Narval Europa

HISTORIC class A FUND – Data as at close of business 03/31/2026. Source: Miraltabank.
From 23/12/2022: Change in Class A management fees (1.20%/9% success) and change in benchmark index to MSCI Europe.
From 02/11/2020: Class A data valid until 23/12/22 with management fee of 1.60%, and benchmark Stoxx600 TR.
Before 02/11/2020: Class A data valid until 02/11/20 with management fee of 1.10% and Stoxx600 TR benchmark”

April was dominated by the fragility of the ceasefire with Iran. The announcement of a two-week truce catalyzed a sharp relief rally, yet the reopening of the Strait of Hormuz failed to materialize, and Brent crude closed the month once again near the $120 per barrel mark. Despite this persistent energy tension, Wall Street delivered its best month since 2020, with the S&P 500 climbing 10.4% to new all-time highs, while European markets posted more subdued gains. Both the Fed and the ECB kept interest rates unchanged, though signs of internal friction emerged: the Fed saw its sharpest division since 1992, with four dissenting votes in what was likely Powell’s final meeting, while Lagarde acknowledged having discussed a rate hike and pointed to June as a pivotal moment. Eurozone CPI jumped to 3.0%, driven by a 10.9% year-on-year surge in energy costs.

Against this backdrop, the Class A portfolio recorded a return of +8.6%, outperforming the benchmark, which advanced +5.2%. Capitalizing on the early-month weakness, we gradually increased exposure to levels of 95% while initiating a portfolio concentration process, shifting away from a more fragmented and cautious stance. In terms of sectors, we increased our weighting in chemicals and infrastructure at the expense of energy and utilities, where we locked in profits from the recent rally. Semiconductor and networking strategies were the primary contributors to the month’s performance.