Mar 3, 2026
News
Celebrating the first birthday of our UBS-AMC
One year ago, we launched our NDT US-Equities Momentum strategy as an UBS issued AMC into live markets. The first twelve months tested our discipline and validated our process.
The Beginning and Launch
The strategy is the result of several years of development, shaped by academic research, theses and close exchange with professors, mentors and practitioners across Swiss asset managers and family offices.
From the outset, our goal was a systematic, data-driven strategy independent of individual judgment and emotions.
Bringing such a framework live adds a different dimension: entrusting allocation fully to a model and adhering to it through adverse phases is demanding in practice.
After running the strategy on a proprietary trading account for multiple months, we implemented it in mid-February 2025 as a UBS-issued AMC, into what was then a strong US tech environment. Shortly after momentum reversed, leadership rotated, volatility rose and prior winners turned into temporary detractors. As often cautioned, launch timing is rarely ideal, February proved to be the weakest month.
Running a monthly-rebalanced systematic strategy is particularly challenging in such phases: stress unfolds while adjustments only occur at the next rebalance. We remained disciplined and trusted the process. The model reacted as designed, reducing equity exposure for March and April as momentum deteriorated and volatility increased. When markets weakened again in April following US tariff announcements, the portfolio entered that phase with significantly lower exposure, which contained drawdowns.
Stabilization and Recovery
After the volatile start, momentum breadth gradually improved and trends stabilized. Signals strengthened and exposure increased step by step.
Through mid-year, performance recovered steadily. Strong months driven by easing macro conditions were partially offset by renewed tariff-related volatility, but the overall trajectory turned positive.
By early autumn, the recovery was clearly visible in both returns and positioning.
The Rise
From September onwards, the strategy entered a more constructive regime. Market leadership rotated and our model identified the shift early, moving exposure away from crowded AI platforms and software toward semiconductor capital equipment and memory & storage.
The evolution of the AI capital cycle illustrates this rotation.
How the strategy captured the momentum rotation from platforms and software toward semiconductors and memory. (Returns as of 27 February 2026)
This rotation became a central performance driver through the final quarter of 2025, supported by improving earnings dynamics and renewed risk appetite. Momentum strengthened further into year-end and continued into 2026.
January marked an exceptional start with +16.0%, driven by the memory and storage cycle. February extended this strength further.
Reflection
The first year reinforced a simple conviction: systematic investing only works if discipline is also maintained during uncomfortable phases. Our framework is designed for such environments, adapting exposure when trends weaken and reallocating capital when leadership changes. The rotation into memory and storage is one example, similar shifts occurred during the COVID vaccine phase, the post-pandemic reopening and energy leadership after the invasion of Ukraine.
"Market leadership changes. Capital reallocates. Our role is not to forecast narratives, but to measure where momentum moves and allocate accordingly."
Since the launch, this disciplined approach has resulted in +22.1% for NDT US-Equities Momentum versus +11.1% for the benchmark.
One year live performance stats of the strategy (net of fees) compared to the S&P 500 TR.
Year one was not smooth, but it was real and that is how track records are built. Trusting a systematic model is easiest in strong markets, it matters most when they turn. The past year tested that conviction and strengthened it.
We are grateful to everyone who trusted us along the way and we will continue sharing insights into systematic investing, momentum regimes and exposure management.
On to year two.
Adrian, Andreu and Loris
NDT Capital Partners
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.
One year ago, we launched our NDT US-Equities Momentum strategy as an UBS issued AMC into live markets. The first twelve months tested our discipline and validated our process.
The Beginning and Launch
The strategy is the result of several years of development, shaped by academic research, theses and close exchange with professors, mentors and practitioners across Swiss asset managers and family offices.
From the outset, our goal was a systematic, data-driven strategy independent of individual judgment and emotions.
Bringing such a framework live adds a different dimension: entrusting allocation fully to a model and adhering to it through adverse phases is demanding in practice.
After running the strategy on a proprietary trading account for multiple months, we implemented it in mid-February 2025 as a UBS-issued AMC, into what was then a strong US tech environment. Shortly after momentum reversed, leadership rotated, volatility rose and prior winners turned into temporary detractors. As often cautioned, launch timing is rarely ideal, February proved to be the weakest month.
Running a monthly-rebalanced systematic strategy is particularly challenging in such phases: stress unfolds while adjustments only occur at the next rebalance. We remained disciplined and trusted the process. The model reacted as designed, reducing equity exposure for March and April as momentum deteriorated and volatility increased. When markets weakened again in April following US tariff announcements, the portfolio entered that phase with significantly lower exposure, which contained drawdowns.
Stabilization and Recovery
After the volatile start, momentum breadth gradually improved and trends stabilized. Signals strengthened and exposure increased step by step.
Through mid-year, performance recovered steadily. Strong months driven by easing macro conditions were partially offset by renewed tariff-related volatility, but the overall trajectory turned positive.
By early autumn, the recovery was clearly visible in both returns and positioning.
The Rise
From September onwards, the strategy entered a more constructive regime. Market leadership rotated and our model identified the shift early, moving exposure away from crowded AI platforms and software toward semiconductor capital equipment and memory & storage.
The evolution of the AI capital cycle illustrates this rotation.
How the strategy captured the momentum rotation from platforms and software toward semiconductors and memory. (Returns as of 27 February 2026)
This rotation became a central performance driver through the final quarter of 2025, supported by improving earnings dynamics and renewed risk appetite. Momentum strengthened further into year-end and continued into 2026.
January marked an exceptional start with +16.0%, driven by the memory and storage cycle. February extended this strength further.
Reflection
The first year reinforced a simple conviction: systematic investing only works if discipline is also maintained during uncomfortable phases. Our framework is designed for such environments, adapting exposure when trends weaken and reallocating capital when leadership changes. The rotation into memory and storage is one example, similar shifts occurred during the COVID vaccine phase, the post-pandemic reopening and energy leadership after the invasion of Ukraine.
"Market leadership changes. Capital reallocates. Our role is not to forecast narratives, but to measure where momentum moves and allocate accordingly."
Since the launch, this disciplined approach has resulted in +22.1% for NDT US-Equities Momentum versus +11.1% for the benchmark.
One year live performance stats of the strategy (net of fees) compared to the S&P 500 TR.
Year one was not smooth, but it was real and that is how track records are built. Trusting a systematic model is easiest in strong markets, it matters most when they turn. The past year tested that conviction and strengthened it.
We are grateful to everyone who trusted us along the way and we will continue sharing insights into systematic investing, momentum regimes and exposure management.
On to year two.
Adrian, Andreu and Loris
NDT Capital Partners
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.