General Market Review 

 In June 2026, U.S. equity markets paused after two consecutive months of strong gains, with investors adopting a more cautious stance following the sharp rally experienced during April and May. While market sentiment remained broadly constructive, heightened volatility within the technology sector and growing uncertainty surrounding the outlook for interest rates moderated overall performance. Geopolitical developments remained an important driver of market sentiment. The ceasefire between the United States and Iran was extended during June, contributing to a significant decline in oil prices and reducing concerns over potential disruptions to global energy supplies. Brent crude prices fell sharply during the month, helping to alleviate inflation pressures and supporting the broader economic outlook. Investor enthusiasm surrounding artificial intelligence remained a key market theme, although leadership within the technology sector became more selective. Semiconductor companies continued to benefit from expectations of sustained AI-related investment, while some large-cap technology firms experienced profit-taking as investors reassessed the near-term returns from substantial AI infrastructure spending.

Economic data released during June suggested that the U.S. economy continued to expand, although signs of moderation in labor-market momentum emerged. Non-farm payrolls increased by 57k, below market expectations and prior months’ gains, while the unemployment rate edged down to 4.2%. The data pointed to a gradually cooling labor market rather than a significant deterioration in employment conditions.

Inflation remained elevated. Headline CPI increased from 3.8% to 4.2%, while measures of underlying inflation also remained above the Federal Reserve’s target, reinforcing expectations that policymakers would maintain a cautious approach toward monetary easing.

In fixed-income markets, government bond yields were mixed. While shorter-dated Treasury yields moved higher as investors adjusted expectations for future monetary policy, 10 year US treasuries remained nearly unchanged with a yield of 4.46% at month end, while 10 year German treasury yield decreased further by 8 bps to 2.86% at month end.Global equity markets delivered mixed performance during June. The MSCI World Index declined by approximately -0.7% in U.S. dollar terms as weakness in U.S. mega-cap technology stocks offset gains in other regions and sectors, while the MSCI Europe Index gained by + 3,0% in Euro terms and thereby outperforming their U.S. counterpart., supported by improving economic sentiment, lower energy prices, and relatively attractive valuations.

Energy and Transportation

Brent crude began the month trading above USD 90/bbl, supported by concerns over supply disruptions linked to tensions involving Iran and the Strait of Hormuz. However, as the month progressed, markets increasingly priced in the prospect of a de-escalation of the conflict and a gradual normalization of oil flows from the region. When renewed diplomatic efforts between the United States and Iran improved market sentiment in the second half of the month. Expectations that shipping traffic through the Strait of Hormuz would recover and that Middle Eastern exports would gradually return to normal led to a sharp decline in the geopolitical risk premium embedded in crude prices. As a result, Brent crude fell from levels above USD 90/bbl earlier in the month to approximately USD 72/bbl by month-end.

Fundamental factors also weighed on prices. The International Energy Agency (IEA) reduced its demand outlook for 2026, citing weaker-than-expected economic activity and a decline in fuel consumption following the earlier surge in energy prices. At the same time, expectations for a recovery in Middle Eastern production and exports contributed to a more balanced supply outlook. Overall, June was characterized by a rapid unwinding of geopolitical risk premiums rather than a deterioration in underlying oil market fundamentals. While inventories remain relatively tight and longer-term supply risks persist, investors focused primarily on the improving outlook for global oil flows, resulting in one of the sharpest monthly declines in crude prices seen this year.

Against this backdrop, the STOXX Europe 600 Oil & Gas Index declined by 4.95% (EUR-denominated).

Performance within the transportation sector was mixed, particularly across shipping segments. VLCC (Very Large Crude Carrier) spot rates remained near record levels at approximately $ 150k per day at month-end, while MR product tanker rates eased to more moderate levels of around $ 33k per day. In the dry bulk market, Capesize earnings declined to approximately $ 29k per day. Meanwhile, VLGC (Very Large Gas Carrier) rates remained exceptionally strong, ending the month at roughly USD 135k per day.

Equity performance within the shipping sector reflected these diverging freight market trends. Crude tanker stocks outperformed, benefiting from sustained strength in tanker earnings, whereas product tanker names lagged as freight rates normalized. Dry bulk equities were broadly weaker across the sector. Despite continued strength in LPG freight markets, LPG shipping stocks declined amid concerns that a normalization of trading patterns could place downward pressure on freight rates going forward. In contrast, car carrier stocks continued to deliver strong performance. Overall, the Russell Marine Transportation Index declined by -1.7% during the month.

Other transportation segments, however, generated positive returns. The Dow Jones Transportation Average advanced 1.7% (USD-denominated), supported primarily by continued strength in the airline sector. Lower jet fuel prices provided a significant tailwind for airline operators, helping the U.S. Global Jets Index gain an additional +13.5% over the course of the month.

Fund Performance

The Fund delivered negative performance across both its USD- and EUR-denominated share classes during the period. On a USD basis, the long portfolio detracted -6.75%, while the short portfolio generated a positive contribution of +3.75%.

Within the Energy sector, the long book declined by -4.35%, partially offset by a +2.45% gain from the short book. Long positions in the Exploration & Production (E&P) segment contributed a loss of -1.9%, while corresponding short positions added +1.5%. In energy services, long holdings declined by -2.0%, with short positions contributing a positive +0.5%. Renewable energy investments detracted -0.6% on the long side, whereas short exposure to nuclear energy stocks added +0.4%.

Performance across transportation-related segments was modestly negative overall. In shipping, short positions contributed +0.1%, while long positions declined by -0.4%. Within the long portfolio, dry bulk shipping, crude/product tankers, and offshore support vessels contributed 0.0%, -0.5%, and +0.1%, respectively. On the short side, positions in crude tankers, LPG carriers, and car carriers contributed -0.5%, +0.8%, and -0.2%, respectively. Other transportation segments also weighed on performance. Long positions detracted -2.2%, while short positions contributed +0.6%. Notably, short positions in freight services added 0.2%. Within aviation, both long and short exposures generated positive returns, contributing +0.8% and +0.5%, respectively.

During the month, the Fund further increased its position in Scatec ASA, adding approximately 1% of NAV at an average purchase price of NOK 95.00 per share. Following this addition, Scatec represents a larger core holding in the portfolio and currently trades at an estimated EV/EBITDA multiple of 7.5x, compared with approximately 10.0x for its peer group.

Within the aviation segment, U.S.-based investment firm Castlelake has expressed interest in acquiring easyJet. Castlelake pursued the airline through a series of increasingly attractive proposals, which were initially rejected by easyJet’s Board on the grounds that they undervalued the company and took advantage of prevailing market conditions. After easyJet granted Castlelake limited access to due diligence information to facilitate further discussions, the Fund increased its position in the airline from approximately 1.7% to roughly 3.0% of NAV, acquiring additional shares at an average transaction price of 578 pence per share.

For more information, you can find our latest  Factsheet – June 2026.

Seahawk Investments GmbH

This document is a customer information (“CI”) within the meaning of the German Securities Trading Act (WpHG), the “CI” is directed exclusively to professional clients within the meaning of section 67 WpHG (natural and juristic persons) with habitual residence or registered office in Germany and is used solely for informational purposes. This “CI” cannot replace an individual investment- and investor-friendly advice and does not justify a contract or any other obligation. Furthermore, the contents do not constitute investment advice, an individual investment recommendation, an invitation to subscribe for securities or a declaration of intent or a request to conclude a contract for a transaction in financial instruments. Also, it was not written with the intention of providing legal or tax advice. The tax treatment of transactions depends on the personal circumstances of the respective customer and may be subject to future changes. The individual circumstances of the recipient (including the economic and financial situation) were not taken into account in the preparation of the “CI”. Past performance is not a reliable indicator of future performance. Recommendations and forecasts are non-binding value judgments about future events and may therefore prove to be inaccurate with respect to the future development of a product. The listed information refers exclusively to the time of the creation of this “CI”, a guarantee for timeliness and continued correctness cannot be accepted. An investment in mentioned financial instruments / investment strategy / securities services involves certain product specific risks – e.g. Market or industry risks and risk in currency, default, liquidity, interest rate and credit – and is not suitable for all investors. Therefore, potential prospects should make an investment decision only after a detailed investment advisory session by a registered investment advisor and after consulting all available sources of information. For further information, please refer to the basic information sheet (PRIIPs) and the securities prospectus for free: https://seahawk-investments.com/fonds/. The securities prospectus is provided to you in English and the basic information sheet in German. The above content reflects only the opinions of the author, a change of opinion is possible at any time, without it being published. The present “CI” is protected by copyright, any duplication and commercial use are not permitted. Seahawk Investments GmbH is authorized to provide financial portfolio management, investment advisory services, as well as investment mediation and contract brokering in accordance with Section 15 Paragraph 1 in conjunction with Section 2 Paragraph 2 Nos. 3, 4, 5, and 9 of the WpIG (Securities Institutions Act) and is subject to supervision by the Federal Financial Supervisory Authority (BaFin). Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) Marie-Curie-Straße 24-28 D-60439 Frankfurt am Main. Editor: Seahawk Investments GmbH, Bettinastraße 62, 60325 Frankfurt am Main.

Foreign Exchange Fluctuations may have a negative impact on performance results.

General Market Review 

In June 2026, U.S. equity markets paused after two consecutive months of strong gains, with investors adopting a more cautious stance following the sharp rally experienced during April and May. While market sentiment remained broadly constructive, heightened volatility within the technology sector and growing uncertainty surrounding the outlook for interest rates moderated overall performance.

Geopolitical developments remained an important driver of market sentiment. The ceasefire between the United States and Iran was extended during June, contributing to a significant decline in oil prices and reducing concerns over potential disruptions to global energy supplies. Brent crude prices fell sharply during the month, helping to alleviate inflation pressures and supporting the broader economic outlook.

Investor enthusiasm surrounding artificial intelligence remained a key market theme, although leadership within the technology sector became more selective. Semiconductor companies continued to benefit from expectations of sustained AI-related investment, while some large-cap technology firms experienced profit-taking as investors reassessed the near-term returns from substantial AI infrastructure spending.

Economic data released during June suggested that the U.S. economy continued to expand, although signs of moderation in labor-market momentum emerged. Non-farm payrolls increased by 57k, below market expectations and prior months’ gains, while the unemployment rate edged down to 4.2%. The data pointed to a gradually cooling labor market rather than a significant deterioration in employment conditions.

Inflation remained elevated. Headline CPI increased from 3.8% to 4.2%, while measures of underlying inflation also remained above the Federal Reserve’s target, reinforcing expectations that policymakers would maintain a cautious approach toward monetary easing.

In fixed-income markets, government bond yields were mixed. While shorter-dated Treasury yields moved higher as investors adjusted expectations for future monetary policy, 10 year US treasuries remained nearly unchanged with a yield of 4.46% at month end, while 10 year German treasury yield decreased further by 8 bps to 2.86% at month end.

Global equity markets delivered mixed performance during June. The MSCI World Index declined by approximately -0.7% in U.S. dollar terms as weakness in U.S. mega-cap technology stocks offset gains in other regions and sectors, while the MSCI Europe Index gained by + 3,0% in Euro terms and thereby outperforming their U.S. counterpart., supported by improving economic sentiment, lower energy prices, and relatively attractive valuations.

Portfolio Management Report

Credit markets were mixed but remained resilient overall. US high-yield spreads widened by 13 basis points, while European high-yield spreads increased by 6 basis points. Despite the spread widening, total returns remained positive at +0.3% and +0.6%, respectively.

Nordic high yield posted another positive month in June, with the benchmark index returning +0.6%, bringing year-to-date gains to +3.8%. Performance continued to demonstrate relative stability compared to global equity markets, supported by strong carry, short duration, and limited sensitivity to movements in long-term interest rates. All major segments delivered positive returns, with Norwegian high yield, energy, and non-energy sectors each advancing by+ 0.6%.

Index spreads widened by 11 basis points during June, reaching 476 basis points. However, the majority of this increase was attributable to index rebalancing effects. Rebalancing accounted for approximately 7 basis points of the widening, implying that the underlying market repricing was closer to 4 basis points. This distinction is important when assessing market conditions. Within the index, Norwegian high-yield spreads widened by 14 basis points to 500 basis points, while energy spreads increased by 25 basis points to 387 basis points and non-energy spreads widened by 9 basis points to 498 basis points.

The Seahawk Credit Opportunities Fund delivered a solid performance in June, supported by its sector positioning, including a 24.3% allocation to exploration and production (E&P) and a 34.4% allocation to oilfield services. The EUR-S and USD-S share classes generated monthly returns of +0.2% and +0.3%, respectively. On a year-to-date basis, the share classes have returned +2.1% and +2.9%, significantly outperforming the broader US and European high-yield markets.

During the month, the Fund added new positions within both the E&P and oilfield services sectors. It also participated in Borr Drilling’s new issuance of Senior Secured 8.75% Notes due 2032. In total, Borr Drilling raised USD 1.6 billion through two senior secured bond tranches: USD 800 million of Senior Secured Notes due 2032 and USD 800 million of Senior Secured Notes due 2034. The proceeds will be used to (i) refinance existing debt, including the full redemption of the Senior Secured Notes due 2028 and the partial redemption of 50% of the Senior Secured Notes due 2030, (ii) reduce the company’s overall cost of debt, and (iii) establish a more sustainable amortization profile.

Key credit strengths of the transaction include the fact that the senior secured notes benefit from priority claims on 26 premium, high-specification jack-up rigs. Borr Drilling operates one of the youngest and most technically capable fleets among the world’s 15 largest jack-up rig owners and managers. Within the restricted group, gross and net secured debt per rig amount to approximately USD 76 million and USD 66 million, respectively—both below the acquisition price observed in most secondary market transactions over the past five years. Furthermore, the jack-up segment continues to represent the most liquid asset market within the offshore drilling industry.

Net leverage is expected to decline from an estimated 5.2x in 2Q26 to below 2.0x over the next three years. At issuance, gross loan-to-value (LTV) is projected to average approximately 59% at the restricted group level and 63% at the parent company level (59% on a net basis). This metric is expected to improve significantly, declining to approximately 37% by the first maturity date in 2032.

For more information, you can find our latest  Factsheet– June 2026.

Seahawk Investments GmbH

This document is a customer information (“CI”) within the meaning of the German Securities Trading Act (WpHG), the “CI” is directed exclusively to professional clients within the meaning of section 67 WpHG (natural and juristic persons) with habitual residence or registered office in Germany and is used solely for informational purposes. This “CI” cannot replace an individual investment- and investor-friendly advice and does not justify a contract or any other obligation. Furthermore, the contents do not constitute investment advice, an individual investment recommendation, an invitation to subscribe for securities or a declaration of intent or a request to conclude a contract for a transaction in financial instruments. Also, it was not written with the intention of providing legal or tax advice. The tax treatment of transactions depends on the personal circumstances of the respective customer and may be subject to future changes. The individual circumstances of the recipient (including the economic and financial situation) were not taken into account in the preparation of the “CI”. Past performance is not a reliable indicator of future performance. Recommendations and forecasts are non-binding value judgments about future events and may therefore prove to be inaccurate with respect to the future development of a product. The listed information refers exclusively to the time of the creation of this “CI”, a guarantee for timeliness and continued correctness cannot be accepted. An investment in mentioned financial instruments / investment strategy / securities services involves certain product specific risks – e.g. Market or industry risks and risk in currency, default, liquidity, interest rate and credit – and is not suitable for all investors. Therefore, potential prospects should make an investment decision only after a detailed investment advisory session by a registered investment advisor and after consulting all available sources of information. For further information, please refer to the basic information sheet (PRIIPs) and the securities prospectus for free: https://seahawk-investments.com/fonds/. The securities prospectus is provided to you in English and the basic information sheet in German. The above content reflects only the opinions of the author, a change of opinion is possible at any time, without it being published. The present “CI” is protected by copyright, any duplication and commercial use are not permitted. Seahawk Investments GmbH is authorized to provide financial portfolio management, investment advisory services, as well as investment mediation and contract brokering in accordance with Section 15 Paragraph 1 in conjunction with Section 2 Paragraph 2 Nos. 3, 4, 5, and 9 of the WpIG (Securities Institutions Act) and is subject to supervision by the Federal Financial Supervisory Authority (BaFin). Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) Marie-Curie-Straße 24-28 D-60439 Frankfurt am Main. Editor: Seahawk Investments GmbH, Bettinastraße 62, 60325 Frankfurt am Main.

Foreign Exchange Fluctuations may have a negative impact on performance results.

General Market Review 

In May 2026, U.S. equity markets continued their upward trajectory, although momentum moderated compared to the sharp rebound seen in April. Market performance was supported by resilient corporate earnings, easing geopolitical concerns, and growing expectations that monetary policy may gradually become less restrictive.

Geopolitical tensions in the Middle East remained contained following the ceasefire agreement reached in April, contributing to improved investor sentiment. Oil prices stabilized after the sharp decline observed in the previous month, reducing pressure on inflation expectations and supporting equity valuations. At the same time, optimism around artificial intelligence and technology-driven growth continued to underpin market performance, particularly within large-cap technology stocks.

The first quarter earnings season extended into May with generally positive results. A majority of companies continued to exceed expectations, although the magnitude of earnings surprises declined compared with April. Technology and semiconductor companies remained key drivers, while other sectors showed more mixed performance. The Philadelphia Semiconductor Index (SOX) recorded further gains, albeit at a slower pace than in April.

U.S. macroeconomic data released during May indicated continued, albeit gradual, economic stabilization. Labor market conditions remained relatively robust, with non-farm payrolls rising by 115k in April, slightly below the previous month’s increase but still indicative of steady job creation.

Inflation showed signs of stabilization. Headline CPI increased from 3.3 to 3.8%, while core CPI increased from 2.6% to 2.8%, suggesting that underlying price pressures persisted but did not significantly accelerate.

The Federal Reserve maintained its cautious stance, leaving monetary policy unchanged and keeping the federal funds target range at 3.50%-3.75%. Communication from policymakers continued to stress a data-dependent approach.

In fixed-income markets, government bond yields were broadly stable with a slight downward bias. The yield on 10-year U.S. Treasuries increased by 6 basis points, from 4.37% to 4.43%, while 10-year German Bund yields fell by 10 basis points, from 3.04% to 2.94%.

Equity markets also posted gains globally, although at a more moderate pace. The MSCI World Index increased by +4.5% in U.S. dollar terms, while the MSCI Europe Index rose by +3.2% in euro terms, supported by improving sentiment and stable macroeconomic conditions.

Portfolio Management Report

Credit markets mirrored the improvement in risk sentiment, with spreads tightening across both investment grade (IG) and high yield (HY) segments. In May, US HY spreads narrowed by 11 basis points, while EUR HY spreads tightened by 18 basis points. Credit default swap (CDS) markets also strengthened, as the iTraxx Crossover tightened by 34 basis points and CDX HY by 30 basis points. Overall, May was another risk-on month, characterized by stronger equity markets, tighter credit spreads, and limited signs of broader market stress.

Nordic high yield (HY) experienced another robust month in May, with the main index returning +0.8%, bringing year-to-date (YTD) gains to 3.2%. Performance was broadly positive across most segments. The energy sector remained the strongest, delivering a monthly return of +1.2%, compared to +0.7% for non-energy sectors. On a YTD basis, the index has now gained 3.2%, with energy up 4.7% and non-energy up 2.9%. Nordic HY continues to compare favorably with global peers, supported by high carry, shorter spread duration, and stable technical conditions.

After adjusting for index rebalancing, spreads tightened by 13 basis points, indicating continued positive momentum in the Nordic market during May, in line with global credit trends. The most notable tightening occurred in the energy sector, where spreads declined from 399 basis points at the end of April to 362 basis points by the end of May. Non-energy spreads remained largely stable at 490 basis points, compared to 494 basis points a month earlier. As a result, the overall index tightened, though a clear divergence between energy and non-energy segments persists.

The Seahawk Credit Opportunities Fund delivered solid performance in May, driven by its sector allocation, including a 20.4% exposure to exploration and production (E&P) and 22.5% to oilfield services. The EUR-S and USD-S share classes rose by 0.77% and 0.91% month-to-date, respectively. On a YTD basis, the share classes have returned 1.9% and 2.6%, significantly outperforming broader US and European high-yield markets.

During the month, the Fund initiated a new position in the E&P sector by participating in the $300 million, 4-year, 9.875% bond issuance by Kistos Holdings. Kistos is an independent E&P company with assets across four different jurisdictions. By 2026, the company is expected to achieve production of approximately 20.8 thousand barrels of oil equivalent per day (boepd) and hold net 2P reserves of 49 million barrels of oil equivalent (mmboe). Asset values are estimated at around $560 million, with pro-forma net debt of $260 million. The current loan-to-value (LTV) ratio stands at approximately 46% and is projected to decrease to 29% by the end of 2026. The new bond issuance is leverage-neutral, as most of the proceeds are used to refinance existing debt. Kistos’ operations are expected to break even at a Brent oil price of $59.8 per barrel.

For more information, you can find our latest  Factsheet– May 2026.

Seahawk Investments GmbH

This document is a customer information (“CI”) within the meaning of the German Securities Trading Act (WpHG), the “CI” is directed exclusively to professional clients within the meaning of section 67 WpHG (natural and juristic persons) with habitual residence or registered office in Germany and is used solely for informational purposes. This “CI” cannot replace an individual investment- and investor-friendly advice and does not justify a contract or any other obligation. Furthermore, the contents do not constitute investment advice, an individual investment recommendation, an invitation to subscribe for securities or a declaration of intent or a request to conclude a contract for a transaction in financial instruments. Also, it was not written with the intention of providing legal or tax advice. The tax treatment of transactions depends on the personal circumstances of the respective customer and may be subject to future changes. The individual circumstances of the recipient (including the economic and financial situation) were not taken into account in the preparation of the “CI”. Past performance is not a reliable indicator of future performance. Recommendations and forecasts are non-binding value judgments about future events and may therefore prove to be inaccurate with respect to the future development of a product. The listed information refers exclusively to the time of the creation of this “CI”, a guarantee for timeliness and continued correctness cannot be accepted. An investment in mentioned financial instruments / investment strategy / securities services involves certain product specific risks – e.g. Market or industry risks and risk in currency, default, liquidity, interest rate and credit – and is not suitable for all investors. Therefore, potential prospects should make an investment decision only after a detailed investment advisory session by a registered investment advisor and after consulting all available sources of information. For further information, please refer to the basic information sheet (PRIIPs) and the securities prospectus for free: https://seahawk-investments.com/fonds/. The securities prospectus is provided to you in English and the basic information sheet in German. The above content reflects only the opinions of the author, a change of opinion is possible at any time, without it being published. The present “CI” is protected by copyright, any duplication and commercial use are not permitted. Seahawk Investments GmbH is authorized to provide financial portfolio management, investment advisory services, as well as investment mediation and contract brokering in accordance with Section 15 Paragraph 1 in conjunction with Section 2 Paragraph 2 Nos. 3, 4, 5, and 9 of the WpIG (Securities Institutions Act) and is subject to supervision by the Federal Financial Supervisory Authority (BaFin). Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) Marie-Curie-Straße 24-28 D-60439 Frankfurt am Main. Editor: Seahawk Investments GmbH, Bettinastraße 62, 60325 Frankfurt am Main.

Foreign Exchange Fluctuations may have a negative impact on performance results.

Seahawk Equity Long Short Fund

Seahawk Equity L/S Fund – Update May 2026 MTD (YTD) -0.05% (+11.53%)

During May, the USD-S-fund share class was down by -0.05%. The annualized return since inception now stands at +13.31%. The reported performance is net of all costs.

Please click on performance statistics.

The Monthly Commentary can be found on page 4 of the factsheet.

Click on the button below to download the factsheet.

Seahawk Credit Opportunities Fund

Seahawk Credit Opportunities Fund – Update May 2026 MTD (YTD) +0,91% (+2.55%)

During May, the USD-S-fund share class was up by +0.91%. The annualized return since inception now stands at +5.37%.

The reported performance is net of all costs.

The Monthly Commentary can be found on page 3 of the factsheet.

Click on the button below to download the factsheet.

Commercial Register: Amtsgericht Frankfurt am Main, HRB 132475.

Disclaimer/Imprint

This document is marketing information aimed exclusively at professional clients within the meaning of Section 67 of the German Securities Trading Act (WpHG) (natural and legal persons) with their habitual residence/registered office in Germany and is used exclusively for information purposes.

This marketing information cannot replace individual investment and investor advice and does not constitute a contract or any other obligation. Furthermore, the content does not constitute investment advice, an individual investment recommendation, an invitation to subscribe to securities or a declaration of intent or an invitation to conclude a contract for a transaction in financial instruments. Nor was it written with the intention of providing legal or tax advice. The tax treatment of transactions depends on the personal circumstances of the respective customer and may be subject to future changes. The individual circumstances of the recipient (including the economic and financial situation) were not taken into account when preparing the information. Past performance is not a reliable indicator of future performance. Recommendations and forecasts are non-binding value judgments about future events and may therefore prove to be inaccurate with regard to the future performance of a product. The information provided relates exclusively to the time of preparation of this marketing information; no guarantee can be given that it is up to date or will continue to be correct.

An investment in the aforementioned financial instruments/investment strategy involves certain product-specific risks – e.g. market or sector risks, currency risk, default risk, liquidity risk, interest rate risk and credit risk – and is not suitable for all investors. Therefore, potential investors should only make an investment decision after a detailed investment consultation with a registered investment advisor and after consulting all available sources of information. For further information, you can find the key information document (PRIIPs) and the securities prospectus free of charge here: https://seahawk-investments.com/fonds/. The information is provided to you in English.

The above content exclusively reflects the opinions of the author; these opinions may change at any time without being published. This information is protected by copyright and may not be reproduced or used for commercial purposes.

Seahawk Investments GmbH is authorized to provide financial portfolio management, investment advisory services, as well as investment mediation and contract brokering in accordance with Section 15 Paragraph 1 in conjunction with Section 2 Paragraph 2 Nos. 3, 4, 5, and 9 of the WpIG (Securities Institutions Act) and is subject to supervision by the Federal Financial Supervisory Authority (BaFin). Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) Marie-Curie-Straße 24-28, D-60439 Frankfurt am Main.

General Market Review 

In May 2026, U.S. equity markets continued their upward trajectory, although momentum moderated compared to the sharp rebound seen in April. Market performance was supported by resilient corporate earnings, easing geopolitical concerns, and growing expectations that monetary policy may gradually become less restrictive.

Geopolitical tensions in the Middle East remained contained following the ceasefire agreement reached in April, contributing to improved investor sentiment. Oil prices stabilized after the sharp decline observed in the previous month, reducing pressure on inflation expectations and supporting equity valuations. At the same time, optimism around artificial intelligence and technology-driven growth continued to underpin market performance, particularly within large-cap technology stocks.

The first quarter earnings season extended into May with generally positive results. A majority of companies continued to exceed expectations, although the magnitude of earnings surprises declined compared with April. Technology and semiconductor companies remained key drivers, while other sectors showed more mixed performance. The Philadelphia Semiconductor Index (SOX) recorded further gains, albeit at a slower pace than in April.

U.S. macroeconomic data released during May indicated continued, albeit gradual, economic stabilization. Labor market conditions remained relatively robust, with non-farm payrolls rising by 115k in April, slightly below the previous month’s increase but still indicative of steady job creation.

Inflation showed signs of stabilization. Headline CPI increased from 3.3 to 3.8%, while core CPI increased from 2.6% to 2.8%, suggesting that underlying price pressures persisted but did not significantly accelerate.

The Federal Reserve maintained its cautious stance, leaving monetary policy unchanged and keeping the federal funds target range at 3.50%-3.75%. Communication from policymakers continued to stress a data-dependent approach.

In fixed-income markets, government bond yields were broadly stable with a slight downward bias. The yield on 10-year U.S. Treasuries increased by 6 basis points, from 4.37% to 4.43%, while 10-year German Bund yields fell by 10 basis points, from 3.04% to 2.94%.

Equity markets also posted gains globally, although at a more moderate pace. The MSCI World Index increased by +4.5% in U.S. dollar terms, while the MSCI Europe Index rose by +3.2% in euro terms, supported by improving sentiment and stable macroeconomic conditions.

Portfolio Management Report

Credit markets mirrored the improvement in risk sentiment, with spreads tightening across both investment grade (IG) and high yield (HY) segments. In May, US HY spreads narrowed by 11 basis points, while EUR HY spreads tightened by 18 basis points. Credit default swap (CDS) markets also strengthened, as the iTraxx Crossover tightened by 34 basis points and CDX HY by 30 basis points. Overall, May was another risk-on month, characterized by stronger equity markets, tighter credit spreads, and limited signs of broader market stress.

Nordic high yield (HY) experienced another robust month in May, with the main index returning +0.8%, bringing year-to-date (YTD) gains to 3.2%. Performance was broadly positive across most segments. The energy sector remained the strongest, delivering a monthly return of +1.2%, compared to +0.7% for non-energy sectors. On a YTD basis, the index has now gained 3.2%, with energy up 4.7% and non-energy up 2.9%. Nordic HY continues to compare favorably with global peers, supported by high carry, shorter spread duration, and stable technical conditions.

After adjusting for index rebalancing, spreads tightened by 13 basis points, indicating continued positive momentum in the Nordic market during May, in line with global credit trends. The most notable tightening occurred in the energy sector, where spreads declined from 399 basis points at the end of April to 362 basis points by the end of May. Non-energy spreads remained largely stable at 490 basis points, compared to 494 basis points a month earlier. As a result, the overall index tightened, though a clear divergence between energy and non-energy segments persists.

The Seahawk Credit Opportunities Fund delivered solid performance in May, driven by its sector allocation, including a 20.4% exposure to exploration and production (E&P) and 22.5% to oilfield services. The EUR-S and USD-S share classes rose by 0.77% and 0.91% month-to-date, respectively. On a YTD basis, the share classes have returned 1.9% and 2.6%, significantly outperforming broader US and European high-yield markets.

During the month, the Fund initiated a new position in the E&P sector by participating in the $300 million, 4-year, 9.875% bond issuance by Kistos Holdings. Kistos is an independent E&P company with assets across four different jurisdictions. By 2026, the company is expected to achieve production of approximately 20.8 thousand barrels of oil equivalent per day (boepd) and hold net 2P reserves of 49 million barrels of oil equivalent (mmboe). Asset values are estimated at around $560 million, with pro-forma net debt of $260 million. The current loan-to-value (LTV) ratio stands at approximately 46% and is projected to decrease to 29% by the end of 2026. The new bond issuance is leverage-neutral, as most of the proceeds are used to refinance existing debt. Kistos’ operations are expected to break even at a Brent oil price of $59.8 per barrel.

For more information, you can find our latest  Factsheet – May 2026.

Seahawk Investments GmbH

This document is a customer information (“CI”) within the meaning of the German Securities Trading Act (WpHG), the “CI” is directed exclusively to professional clients within the meaning of section 67 WpHG (natural and juristic persons) with habitual residence or registered office in Germany and is used solely for informational purposes. This “CI” cannot replace an individual investment- and investor-friendly advice and does not justify a contract or any other obligation. Furthermore, the contents do not constitute investment advice, an individual investment recommendation, an invitation to subscribe for securities or a declaration of intent or a request to conclude a contract for a transaction in financial instruments. Also, it was not written with the intention of providing legal or tax advice. The tax treatment of transactions depends on the personal circumstances of the respective customer and may be subject to future changes. The individual circumstances of the recipient (including the economic and financial situation) were not taken into account in the preparation of the “CI”. Past performance is not a reliable indicator of future performance. Recommendations and forecasts are non-binding value judgments about future events and may therefore prove to be inaccurate with respect to the future development of a product. The listed information refers exclusively to the time of the creation of this “CI”, a guarantee for timeliness and continued correctness cannot be accepted. An investment in mentioned financial instruments / investment strategy / securities services involves certain product specific risks – e.g. Market or industry risks and risk in currency, default, liquidity, interest rate and credit – and is not suitable for all investors. Therefore, potential prospects should make an investment decision only after a detailed investment advisory session by a registered investment advisor and after consulting all available sources of information. For further information, please refer to the basic information sheet (PRIIPs) and the securities prospectus for free: https://seahawk-investments.com/fonds/. The securities prospectus is provided to you in English and the basic information sheet in German. The above content reflects only the opinions of the author, a change of opinion is possible at any time, without it being published. The present “CI” is protected by copyright, any duplication and commercial use are not permitted. Seahawk Investments GmbH is authorized to provide financial portfolio management, investment advisory services, as well as investment mediation and contract brokering in accordance with Section 15 Paragraph 1 in conjunction with Section 2 Paragraph 2 Nos. 3, 4, 5, and 9 of the WpIG (Securities Institutions Act) and is subject to supervision by the Federal Financial Supervisory Authority (BaFin). Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) Marie-Curie-Straße 24-28 D-60439 Frankfurt am Main. Editor: Seahawk Investments GmbH, Bettinastraße 62, 60325 Frankfurt am Main.

Foreign Exchange Fluctuations may have a negative impact on performance results.

General Market Review 

In May 2026, U.S. equity markets continued their upward trajectory, although momentum moderated compared to the sharp rebound seen in April. Market performance was supported by resilient corporate earnings, easing geopolitical concerns, and growing expectations that monetary policy may gradually become less restrictive.

Geopolitical tensions in the Middle East remained contained following the ceasefire agreement reached in April, contributing to improved investor sentiment. Oil prices stabilized after the sharp decline observed in the previous month, reducing pressure on inflation expectations and supporting equity valuations. At the same time, optimism around artificial intelligence and technology-driven growth continued to underpin market performance, particularly within large-cap technology stocks.

The first quarter earnings season extended into May with generally positive results. A majority of companies continued to exceed expectations, although the magnitude of earnings surprises declined compared with April. Technology and semiconductor companies remained key drivers, while other sectors showed more mixed performance. The Philadelphia Semiconductor Index (SOX) recorded further gains, albeit at a slower pace than in April.

U.S. macroeconomic data released during May indicated continued, albeit gradual, economic stabilization. Labor market conditions remained relatively robust, with non-farm payrolls rising by 115k in April, slightly below the previous month’s increase but still indicative of steady job creation.

Inflation showed signs of stabilization. Headline CPI increased from 3.3 to 3.8%, while core CPI increased from 2.6% to 2.8%, suggesting that underlying price pressures persisted but did not significantly accelerate.

The Federal Reserve maintained its cautious stance, leaving monetary policy unchanged and keeping the federal funds target range at 3.50%-3.75%. Communication from policymakers continued to stress a data-dependent approach.

In fixed-income markets, government bond yields were broadly stable with a slight downward bias. The yield on 10-year U.S. Treasuries increased by 6 basis points, from 4.37% to 4.43%, while 10-year German Bund yields fell by 10 basis points, from 3.04% to 2.94%.

Equity markets also posted gains globally, although at a more moderate pace. The MSCI World Index increased by +4.5% in U.S. dollar terms, while the MSCI Europe Index rose by +3.2% in euro terms, supported by improving sentiment and stable macroeconomic conditions.

Energy and Transportation

Brent crude prices dropped significantly in May, reversing part of the geopolitical-driven gains seen in previous months. The price fell by 19.3% over the course of the month, driven by improving prospects for a potential Iran ceasefire and easing tensions in the Middle East. This shift reflects a market adjustment from earlier supply concerns, as traders unwound protective positions and reassessed a more balanced global supply outlook. By May 29, Brent was trading at approximately USD 92 per barrel, down from USD 114 at the end of April.

Despite the decline in oil prices, European natural gas markets continued to face substantial structural pressures. The closure of the Strait of Hormuz disrupted more than 10 billion cubic feet per day of global LNG supply -roughly 20%, largely tied to Qatar’s Ras Laffan export hub. As a result, the European TTF benchmark remained elevated, trading at around €46/MWh at month-end, supported by ongoing concerns about replenishing gas storage ahead of winter. Meanwhile, the STOXX Europe 600 Oil & Gas Index fell by 6.5%, weighed down by the drop in crude prices.

The transportation sector posted positive but more moderate gains in May following a strong performance in April. The Dow Jones Transportation Average rose by 3.2%, supported by steady economic indicators and ongoing normalization in global supply chains. Lower oil prices, which reduce jet fuel costs, the largest variable expense for airlines, provided a boost to aviation stocks, making this segment the strongest performer within transportation. The US Global Jets Index climbed by 15.4%.

Performance in the marine transportation sector was mixed. Rates for Very Large Crude Carriers (VLCCs) declined by 4% to an average of USD 108k/day, though they remained historically high. In contrast, capesize dry bulk shipping rates rose sharply by 29% to USD 48k/day. Very Large Gas Carrier (VLGC) rates also increased significantly, reaching record levels of USD 178k/day, up another 30%.

In the container shipping market, the Shanghai Containerized Freight Index (SCFI) rose by 35% in May and stood 24% higher than the same period last year. Lower bunker fuel costs offered some margin relief, although pricing pressures persisted. Despite the strong freight rate environment, investors took profits following a robust rally in shipping stocks earlier in the year. Consequently, the Russell 2000 Marine Transportation Index declined by 3.7%. While crude and product tanker stocks weakened, the dry bulk segment performed strongly due to rising capesize rates. LPG and container shipping stocks showed mixed results.

Fund Performance

The Fund’s performance remained broadly flat in its USD-denominated share classes, while the EUR-denominated share classes recorded moderate gains. Overall, the long portfolio contributed +0.75% (USD basis), whereas the short portfolio detracted -0.85% (USD basis).

Within the Energy segment, the long book declined by -1.45%, while the short book contributed +0.95%. Long positions in the Exploration & Production (E&P) segment generated a loss of -0.7%, while corresponding short positions added +0.8%. In the energy services segment, long positions fell by -1.0%, partially offset by a +0.24% contribution from the short book. Renewable energy positions contributed +0.25% on the long side, while short exposure to nuclear energy stocks detracted -0.1%.

Performance across transportation-related segments was mixed but overall balanced. In shipping, short positions detracted -0.8%, while long positions declined by -0.6%. Within the long book, dry bulk shipping, crude/product tankers, and offshore support contributed -0.1%, -0.7%, and +0.1%, respectively. On the short side, positions in crude tankers, LPG carriers, and car carriers contributed +0.4%, -0.4%, and -0.4%, respectively. In other transportation segments, gains from long positions of +0.6% more than offset losses from the short book of -0.3%. Notably, short positions in freight services detracted -0.3%, while long exposure to aviation provided a strong positive contribution of +1.7%.

At the beginning of the month, exposure to the oil services sector was reduced. The position in TGS was lowered from 7.5% to 5% of NAV at a transaction price of NOK 158.67 per share. Similarly, the position in Technip Energies was reduced from 6% to 4% of NAV at EUR 38.06 per share. Conversely, a new position of approximately 1% of NAV was initiated in Constellation Oil Services at an average entry price of NOK 139 per share. This offshore driller is currently trading at a significant discount relative to peers, with an EV/EBITDA multiple of 4.1x and 3.9x for 2026 and 2027, respectively, and a projected free cash flow yield of 15% in 2026. The company benefits from long-term contracts covering approximately 88% of revenues for the 2026–2028 period, making it relatively resilient in a weaker oil price environment.

In the renewable energy sector, a long position in SMA Solar (approximately 3% of NAV) was fully exited at EUR 62.81 per share. Following a recent correction, a new position in Scatec Solar was initiated, building to 2% of NAV at an average price of NOK 105.19. With oil prices stabilizing at more moderate levels, exposure to airlines was slightly increased. A synthetic long position in Air France was established on May 8 via a short put position, with a delta-adjusted exposure of approximately 2% of NAV and a strike price of EUR 10.00 per share. #TITLE_START#General Market

For more information, you can find our latest  Factsheet – May 2026.

Seahawk Investments GmbH

This document is a customer information (“CI”) within the meaning of the German Securities Trading Act (WpHG), the “CI” is directed exclusively to professional clients within the meaning of section 67 WpHG (natural and juristic persons) with habitual residence or registered office in Germany and is used solely for informational purposes. This “CI” cannot replace an individual investment- and investor-friendly advice and does not justify a contract or any other obligation. Furthermore, the contents do not constitute investment advice, an individual investment recommendation, an invitation to subscribe for securities or a declaration of intent or a request to conclude a contract for a transaction in financial instruments. Also, it was not written with the intention of providing legal or tax advice. The tax treatment of transactions depends on the personal circumstances of the respective customer and may be subject to future changes. The individual circumstances of the recipient (including the economic and financial situation) were not taken into account in the preparation of the “CI”. Past performance is not a reliable indicator of future performance. Recommendations and forecasts are non-binding value judgments about future events and may therefore prove to be inaccurate with respect to the future development of a product. The listed information refers exclusively to the time of the creation of this “CI”, a guarantee for timeliness and continued correctness cannot be accepted. An investment in mentioned financial instruments / investment strategy / securities services involves certain product specific risks – e.g. Market or industry risks and risk in currency, default, liquidity, interest rate and credit – and is not suitable for all investors. Therefore, potential prospects should make an investment decision only after a detailed investment advisory session by a registered investment advisor and after consulting all available sources of information. For further information, please refer to the basic information sheet (PRIIPs) and the securities prospectus for free: https://seahawk-investments.com/fonds/. The securities prospectus is provided to you in English and the basic information sheet in German. The above content reflects only the opinions of the author, a change of opinion is possible at any time, without it being published. The present “CI” is protected by copyright, any duplication and commercial use are not permitted. Seahawk Investments GmbH is authorized to provide financial portfolio management, investment advisory services, as well as investment mediation and contract brokering in accordance with Section 15 Paragraph 1 in conjunction with Section 2 Paragraph 2 Nos. 3, 4, 5, and 9 of the WpIG (Securities Institutions Act) and is subject to supervision by the Federal Financial Supervisory Authority (BaFin). Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) Marie-Curie-Straße 24-28 D-60439 Frankfurt am Main. Editor: Seahawk Investments GmbH, Bettinastraße 62, 60325 Frankfurt am Main.

Foreign Exchange Fluctuations may have a negative impact on performance results.

Credit investing in energy and transportation

Since the start of the year, the interest rate environment has once again created headwinds for the credit market. Yields temporarily rose by around 45 basis points for 5-year German government bonds and by as much as 60 basis points for 5-year US Treasuries reaching a level that has noticeably put broad high-yield indices under pressure. The currently tight credit spreads in the high-yield segment were unable to act as a buffer during this market phase.

The iTraxx Crossover (5YR) widened in March from +260 basis points to as much as +360 basis points. The iBoxx EUR High Yield Liquid Index lost around 2 percentage points during this period in a generally turbulent market environment. In contrast, an absolute-return credit fund specializing in the energy and transport sectors proved resilient over the same period thereby delivering roughly half the drawdown in this market phase.

Concentration instead of diversification: the approach at a glance

The investment strategy is based on rigorous bottom-up analysis of issuers exclusively from the transport and energy sectors. Investments are made in secured, unsecured, and subordinated bonds. The effective duration is around 2.4 years, a deliberate design feature that makes the portfolio structurally less sensitive to interest rate movements compared to broader credit markets.

Resilient return profile in a challenging environment

The results of the current year confirm the approach: in calendar year 2026, the fund achieved outperformance of around 110 basis points versus the iBoxx EUR High Yield Liquid Index. Since inception in November 2024, the cumulative excess return (EUR share class S) amounts to 33 basis points. The portfolio shows a running yield of 7.1%, while the market-weighted coupon, including derivatives stands at 7.6%. The option-adjusted spread is 279 basis points.

Current portfolio structure and geographic allocation

Current portfolio structure and geographic allocation: Geographically, Europe dominates with 62%, followed by North America with 29%, reflecting the geopolitically driven shifts in the global energy market.

Seeder tranche: window for early investors

The fund’s seeder tranches are available with a minimum investment of EUR 100,000 (ISIN LU2846853427) or USD 125,000 (ISIN LU2846853344). The current fund volume is still below the threshold at which the seeder share classes will be closed. Early investors therefore still have the opportunity to benefit from the preferential terms of this tranche.

Disclaimer

This document is a customer information (“CI”) in the sense of the German Securities Trading Act (WpHG). Responsible as the author for the content is the tied agent listed below. This “CI” is used exclusively for information purposes and cannot replace an individual, suitable investment advice. This “CI” does not constitute a contract or any other obligation or kind of contractual offer. Furthermore, the content does not constitute investment advice, an individual investment recommendation, an invitation to subscribe for securities or a declaration of consent, or a solicitation of an agreement on a transaction in financial instruments.

This “CI” is intended only for professional customers and eligible counterparties with a habitual residence or domicile in the EU and has not been written with the intention of giving legal or tax advice. The tax treatment of transactions is dependent on the personal circumstances of the respective customer and may be subject to future changes.

Recommendations and forecasts are non-binding estimates of future events. They can therefore prove to be inaccurate regarding the future development of a product. The information contained in this document is based exclusively on the date on which this “CI” was provided. A guarantee for the actuality and correctness cannot be given. Past performance is not a reliable indicator of future performance.

This information is protected by copyright; no reproduction or commercial use is permitted. Date: May 27th, 2026.

Author/Issuer: Hubertus Clausius, Seahawk Investments GmbH, Bettinastrasse 62, 60325 Frankfurt am Main, Germany. Investment advice according to section 2 para. 2 no. 4 German Wertpapierinstitutsgesetz (WpIG).

Seahawk Investments GmbH is authorized to provide financial portfolio management, investment advisory services, as well as investment mediation and contract brokering in accordance with Section 15 Paragraph 1 in conjunction with Section 2 Paragraph 2 Nos. 3, 4, 5, and 9 of the WpIG (Securities Institutions Act) and is subject to supervision by the Federal Financial Supervisory Authority (BaFin). Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) Marie-Curie-Straße 24-28, D-60439 Frankfurt am Main.

Our Q1 2026 Quarterly Note is now available. In the Equity Investments section, we highlight the diversification benefits of liquid alternatives, with a particular focus on long/short equity strategies. The Fixed Income Investments section examines credit opportunities in the offshore seismic market.

Disclaimer/Imprint

This document is marketing information aimed exclusively at professional clients within the meaning of Section 67 of the German Securities Trading Act (WpHG) (natural and legal persons) with their habitual residence/registered office in Germany and is used exclusively for information purposes.

This marketing information cannot replace individual investment and investor advice and does not constitute a contract or any other obligation. Furthermore, the content does not constitute investment advice, an individual investment recommendation, an invitation to subscribe to securities or a declaration of intent or an invitation to conclude a contract for a transaction in financial instruments. Nor was it written with the intention of providing legal or tax advice. The tax treatment of transactions depends on the personal circumstances of the respective customer and may be subject to future changes. The individual circumstances of the recipient (including the economic and financial situation) were not taken into account when preparing the information. Past performance is not a reliable indicator of future performance. Recommendations and forecasts are non-binding value judgments about future events and may therefore prove to be inaccurate with regard to the future performance of a product. The information provided relates exclusively to the time of preparation of this marketing information; no guarantee can be given that it is up to date or will continue to be correct.

An investment in the aforementioned financial instruments/investment strategy involves certain product-specific risks – e.g. market or sector risks, currency risk, default risk, liquidity risk, interest rate risk and credit risk – and is not suitable for all investors. Therefore, potential investors should only make an investment decision after a detailed investment consultation with a registered investment advisor and after consulting all available sources of information. For further information, you can find the key information document (PRIIPs) and the securities prospectus free of charge here: https://seahawk-investments.com/fonds/. The information is provided to you in English.

The above content exclusively reflects the opinions of the author; these opinions may change at any time without being published. This information is protected by copyright and may not be reproduced or used for commercial purposes.

Seahawk Investments GmbH is authorized to provide financial portfolio management, investment advisory services, as well as investment mediation and contract brokering in accordance with Section 15 Paragraph 1 in conjunction with Section 2 Paragraph 2 Nos. 3, 4, 5, and 9 of the WpIG (Securities Institutions Act) and is subject to supervision by the Federal Financial Supervisory Authority (BaFin). Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) Marie-Curie-Straße 24-28, D-60439 Frankfurt am Main.

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.

Portfolio Management Report

Brent crude prices remained elevated throughout April as the ongoing blockade of the Strait of Hormuz, together with the lingering effects of damaged energy infrastructure in the Gulf region, continued to constrain global supply. Following the sharp rally in March, Brent crude traded with increased volatility and closed the month at USD 114.0 per barrel, slightly below the March close of USD 118.0 per barrel.

With the destruction of approximately 17% of Qatar’s LNG capacity now confirmed as a multi‑year reconstruction effort, European natural gas prices rose sharply. Gas benchmark prices increased by 22% in April, driven by growing concerns over a structural supply shortfall heading into the upcoming winter season.

Credit markets moved broadly in line with equities, supported by improved risk sentiment. Spreads tightened across both investment‑grade (IG) and high‑yield (HY) markets. U.S. high‑yield spreads tightened by 54 basis points in April, while European high‑yield spreads compressed by 51 basis points, largely reversing the widening observed in March.

In the Nordic high‑yield bond market, April marked a clear recovery following weak performance in March. The Nordic HY index returned 0.9% during the month, bringing year‑to‑date gains to 2.4%.

The U.S. high‑yield bond market gained 1.7% in April, lifting year‑to‑date performance to 1.2%. The European high‑yield market outperformed on a monthly basis, rising by 1.8%, although year‑to‑date returns remained modest at 0.2%.

The energy segment delivered solid returns, with the exploration and production (E&P) sector increasing by 1.9% during the month, while the oil and gas services sector advanced by 1.1%.

The Seahawk Credit Opportunities Fund posted solid performance in April, supported by its sector positioning, including a 17.4% allocation to exploration and production and 21.8% exposure to oilfield services. The EUR‑S and USD‑S share classes rose by 1.02% and 1.17% month‑to‑date, respectively. On a year‑to‑date basis, both share classes are up 1.1% and 1.6%, significantly outperforming the broader U.S. and European high‑yield markets.

During the month, the Fund established positions in two new bond issues within the European E&P sector. EnQuest, an independent UK‑based oil and gas producer with operations in the North Sea and Southeast Asia, issued a USD 675 million senior unsecured bond with a 9.875% coupon. Proceeds will be used to fully redeem the company’s USD 465 million 11.625% senior notes due 2027, enhance liquidity for general corporate purposes—including the potential repayment of its GBP 133.3 million 9% retail notes due 2027—and cover related fees and expenses. EnQuest operates with a cash‑flow breakeven oil price of approximately USD 50 per barrel and currently maintains a leverage ratio of 0.9x net debt to EBITDA.

Serica Energy, an AIM‑listed E&P company with assets on the UK Continental Shelf, issued a USD 300 million five‑year unsecured bond with a 7.875% coupon. Proceeds will be used to diversify funding sources beyond the company’s existing reserve‑based lending (RBL) facility. Following the transaction, Serica is expected to have liquidity of approximately USD 580 million to support its growth strategy, including organic investments and value‑accretive M&A. On a comparative basis, Serica is projected to maintain one of the lowest leverage profiles among peers, with estimated net debt to EBITDA of just 0.1x in 2027 (assuming Brent oil prices of USD 70 per barrel and gas prices of USD 9.5/mmbtu), compared with median leverage levels of approximately 0.6x for BB‑rated issuers and 0.9x for B‑rated issuers.

For more information, you can find our latest  Factsheet – April 2026.

Seahawk Investments GmbH

This document is a customer information (“CI”) within the meaning of the German Securities Trading Act (WpHG), the “CI” is directed exclusively to professional clients within the meaning of section 67 WpHG (natural and juristic persons) with habitual residence or registered office in Germany and is used solely for informational purposes. This “CI” cannot replace an individual investment- and investor-friendly advice and does not justify a contract or any other obligation. Furthermore, the contents do not constitute investment advice, an individual investment recommendation, an invitation to subscribe for securities or a declaration of intent or a request to conclude a contract for a transaction in financial instruments. Also, it was not written with the intention of providing legal or tax advice. The tax treatment of transactions depends on the personal circumstances of the respective customer and may be subject to future changes. The individual circumstances of the recipient (including the economic and financial situation) were not taken into account in the preparation of the “CI”. Past performance is not a reliable indicator of future performance. Recommendations and forecasts are non-binding value judgments about future events and may therefore prove to be inaccurate with respect to the future development of a product. The listed information refers exclusively to the time of the creation of this “CI”, a guarantee for timeliness and continued correctness cannot be accepted. An investment in mentioned financial instruments / investment strategy / securities services involves certain product specific risks – e.g. Market or industry risks and risk in currency, default, liquidity, interest rate and credit – and is not suitable for all investors. Therefore, potential prospects should make an investment decision only after a detailed investment advisory session by a registered investment advisor and after consulting all available sources of information. For further information, please refer to the basic information sheet (PRIIPs) and the securities prospectus for free: https://seahawk-investments.com/fonds/. The securities prospectus is provided to you in English and the basic information sheet in German. The above content reflects only the opinions of the author, a change of opinion is possible at any time, without it being published. The present “CI” is protected by copyright, any duplication and commercial use are not permitted. Seahawk Investments GmbH is authorized to provide financial portfolio management, investment advisory services, as well as investment mediation and contract brokering in accordance with Section 15 Paragraph 1 in conjunction with Section 2 Paragraph 2 Nos. 3, 4, 5, and 9 of the WpIG (Securities Institutions Act) and is subject to supervision by the Federal Financial Supervisory Authority (BaFin). Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) Marie-Curie-Straße 24-28 D-60439 Frankfurt am Main. Editor: Seahawk Investments GmbH, Bettinastraße 62, 60325 Frankfurt am Main.

Foreign Exchange Fluctuations may have a negative impact on performance results.