Feb 13, 2026
News
Monthly Recap: January 2026
As we finished the first month of the year, we are pleased to share the performance of our strategies for January 2026. It has been an exceptional start, particularly for our US-focused momentum approach, which outperformed the broader market by capturing the momentum of the "Memory and Storage Supercycle".
The NDT US-Equities Momentum strategy delivered a +16.0% return in January, significantly outperforming its benchmark, which returned +0.9%. The NDT Europe-Equities Quality Momentum strategy rose +2.6%, slightly trailing its benchmark’s return of +3.0%. The NDT Global Multi Asset Momentum model returned +3.1%, compared with +1.7% for its benchmark.
Market Commentary
US Equities & Economic Backdrop: US equities began 2026 on a constructive note, with the S&P 500 gaining approximately 1.4%. However, sector performance diverged meaningfully, energy and AI infrastructure names rallied strongly, while more traditional sectors underperformed. The “January Barometer” was triggered, reinforcing expectations for a strong year ahead. Economic data remained firm: GDP growth held steady, and the manufacturing sector registered its first expansion reading in over a year, helping support market sentiment.
Key Drivers: Markets adjusted to the Fed’s decision to pause its rate-cutting cycle, holding rates at 3.50% - 3.75%. Chair Powell’s hawkish tone prompted a broad reassessment of 2026 easing expectations. Meanwhile, debates around renewed tariffs and fiscal expansion, catalyzed a shift in leadership from mega-cap tech to more cyclical sectors.
Eurozone & Global: Global equities outperformed the US in January, with European markets benefiting from easing financial conditions and a more growth-oriented fiscal stance. Despite persistent geopolitical tensions in the Middle East and South America, investors generally leaned into risk, helped by relative currency strength and improving macro trends across regions.
Rates, Sectors & Themes: Treasury yields climbed toward 4.25% as the “higher-for-longer” narrative regained traction. Equities saw a broadening of participation: Small Caps (Russell 2000) advanced over 5%, while large-cap tech came under pressure amid valuation concerns and growing scrutiny of AI capital expenditures. Defensive sectors delivered more muted returns while cyclical areas led the market advance.
Commodities & Other Assets: Gold surged to new all-time highs above $5,000 as geopolitical risk and currency concerns drove demand. Silver experienced extreme volatility, with intramonth gains nearing 60% and oil prices surged.
Our Top 3 Performers in the US
Below are the three stocks from our NDT US-Equities Momentum Strategy that posted the strongest gains in January:
Seagate Technology Holdings PLC | +47.8% | Data Storage
Seagate led the portfolio following an exceptional fiscal Q2 earnings beat. The company profited from the massive demand for high-capacity storage (Nearline) needed to feed AI models. By leveraging its new 30TB+ technology, Seagate captured significant market share and raised its forward guidance for 2026.
Western Digital Corp | +43.5% | Semiconductors & Storage
Western Digital benefited from a "perfect storm" in the memory market. Propelled by strong quarterly results and a newly authorized $4 billion share repurchase program, the stock gained from the structural recovery in NAND and HDD pricing as cloud providers rushed to secure AI data center capacity.
Micron Technology Inc | +42.6% | Semiconductors & Memory
Micron’s stock continued to surge as the industry struggled with supply constraints. With 2026 production already sold out and construction starting on its New York facility, Micron solidified its position as a critical beneficiary of the global AI infrastructure build-out.
Our Top 3 Performers in Europe
Here are the three stocks from our NDT Europe-Equities Quality Momentum Strategy that posted the strongest returns in January:
thyssenkrupp AG | +21.7% | Industrials & Materials
Shares rose in January as investors welcomed further progress in the group’s strategic transformation. Sentiment improved on clearer structural separation and confidence in management’s long-term repositioning toward lower-carbon steel, despite ongoing execution risks.
Nordex SE | +15.9% | Renewable Energy
Nordex delivered strong performance on the back of record-breaking order intakes. Improving margins and a supportive European energy policy helped Nordex transition into a phase of significant cash-flow generation and operational profitability.
Babcock International Group PLC | +15.0% | Aerospace & Defense
Supported by the ongoing defense momentum, Babcock secured several long-term maintenance contracts for naval and nuclear infrastructure. Strong cash conversion and disciplined deleveraging make Babcock a prime example of the "Quality Momentum" we seek.
Why Now?
Capture momentum: Our US strategy is currently outperforming both the broader market and major US momentum ETFs since its launch. January’s strong results highlight how a systematic momentum approach can serve as a performance booster, a timely complement to traditional holdings.
Balance concentrated index risks: Major indices remain dominated by a few mega-cap stocks. Our strategies help broaden exposure and uncover overlooked opportunities.
Add structure in uncertain times: With shifting rates and rising geopolitical risk, a rule-based, data-driven approach brings clarity and discipline to portfolio decisions.
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 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.
Thoughts: The Memory & Storage Supercycle – Just Getting Started?
January was not just about performance, it was about positioning. The market narrative around AI has shifted from “Who builds the models?” to
Who stores the data?
AI inference and training require exponentially increasing storage capacity. Hyperscalers are no longer just investing in GPUs, they are racing to secure memory, NAND and highcapacity HDD supply.
We are observing three structural drivers:
AI workloads are data-hungry and persistent
2026 capacity at leading memory producers is already largely sold out
Capital expenditure cycles in storage historically show multi-year convexity
What makes this cycle different is not only demand, but concentration. A small number of players control mission-critical supply.
Momentum does not forecast narratives. It measures where capital is moving and we allocate accordingly.
That said, the key question is:
Are we early in a structural supercycle – or are markets already pricing perfection?
Another question we are asking us internally:
Which part of the AI infrastructure stack is still underappreciated by investors?
Power & grid infrastructure?
Cooling technologies?
Specialty materials?
Secondary suppliers further down the value chain?
We would genuinely be interested in your view:
Which AI-related stock do you believe the market is still overlooking?
Curious which stocks our model currently identifies in memory & storage? Drop us a message, we are happy to share.
With that said, thank you for your continued support and we wish you successful February.
If you would like more details or wish to schedule a meeting, please do not hesitate to contact us. We look forward to hearing from you.
Best regards,
Adrian, Andreu & Loris
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.
As we finished the first month of the year, we are pleased to share the performance of our strategies for January 2026. It has been an exceptional start, particularly for our US-focused momentum approach, which outperformed the broader market by capturing the momentum of the "Memory and Storage Supercycle".
The NDT US-Equities Momentum strategy delivered a +16.0% return in January, significantly outperforming its benchmark, which returned +0.9%. The NDT Europe-Equities Quality Momentum strategy rose +2.6%, slightly trailing its benchmark’s return of +3.0%. The NDT Global Multi Asset Momentum model returned +3.1%, compared with +1.7% for its benchmark.
Market Commentary
US Equities & Economic Backdrop: US equities began 2026 on a constructive note, with the S&P 500 gaining approximately 1.4%. However, sector performance diverged meaningfully, energy and AI infrastructure names rallied strongly, while more traditional sectors underperformed. The “January Barometer” was triggered, reinforcing expectations for a strong year ahead. Economic data remained firm: GDP growth held steady, and the manufacturing sector registered its first expansion reading in over a year, helping support market sentiment.
Key Drivers: Markets adjusted to the Fed’s decision to pause its rate-cutting cycle, holding rates at 3.50% - 3.75%. Chair Powell’s hawkish tone prompted a broad reassessment of 2026 easing expectations. Meanwhile, debates around renewed tariffs and fiscal expansion, catalyzed a shift in leadership from mega-cap tech to more cyclical sectors.
Eurozone & Global: Global equities outperformed the US in January, with European markets benefiting from easing financial conditions and a more growth-oriented fiscal stance. Despite persistent geopolitical tensions in the Middle East and South America, investors generally leaned into risk, helped by relative currency strength and improving macro trends across regions.
Rates, Sectors & Themes: Treasury yields climbed toward 4.25% as the “higher-for-longer” narrative regained traction. Equities saw a broadening of participation: Small Caps (Russell 2000) advanced over 5%, while large-cap tech came under pressure amid valuation concerns and growing scrutiny of AI capital expenditures. Defensive sectors delivered more muted returns while cyclical areas led the market advance.
Commodities & Other Assets: Gold surged to new all-time highs above $5,000 as geopolitical risk and currency concerns drove demand. Silver experienced extreme volatility, with intramonth gains nearing 60% and oil prices surged.
Our Top 3 Performers in the US
Below are the three stocks from our NDT US-Equities Momentum Strategy that posted the strongest gains in January:
Seagate Technology Holdings PLC | +47.8% | Data Storage
Seagate led the portfolio following an exceptional fiscal Q2 earnings beat. The company profited from the massive demand for high-capacity storage (Nearline) needed to feed AI models. By leveraging its new 30TB+ technology, Seagate captured significant market share and raised its forward guidance for 2026.
Western Digital Corp | +43.5% | Semiconductors & Storage
Western Digital benefited from a "perfect storm" in the memory market. Propelled by strong quarterly results and a newly authorized $4 billion share repurchase program, the stock gained from the structural recovery in NAND and HDD pricing as cloud providers rushed to secure AI data center capacity.
Micron Technology Inc | +42.6% | Semiconductors & Memory
Micron’s stock continued to surge as the industry struggled with supply constraints. With 2026 production already sold out and construction starting on its New York facility, Micron solidified its position as a critical beneficiary of the global AI infrastructure build-out.
Our Top 3 Performers in Europe
Here are the three stocks from our NDT Europe-Equities Quality Momentum Strategy that posted the strongest returns in January:
thyssenkrupp AG | +21.7% | Industrials & Materials
Shares rose in January as investors welcomed further progress in the group’s strategic transformation. Sentiment improved on clearer structural separation and confidence in management’s long-term repositioning toward lower-carbon steel, despite ongoing execution risks.
Nordex SE | +15.9% | Renewable Energy
Nordex delivered strong performance on the back of record-breaking order intakes. Improving margins and a supportive European energy policy helped Nordex transition into a phase of significant cash-flow generation and operational profitability.
Babcock International Group PLC | +15.0% | Aerospace & Defense
Supported by the ongoing defense momentum, Babcock secured several long-term maintenance contracts for naval and nuclear infrastructure. Strong cash conversion and disciplined deleveraging make Babcock a prime example of the "Quality Momentum" we seek.
Why Now?
Capture momentum: Our US strategy is currently outperforming both the broader market and major US momentum ETFs since its launch. January’s strong results highlight how a systematic momentum approach can serve as a performance booster, a timely complement to traditional holdings.
Balance concentrated index risks: Major indices remain dominated by a few mega-cap stocks. Our strategies help broaden exposure and uncover overlooked opportunities.
Add structure in uncertain times: With shifting rates and rising geopolitical risk, a rule-based, data-driven approach brings clarity and discipline to portfolio decisions.
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 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.
Thoughts: The Memory & Storage Supercycle – Just Getting Started?
January was not just about performance, it was about positioning. The market narrative around AI has shifted from “Who builds the models?” to
Who stores the data?
AI inference and training require exponentially increasing storage capacity. Hyperscalers are no longer just investing in GPUs, they are racing to secure memory, NAND and highcapacity HDD supply.
We are observing three structural drivers:
AI workloads are data-hungry and persistent
2026 capacity at leading memory producers is already largely sold out
Capital expenditure cycles in storage historically show multi-year convexity
What makes this cycle different is not only demand, but concentration. A small number of players control mission-critical supply.
Momentum does not forecast narratives. It measures where capital is moving and we allocate accordingly.
That said, the key question is:
Are we early in a structural supercycle – or are markets already pricing perfection?
Another question we are asking us internally:
Which part of the AI infrastructure stack is still underappreciated by investors?
Power & grid infrastructure?
Cooling technologies?
Specialty materials?
Secondary suppliers further down the value chain?
We would genuinely be interested in your view:
Which AI-related stock do you believe the market is still overlooking?
Curious which stocks our model currently identifies in memory & storage? Drop us a message, we are happy to share.
With that said, thank you for your continued support and we wish you successful February.
If you would like more details or wish to schedule a meeting, please do not hesitate to contact us. We look forward to hearing from you.
Best regards,
Adrian, Andreu & Loris
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.