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Commentary section Market commentary AI-drafted

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Global developed equity markets extended their advance over July and August 2026, with US mega-cap technology and AI-related names again doing much of the work: US stocks traded higher led by the technology sector as investors turned to a bumper earnings season, with results from Coreweave and Super Micro affirming confidence in the AI trade and driving sharp share-price gains. The period was not smooth, however, as escalating Middle East tensions repeatedly pushed oil prices and bond yields higher and stirred inflation fears that clouded the interest-rate outlook: at the end of August, a flare-up in geopolitical risks sent stocks and bonds lower as oil climbed toward US$86 a barrel, raising concerns about inflationary pressures and lifting Treasury 10-year yields to the highest since January 2025, while earlier in August Brent crude settling near US$91 a barrel spurred speculation that the Federal Reserve could raise rates before year-end, with 30-year Treasury yields hitting their highest level since 2007. Sentiment swung with each inflation print, easing when a subdued inflation reading eased concerns about imminent Fed rate increases, allowing the S&P 500 to extend its August advance, before tightening again as caution prevailed after Nvidia's earnings, with bonds falling on bets the Fed would raise rates and a key inflation gauge still well above target. Against this backdrop of AI-led leadership punctuated by oil-driven inflation scares, developed-market equities as captured by the MSCI World Index posted solid but choppy gains over the two months, consistent with the fund's own result of a positive but volatile period in which relative performance against the benchmark varied between the one- and three-month windows.

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Rests on US Stocks Climb as Tech Spurs Rally After Inflation Fears Ease - Bloomberg
Rests on Stock Market Today: Dow, S&P Live Updates for August 31 - Bloomberg
Rests on Stock Market Today: Dow, S&P Live Updates for August 17 - Bloomberg
Rests on Stock Market Today: Dow, S&P Live Updates for August 12 - Bloomberg
Rests on Stock Market Today: Dow, S&P Live Updates for August 26 - Bloomberg

Commentary section Attribution commentary AI-drafted

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Information Technology was by far the largest driver of the fund's relative outperformance over the two months, contributing 0.49 percentage points of total effect. The period captured a sharp turnaround in big technology names: after spending much of the year in the stock market doghouse over fears about profligate AI spending, the world's biggest technology companies suddenly led the way again, triggered by earnings from Microsoft and Amazon showing accelerating AI-related revenue growth. This built into what Bloomberg described as a $3.5 trillion increase in the Nasdaq 100's market capitalisation in just four days, its sharpest rally since April 2025, and a further leg higher followed Nvidia's results, when a blockbuster outlook spurred gains in technology stocks, with the chipmaker's near-9% surge adding $442 billion to its market value after it guided to about 70% revenue growth next fiscal year; software names also joined the move, with the sector-tracking IGV ETF up 17% since a near-term low on 23 July, way outperforming the technology-heavy Nasdaq 100. Financials, Health Care and Consumer Discretionary each added only a small positive effect, consistent with a period in which the tech rally dominated market direction and lifted the broader index even as most individual shares fell, leaving less room for other sectors to move the needle. Energy was the main detractor, as oil prices swung on Middle East supply risk, with Brent crude bouncing above $89 a barrel amid a deadlocked Strait of Hormuz standoff between the US and Iran even as the CEOs of Europe's largest energy companies described the crude market as fundamentally bearish while product prices stayed bullish, a split that made the sector a source of volatility rather than a consistent tailwind for holdings.

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Rests on Big Tech Stocks Storm Back as AI Fears Fade and Euphoria Resumes - Bloomberg
Rests on Tech Melt-Up Drives $3.5 Trillion Nasdaq 100 Rally in Four Days - Bloomberg
Rests on Stock Market Today: Dow, S&P Live Updates for August 27 - Bloomberg
Rests on Software Stocks Get an Earnings Gut Check After Hot Summer Rally - Bloomberg
Rests on US Stocks End Down as Hormuz Deadlock Sends Oil Up Ahead of CPI - Bloomberg
Rests on Oil CEOs See Market Split With Bearish Crude, Bullish Fuels - Bloomberg

Commentary section Outlook AI-drafted

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Heading into the second half of 2026, the fund's overweight to Information Technology sits against a market backdrop that Bloomberg described as one where technology-focused hedge funds lost more than 10% in July amid forced liquidations of exposure to semiconductor and memory stocks, before sentiment recovered on the back of strong AI-linked earnings, with Bloomberg noting a blockbuster outlook from Nvidia spurred gains in technology stocks after the company said revenue will grow about 70% in the next fiscal year, a reminder that the sector's leadership remains tied closely to a narrow set of AI-capex names and can swing sharply on individual results. The modest overweight to Health Care aligns with a shift in market focus that Bloomberg reported in July, where a compelling argument is growing for healthcare stocks to be among the big winners in the rotation to more defensive parts of the market as the sector's outlook improves, alongside continued structural demand growth as US spending on prescription medications is expected to exceed $560 billion in 2026, with total healthcare expenditure projected to surpass $6 trillion, fuelled largely by prescription drug outlays. The underweight to Financials comes as several 2026 outlook contributors compiled by Bloomberg pointed to three interest rate cuts expected from the Federal Reserve by the end of 2026 and planned deregulation in the banking sector improving the investment and consumption environment, a backdrop that could otherwise favour the sector the fund is currently positioned against. The Energy underweight sits alongside ongoing volatility in oil markets, with Bloomberg noting oil has been moving on geopolitical developments including reports that oil climbed after the US and Iran exchanged attacks involving tankers in the Strait of Hormuz, even as some 2026 strategists cited by Bloomberg flagged a potential glut in oil prices, which would further support a lower inflation environment. For Consumer Discretionary, where the fund holds a small overweight, Bloomberg reported earlier in the year that despite a period where large-cap consumer discretionary companies posted their weakest earnings season in almost six years, analysts at SentimenTrader suggested more than 50% of stocks in the S&P 500 Consumer Discretionary Index trading 20% below their 252-day highs had historically preceded a 14% average rally in the following year, a dynamic that will be worth monitoring against the fund's current tilt.

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Rests on Tech Trade May See Bigger Retail Influence After July Rout, JPMorgan Says - Bloomberg
Rests on Stock Market Today: Dow, S&P Live Updates for August 27 - Bloomberg
Rests on Healthcare Looks Ready to Star in Rotation Trade: Taking Stock - Bloomberg
Rests on US Health Spending Set to Exceed $6 Trillion in 2026 on Prescription Drug Surge - Bloomberg
Rests on Stock Market Predictions 2026: AI Boom, Dollar’s Decline and Sticky Inflation
Rests on Energy Sector & Industry Performance - Bloomberg
Rests on Wary Shoppers Drag Consumer Discretionary Earnings to 2020 Low - Bloomberg
Rests on Consumer Discretionary Stocks Show Signs of Recovery After Steep Declines - Bloomberg

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Market reaction Microsoft Disclosures during 1 July 2026 to 31 August 2026 AI-drafted

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Microsoft published its fiscal fourth-quarter 2026 results (quarter ended 30 June 2026) on 29 July 2026, reporting revenue of $90.0 billion, up 18%, operating income of $40.6 billion, up 18%, and diluted earnings per share of $4.81, up 32% on a GAAP basis. The standout figure was cloud growth: Azure cloud revenue rose 43% during the fiscal fourth quarter, the fastest quarterly growth since early 2022 and above analysts' average estimate for a 40% increase, with CEO Satya Nadella noting "This year, Azure revenue surpassed $100 billion for the first time, and Microsoft 365 Copilot reached over 30 million paid seats". The market reaction was extraordinary: Microsoft added nearly half a trillion dollars to its value on the Thursday after results, the most by any stock in a single day, as shares soared 16%, their biggest gain since October 2008, eclipsing Nvidia's prior record single-day addition. The rally came against a backdrop of investor unease over AI capital spending following a poor reaction to Alphabet's results the week before, but commentators framed Microsoft's report as reassuring on that front, with one Bloomberg newsletter headline noting "The stock jumped after the company balanced spending on AI with increasing cloud revenue", and the broader market followed, as the S&P 500 rose 1% and the Nasdaq 100 climbed 2.7%, recovering after closing in correction territory the prior session.

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Rests on MICROSOFT CORP - Form 8-K - FY2026
Rests on Microsoft (MSFT) Shares Jump as Azure Posts Fastest Cloud Growth Since 2022 - Bloomberg
Rests on Microsoft’s $450 Billion Jump Is Biggest in Stock Market History
Rests on Microsoft Keeps Data Center Spending Steady While Peers Ramp Up AI Plans - Bloomberg
Rests on US Stocks Rally With Boost From Microsoft’s Surge; Chips Jump - Bloomberg

Market reaction ASML Holding Disclosures during 1 July 2026 to 31 August 2026 AI-drafted

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ASML released its second-quarter 2026 results on 15 July, sharply raising full-year sales guidance to €43–45 billion. This was well above the €39.3 billion average estimate among analysts compiled by Bloomberg, and above the upper end of the company's prior guidance range. The results, driven by AI-related chip demand, contributed to a broader lift in European tech shares, with tech stocks leading equities higher after the results showed fresh evidence of strong chip demand, and European shares were muted overall as positive results were offset by declines in other sectors, though ASML was noted among the surging stocks. Sentiment turned sharply later in the period: on 27 July, shares slid to the lowest since early June after a report that a Chinese state-backed company had begun mass producing immersion deep ultraviolet lithography tools, posing a potential threat to the Dutch firm's sales, a development analysts saw as a competitive risk rather than a company-specific disclosure. Taken together, the July results announcement was well received given the guidance beat, but the period closed on a weaker note as external competitive news weighed on the stock.

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Rests on ASML Earnings: Full-Year Outlook Raised as AI Boosts Demand at Chipmakers - Bloomberg
Rests on Watch ASML Boosts Outlook on AI Momentum; Oil Rises on Trump Warning | Bloomberg Brief 07/15/2026 - Bloomberg
Rests on European Stocks Steady; Richemont, ASML Surge After Results - Bloomberg
Rests on ASML Shares Drop After Report of China Producing DUV Chipmaking Tools - Bloomberg

Market reaction Novo Nordisk Disclosures during 1 July 2026 to 31 August 2026 AI-drafted

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Novo Nordisk's key disclosure in this window was its half-year/Q2 2026 financial report published on 4 August 2026, which showed adjusted operating profit of DKK 33,389 million for Q2 2026, with the company raising its full-year outlook, and it lifted 2026 guidance further, with CEO Mike Doustdar attributing this to "increased US GLP-1 momentum, combined with continued growth and new launches in International Operations". Despite the improved guidance, the market reaction was muted-to-negative on relative positioning: Bloomberg reported that even though Novo Nordisk raised its outlook, the earnings report did little to upend the investor perception that the company is struggling against rival Eli Lilly, whose own Q2 results the same week showed far stronger growth. The period also saw related disclosures — including the 27 July 2026 update on the ongoing DKK 15 billion share buyback programme and confirmation of an interim dividend of DKK 3.75 per share payable in August — but these were routine capital-return items rather than market-moving surprises. Overall, sentiment among commentators leaned cautious, framing Novo as lagging its US competitor even as its own numbers improved.

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Rests on Document
Rests on Novo Nordisk Gets Downbeat Diagnosis as Investors Prefer Eli Lilly - Bloomberg

Macro driver Interest rates US Fed funds rate held at 4.25%-4.50% Written by a person

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Rests on Investment Committee minutes, 1 September 2026

Macro driver FX NZD/USD ended the month at 0.585, down 1.2% Written by a person

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Rests on Monthly valuation pack, August 2026

Macro driver Bond yields US 10-year Treasury yield eased 8bps to 4.21% Written by a person

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Rests on Investment Committee minutes, 1 September 2026

Macro driver Geopolitical events Ongoing trade policy discussions between major economies Written by a person

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Rests on Investment Committee minutes, 1 September 2026

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Monthly valuation pack, August 2026 Our own data

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Performance attribution run, August 2026 Our own data

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Investment Committee minutes, 1 September 2026 Analyst

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Holds up: Interest rates, Bond yields, Geopolitical events

MICROSOFT CORP - Form 8-K - FY2026 Approved site

US SEC EDGAR · https://www.sec.gov/Archives/edgar/data/0000789019/000119312526323632/msft-ex99_1.htm · retrieved 08 Sep 2026

Exhibit 99.1 Microsoft Cloud and AI Strength Fuels Fourth Quarter Results REDMOND, Wash. — July 29, 2026 — Microsoft Corp. today announced the followi...

Holds up: Microsoft

Microsoft (MSFT) Shares Jump as Azure Posts Fastest Cloud Growth Since 2022 - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-07-29/microsoft-reports-quarterly-cloud-revenue-that-beat-estimates · retrieved 08 Sep 2026

Azure cloud revenue rose 43% during the fiscal fourth quarter, the company said Wednesday in a statement. That was the fastest quarterly growth since ...

Holds up: Microsoft

Microsoft’s $450 Billion Jump Is Biggest in Stock Market History Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-07-30/microsoft-eyes-history-with-490-billion-pop-in-market-value · retrieved 08 Sep 2026

Send a tip to our reporters · Site feedback: Take our Survey · By Subrat Patnaik · July 30, 2026 at 4:55 PM UTCUpdated on · July 30, 2026 at 8:08 PM U...

Holds up: Microsoft

Microsoft Keeps Data Center Spending Steady While Peers Ramp Up AI Plans - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/newsletters/2026-07-31/microsoft-keeps-data-center-spending-steady-while-peers-ramp-up-ai-plans · retrieved 08 Sep 2026

The stock jumped after the company balanced spending on AI with increasing cloud revenue Earnings · Historic $450 Billion Jump · Data Center Leases ·...

Holds up: Microsoft

US Stocks Rally With Boost From Microsoft’s Surge; Chips Jump - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-07-30/futures-climb-with-boost-from-microsoft-s-surging-cloud-growth · retrieved 08 Sep 2026

The S&P 500 Index was up 1% at 9:49 a.m in New York, partially rebounding from a 1.5% drop on Wednesday. The Nasdaq 100 Index rose 2.7%, recovering af...

Holds up: Microsoft

ASML Earnings: Full-Year Outlook Raised as AI Boosts Demand at Chipmakers - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-07-15/asml-raises-full-year-outlook-as-ai-boosts-demand-at-chipmakers · retrieved 08 Sep 2026

That is well above the €39.3 billion average estimate among analysts compiled by Bloomberg, as well as the upper end of the range of the company’s pri...

Holds up: ASML Holding

Watch ASML Boosts Outlook on AI Momentum; Oil Rises on Trump Warning | Bloomberg Brief 07/15/2026 - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/videos/2026-07-15/bloomberg-brief-07-15-2026-video · retrieved 08 Sep 2026

Tech stocks lead equities higher after ASML results show fresh evidence of strong chip demand.

Holds up: ASML Holding

European Stocks Steady; Richemont, ASML Surge After Results - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-07-15/european-stocks-steady-richemont-asml-surge-after-results?srnd=homepage-uk · retrieved 08 Sep 2026

European shares were muted as positive results from Richemont SA that lifted the luxury sector were offset by declines in mining and telecom stocks. ...

Holds up: ASML Holding

ASML Shares Drop After Report of China Producing DUV Chipmaking Tools - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-07-27/asml-slides-after-report-of-china-beginning-duv-tool-production · retrieved 08 Sep 2026

ASML Holding NV shares slid to the lowest since early June after a report that a Chinese state-backed company has begun mass producing certain chipmak...

Holds up: ASML Holding

Document Approved site

US SEC EDGAR · https://www.sec.gov/Archives/edgar/data/353278/000035327826000023/caq22026.htm · retrieved 08 Sep 2026

Novo Nordisk reports adjusted operating profit of DKK 33,389 million for Q2 2026 and raises full-year outlook ... Q2 2026 reported sales increased by ...

Holds up: Novo Nordisk

Novo Nordisk Gets Downbeat Diagnosis as Investors Prefer Eli Lilly - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/newsletters/2026-08-07/novo-nordisk-gets-downbeat-diagnosis-as-investors-prefer-eli-lilly · retrieved 08 Sep 2026

Even though Novo Nordisk raised its outlook this week, the Danish drugmaker’s latest earnings report did little to upend the investor perception that ...

Holds up: Novo Nordisk

US Stocks Climb as Tech Spurs Rally After Inflation Fears Ease - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-08-12/us-stock-futures-rise-as-tech-rally-resumes-before-key-cpi-data · retrieved 08 Sep 2026

US stocks traded higher led by the technology sector, as investors turned their focus on a bumper earnings season after a subdued inflation reading he...

Holds up: Market commentary

Stock Market Today: Dow, S&P Live Updates for August 31 - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-08-30/stock-market-today-dow-s-p-live-updates · retrieved 08 Sep 2026

A flare-up in geopolitical risks sent stocks and bonds lower as oil climbed, raising concerns about inflationary pressures that could make the Federal...

Holds up: Market commentary

Stock Market Today: Dow, S&P Live Updates for August 17 - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-08-16/stock-market-today-dow-s-p-live-updates · retrieved 08 Sep 2026

Brent crude settled near $91 a barrel, spurring speculation that inflationary pressures could make the Federal Reserve raise rates before the year is ...

Holds up: Market commentary

Stock Market Today: Dow, S&P Live Updates for August 12 - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-08-11/stock-market-today-dow-s-p-live-updates · retrieved 08 Sep 2026

WATCH: Marc Seidner, CIO for non-traditional strategies at Pacific Investment Management Co LLC discusses the outlook for inflation, the US economy an...

Holds up: Market commentary

Stock Market Today: Dow, S&P Live Updates for August 26 - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-08-25/asian-stocks-set-to-gain-as-oil-extends-declines-markets-wrap · retrieved 08 Sep 2026

Wall Street traders sent stocks wavering in late hours after Nvidia Corp.’s earnings, with caution prevailing as bonds fell on bets the Federal Reserv...

Holds up: Market commentary

Big Tech Stocks Storm Back as AI Fears Fade and Euphoria Resumes - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-08-07/big-tech-stocks-storm-back-as-ai-fears-fade-and-euphoria-resumes · retrieved 08 Sep 2026

August 7, 2026 at 5:54 PM UTC · Save · After spending much of the year in the stock market doghouse over fears about their profligate spending on arti...

Holds up: Attribution commentary

Tech Melt-Up Drives $3.5 Trillion Nasdaq 100 Rally in Four Days - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-08-05/tech-melt-up-drives-3-5-trillion-nasdaq-100-rally-in-four-days · retrieved 08 Sep 2026

Send a tip to our reporters · Site feedback: Take our Survey · By Michael Msika, Julien Ponthus, and Jan-Patrick Barnert · August 5, 2026 at 5:26 AM E...

Holds up: Attribution commentary

Stock Market Today: Dow, S&P Live Updates for August 27 - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-08-26/nasdaq-futures-rise-on-bullish-nvidia-sales-growth-markets-wrap · retrieved 08 Sep 2026

A blockbuster outlook from Nvidia Corp. spurred gains in technology stocks, bolstering confidence in the artificial-intelligence trade that has powere...

Holds up: Attribution commentary, Outlook

Software Stocks Get an Earnings Gut Check After Hot Summer Rally - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-08-25/software-stocks-get-an-earnings-gut-check-after-hot-summer-rally · retrieved 08 Sep 2026

Since hitting a near-term low on July 23, the iShares Expanded Tech-Software Sector ETF, better known by its ticker IGV, is up 17%, way outperforming ...

Holds up: Attribution commentary

US Stocks End Down as Hormuz Deadlock Sends Oil Up Ahead of CPI - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-08-11/us-stock-futures-rise-as-oil-erases-gains-on-iran-optimism · retrieved 08 Sep 2026

August 12, 2026 at 5:49 AM GMT+9 · Save · Translate · US stocks continued to fall into Tuesday’s market close after Pakistan said a US and Iran deal t...

Holds up: Attribution commentary

Oil CEOs See Market Split With Bearish Crude, Bullish Fuels - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-08-24/total-ceo-says-market-is-bearish-for-crude-bullish-for-products-mt75hra8 · retrieved 08 Sep 2026

August 24, 2026 at 12:04 PM UTC · Save · The global oil market has diverged fundamentally, with a bearish outlook for crude but bullish prices for pro...

Holds up: Attribution commentary

Tech Trade May See Bigger Retail Influence After July Rout, JPMorgan Says - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-08-05/tech-trade-may-see-bigger-retail-influence-after-rout-jpmorgan · retrieved 08 Sep 2026

The technology trade may be poised to become even more dependent on retail investors and more volatile after a rough July, according to an assessment ...

Holds up: Outlook

Healthcare Looks Ready to Star in Rotation Trade: Taking Stock - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-07-13/healthcare-looks-ready-to-star-in-rotation-trade-taking-stock · retrieved 08 Sep 2026

A compelling argument is growing for healthcare stocks to be among the big winners in the rotation to more defensive parts of the market as the sector...

Holds up: Outlook

US Health Spending Set to Exceed $6 Trillion in 2026 on Prescription Drug Surge - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-06-24/us-health-spending-to-top-6-trillion-in-2026-on-the-glp-1-wave · retrieved 08 Sep 2026

The US is expected to spend more than $560 billion on prescription medications in 2026, up 8.2% from last year as drugs for obesity and diabetes grow ...

Holds up: Outlook

Stock Market Predictions 2026: AI Boom, Dollar’s Decline and Sticky Inflation Approved site

Bloomberg · https://www.bloomberg.com/graphics/2026-investment-outlooks/ · retrieved 08 Sep 2026

The three interest rate cuts expected from the Federal Reserve by the end of 2026 and planned deregulation in the banking sector should also further i...

Holds up: Outlook

Energy Sector & Industry Performance - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/markets/sectors/energy · retrieved 08 Sep 2026

Oil climbed after the US and Iran exchanged attacks involving tankers in the Strait of Hormuz.

Holds up: Outlook

Wary Shoppers Drag Consumer Discretionary Earnings to 2020 Low - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-03-06/wary-shoppers-drag-consumer-discretionary-earnings-to-2020-low · retrieved 08 Sep 2026

Large-cap consumer discretionary companies posted their weakest earnings season in almost six years, as high fixed costs, softer demand and still-elev...

Holds up: Outlook

Consumer Discretionary Stocks Show Signs of Recovery After Steep Declines - Bloomberg Approved site

Bloomberg · https://www.bloomberg.com/news/articles/2026-03-23/-peak-pessimism-toward-consumer-stocks-flashes-a-buy-signal · retrieved 08 Sep 2026

More than 50% of stocks in the S&P 500 Consumer Discretionary Index are trading 20% below their 252-day highs. That setup has preceded a 14% average r...

Holds up: Outlook

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