General Market Review
In September 2026, global financial markets faced a more challenging environment as rising government bond yields, higher energy prices, and renewed monetary policy tightening weighed on investor sentiment. Despite continued economic resilience and generally solid corporate fundamentals, higher discount rates created headwinds for both equities and fixed-income markets, leading to increased volatility and a more selective risk appetite among investors.
U.S. equity markets delivered mixed performance during the month. While the broader market remained supported by continued enthusiasm surrounding artificial intelligence and digital infrastructure investment, gains became increasingly concentrated in a small group of large-cap technology and communication services companies. The Nasdaq outperformed as investors continued to favour growth-oriented sectors, whereas more interest-rate-sensitive areas of the market, including small-cap equities and real estate-related businesses, came under pressure from sharply rising bond yields.
Economic data released during September continued to indicate a resilient U.S. economy. Second-quarter GDP growth was revised upward to 2.2% on an annualised basis, supported by stronger consumer spending, business investment, and government expenditure. Labour market conditions remained relatively stable, with unemployment holding near 4.1%, reinforcing the view that economic growth remains intact despite tighter financial conditions.
Inflation remained a key focus for investors. Headline inflation held at 3.4% year-on-year, while core inflation eased modestly to 2.4%, suggesting that underlying price pressures continued to moderate but remained above central bank targets. At the same time, a renewed rise in energy prices, with Brent crude oil moving back above USD 100 per barrel, increased concerns that inflation progress could slow in the coming months. Against this backdrop, the Federal Reserve adopted a more hawkish tone and raised interest rates by 25 basis points, reinforcing a higher-for-longer policy outlook.
In fixed-income markets, government bond yields moved significantly higher as investors adjusted expectations for future monetary policy. The U.S. 10-year Treasury yield increased by approximately 54 basis points during September, finishing the month near 5.3%, while government bond yields across Europe also reached multi-year highs. Rising yields resulted in negative returns across most fixed-income segments and represented one of the most significant market developments of the month. Credit spreads remained comparatively stable, supported by resilient economic growth and healthy corporate balance sheets.
Outside the United States, equity market performance was generally weaker. European equities were negatively affected by rising interest rates and concerns surrounding higher energy costs, while emerging markets faced headwinds from a stronger U.S. dollar and tighter global financial conditions. The MSCI World Index declined by approximately -1.2% (USD) during the month, whereas the MSCI Europe Index declined by -2.40% (EUR).
Energy and Transportation
Energy markets remained firmly supported throughout September as renewed supply concerns and rising geopolitical tensions pushed crude oil prices higher. Brent crude oil moved back above USD 100 per barrel during the month, driven by disruptions to regional energy infrastructure in the Middle East, constrained tanker traffic through the Strait of Hormuz, and persistent concerns regarding global supply availability. While demand growth remained moderate, the market increasingly focused on supply-side risks, resulting in a renewed increase in the geopolitical risk premium embedded in oil prices.
The sharp rise in energy prices occurred against a backdrop of generally resilient global economic activity. Although concerns regarding slower growth in parts of Europe and China persisted, global business activity indicators remained supportive and energy demand held up better than expected. At the same time, supply disruptions and lower-than-normal inventories continued to tighten market balances. These factors helped offset concerns regarding the impact of higher interest rates and tighter financial conditions on future fuel consumption.
Throughout the month, investors closely monitored developments across major energy transportation corridors. Ongoing disruptions affecting shipping routes in the Gulf region and reduced vessel traffic through the Strait of Hormuz continued to increase transportation costs and logistical complexity for energy exporters. As a result, market participants increasingly priced in the possibility of prolonged supply-chain disruptions extending into year-end, providing additional support for crude oil and refined product prices.
Against this backdrop, the European energy sector remained one of the more resilient areas of the equity market. Integrated oil companies, exploration and production firms, and energy infrastructure operators benefited from higher commodity prices, robust cash generation, and improved earnings expectations. Investors continued to favour energy companies offering attractive free cash flow yields and shareholder return potential in an environment characterised by elevated inflation and rising bond yields.
Within transportation, performance again diverged across subsectors. Shipping markets remained relatively well supported as altered trade routes and longer voyage distances continued to drive tonne-mile demand. Tanker operators were among the primary beneficiaries of ongoing disruptions to traditional energy transportation channels, while freight rates remained supported by constrained vessel availability and continued logistical bottlenecks across several global trade corridors.
Airlines and other fuel-intensive transportation businesses faced a more difficult operating environment during September. Rising jet fuel prices and sharply higher interest rates weighed on margin expectations, despite generally resilient travel demand and stable passenger volumes. Investors became increasingly selective within the sector, favouring companies with stronger pricing power and more robust balance sheets as higher operating costs continued to pressure profitability across parts of the aviation industry.
Fund Performance
The Fund delivered negative performance in its USD-denominated share classes and slightly negative performance in its EUR-denominated share classes during the period. On a USD basis, the long portfolio detracted -2.2%, while the short portfolio contributed a further -0.5% to overall performance.
Within the Transportation sector, the long portfolio generated a modest positive return of +0.1%, which was more than offset by a loss of -1.1% from the short portfolio. Shipping positions produced a slightly negative net contribution, with long positions adding +1.3% while short positions detracted -2.6%. Conversely, short positions in other transportation subsectors and freight services contributed positively, adding +1.1% and +0.4%, respectively. Despite challenging market conditions in the aviation sector, the Fund’s exposure to aviation had only a marginal impact on overall performance, detracting just -0.2%.
Within the Energy sector, the long portfolio’s exposure to oil services and renewable energy companies detracted -1.0% and -0.6%, respectively. These losses were partially offset by gains from the short portfolio, with oil services shorts contributing +0.35% and other energy-related shorts adding +0.15%.
The Fund actively utilized heightened volatility in the energy sector to reposition the portfolio. During the month, the Fund re-established a position in SMA Solar, a leading manufacturer of photovoltaic inverter systems, purchasing shares at €55.00 on September 9. The position represented approximately 3% of the Fund’s net asset value.
Following a correction in the share price of Borr Drilling, the Fund established a new position amounting to approximately 3% of NAV on September 10 at a share price of USD 4.34. Borr Drilling operates a fleet of premium jack-up drilling rigs. Given the currently tight supply conditions in the jack-up market, we expect market fundamentals to improve over the medium term, with the jack-up segment likely to follow the recovery already observed in the floater market, albeit with a time lag.
For more information, you can find our latest Factsheet – September 2026.
Seahawk Investments GmbH
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