Global Fund Update – June 2026
May was another strong month for global equities, highlighted by the ninth consecutive weekly increase for the S&P 500, which might seem counterintuitive with the Strait of Hormuz still effectively closed and oil prices still being elevated. Investors have simply elected to believe the continuous rhetoric that a ceasefire is imminent, sustainable, that the Strait can be reopened with minimal disruption and therefore that commodity prices can return to close to normal with little impact to the supply side of the economy.
In May, the Goshawk Global Fund gained 4.3% and is up 8.6% year to date.
Stocks & Portfolio Moves
Although the US has enjoyed a remarkable run, it has been comfortably outperformed by the Japanese market, where we continue to have our maximum weighting and have seen strong performances from most of the companies we hold in the region. Yaskawa continued its recent strong progress, highlighting its exposure to the future prospects of industrial robotics and what has become known as physical AI. Yaskawa held its investor day at the end of May where it announced that it was targeting a substantial improvement in margins by 2035. Yaskawa shares have risen 52% year to date after rallying on the back of the announced new mid and long term targets.
Shares in Toppan have struggled to keep pace with the market this year, but we see a very potent long-term investment case building. At a time where many companies in the semiconductor industry are delivering strong profit growth, Toppan is being held back by its continued aggressive investment in next-generation packaging and improvement of its portfolio, which includes some very low return traditional printing businesses. Management has pledged to improve shareholder returns to investors with a new share buyback and increased dividends as it disposes of non-core assets.
We added a new position in the healthcare sector in May. As noted in one of our recent monthly reports we are taking a patient approach with this sector of the market, having reduced exposure some time ago. We purchased a small position in life sciences and diagnostics company Agilent Technologies ahead of its quarterly results released towards the end of the month, and following a solid earnings report which showed organic revenue growth of 6% and earnings growth of 14%, the stock rallied 15%. Management’s optimism in its future increased our confidence in the company’s prospects, leading us to increase our position. In addition, we modestly added to our other sector position in Thermo Fisher.
After enduring a difficult start to the year, IBM shares rallied 30% in May as investors refocused on the strength of its technology portfolio. It was recently announced that IBM had received a $1billion grant from the US government to develop its quantum computing business, which it has estimated could create $850billion of economic value by 2040. IBM is naming its quantum venture Anderon and is planning to create “America’s first pure-play quantum foundry”. In a statement following the announcement, IBM noted that “the initiative represents one of the most significant commitments by the US government to date in quantum R&D to position the US to manufacture most of the world’s quantum wafers”. IBM will also be investing $1billion into the endeavour and expects other external investors to join the project.
In our Chinese portfolio, both Alibaba and Baidu reported results that showed that their respective AI pivots remain on track. Both companies’ shares have been highly volatile this year, but we believe that they are taking the right strategic decisions to focus on AI strategies. Alibaba has significant cloud infrastructure, and is developing its own GPU chips and its foundation model QWEN as part of a $100billion investment which is holding back short term profitability but should reap handsome long-term rewards as China embraces the artificial intelligence opportunity.
Baidu is following a similar strategy to Alibaba using its foundation model ERNIE alongside its AI cloud infrastructure platform and its proprietary chips business. It also has its traditional search engine franchise, which is integrating AI, and a fast growing autonomous driving robotaxi business called Apollo Go, which is becoming well-established in China but has clear plans to develop a global footprint.
In May, shares in Alibaba declined 4% and are now down 15% year to date while Baidu shares rose 9.5% for the month but remain slightly lower for the year.
We are continuing to maintain what we believe is a balanced portfolio, and although our exposure to the energy sector has been a modest detractor to performance in recent weeks, we feel that it offers very good protection for our portfolio with strong cash flows and increasing returns to shareholders.
Within our energy portfolio we continue to hold our longstanding position in Cameco, the world’s largest integrated nuclear energy company. Towards the end of 2025, Cameco became a key part of the US government’s plans to build a number of new nuclear reactors through its joint venture with Brookfield and its shared ownership of Westinghouse. The US government plans to invest $80billion on new reactors to
support the ever-increasing demand for power from AI data centres.
Outlook
Global equity markets continue to rise, led by semiconductor stocks that we increasingly regard as poor value. It is, however, notable that a broader range of shares have started performing well. Economies have so far been robust despite inflation rising, and these conditions will doubtless be tested by a range of IPOs in the next few weeks, starting with the slightly surreal SpaceX float. We will watch this with interest while maintaining a broad focus on quality longer term prospects.
Goshawk Asset Management
Data source: Goshawk Asset Management, Bloomberg
Disclaimer: This is a marketing document. Further information about Vermeer UCITS ICAV, including the current Prospectus and Key Investment Information Documents (“KIIDs”), are available in English and can be found at https://www.goshawkam.co.uk. Past performance may not be a reliable guide to future performance. Investments can go down as well as up and therefore the return on investment will necessarily be variable. Income may fluctuate in accordance with market conditions and taxation arrangements. Changes in exchange rates may have an adverse effect on the value, price, or income of the product. Goshawk Asset Management is a trading name of North Atlantic Investment Services Limited (FCA no. 969870) with company no. 13800256. North Atlantic Investment Services Limited is authorised and regulated by the FCA (FRN 969870) and is incorporated in the United Kingdom (Company no. 13800256). Registered Office Address: 6 Stratton Street, Mayfair, London, W1J 8LD. Vermeer UCITS ICAV (“the Fund”) is registered with the Central Bank of Ireland as an open-ended umbrella-type Irish collective asset management vehicle with variable capital (Register Number C154687). Opinions expressed, whether specifically or in general or both, on the performance of individual securities and in a wider economic context represent our view at the time of preparation. They are subject to change and should not be interpreted as investment advice. This document is intended for use by shareholders of the Fund, persons who are authorised to carry out investment business, professional investors, and those who are permitted to receive such information. Nothing in this document should be construed as giving investment advice or any offer, invitation, or recommendation to subscribe to the Fund. Any decision to subscribe should be based on the Fund’s current Prospectus and KIIDs. Waystone Management Company (IE) Limited, as UCITS Man Co, has the right to terminate the arrangements made for the marketing of funds in accordance with the UCITS Directive. A summary of investor rights policies can be found at https://www.waystone.com/waystone/policies.