Stock markets rose even further in May

Another great month for the stock market

May was another great month for the stock market. Investor sentiment was very positive on the back of strong quarterly earnings from companies, despite all the uncertainty in the world. Global stock markets continued to rise steadily, once again giving the Peaks portfolios an enormous boost.

The return on the Adventurous portfolio was no less than +5.4% in May. In total, this portfolio has already increased in value by 12% in the first 5 months of 2026. The lower-risk portfolios also performed well, with returns ranging from +2.6% for the Cautious portfolio to +4.5% for the Ambitious portfolio.

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.

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.

Why markets are rising so strongly

Markets are surging on the back of exceptionally strong earnings and revenue figures from companies, as well as the AI boom. Company results worldwide are far exceeding the expectations of market analysts. The profits of the 500 largest listed American companies rose by 27%. Even excluding the fast-growing tech sector, there was still strong growth. In Europe too, most companies exceeded expectations. These better-than-expected results drove up the value of many stocks.

Alongside company earnings, AI is a driving force behind the strong market gains. Major tech companies are investing heavily in AI infrastructure, data centres, and advanced hardware. Suppliers of these products and services, such as Nvidia, are benefiting as a result.

This is also reflected in the performance of different regions around the world. Emerging markets are by far the best-performing region globally this year, up nearly +35%. This is driven by South Korea and Taiwan, two countries that are key suppliers to the global semiconductor industry.

Robust American economy

In addition to the positive outlook on company performance, the American economy is also in good shape. The labour market is holding up well and retail sales continue to grow. Despite relatively low consumer confidence, American consumers continue to spend. This is important, as consumers account for approximately 70% of economic growth.

That said, inflation is continuing to rise in both the United States and Europe, driven by high energy prices. The likelihood of interest rate cuts by central banks is therefore diminishing. No change – or even a rate increase – is becoming more probable. Nevertheless, producer confidence in the economy remains high. Investors therefore have confidence in the future, and this is reflected in higher share prices.

What does this mean for you?

The past few months demonstrate how unpredictable the market can be in the short term. Following the dip in March and early April, markets have risen sharply. Everyone who stayed invested and did not exit has benefited from this. It once again shows how important it is to keep the long term in mind, and not to be distracted by what happens in the short term. That way, you can build your wealth steadily and with peace of mind.