The first half of 2026 was particularly successful for Global Strategy. The portfolio posted a return of +42.67%. However, the past few weeks have seen a correction of 7.32%.
Following the strong gains of recent months, many technology and AI stocks had risen sharply. This was compounded by geopolitical tensions between the United States and Iran, including uncertainty surrounding the Strait of Hormuz. This caused additional turmoil in the financial markets and led many investors to take temporary profits.
Global Strategy was also not immune to this market correction. Stocks such as Marvell, AMD, and ASML came under pressure. At the same time, I see no fundamental deterioration in the companies in which the portfolio invests. On the contrary: global investments in artificial intelligence, cloud infrastructure, data centers, and semiconductors continue unabated.
Furthermore, at the end of June, I deliberately locked in a portion of the profits. The positions in AMD, Marvell, and Nvidia were partially reduced, and the entire position in Microsoft was sold. This not only realized profits but also reduced risk within the portfolio before the current correction fully unfolded.
My long-term outlook has therefore not changed. Corrections are a natural part of investing, especially in innovative growth sectors. However, they also create opportunities to buy quality companies again at more attractive valuations.
Not yet a follower of Global Strategy? Then this could be an especially interesting time to get started. You’re not entering after a period of euphoria and record highs, but after the market has taken a step back, while the long-term outlook for AI, semiconductors, and digital infrastructure remains, in my opinion, as strong as ever.
Global Strategy focuses on active portfolio management, capitalizing on opportunities, managing risks, and securing profits in a timely manner. This approach has once again proven its value in recent months.
Best regards
Ruud Hoefnagles