Peaks portfolios posted strong gains in June

Summer in full swing at Peaks

It wasn’t just the temperatures that rose in June: the values of the Peaks portfolios were also pretty high. The sustainable ETFs you invest in with Peaks were on a roll.

The ‘Adventurous’ portfolio took the crown with a return of +5.0% in June. This brings its total return for the year to 17.7%. The less risky portfolios also performed strongly.

Table 1: Net returns of Peaks portfolios

Important to know: These net returns reflect Peaks' portfolios in May 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.

These are excellent figures, but price movements were a lot more volatile than usual last month. Due to the ongoing uncertainty surrounding the Iran-US situation, volatility (price fluctuations) was significantly higher than average. Volatility ranged from 7.0% for the ‘Cautious’ portfolio to 14.3% for the ‘Adventurous’ portfolio.

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.

Higher inflation, higher interest rates

In May, rising inflation in the US and Europe was a big topic. The temporary closure of the Strait of Hormuz caused oil and gas prices to soar. Although the situation has improved slightly since then, uncertainty about a lasting peace remains high. This keeps energy prices relatively high. The longer the uncertainty persists, the more the costs are passed on to consumers.

Last month’s figures illustrate this clearly. In the US, inflation rose to 4.2 per cent on an annual basis, its highest level in over 3 years. As a result, the US central bank (the Fed) is not expected to cut interest rates any time soon. 

In fact, the European Central Bank (ECB) raised interest rates by 0.25% last month and has even hinted at a further increase later in the year to curb the economy and inflation. Inflation in Europe currently stands at 2.8% (on an annual basis).

And yet the stock market keeps rising

You would expect rising inflation and geopolitical unrest to have a negative impact on stocks. But in May, the opposite was true. How is that possible?

The main reason is that many companies performed very well in the first quarter. US corporate profits surged by between 27% and 30%, and in Europe, over 60% of companies exceeded analysts’ expectations.

Also, investors are still enthusiastic about AI. The major tech giants continue to pour billions into it.

Looking at the various regions of the world, North America was the best-performing in June, with a rise of +6.6% (and no less than +20.0% since the start of the year). Emerging markets grew steadily by 2.1% in June, but for 2026 as a whole they remain in a league of their own with a return of +37.4%. Bonds, for their part, remained relatively flat.

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.

What does this mean for you?

Even when the stock market is doing well, it’s important to stay calm!

The past few months illustrate how investing can sometimes work: one moment stock prices are in a slump, the next they’re jumping up and setting a new record. Due to hype, profit figures or inflation news, the stock markets can swing in any direction in the short term. And whilst things may be going brilliantly at the moment, macroeconomic realities may well cause the stock markets to pause for a while before long.

So make the most of the positive momentum and the summer weather, but keep your cool! By sticking to your investment routine and spreading your money across a range of investments, you’ll achieve the best results in the long run.