Monthly report March 2026

At the start of the month, the stock markets reacted with heavy losses to the US and Israeli air strikes against Iran. Iran subsequently retaliated with missile and drone attacks against Israel and also against uninvolved neighbouring states in the Gulf region. The attacks on these countries’ energy infrastructure, as well as the closure of the Strait of Hormuz – which is so vital for global oil and natural gas transport – led to a rise in crude oil prices and various other commodities. Concerns about the negative impact of rising energy costs on the global economy and inflation, as well as the lack of a foreseeable end to the war, continued to weigh on the stock markets throughout the month.

Our fund also took a hit, but managed to avoid slipping into the red. Our positioning in energy, precious metals and commodity stocks is proving to be a stabilising factor and is offsetting weaknesses in cyclical sectors. We continue to operate with discipline and foresight and are also maintaining our hedging positions.