Dear Investor

As we’re closing up another month of great political volatility driven by trade uncertainty and policy initiatives, we are quite pleased with our monthly return of ~ 0.4%, which brings us to ~3.7%% YTD performance.

We have had great results from our thematic bets on the European digital defense sector and are continuing these position into the coming months as the political pressure to re-patriate control over critical cloud-based data to Europe is increasing. Furthermore, we are currently initiating thematic bets in the nuclear sector.

We will explain these thematic bets and our reasoning more in-depth in our new monthly update format that we launch after the closing of May. Our Trend and Value models are currently gauging the inflation and growth developments in the US and Europe and this has led us to position long in European financials as well as long-dated German bonds.

We continue to see downwards potential for the USD and are monitoring price action for the right positioning on this topic. As mentioned, we will be revising our update format slightly moving forward to give you more of an overview of our thinking and positioning. Stay tuned for more next week!

Kind regards, Andreas Steno, CIO