Monthly report May 2026

Once again, May was shaped by geopolitical factors. Ongoing discussions about the Strait of Hormuz—now known worldwide—as well as fragile ceasefires in the Middle East dominated the scene. Contrary to the old stock market adage “sell in May and go away,” however, stock markets trended upward again and even hit new highs in the United States. Yields have risen significantly at times in both Europe and the U.S., which is likely to prompt central banks to take action sooner or later. Given the clear uptick in inflation rates, interest rate hikes seem to be only a matter of time.

Although our fund delivered a pleasing performance in May, there are still a few dark clouds on the horizon to watch out for. We feel well-positioned, but we remain open to all possibilities and will therefore continue our hedging strategies through the coming summer months.