April was a strong month in global equity markets. The Nasdaq rose +13.3%, the S&P 500 +6.9% and the AEX +4.9%. Against that background, the portfolio realized a return of +23.33%, achieving clear outperformance against all major indices.
What is striking is that this result was not simply the result of a rising market, but primarily the result of the position the portfolio was in. The focus was emphatically on AI, semiconductors and data-driven companies - exactly the segments where capital flowed in April.
The biggest contribution this month came from a couple of outspoken winners. AMD and Marvell (MRVL) really stood out. Marvell, for example, benefited greatly from the demand for AI infrastructure, showing an increase of over +66% within its portfolio. AMD went even further with a return of over +70%. These kinds of moves end up making all the difference in a month like this.
Google (GOOG) also made a solid contribution with an increase of around +32%, while Nvidia (NVDA) as a core position continued to grow stably at around +15%. These are precisely the positions that not only move with the market, but also provide a foundation within the strategy.
On the other hand, there were also positions that performed less. ServiceNow (NOW) experienced a clear correction and ended the month about -16% lower. Palantir (PLTR) also lagged and closed slightly negative. This kind of movement is part of a portfolio of growth stocks: not every position works at the same time. Importantly, however, the impact of these losers was limited, as the winners weighed significantly more heavily in the overall result.
In the end, that's what the strategy is all about: not trying to get every position right, but making sure the strong trends get enough weight. In April, that worked exactly as intended. The combination of high-growth positions and stable core stocks ensured that the portfolio took full advantage of market dynamics.
At the same time, it is important to remain realistic. A month of +23% returns is exceptional and not a standard expectation. After such a strong period, the risk of volatility and corrections increases, especially within the technology sector.
For the coming period, the focus therefore remains on discipline and positioning. The main trends - especially AI and semiconductors - are still intact, but the pace may slow and rotation within the sector is obvious.
In summary, April was a month in which the strategy came into full play. By sitting in the right sectors and giving the right positions enough space, it was able to clearly outperform the market.
April result: +23.33%
If you are looking for a portfolio focused on AI, semiconductors and data-driven companies then Global Strategy is a valuable addition.