Global markets joined the rally. European equities gained 4.1% with regional earnings growing about 5%, while Japan's TOPIX added 6.2%. Emerging markets stood out at 9.7%, led by Korea (+33%) and Taiwan (+14%) as Asian AI supply-chain names extended their run. The ECB raised rates in June, with eurozone inflation at 3.2%.
Rates, Sectors & Themes: Rising US yields kept rate-sensitive sectors under pressure. The 30-year Treasury yield touched a new cycle high of 5.2% as CPI ran at 3.8% (core 2.8%), and the yield curve flattened further. Energy fell 5.6%, Utilities 5.1% and Staples 3.2%, while Technology and small-cap tech (+21.4% in the Russell 2000) confirmed leadership tied to AI-related growth.
Commodities & Other Assets: Commodities dropped 3.6% as Brent crude fell 19.3% on improving expectations for an Iran ceasefire. Precious metals stabilized, with gold off 1.7% and silver eking out a small gain. Bitcoin lost 3.7% and US spot bitcoin ETFs saw their longest outflow streak since launch, with investors pulling roughly $2.8 billion over nine sessions.
Our Top Performers in the US of May 2026
Below are the three stocks from our NDT US-Equities Momentum Strategy that posted the strongest gains in May:
Micron Technology Inc | +89.6% | Memory & Storage
AI memory demand fueled the surge as the chipmaker's entire 2026 HBM production sold out under binding contracts. Following a UBS price target raise to a Street high of $1,625, shares jumped to a record, briefly pushing the company past a $1 trillion market cap.
ARM Holdings PLC | +69.6% | Semiconductors
The chip designer rallied as Q4 results showed data center royalties doubling year-on-year alongside the launch of its new AGI CPU for agentic AI. Analysts at RBC, Jefferies, TD Cowen and KeyBanc lifted their price targets sharply on the back of strong AI momentum.
Sandisk Corp | +42.8% | Memory & Storage
Q3 revenue hit $5.95B, up 251% year-on-year, with datacenter revenue surging 233% sequentially to $1.47B and non-GAAP EPS of $23.41 beating consensus by 60%. Three new Q3 contracts carry minimum contractual revenue of approximately $42 billion.
Our Top Performers in Europe of May 2026
Below are the top performers from our NDT Europe-Equities Quality MomentumStrategy from May:
Technoprobe SpA | +74.4% | Semiconductors
Shares jumped over 30% in a single day after record Q1 results, with revenue up 19% year-on-year and EBITDA reaching €69.2M. Management raised its 2026 targets on accelerating AI-related demand, sending year-to-date gains to over 100%.OHB SE | +57.1% | Aerospace & Defense
Two mid-May moves fueled the gain: on May 19 it joined Helsing, Kongsberg and Hensoldt to launch defense entity KIRK, and on May 21 ESA selected its SOVA-S mission. Q1 total output rose 15% to €279.3M with order backlog at a record €3.35B, +45% YoY.
AIXTRON SE | +21.3% | Semiconductor Equipment
The semiconductor equipment maker raised 2026 revenue guidance by ~8% to €560M and lifted its EBIT margin outlook to 17-20%, driven by stronger-than-expected optoelectronics demand. Q1 order intake jumped ~30% year-on-year to €171M.
NDT US-Equities Momentum:
A satellite solution to complement existing portfolios with a concentrated selection of US large-cap stocks with strong momentum.
NDT Europe-Equities Quality Momentum:
Complement your portfolio with a selection of high-momentum and 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.
Live Performance
The names that led in May were chosen by signal, not by view, which is the point of our systematic momentum approach. We will keep applying it with the same discipline through whatever the rest of the year brings.
Thank you for your continued trust. We look forward to staying in touch.
Best regards,
Team NDT
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.
Photo by Panumas Nikhomkhai