The strongest contributors to the fund's performance during the month were Mediatek, AMD, and SK Hynix. The weakest contributors were Arista Networks, Fujikura, and NU Holdings.
The managers noted that the rally in technology stocks continued through May. Most of the fund's holdings have reported earnings, and according to the managers, several companies have demonstrated continued profit growth while raising their forward guidance.
Nvidia reported revenue growth of 85 percent compared to the same period last year. The report also highlights that AMD, Intel, and ARM showed strong performance during the month.
Broadcom reported earnings growth of 54 percent. At the same time, the company stated that revenue within AI chips is expected to reach $100bn next year.
In the market commentary, it was noted that the MSCI World rose 5 percent during May. The managers highlighted AI infrastructure, memory chips, and semiconductors as leading market themes from April onward.
Furthermore, the market forecast for earnings growth in the MSCI World for 2026 has been revised from 14 to 20 percent. For 2027, earnings growth is expected to be 14 percent. The valuation based on 2027 earnings is cited at a P/E ratio of 16.5.
During May, the fund initiated positions in Silex Microsystems, Taiwan Union Technology, and Charles Schwab. Meanwhile, positions in Silex Microsystems, Visa, and Uber were divested.
The manager stated that the fund participated in the initial public offering of Silex Microsystems but chose to sell the holding later in the month following a surge in the share price.
At the end of May, the fund consisted of 42 companies. The portfolio has a forecasted earnings growth of 27 percent for the coming year.
The largest holdings in the fund's portfolio at month-end were AMD, Mediatek, and Alphabet, with weightings of 4.9, 4.2, and 4.1 percent, respectively.
| BMC Global Technology, % | May, 2026 |
| Fund MM, change in percent | 13.46 |
| Index MM, change in percent | 4.82 |
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