April was a record month for your portfolio

One of the best months ever

April was a great month on the stock market. Despite ongoing uncertainty over the conflict with Iran and discussions on inflation and interest rates, the markets showed unprecedented resilience. Global stock markets soared, giving the Peaks portfolios a massive boost. 

This was reflected in the returns of the Peaks portfolios: ‘Adventurous’ led the way with a whopping +8.1% in just one month. The less risky portfolios also performed very well, with returns ranging from +2.9% for ‘Cautious’ to +6.4% for ‘Ambitious’.

Table 1: Net returns of Peaks portfolios

Important to know: These net returns reflect Peaks' portfolios in April 2026, up until 9 April 2026, all of 2026 and since the launch of Peaks, after deducting Peaks, fund, and transaction fees. The value of investments can fluctuate, and past performance is no guarantee of future results.

The above figures assume a portfolio value of €10,000 without any deposits or withdrawals. If you made deposits or withdrawals this month, your personal return may differ. Your return will also vary if you have invested less or more than €10,000 due to the monthly fees Peaks charges.

The sharp price movements also affected the volatility (risk) of the portfolios. In April, this was slightly higher than usual for most portfolios.

Table 2: Risk of Peaks portfolios

Important to know: This table shows the risk levels of the 4 Peaks portfolios over different time periods (last month, this year, and the average since Peaks launched). Risk, also known as volatility, reflects the variation in annualised returns and is measured using the standard deviation of daily net returns converted to an annual basis.

Uncertainty over the Iran conflict fuels fears of inflation

In the United States and Europe, we saw a striking trend over the past month: inflation, which had seemed to be falling nicely at the end of 2025, has rebounded. In the US, inflation rose from 3.3% to 3.8% in April. The increase was mainly due to rising energy prices. The European figures painted a similar picture; inflation in the eurozone climbed from 2.6% to 3.0%, with energy prices rising by almost 11% compared to a year ago.

These figures have a direct impact on central bank policy. Both the US Federal Reserve (Fed) and the European Central Bank (ECB) kept interest rates unchanged at 3.75% (US) and 2.00% (EU) during their meetings at the end of April, but did cautiously hint at a possible rate rise if inflation doesn't cool down soon. That would be bad news for investors, because the lower the interest rates, the cheaper it is to make investments.

Despite everything, investors remain optimistic 

You might expect higher inflation and the threat of war to push stock prices down, but the markets showed surprising resilience in April. Many indices even hit new record highs. How is that possible?

Investors seem to be focusing primarily on strong corporate results. Many major tech companies reported first-quarter 2026 profits that exceeded expectations. Investors are enthusiastic about the future and the opportunities that AI can offer to accelerate economic growth.

There also seems to be a certain 'accustoming' taking place; as long as the global economy continues to grow and unemployment remains low, investors are willing to hold on to their stocks, despite the geopolitical turmoil. As investors sometimes say: ‘The markets are climbing a wall of worry.’ It’s not the first time in stock market history that this is happening.

Emerging markets and tech stocks are performing strongly

The best-performing region in April was ‘Emerging Markets’, with a return of no less than +14.1%. The US stock market also did very well, with a return of +9.6%. This contributed greatly to the positive returns of the Peaks portfolios.

Behind the success of both regions are the strong quarterly results posted by the major technology companies. The performance of Emerging Markets is largely driven by technology stocks from South Korea and Taiwan. These two countries are key suppliers to the semiconductor industry.

Table 3: Net returns of the index funds included in the standard Peaks portfolios

Important to know: These net returns reflect the performance of index funds in April 2026, all of 2026, and since Peaks launched, after deducting Peaks, fund, and transaction fees. The value of investments can fluctuate, and past performance is no guarantee of future results.

In conclusion: now what?

The lesson from the past month is a Peaks classic: always keep the long term in mind and don’t get distracted by temporary market dips and negative headlines. By investing a fixed amount each month and maintaining a diversified portfolio, you’ll benefit from the long-term growth of the global economy, without having to worry about what the market will do tomorrow.