General Market Review
In April 2026, U.S. equity markets delivered a historic rebound, with major indices recording their strongest monthly performance in years. The rally was driven primarily by a fragile ceasefire in the Middle East and an exceptionally strong first‑quarter earnings season, led by technology and AI‑related companies.
A two‑week ceasefire between the United States and Iran significantly reduced geopolitical tensions in the region. Oil prices, which had surged earlier in the month, fell by more than 9% on April 17, triggering a broad equity market rally. More than 90% of Nasdaq‑100 companies reported earnings above expectations, while the Philadelphia Semiconductor Index (SOX) surged 38% in April, marking its best monthly performance since February 2000.
U.S. macroeconomic data released in April suggested a gradual stabilization of economic conditions. Labor market indicators showed modest improvement, with non‑farm payrolls increasing by 178k in March, compared with a revised decline of 92k in February.
Inflation edged slightly higher compared with the previous month. Headline CPI rose to 3.3% from 2.4%, while core CPI increased to 2.6% from 2.5%.
The Federal Reserve left monetary policy unchanged in April, maintaining the federal funds target range at 3.50%–3.75%. Forward guidance continued to emphasize a data‑dependent approach.
In fixed‑income markets, government bond yields rose modestly. The yield on 10‑year U.S. Treasuries increased by 5 basis points, from 4.32% to 4.37%, while 10‑year German Bund yields climbed by 4 basis points, from 3.00% to 3.04%.
Equity markets also advanced globally, with the MSCI World Index gaining 9.6% in U.S. dollar terms, while the MSCI Europe Index rose 5.2% in euro terms.
Energy and Transportation
Brent crude prices remained elevated throughout April as the continued blockade of the Strait of Hormuz and the lingering impact of damaged infrastructure in the Gulf region constrained global supply. Following the sharp price surge in March, Brent crude traded with heightened volatility and ended the month at USD 114.0 per barrel, slightly below the previous month’s close of USD 118.0 per barrel.
With the destruction of 17% of Qatar’s LNG capacity now confirmed as a multi‑year reconstruction project, European natural gas prices rose sharply. Gas benchmarks increased by 22% in April, driven by growing concerns over a structural energy shortfall ahead of the upcoming winter season. Despite this supportive backdrop, the STOXX Europe 600 Oil & Gas Index advanced only modestly, gaining 0.9% in euro terms by month-end. Performance within the sector was mixed, with exploration and production stocks showing uneven results, while oil and gas services companies continued to outperform.
The transportation sector delivered strong performance in April. The Dow Jones Transportation Average climbed 11.4%, supported by consistently solid U.S. macroeconomic data throughout the month. The aviation sector experienced some relief following the prior month’s sell‑off, with the U.S. Global Jets Index rising 3.3%.
Ongoing disruptions in the Strait of Hormuz also drove strong freight rate developments across the marine shipping sector. Very Large Crude Carrier (VLCC) charter rates remained at exceptionally high levels, closing the month at an average of USD 122k per day. In dry bulk shipping, Capesize rates increased sharply from USD 23k per day to USD 35k per day.
In container shipping, the Shanghai Containerized Freight Index (SCFI) rose by 3% in April and now stands 39% higher year‑on‑year. Nevertheless, most container shipping stocks declined, as rising bunker fuel costs continued to pressure margins. In contrast, dry bulk and product tanker stocks performed strongly, benefiting from elevated freight rates.
Fund Performance
The Fund generated a positive return in April in its USD‑denominated share class, while the EUR‑denominated share class remained flat. Overall, the long portfolio contributed +5.4% (USD‑denominated), while the short portfolio detracted ‑4.0% (USD‑denominated).
Within the Energy segment, the long book contributed +4.4%, while the short book detracted ‑0.5%. Long positions in the Exploration & Production (E&P) segment resulted in a marginal loss of ‑0.1%, whereas the E&P short book contributed +0.9%. By contrast, the energy services segment delivered strong performance, with the long book gaining +3.6%, while the short book detracted ‑0.5%. Long positions in renewable energy added +0.9%, while short positions in nuclear energy stocks detracted ‑0.9%.
Transportation‑related segments weighed on overall performance. Within shipping, short positions detracted ‑0.9%, while long positions contributed +0.6%. Long positions in dry bulk shipping and crude/product tankers generated returns of +0.3% each. Conversely, short positions in the crude tanker, LPG, and car carrier segments detracted ‑0.3%, ‑0.4%, and ‑0.2%, respectively. In other transportation segments, gains from long positions (+0.1%) were insufficient to offset losses from the short book (‑1.8%). Short positions in freight services contributed +0.7%, while long positions in aviation detracted a further ‑0.5%.
During the month, the Fund built a long position in Capital Tankers, representing approximately 3% of NAV, at an average purchase price of NOK 133.70 per share—slightly below its IPO price of NOK 134.00 on February 27. The company’s net asset value is estimated at NOK 147.5 per share, implying a valuation discount of approximately 30% relative to peers. Crude tanker peers are currently trading at around 120% of NAV, supported by record‑high earnings under prevailing market conditions. In addition, a long position in Scorpio Tankers, accounting for approximately 2% of NAV, was established at a price of USD 75.12 per share, corresponding to a 25% discount to NAV.
Short positions in the LPG shipping sector (approximately 3% of NAV) were further increased during the month. A potential reopening of the Strait of Hormuz would likely pressure the LPG shipping market, as roughly 30% of global seaborne LPG exports typically transit the Strait, potentially reversing long‑haul U.S. trade flows. Finally, amid a strong rally in AI‑related stocks, short positions in the nuclear energy sector were temporarily reduced to 1.5% of NAV, with profits realized at share prices approximately 40% below initial entry levels.
For more information, you can find our latest Factsheet – April 2026.
Seahawk Investments GmbH
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