IMP Global Megatrend Umbrella Fund Commentary

Global equity markets began 2026 on a constructive note, delivering positive returns despite elevated geopolitical uncertainty and periods of heightened intraday volatility. Equity performance proved resilient throughout January, underpinned by solid earnings momentum and growing confidence in the underlying economic backdrop. Market movements increasingly pointed to fundamentals rather than short-term headline risk, indicating a more mature phase of the equity rally. U.S. equities advanced modestly during the month, still seeking firm footing as market sentiment navigates ongoing noise. A high proportion of companies reported results above consensus expectations, reinforcing confidence in earnings growth prospects for 2026. While investment spending related to artificial intelligence remains a key contributor to U.S. equity performance, recent volatility within the sector appears to reflect rotation and repricing among individual stocks rather than a weakening of the broader AI investment theme. Within this context, the IMP Global Megatrend Umbrella Fund returned -0.42% in January, bringing its year-to-date performance to -0.42% net of fees.

Equity leadership in the U.S. continued to broaden. Equal-weighted indices outperformed their capitalization-weighted counterparts, signaling improved participation across sectors and market capitalizations. Performance extended beyond large-cap technology into areas such as financials, healthcare, utilities, and consumer-related sectors, pointing to a healthier and more diversified market structure. From a market dynamics perspective, January’s volatility did not materially alter the underlying equity narrative. Episodes of risk aversion were largely short-lived and failed to disrupt the broader trend, underscoring investor willingness to look through near-term uncertainty. This pattern is consistent with an environment in which earnings visibility and balance sheet strength remain the primary drivers of equity valuation, rather than shifts in macro expectations. European equities also delivered gains in January, benefiting from improving investor sentiment and a supportive earnings backdrop. Although economic growth remains uneven across the region, corporate results generally held up better than expected, aided by easing cost pressures and stable demand conditions. European equity performance reflected increased selectivity, with strength concentrated in sectors offering defensive earnings visibility and structural growth characteristics, including healthcare, infrastructure, and energy.

In foreign exchange markets, the U.S. dollar weakened materially against the Swiss franc over the course of January, declining by approximately 4%. This move stemmed from softer U.S. dollar sentiment, shifting monetary expectations, and continued demand for the Swiss franc as a safe-haven currency amid elevated geopolitical uncertainty. For Swiss-based investors, CHF strength represents a headwind to unhedged U.S. and European equity exposures despite positive underlying market performance. Toward month-end, the U.S. dollar showed signs of stabilization following the nomination of Kevin Warsh as the next Federal Reserve Chair. Market participants interpreted the nomination as supportive of financial stability and continuity in U.S. monetary policy, contributing to a partial retracement of earlier dollar weakness. Even so, USD/CHF remains sensitive to changes in risk sentiment and relative growth expectations, underscoring the ongoing relevance of currency dynamics for equity returns.

In January, this backdrop allowed us to maintain a disciplined investment approach, selectively realizing gains from strong performers while redeploying capital into both existing holdings and newly initiated high-conviction opportunities aligned with our long-term megatrends of Technological Innovation and Transport and Mobility.

Within our Technology Innovation allocation, we initiated a position in Cloudflare Inc. at a compelling valuation. Cloudflare is a leading infrastructure software provider uniquely positioned to capture accelerating demand for secure, low-latency compute as AI workloads transition from experimentation to production. Its global edge network supports scaling AI agents, including Clawdbot, the recently launched open-source AI agent built on Anthropic’s Claude, while Cloudflare Tunnels are increasingly central to securing edge architectures. The company is a beneficiary of consumption-based monetization models, particularly pay-per-inference traffic, as AI agents proliferate. We also added Palantir Technologies, Inc., leveraging an attractive valuation entry into a leading U.S. analytics and AI platform. Palantir’s Ontology-driven architecture underpins revenue growth exceeding 50 percent, supported by stable government contracts and expanding commercial adoption. Momentum is reinforced by its AI Platform (AIP), record bookings, and growing enterprise trust in AI deployment. With only 2.4 percent of its estimated $119 billion 2020 TAM penetrated, and likely expanded since, significant upside remains. The company stands to benefit from opportunities across AI, government digital transformation, and industrial modernization.

Building on this activity, we increased exposure within the Transport and Mobility theme through Tesla Inc., accumulating shares as its strategy evolves beyond automotive manufacturing. Market focus has shifted toward AI and robotics, fueled by production realignment following the discontinuation of Model S and Model X, with portions of the Fremont facility likely repurposed for Optimus robot production. Tesla’s $2 billion investment in xAI strengthens access to AI talent, while ecosystem integration across Musk-affiliated entities reinforces long-term optionality, supporting conviction in Tesla as a core beneficiary of converging trends across AI, automation, transportation, and robotics. Additionally, as part of ongoing portfolio calibration, we executed partial divestments in Prysmian S.p.A. and MercadoLibre Inc., crystallizing gains following recent rallies. The reduction in Prysmian still allows for targeted exposure to electrification and grid modernization, while the MercadoLibre sale enhanced liquidity and optimized position sizing. The proceeds were redeployed into higher-conviction opportunities, as touched upon above.

Overall, January reinforced a cautiously constructive outlook for U.S. and European equities. While resilient earnings, improving market breadth, and a gradual broadening of sector leadership continue to provide important support, the investment environment remains shaped by elevated geopolitical uncertainty and an uneven risk backdrop. Near-term risk-off episodes, often triggered by headline-driven developments or policy-related uncertainty, may continue to generate bouts of volatility that are not always fully reflected in market pricing. In this context, investors will remain selective, with returns increasingly differentiated by earnings quality, balance sheet strength, and sensitivity to liquidity and currency dynamics. As 2026 progresses, disciplined portfolio construction, active risk management, and a focus on fundamental resilience are expected to remain critical in navigating a market environment that, while still supportive, is likely to be punctuated by periods of heightened uncertainty. that align with our long-term investment themes, reflecting a disciplined approach to capturing attractive forward-looking risk-reward potential while navigating evolving market conditions.

Thank you for your continued trust and support.

Stefan Wiederkehr & Karin Wiederkehr

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IMP Global Megatrend Umbrella Fund Commentary - 31 January 2026