May was characterized by broad stock market gains, with several indices reaching new record levels. According to the manager, performance was driven by hopes of a peace agreement in the Middle East as well as continued strong interest in AI-related investments. The Stockholm Stock Exchange also rose, with the OMXS30 reaching new peaks.
Uncertainty regarding the Strait of Hormuz persisted during the month. At the end of May, the US and Iran again carried out military strikes against each other, while the parties were reported to be close to an agreement. The month ended with a 60-day memorandum of understanding to extend the ceasefire and initiate negotiations on the nuclear program. Brent crude, which had traded around 100 dollars during the month, fell back toward 90 dollars following the announcement.
In the US, Kevin Warsh was sworn in as the new Chairman of the Federal Reserve. The manager notes that he takes over in a situation with inflation at 3.8 percent, oil prices above 96 dollars, and a divided committee ahead of his first interest rate meeting in June.
AI-related stocks continued to perform strongly during the month. Micron was up over 200 percent year-to-date, while Qualcomm had risen just over 50 percent since the end of April.
The manager also highlights increased interest in initial public offerings. OpenAI and Anthropic signaled plans for listings later in the year, while SpaceX filed its prospectus.
During the month, the fund benefited from a broad rally.
'Silicon Motion, a Taiwanese semiconductor designer in memory controllers for SSD and flash storage, rose nearly 30% driven by the AI and data center wave. British medtech company LivaNova, coconut water producer Vita Coco, and the two airlines Copa Holdings and Norwegian Air also contributed strongly', the manager writes.
Several adjustments were made to the fund's portfolio during the month, including investments in Loomis, Methanex, Healthcare SG, Tactile Systems, and Lemaitre Vasc. Meanwhile, Primoris, Kontoor Brands, Iljin Electric, Stella-Jones, and Cogeco were sold.
| Simplicity Småbolag Global, % | May, 2026 |
| Fund MoM, change in percent | 2.7 |
| Fund YTD, change in percent | 8.9 |
