Monthly report July 2026

July was characterised by high volatility. At the start of the month, the AI boom was dampened by concerns over potential overcapacity, leading to heavy profit-taking in semiconductor stocks. Negotiations between the US and Iran also reached another impasse, and the agreed ceasefire collapsed. Following attacks by the Houthi militia in the Red Sea and a renewed closure of the Strait of Hormuz, the price of oil temporarily rose to USD 100. There were widespread sell-offs across the financial markets. US inflation figures, which came in lower than feared, and a very solid second-quarter earnings season then eased tensions, prompting buyers to return. The US Federal Reserve left key interest rates unchanged, which was a further boost for investors.

Despite currently adopting a defensive stance and reducing the level of investment, our fund continued to make gains. We continue to steer clear of speculation and, as always, invest in high-quality companies. At the same time, we constantly adjust our hedging strategies in a sensible and dynamic manner.