Brummer Multi-Strategy: 2026 year-to-date commentary
In this commentary, Kerim Celebi and the central portfolio management team discuss the first seven months, including the portfolio's key return drivers, the management of aggregate risks and exposures, and the portfolio developments that shaped the period.
Read the full commentary via the links. Below is a summary.
Executive summary
The first seven months of 2026 have been characterised by elevated geopolitical uncertainty, rapid technological disruption and significant rotations beneath the surface of financial markets. While headline indices have proved resilient, underlying market dynamics have been anything but calm. Investors have navigated violent AI-driven rotations in equity markets, a sharp repricing of energy and inflation expectations following the conflict between the United States, Israel and Iran, and meaningful shifts in positioning across asset classes.
For Brummer Multi-Strategy, the environment has reinforced many of the principles that have guided our portfolio construction for more than two decades. Rather than relying on a single market outcome, we seek to build a portfolio of differentiated alpha sources capable of generating attractive risk-adjusted returns across a broad range of market environments.
Returns during the period were generated from multiple strategy groups. The largest contribution came from our market-neutral long/short equity strategies, particularly within healthcare and technology, media and telecommunications, where the rapid evolution of artificial intelligence created substantial dispersion between beneficiaries and companies facing potential disruption. Systematic trend-following also contributed positively, driven by Asian equities, precious metals and, later, energy markets. Our fixed income & macro strategies, with a particular focus on Nordic markets, also generated strong returns, driven by the repricing of Swedish inflation expectations and opportunistic positioning around volatility in Swedish fixed income markets and central bank expectations.
The period also marked an important stage in the evolution of the portfolio. We continued to expand our fixed income & macro capabilities, selectively rebalanced risk between strategy groups and added new teams in credit, European TMT and volatility trading. Our objective remains unchanged: to create a robust portfolio capable of generating attractive long-term returns with low correlation to traditional asset classes while preserving capital during periods of market stress.
This is marketing communication. Please refer to the prospectus and to the KIID/KID of the relevant fund before making any final investment decisions.