General Market Review 

In July 2026, U.S. equity markets experienced a more volatile trading environment as investors balanced encouraging corporate earnings results against renewed concerns surrounding inflation, interest rates, and geopolitical developments. Following the strong recovery observed during the second quarter, market gains became increasingly uneven, with leadership broadening beyond the largest technology companies while some AI-related stocks came under pressure amid valuation concerns.

Geopolitical developments once again played an important role in shaping investor sentiment. While the ceasefire between the United States and Iran initially supported markets, renewed tensions in the region during the second half of the month contributed to higher energy prices and increased market volatility. Oil prices rebounded from June levels, renewing concerns that energy costs could slow the recent improvement in inflation trends.
Artificial intelligence remained a dominant investment theme, although investor enthusiasm became more selective. While several semiconductor and technology companies reported strong earnings results, concerns regarding the scale of ongoing AI-related capital expenditures led investors to reassess growth expectations across parts of the sector. As a result, broader market segments and value-oriented stocks generally outperformed their growth counterparts during the month.

Economic data released during July suggested that the U.S. economy continued to expand, albeit at a more moderate pace. The labor market showed further signs of cooling, with June non-farm payrolls increasing by just 57k jobs while the unemployment rate remained at 4.2%. At the same time, second-quarter GDP growth slowed compared with the previous quarter, although underlying domestic demand remained resilient and consumer spending continued to provide support for economic activity.

Inflation data provided some relief during the month. Headline CPI declined from 4.2% to 3.5% year-on-year, supported by lower energy prices earlier in the quarter, while core inflation moderated to 2.6%. Despite this improvement, inflation remained above the Federal Reserve’s target, leading policymakers to maintain a cautious stance and keeping uncertainty regarding the future path of interest rates elevated.
In fixed-income markets, government bond yields moved notably higher as investors reduced expectations for near-term monetary easing. The yield on the 10-year U.S. Treasury increased from 4.46% to 4.75% by month-end, while longer-dated bonds came under particular pressure. In Europe, government bond yields also edged higher as markets reassessed global growth and inflation expectations.

Global equity markets delivered mixed performance during July. The MSCI World Index was broadly unchanged as weakness in U.S. technology shares offset gains in Europe and other developed markets. European equities continued to outperform their U.S. counterparts, supported by relatively attractive valuations, improving economic sentiment, and lower exposure to the AI-related volatility that affected parts of the U.S. market. The MSCI Europe Index increased by +0.97% in Euro terms.

Portfolio Management Report

Credit markets softened during July. U.S. and European high-yield bonds returned -0.2% and -0.3%, respectively, as credit spreads widened by 9 bps in the U.S. and 3 bps in Europe. Investment-grade markets faced greater headwinds from rising government bond yields, resulting in returns of -1.7% in the U.S. and -1.0% in Europe. Against this backdrop, the Nordic high-yield market remained comparatively resilient, delivering a return of +0.8% as spreads tightened by 13 bps.

In the Nordic high yield market return volatility continued to be relatively low compared with global equity markets, supported by the asset class’s high carry, short duration profile, and limited sensitivity to movements in long-term interest rates. Energy-related credits gained +1.0%, while non-energy issuers returned+ 0.7%. Exploration & Production (E&P) was the strongest performer, returning+1.4%, while shipping and advanced +0.9%, supported in part by spread tightening. Oil services generated returns of +0.7%.

Nordic high-yield spreads tightened by 13 bps during July, ending the month at 463 bps. Approximately 12 bps of the tightening was driven by spread compression among existing index constituents, while the remaining 1 bp reflected the impact of the index rebalancing at the end of June. E&P was the strongest-performing sector, with spreads tightening by almost 60 bps, primarily supported by stronger performance from BlueNord ASA. Shipping also recorded spread tightening during the month, while spreads across the remaining sectors were broadly unchanged.

The Seahawk Credit Opportunities Fund delivered a solid performance in Juley supported by its sector positioning, including a 24.2% allocation to exploration and production (E&P) and a 26.1% 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 +2.3% and +3.1%, significantly outperforming the broader US and European high-yield markets.

For more information, you can find our latest  Factsheet– July 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 July 2026, U.S. equity markets experienced a more volatile trading environment as investors balanced encouraging corporate earnings results against renewed concerns surrounding inflation, interest rates, and geopolitical developments. Following the strong recovery observed during the second quarter, market gains became increasingly uneven, with leadership broadening beyond the largest technology companies while some AI-related stocks came under pressure amid valuation concerns.

Artificial intelligence remained a dominant investment theme, although investor enthusiasm became more selective. While several semiconductor and technology companies reported strong earnings results, concerns regarding the scale of ongoing AI-related capital expenditures led investors to reassess growth expectations across parts of the sector. As a result, broader market segments and value-oriented stocks generally outperformed their growth counterparts during the month.

Economic data released during July suggested that the U.S. economy continued to expand, albeit at a more moderate pace. The labor market showed further signs of cooling, with June non-farm payrolls increasing by just 57k jobs while the unemployment rate remained at 4.2%. At the same time, second-quarter GDP growth slowed compared with the previous quarter, although underlying domestic demand remained resilient and consumer spending continued to provide support for economic activity.

Inflation data provided some relief during the month. Headline CPI declined from 4.2% to 3.5% year-on-year, supported by lower energy prices earlier in the quarter, while core inflation moderated to 2.6%. Despite this improvement, inflation remained above the Federal Reserve’s target, leading policymakers to maintain a cautious stance and keeping uncertainty regarding the future path of interest rates elevated.

In fixed-income markets, government bond yields moved notably higher as investors reduced expectations for near-term monetary easing. The yield on the 10-year U.S. Treasury increased from 4.46% to 4.75% by month-end, while longer-dated bonds came under particular pressure. In Europe, government bond yields also edged higher as markets reassessed global growth and inflation expectations.

Global equity markets delivered mixed performance during July. The MSCI World Index was broadly unchanged as weakness in U.S. technology shares offset gains in Europe and other developed markets. European equities continued to outperform their U.S. counterparts, supported by relatively attractive valuations, improving economic sentiment, and lower exposure to the AI-related volatility that affected parts of the U.S. market. The MSCI Europe Index increased by +0.97% in Euro terms.

Energy and Transportation

Energy markets experienced a sharp reversal during July, with geopolitical developments once again emerging as the primary driver of oil prices. Following the sharp decline in late June, Brent crude began the month at approximately USD 73 per barrel. However, concerns over potential disruptions to global oil supplies resurfaced during the second half of the month, triggering a strong rally in crude prices. Heightened tensions in the Middle East, combined with renewed concerns over the security of key energy export routes, pushed Brent crude above USD 100 per barrel at its intra-month peak. As tensions subsequently eased and market participants reassessed the likelihood of a prolonged supply disruption, oil prices retraced part of their gains. Nevertheless, Brent crude closed the month at approximately USD 90 per barrel, significantly above its level at the start of July.

While geopolitical developments dominated short-term market movements, underlying fundamentals remained broadly supportive. Global oil inventories continued to trend at relatively low levels, while seasonal demand for transportation fuels remained robust. At the same time, investors remained cautious regarding the pace at which OPEC+ producers could reintroduce additional supply without tightening market balances further. As a result, volatility across energy markets remained elevated throughout the month.

Against this backdrop, the STOXX Europe 600 Oil & Gas Index delivered positive returns, supported by the recovery in crude prices and improving earnings expectations across the sector. Integrated oil majors and exploration and production companies outperformed, as higher commodity prices translated into stronger cash flow and profitability expectations.

Within the transportation sector, performance varied significantly across subsectors. Shipping markets remained robust, with most segments benefiting from elevated tonne-mile demand and continued shifts in global trade flows. Tanker markets, in particular, continued to be supported by longer trading routes and ongoing changes in energy transportation patterns, while other shipping segments generally maintained healthy operating conditions.

Outside of shipping, airlines were among the weaker-performing transportation subsectors during the month. The sharp increase in oil prices resulted in higher jet fuel costs, which are expected to weigh, at least temporarily, on profitability and earnings expectations across the sector. Despite generally resilient travel demand, investor sentiment toward airline equities weakened as fuel cost concerns overshadowed the otherwise supportive operating environment.

Overall, July was characterized by a significant re-pricing of geopolitical risk in energy markets. The resulting increase in oil prices provided a meaningful tailwind for energy equities and several shipping segments, while creating a more challenging backdrop for fuel-sensitive transportation sectors such as aviation.

Fund Performance

The Fund delivered positive performance across both its USD and EUR-denominated share classes during the period. On a USD basis, the long portfolio contributed +4.97%, while the short portfolio detracted -3.03%. Within the Transportation sector, the long book generated a return of +4.14%, partially offset by a loss of -1.05% from short positions. Shipping remained the largest contributor to performance, with the long portfolio adding +3.2%, while the short book detracted -4.9%. Within the long portfolio, investments in dry bulk shipping, crude and product tankers, and offshore support vessels contributed +0.6%, +1.4%, and +1.1%, respectively. On the short side, positions in crude tankers, LPG carriers, and car carriers detracted -0.7%, -1.7%, and -1.6%, respectively, as share prices in these segments continued to outperform expectations.

Other transportation subsectors also contributed positively, with the long and short portfolios adding +1.0% and +2.5%, respectively. Notably, short positions in freight services generated an additional positive contribution of +0.8%. Within aviation, the long portfolio was broadly flat during the period, while short positions contributed +0.6%. In the Energy sector, the long portfolio recorded a modest gain of +0.25%, while the short book detracted -2.0%. The primary driver of this underperformance was the Fund’s short exposure to selected exploration and production (E&P) companies, which had been established as hedges against higher oil prices. The sharp rise in crude oil prices during the second half of the month negatively impacted these positions and more than offset gains generated elsewhere within the sector. The Fund actively utilized the heightened volatility in energy markets to adjust its positioning. As Brent crude briefly traded above USD 100 per barrel during the second half of the month, the Fund increased its exposure to European full-service airlines by approximately 5% of NAV on a delta-adjusted basis. We believe the resulting share price weakness created an attractive opportunity to increase exposure to carriers with strong balance sheets, resilient demand trends, and compelling valuations. At month-end, the Fund also took advantage of a correction in the share price of SMA Solar Technology AG. The Fund had previously exited its position on 14 May at a price of EUR 62.81 per share. On 29 July, the position was re-established at EUR 53.49 per share, representing an initial exposure of approximately 3% of NAV. SMA Solar is a leading manufacturer of photovoltaic inverter systems and remains well positioned to benefit from the continued expansion of renewable energy infrastructure. During the month, the company raised its fiscal 2026 guidance, increasing its revenue and EBITDA targets to midpoint levels of EUR 1.675 billion and EUR 205 million, respectively. We believe SMA’s investment case continues to strengthen as its product portfolio becomes increasingly aligned with growing demand for battery storage solutions, energy management systems, and distributed renewable power generation.

For more information, you can find our latest  Factsheet – July 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 July 2026 MTD (YTD) +1.95% (+9.88%)

During June, the USD-S-fund share class was up by +1.95%. The annualized return since inception now stands at +12.75%. 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 July 2026 MTD (YTD) +0.32% (+3.19%)

During June, the USD-S-fund share class was up by +0.32%. The annualized return since inception now stands at +5.20%. 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.

Our Q2 2026 Quarterly Note is now available. In the Equity Investments section, we highlight opportunities in the energy services segment. The Fixed Income Investments section examines credit opportunities in the offshore drilling sector.

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.

Since 2022, the historically negative correlation between equities and government bonds has turned positive, leaving traditional 60/40 portfolios with less protection than investors have come to expect. In a new feature for Splash247, Seahawk Investments explores how the sharp divergence between shipping and energy subsectors can be turned into a genuine source of portfolio diversification through long-short equity investing.

This article looks at the Seahawk Equity Long Short Fund, and shows how replacing part of a traditional equity allocation with the strategy improved risk-adjusted returns, lifting the Sharpe ratio from 0.49 to 0.73 while reducing volatility, with a correlation to the MSCI World of just 0.27 and virtually none to investment-grade bonds.

Many thanks to Splash247 for featuring this research.

Read the full article here

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.

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.