Seahawk Equity Long Short Fund

Seahawk Equity L/S Fund – Update September 2026 MTD (YTD) -2.74% (+8.19%)

During September, the USD-S-fund share class was down by -2.74%. The annualized return since inception now stands at +12.20%. The reported performance is net of all costs.

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

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Seahawk Credit Opportunities Fund

Seahawk Credit Opportunities Fund – Update September 2026 MTD (YTD) -0.85% (+2.77%)

During September, the USD-S-fund share class was down by -0.85%. The annualized return since inception now stands at +4.53%. 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 September 2026, global financial markets faced a more challenging environment as rising government bond yields, higher energy prices, and renewed monetary policy tightening weighed on investor sentiment. Despite continued economic resilience and generally solid corporate fundamentals, higher discount rates created headwinds for both equities and fixed-income markets, leading to increased volatility and a more selective risk appetite among investors.

U.S. equity markets delivered mixed performance during the month. While the broader market remained supported by continued enthusiasm surrounding artificial intelligence and digital infrastructure investment, gains became increasingly concentrated in a small group of large-cap technology and communication services companies. The Nasdaq outperformed as investors continued to favour growth-oriented sectors, whereas more interest-rate-sensitive areas of the market, including small-cap equities and real estate-related businesses, came under pressure from sharply rising bond yields.

Economic data released during September continued to indicate a resilient U.S. economy. Second-quarter GDP growth was revised upward to 2.2% on an annualised basis, supported by stronger consumer spending, business investment, and government expenditure. Labour market conditions remained relatively stable, with unemployment holding near 4.1%, reinforcing the view that economic growth remains intact despite tighter financial conditions.

Inflation remained a key focus for investors. Headline inflation held at 3.4% year-on-year, while core inflation eased modestly to 2.4%, suggesting that underlying price pressures continued to moderate but remained above central bank targets. At the same time, a renewed rise in energy prices, with Brent crude oil moving back above USD 100 per barrel, increased concerns that inflation progress could slow in the coming months. Against this backdrop, the Federal Reserve adopted a more hawkish tone and raised interest rates by 25 basis points, reinforcing a higher-for-longer policy outlook.

In fixed-income markets, government bond yields moved significantly higher as investors adjusted expectations for future monetary policy. The U.S. 10-year Treasury yield increased by approximately 54 basis points during September, finishing the month near 5.3%, while government bond yields across Europe also reached multi-year highs. Rising yields resulted in negative returns across most fixed-income segments and represented one of the most significant market developments of the month. Credit spreads remained comparatively stable, supported by resilient economic growth and healthy corporate balance sheets.

Outside the United States, equity market performance was generally weaker. European equities were negatively affected by rising interest rates and concerns surrounding higher energy costs, while emerging markets faced headwinds from a stronger U.S. dollar and tighter global financial conditions. The MSCI World Index declined by approximately -1.2% (USD) during the month, whereas the MSCI Europe Index declined by -2.40% (EUR).

Energy and Transportation

Energy markets remained firmly supported throughout September as renewed supply concerns and rising geopolitical tensions pushed crude oil prices higher. Brent crude oil moved back above USD 100 per barrel during the month, driven by disruptions to regional energy infrastructure in the Middle East, constrained tanker traffic through the Strait of Hormuz, and persistent concerns regarding global supply availability. While demand growth remained moderate, the market increasingly focused on supply-side risks, resulting in a renewed increase in the geopolitical risk premium embedded in oil prices.

The sharp rise in energy prices occurred against a backdrop of generally resilient global economic activity. Although concerns regarding slower growth in parts of Europe and China persisted, global business activity indicators remained supportive and energy demand held up better than expected. At the same time, supply disruptions and lower-than-normal inventories continued to tighten market balances. These factors helped offset concerns regarding the impact of higher interest rates and tighter financial conditions on future fuel consumption.

Throughout the month, investors closely monitored developments across major energy transportation corridors. Ongoing disruptions affecting shipping routes in the Gulf region and reduced vessel traffic through the Strait of Hormuz continued to increase transportation costs and logistical complexity for energy exporters. As a result, market participants increasingly priced in the possibility of prolonged supply-chain disruptions extending into year-end, providing additional support for crude oil and refined product prices.

Against this backdrop, the European energy sector remained one of the more resilient areas of the equity market. Integrated oil companies, exploration and production firms, and energy infrastructure operators benefited from higher commodity prices, robust cash generation, and improved earnings expectations. Investors continued to favour energy companies offering attractive free cash flow yields and shareholder return potential in an environment characterised by elevated inflation and rising bond yields.

Within transportation, performance again diverged across subsectors. Shipping markets remained relatively well supported as altered trade routes and longer voyage distances continued to drive tonne-mile demand. Tanker operators were among the primary beneficiaries of ongoing disruptions to traditional energy transportation channels, while freight rates remained supported by constrained vessel availability and continued logistical bottlenecks across several global trade corridors.

Airlines and other fuel-intensive transportation businesses faced a more difficult operating environment during September. Rising jet fuel prices and sharply higher interest rates weighed on margin expectations, despite generally resilient travel demand and stable passenger volumes. Investors became increasingly selective within the sector, favouring companies with stronger pricing power and more robust balance sheets as higher operating costs continued to pressure profitability across parts of the aviation industry.

Fund Performance

The Fund delivered negative performance in its USD-denominated share classes and slightly negative performance in its EUR-denominated share classes during the period. On a USD basis, the long portfolio detracted -2.2%, while the short portfolio contributed a further -0.5% to overall performance.

Within the Transportation sector, the long portfolio generated a modest positive return of +0.1%, which was more than offset by a loss of -1.1% from the short portfolio. Shipping positions produced a slightly negative net contribution, with long positions adding +1.3% while short positions detracted -2.6%. Conversely, short positions in other transportation subsectors and freight services contributed positively, adding +1.1% and +0.4%, respectively. Despite challenging market conditions in the aviation sector, the Fund’s exposure to aviation had only a marginal impact on overall performance, detracting just -0.2%.

Within the Energy sector, the long portfolio’s exposure to oil services and renewable energy companies detracted -1.0% and -0.6%, respectively. These losses were partially offset by gains from the short portfolio, with oil services shorts contributing +0.35% and other energy-related shorts adding +0.15%.

The Fund actively utilized heightened volatility in the energy sector to reposition the portfolio. During the month, the Fund re-established a position in SMA Solar, a leading manufacturer of photovoltaic inverter systems, purchasing shares at €55.00 on September 9. The position represented approximately 3% of the Fund’s net asset value.

Following a correction in the share price of Borr Drilling, the Fund established a new position amounting to approximately 3% of NAV on September 10 at a share price of USD 4.34. Borr Drilling operates a fleet of premium jack-up drilling rigs. Given the currently tight supply conditions in the jack-up market, we expect market fundamentals to improve over the medium term, with the jack-up segment likely to follow the recovery already observed in the floater market, albeit with a time lag.

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

Seahawk Investments GmbH

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 September 2026, global financial markets faced a more challenging environment as rising government bond yields, higher energy prices, and renewed monetary policy tightening weighed on investor sentiment. Despite continued economic resilience and generally solid corporate fundamentals, higher discount rates created headwinds for both equities and fixed-income markets, leading to increased volatility and a more selective risk appetite among investors.

U.S. equity markets delivered mixed performance during the month. While the broader market remained supported by continued enthusiasm surrounding artificial intelligence and digital infrastructure investment, gains became increasingly concentrated in a small group of large-cap technology and communication services companies. The Nasdaq outperformed as investors continued to favour growth-oriented sectors, whereas more interest-rate-sensitive areas of the market, including small-cap equities and real estate-related businesses, came under pressure from sharply rising bond yields.

Economic data released during September continued to indicate a resilient U.S. economy. Second-quarter GDP growth was revised upward to 2.2% on an annualised basis, supported by stronger consumer spending, business investment, and government expenditure. Labour market conditions remained relatively stable, with unemployment holding near 4.1%, reinforcing the view that economic growth remains intact despite tighter financial conditions.

Inflation remained a key focus for investors. Headline inflation held at 3.4% year-on-year, while core inflation eased modestly to 2.4%, suggesting that underlying price pressures continued to moderate but remained above central bank targets. At the same time, a renewed rise in energy prices, with Brent crude oil moving back above USD 100 per barrel, increased concerns that inflation progress could slow in the coming months. Against this backdrop, the Federal Reserve adopted a more hawkish tone and raised interest rates by 25 basis points, reinforcing a higher-for-longer policy outlook.
In fixed-income markets, government bond yields moved significantly higher as investors adjusted expectations for future monetary policy. The U.S. 10-year Treasury yield increased by approximately 54 basis points during September, finishing the month near 5.3%, while government bond yields across Europe also reached multi-year highs. Rising yields resulted in negative returns across most fixed-income segments and represented one of the most significant market developments of the month.

Outside the United States, equity market performance was generally weaker. European equities were negatively affected by rising interest rates and concerns surrounding higher energy costs, while emerging markets faced headwinds from a stronger U.S. dollar and tighter global financial conditions. The MSCI World Index declined by approximately -1.2% (USD) during the month, whereas the MSCI Europe Index declined by -2.40% (EUR).

Portfolio Management Report

Credit markets reflected the changing rate environment more clearly. Risk sentiment weakened, resulting in wider credit spreads across high-yield markets. US high-yield spreads widened by 50 basis points during the month, while European high-yield spreads increased by 45 basis points, indicating greater investor caution amid higher-for-longer interest rate expectations.

Nordic high-yield markets also experienced weaker performance in September, although the asset class remained resilient relative to broader credit markets. The Nordic HY Index generated a positive return of 0.14% for the month.

Index spreads remained surprisingly resilient during the month, tightening by 4 basis points to 445bps. After adjusting for the rebalancing effects at the end of August, the tightening was a more modest 3 basis points, highlighting the relative stability of the broader Nordic high-yield market despite increased volatility across global fixed-income markets.

The energy sector was a notable area of strength, supported by higher oil prices. Energy-related bond spreads tightened by 63 basis points during the month; however, this move was largely technical in nature. Given that the majority of energy bonds are fixed-rate instruments, the sharp rise in underlying benchmark yields mechanically reduced calculated credit spreads, even as bond prices remained broadly unchanged.
Outside the energy sector, market conditions were somewhat weaker. Excluding energy, average spreads widened by 17 basis points to 498bps during the month, pointing to a modest deterioration in risk appetite and a more cautious tone among credit investors.

In our view, this broader widening outside the energy complex provides a more representative picture of underlying credit market conditions, reflecting the gradual impact of higher interest rates, tighter financial conditions, and increased global market uncertainty on investor sentiment.
The Seahawk Credit Opportunities Fund delivered returns of -0.85% and -0.95% during the month in its USD-denominated and EUR-denominated share classes, respectively. Despite a challenging environment for fixed income markets, the Fund demonstrated relative resilience, supported by its significant exposure to the energy sector, with approximately 26% invested in Exploration & Production companies and 32% in oilfield services issuers.
Risk assets came under pressure during the month as rising government bond yields and tighter financial conditions weighed on credit markets globally. Against this backdrop, the Fund outperformed broader high-yield markets. For comparison, the US High Yield Bond Market declined 2.52%, while the European High Yield Bond Market fell 1.8% over the same period.

On a year-to-date basis, the Fund continues to deliver solid relative performance. The USD-denominated share class has returned +2.8%, while the EUR-denominated share class has gained +1.6%. This compares favourably with the broader US and European high-yield bond markets, which have generated returns of only +0.1% and +0.2%, respectively, over the same period.

During the month, the fund initiated a position in a newly issued USD 500 million senior unsecured bond from Golar LNG. The bond carries a 7.5% coupon, was issued at 99.0% of par, and offered a yield to maturity of 7.7% at issuance. The bond is rated B-.

The investment is supported by a favourable long-term outlook for the global LNG market. Global LNG supply is expected to increase by approximately 38% between 2026 and 2031, while growing demand concentration among importing countries continues to strengthen the need for additional and more geographically diversified export capacity. Recent supply disruptions following the Iran conflict have further highlighted energy security concerns and reinforced the strategic importance of resilient LNG supply chains. These dynamics are expected to support demand for floating liquefied natural gas (FLNG) solutions, which enable the development of stranded gas resources and facilitate LNG exports from new geographies.

Golar LNG is the market-leading owner of FLNG assets and remains the only company offering FLNG-as-a-service. Listed on the Nasdaq, the company has a market capitalisation of approximately USD 5.3 billion and a well-established operating track record. Its flagship FLNG vessel, Hilli, has delivered 100% economic uptime since commencing operations in 2018, while FLNG Gimi has consistently operated above contracted production levels since the start of its 20-year charter in 2025.

The company also benefits from a visible and attractive growth pipeline. FLNG Esperanza is scheduled for delivery in 2027, with commercial operations expected to commence in the second half of 2028, while a fourth FLNG unit is targeted for deployment in 2029. In addition, Golar has secured shipyard capacity and expansion options that provide further growth potential beyond the currently identified projects. Upon completion of its four-vessel FLNG fleet, Golar will control approximately 12.1 million tonnes per annum (MTPA) of liquefaction capacity. On this basis, the company would rank among the world’s largest LNG exporters if it were a sovereign producer.

A key strength of Golar’s business model is its highly visible and long-dated cash flow profile. Three of its FLNG units have already secured contracts with terms extending to 2045-2048, while the company is actively pursuing long-term employment for its fourth FLNG unit. Success in securing an additional contract could increase the company’s adjusted EBITDA backlog to approximately USD 25 billion. Based on its tolling-based revenue model, Golar is expected to generate annualised EBITDA of around USD 800 million, before any contribution from commodity-linked upside and inflation adjustments embedded within the Hilli and Esperanza contracts. Annual EBITDA is expected to increase further, reaching approximately USD 1.2 billion from 2030 onwards.

Overall, we view Golar as a highly cash-generative business supported by substantial contracted earnings visibility, a strong competitive position, and an attractive growth trajectory. The company also maintains a robust liquidity profile, with approximately USD 2.0 billion of available liquidity, including undrawn revolving credit facilities following the completion of the USD 500 million bond issuance. These factors provide a strong foundation for future growth while supporting a conservative financial risk profile.

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

The alternative investment platform has been expanded to include three strategies and now covers liquid equity long/short, liquid credit, and maritime private market credit. In addition to the Seahawk Equity Long Short Fund and the Seahawk Credit Opportunities Fund, maritime private market credit is now also part of Seahawk Investments’ investment offering.

FRANKFURT / LUXEMBOURG, 8 September 2026 – Seahawk Investments GmbH announces the launch of the Seahawk Maritime Credit Fund (SMCF), a Luxembourg-domiciled Reserved Alternative Investment Fund (RAIF) dedicated to providing flexible, asset-backed financing solutions to the global maritime transportation sector. Its first sub fund SMCF I is backed by a renowned family office in the maritime industry.

The launch of the first sub-fund comes at a time of increasing structural imbalance in maritime financing markets. Tightening regulatory capital requirements and the continued retrenchment of traditional shipping banks — particularly in Europe — have significantly reduced credit availability for smaller and medium-sized ship operators. These market dynamics are creating growing demand for specialised alternative financing providers with sector expertise, flexible structuring capabilities and reliable execution.

“Maritime lending continues to experience a structural financing imbalance as traditional banks retreat from parts of the market,” said Philip Clausius, Managing Partner of Transport Capital Group, the majority shareholder of Frankfurt based Seahawk Investments GmbH. “We believe this creates an attractive opportunity for specialised lenders with deep sector expertise, disciplined underwriting and the ability to execute reliably in complex situations.”

The fund focuses on senior secured loans and financial leases backed by commercial maritime assets across the full fleet spectrum, including container vessels, dry bulk carriers, product and chemical tankers, crude tankers, LPG carriers, RoRo/PCTC vessels, offshore service vessels (AHTS, PSV, CTV), and intermodal equipment.

Primary investment targets are smaller and mid-sized shipping companies as well as maritime investors seeking leverage solutions. Transactions are structured under established maritime finance jurisdictions — including English, Norwegian, Danish and Dutch law — with individual loan tenors of up to seven years.

The fund employs an anti-cyclical, through-the-cycle risk approach focused on generic, liquid maritime assets with transparent secondary market valuations. SMCF I is structured under a Luxembourg SCA, SICAV RAIF.

The strategy benefits from Seahawk’s global origination network and direct relationships across key maritime hubs, enabling proprietary deal flow and efficient transaction execution, often within compressed timelines.

The fund is managed by Michael de Visser, who previously headed the shipping and intermodal activities at NIBC Bank in the Netherlands.

“We are very pleased to have Michael joining Seahawk Investments GmbH as Head of Credit Investments,” said Hubertus Clausius, Founder and Managing Director of Seahawk Investments GmbH, “His extensive experience in ship finance, longstanding industry relationships and deep understanding of asset-backed lending makes him an exceptional addition to our platform and a strong foundation for building our private credit capabilities.”

Seahawk’s investment platform already encompasses two established liquid alternative strategies accessible to a broad investor base. The Seahawk Equity Long Short Fund (est. May 2019, UCITS-compliant) provides liquid long/short equity exposure to transport and energy markets with low correlation characteristics versus main equity markets. The Seahawk Credit Opportunities Fund (est. 2024) offers liquid access to corporate unsecured and secured bonds in the same sectors.

“Shipowners increasingly require financing partners who understand both the operational realities of the sector and the importance of execution certainty,” said Michael de Visser. “Our focus is on providing flexible, asset-backed solutions combined with disciplined credit selection and active risk management.”

The fund is supported by an institutional-grade service provider framework: Universal Investment Luxembourg S.A. (AIFM & Fund Administrator), DZ PRIVATBANK AG, Niederlassung Luxemburg (Depositary), Arendt & Medernach S.A. (Legal Counsel), and Deloitte (Independent Auditor).

Disclaimer/Impressum

Bei diesem Dokument handelt es sich um eine Kundeninformation („KI“) im Sinne des Wertpapierhandelsgesetzes, die „KI“ richtet sich an natürliche und juristische Personen mit gewöhnlichem Aufenthalt bzw. Sitz in Deutschland und wird ausschließlich zu Informationszwecken eingesetzt.

Diese „KI“ kann eine individuelle anlage- und anlegergerechte Beratung nicht ersetzen und begründet weder einen Vertrag noch irgendeine anderweitige Verpflichtung oder stellt ein irgendwie geartetes Vertragsangebot dar, Ferner stellen die Inhalte weder eine Anlageberatung, eine individuelle Anlage-empfehlung, eine Einladung zur Zeichnung von Wertpapieren oder eine Willenserklärung oder Aufforderung zum Vertragsschluss über ein Geschäft in Finanzinstrumenten dar. Auch wurde Sie nicht mit der Absicht verfasst, einen rechtlichen oder steuerlichen Rat zu geben, Die steuerliche Behandlung von Transaktionen ist von den persönlichen Verhältnissen des jeweiligen Kunden abhängig und evtl. künftigen Änderungen unterworfen, Die individuellen Verhältnisse des Empfängers (u.a. die wirtschaftliche und finanzielle Situation) wurden im Rahmen der Erstellung der „KI“ nicht berücksichtigt.

Eine Anlage in erwähnte Finanzinstrumente/Anlagestrategie/Finanzdienstleistung beinhaltet gewisse produktspezifische Risiken – z.B.  Markt- oder Branchenrisiken, das Währungs- Ausfall- Liquiditäts-Zins- und Bonitätsrisiko – und ist nicht für alle Anleger geeignet. Daher sollten mögliche Interessenten eine Investitionsentscheidung erst nach einem ausführlichen Anlageberatungsgespräch durch einen registrierten Anlageberater und nach Konsultation aller zur Verfügung stehenden Informationsquellen treffen. Zur weiteren Information finden Sie hier die „Wesentlichen Anlegerinformationen“ und das Wertpapierprospekt: https://www,seahawk-investments,com/fonds/

Wertentwicklungen in der Vergangenheit sind kein zuverlässiger Indikator für zukünftige Wertentwicklungen, Empfehlungen und Prognosen stellen unverbindliche Werturteile über zukünftiges Geschehen dar, sie können sich daher bzgl. der zukünftigen Entwicklung eines Produkts als unzutreffend erweisen, Die aufgeführten Informationen beziehen sich ausschließlich auf den Zeitpunkt der Erstellung dieser „KI“, eine Garantie für die Aktualität und fortgeltende Richtigkeit kann nicht übernommen werden.

Der vorstehende Inhalt gibt ausschließlich die Meinungen des Verfassers wieder, eine Änderung dieser Meinung ist jederzeit möglich, ohne dass es publiziert wird, Die vorliegende „KI“ ist urheberrechtlich geschützt, jede Vervielfältigung und die gewerbliche Verwendung sind nicht gestattet, Datum: Oktober 2025.

Die Seahawk Investments GmbH verfügt über die Erlaubnis zur Erbringung der Finanzportfolioverwaltung, der Anlageberatung, sowie der Anlagevermittlung und der Abschlussvermittlung nach § 15 Abs. 1 i.V.m. § 2 Abs. 2 Nr. 3, 4, 5 und 9 WpIG (Wertpapierinstitutsgesetz) und unterliegt insoweit der Aufsicht der Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) Marie-Curie-Straße 24-28, D-60439 Frankfurt am Main.

General Market Review 

High yield (HY) spreads tightened on both sides of the Atlantic during August. US HY spreads narrowed by 18 basis points to 261bps, while European HY spreads tightened by 12bps to 260bps. Month-to-date returns reached +0.97% for the US High Yield market and +0.46% for the European High Yield market. US Investment Grade bonds returned +0.4%, whereas European Investment Grade bonds declined by -0.22%, reflecting higher yields and weakness in longer-duration securities.

Nordic High Yield delivered a strong performance in August, generating a return of +1.1% and bringing year-to-date gains to 5.7%. Positive returns were recorded across all major index segments, with energy advancing +1.2% and non-energy sectors returning +1.0%. The strong monthly performance was driven by minimal credit losses and price appreciation among bonds trading at meaningful discounts, which also contributed to tighter index spreads.

Nordic High Yield spreads tightened by 15bps during August, ending the month at 449bps. The July month-end rebalancing mechanically widened the index spread by 3bps at the beginning of August, implying that underlying bond repricing accounted for 18bps of spread tightening. With a credit duration of 2.2 years and the market priced at 100.5% of par, this repricing contributed approximately 38bps to returns. At the sector level, energy spreads tightened by 14bps to a record low of 346bps. Non-energy spreads remained significantly wider at 481bps, largely reflecting the substantial issuance volume from debut issuers in sectors such as consumer goods and industrials.

The Seahawk Credit Opportunities Fund delivered a solid performance in August, supported by its sector positioning, including a 23.5% allocation to exploration and production (E&P) companies and a 31.0% allocation to oilfield services. The EUR-S and USD-S share classes generated monthly returns of +0.3% and +0.5%, respectively. Year-to-date, the share classes have returned +2.6% and +3.7%, significantly outperforming the broader US and European high-yield markets.

During the month, the Fund initiated a position in Constellation Oil Services’ USD 650 million secured bond issue, which carries a 7.7% coupon and matures in 2033. The position was established on 19 August at a price of 99.70%, below the original issue price of 100%, despite the bonds having been issued only a few weeks earlier on 22 July 2026.

Constellation Oil Services Holding S.A. is a Brazilian owner and operator of deepwater drilling rigs. The company owns three drillships and four semisubmersible rigs and manages one drillship and one jack-up rig on behalf of third-party owners. Most of its fleet is contracted to Petrobras. Overall, Constellation controls approximately one-quarter of the Brazilian drilling market, making it the largest ultra-deepwater (UDW) drilling contractor in the world’s largest UDW drilling market.

Constellation has one of the strongest revenue coverage profiles within our offshore drilling coverage universe. Based on our estimates, contracted revenues cover approximately 100%, 87%, and 67% of forecast revenues for 2026, 2027, and 2028, respectively. As a result, the company faces very limited earnings uncertainty over the next three years. We estimate a gross loan-to-value (LTV) ratio of 40% at issuance (26% net), which we expect to decline to approximately 31% gross (14% net) by maturity, as bond amortization is projected to outpace the depreciation of the underlying collateral assets.

This substantial contractual backlog makes the bond one of the best-covered securities in our universe from a cash flow perspective. Nevertheless, it has continued to trade at wider spreads than many bonds with materially weaker coverage metrics.

The bond traded below par during mid-August following market rumours that Petrobras had requested rig operators to postpone the commencement of certain drilling contracts scheduled for 2026 and 2027. However, Constellation subsequently reported second-quarter results that exceeded expectations and, more importantly, reaffirmed the planned start-up of the Brava Star rig in the first quarter of 2027, consistent with earlier guidance. This confirmation effectively alleviated concerns regarding potential contract delays.

Portfolio Management Report

In August 2026, global financial markets delivered generally positive returns despite a backdrop of rising government bond yields, ongoing geopolitical tensions, and continued uncertainty regarding the future path of monetary policy. Investor sentiment remained supported by resilient economic activity, moderating inflation trends, and another solid corporate earnings season, allowing risk assets to advance despite periods of heightened volatility.

U.S. equity markets recorded strong gains during the month, with the S&P 500 and Nasdaq reaching new record highs as investors responded positively to encouraging earnings results and continued enthusiasm surrounding artificial intelligence-related investment opportunities. While technology and semiconductor companies remained key drivers of performance, market participation broadened compared with earlier in the year, with financials, healthcare, and consumer discretionary sectors also contributing to gains.

Economic data released during August pointed to a U.S. economy that continued to expand at a moderate pace. Second-quarter GDP growth came in at 1.5% on an annualised basis. reflecting the effects of tighter financial conditions and softer hiring trends. Nevertheless, consumer spending remained resilient and domestic demand continued to support economic activity, reinforcing expectations of a slower but still growing economy rather than an outright downturn.
Inflation developments were broadly encouraging. Headline inflation continued to move lower, while core inflation also showed signs of moderation. Although progress toward the Federal Reserve’s inflation target remained evident, inflationary pressures had not fully disappeared. As a result, Federal Reserve officials maintained a cautious and data-dependent stance, leading investors to reassess the potential timing of future policy adjustments and contributing to volatility across rate-sensitive asset classes.

In fixed-income markets, government bond yields moved higher during the month as investors reduced expectations for near-term policy easing. The U.S. 10-year Treasury yield finished August near 4.75% and therefore +2 bps higher compared to the previous month whereas German 10-year yields increased by +12bps finishing August at 3.32%. Rising yields resulted in modestly negative returns across several fixed-income sectors, although credit markets remained relatively resilient.

Outside the United States, equity market performance was mixed. European equities continued to benefit from relatively attractive valuations. The MSCI Europe Index (EUR) closed the month +0.5% higher whereas the MSCI World Index increased by +2.6% (USD).

For more information, you can find our latest  Factsheet– August 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 August 2026 MTD (YTD) +1.23% (+11.25%)

During August, the USD-S-fund share class was up by +1.23%. The annualized return since inception now stands at +12.78%. 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 August 2026 MTD (YTD) +0.45% (+3.66%)

During August, the USD-S-fund share class was up by +0.45%. The annualized return since inception now stands at +5.21%. 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 August 2026, global financial markets delivered generally positive returns despite a backdrop of rising government bond yields, ongoing geopolitical tensions, and continued uncertainty regarding the future path of monetary policy. Investor sentiment remained supported by resilient economic activity, moderating inflation trends, and another solid corporate earnings season, allowing risk assets to advance despite periods of heightened volatility.

U.S. equity markets recorded strong gains during the month, with the S&P 500 and Nasdaq reaching new record highs as investors responded positively to encouraging earnings results and continued enthusiasm surrounding artificial intelligence-related investment opportunities. While technology and semiconductor companies remained key drivers of performance, market participation broadened compared with earlier in the year, with financials, healthcare, and consumer discretionary sectors also contributing to gains.

Economic data released during August pointed to a U.S. economy that continued to expand at a moderate pace. Second-quarter GDP growth came in at 1.5% on an annualised basis. reflecting the effects of tighter financial conditions and softer hiring trends. Nevertheless, consumer spending remained resilient and domestic demand continued to support economic activity, reinforcing expectations of a slower but still growing economy rather than an outright downturn.

Inflation developments were broadly encouraging. Headline inflation continued to move lower, while core inflation also showed signs of moderation. Although progress toward the Federal Reserve’s inflation target remained evident, inflationary pressures had not fully disappeared. As a result, Federal Reserve officials maintained a cautious and data-dependent stance, leading investors to reassess the potential timing of future policy adjustments and contributing to volatility across rate-sensitive asset classes.

In fixed-income markets, government bond yields moved higher during the month as investors reduced expectations for near-term policy easing. The U.S. 10-year Treasury yield finished August near 4.75% and therefore +2 bps higher compared to the previous month whereas German 10-year yields increased by +12bps finishing August at 3.32%. Rising yields resulted in modestly negative returns across several fixed-income sectors, although credit markets remained relatively resilient.

Outside the United States, equity market performance was mixed. European equities continued to benefit from relatively attractive valuations. The MSCI Europe Index (EUR) closed the month +0.5% higher whereas the MSCI World Index increased by +2.6% (USD).

Energy and Transportation

Energy markets remained highly sensitive to geopolitical developments during August, although trading conditions were less extreme than those experienced in July. Brent crude oil spent most of the month trading within the high-USD 80s to low-USD 90s range, supported by ongoing supply concerns linked to disruptions in the Middle East and continued restrictions affecting shipping through the Strait of Hormuz. While fears of a severe supply shock gradually eased, market participants continued to price in a meaningful geopolitical risk premium, preventing a more pronounced decline in oil prices. Following the sharp volatility observed in previous months, crude oil prices stabilized at elevated levels as investors balanced signs of softer global demand against persistent supply constraints. Despite concerns regarding weaker oil consumption in China and a moderation in global economic growth, disruptions to Middle Eastern production and export routes continued to limit available supply. As a result, global oil inventories remained relatively tight and market balances largely supportive of current price levels. Throughout the month, investors closely monitored developments surrounding the Strait of Hormuz, which continued to operate below normal capacity amid ongoing regional tensions. Although diplomatic efforts aimed at improving shipping conditions contributed to occasional periods of market optimism, uncertainty regarding the timing and extent of a full normalization of energy exports remained elevated. Against this backdrop, the European energy sector continued to perform well.

Higher crude oil prices, robust refining margins, and favourable cash flow expectations supported earnings outlooks across integrated oil majors and exploration and production companies. Energy equities benefited from investors seeking exposure to sectors positioned to generate strong free cash flow in an environment of elevated commodity prices and persistent inflation uncertainty. Within transportation, performance remained differentiated across subsectors. Shipping markets continued to benefit from altered global trade routes and ongoing disruptions to traditional energy transportation corridors. Tanker operators remained among the stronger performers as longer voyage distances and constrained vessel availability supported freight rates. Elevated tonne-mile demand continued to provide a favourable operating backdrop across several shipping segments. The Russell 2000 Marine Transportation Index was able to gain another +5.6% in the month. Airlines and other fuel-intensive transportation industries experienced a more mixed environment. While underlying travel demand remained generally resilient, elevated oil prices continued to place upward pressure on fuel costs and margin expectations. The aviation sector was the worst performing sub-segment. The US Globa Jets Index dropped by -9.85% in the calendar month.

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 +6.7%, while the short portfolio detracted -5.5%.

Within the Energy sector, the long book generated a gain of +3.8%, while the short book detracted -0.5%. The strongest contributors were long positions in the Exploration & Production (E&P) sector and the energy services sector, which added +1.5% and +1.4%, respectively. Short positions in these sectors had a comparatively limited impact, detracting only -0.3% and -0.2%, respectively. In addition, the renewable energy segment contributed +1.4%, with Vestas emerging as the strongest individual contributor, adding +0.9% to monthly performance.

Within the Transportation sector, the long portfolio generated a return of +2.5%, which was more than offset by a loss of -5.0% from the short book. The net contribution from shipping positions was slightly negative, with long positions contributing +2.3% and short positions detracting -3.4%. Short positions in other transportation subsectors and freight services reduced performance by a further -1.2% and -0.2%, respectively. Despite challenging conditions in the aviation sector, the Fund’s aviation exposure had only a marginal impact on overall performance, detracting just -0.1%.

The Fund actively utilized heightened volatility in the energy sector to adjust portfolio positioning. During the first week of August, Brent crude oil prices corrected from approximately USD 90 per barrel at the beginning of the month to around USD 80 per barrel. Given the fundamentally tight oil market and historically low global crude oil inventories, the Fund covered a short position in Occidental Petroleum, an Exploration & Production company, at USD 54.97 per share. The position represented approximately 3% of NAV.

In addition, the Fund exited its position in SMA Solar, a leading manufacturer of photovoltaic inverter systems. The position, representing approximately 3% of NAV, had been re-established at the end of July at EUR 53.49 per share and was subsequently sold at an average price of EUR 59.50 per share after reaching the Fund’s price target.

Following a correction in the share price of Tidewater, the Fund established a synthetic long position in the company on 3 August. The position represented approximately 2% of NAV on a delta-adjusted basis. Tidewater is the world’s largest offshore support vessel (OSV) operator and is benefiting from improving conditions in the offshore services market. The company recently reported strong second-quarter results and continues to benefit from rising vessel utilization and increasing day rates, particularly within the anchor-handling vessel segment.

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

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.

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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.