WHG Global LB Fund Posts 11.0% Return in April 2026, Driven by AI Infrastructure Spending

WHG Global LB Fund’s commentary for the month ended April 30, 2026.

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Below is a summary of the key themes that influenced this month’s results.

Performance

• April: +11.0%
• YTD: +24.8%
• ITD: +172.5%

Monthly Commentary

Positive Highlights:

IA Infra: Performance driven by two primary factors. First, a substantial increase in Capex from hyperscalers: Google raised its projection to $180-190B (with a significant jump in 2027), Meta projected $145B, and Microsoft indicated $190B for 2026. Second, the materialization of demand into deployments, evidenced by the launch of two new TPUs by Google, the Broadcom/Meta partnership extension for MTIA, and Nokia raising its 2026 IP+Optical growth guidance to 20%.

IA Industrials: Siemens Energy and Comfort Systems, industrial names exposed to the growth of data centers and artificial intelligence. Performance during the period was supported by better-than-expected results and upward guidance revisions. A more constructive risk environment, driven by easing geopolitical tensions and the prospect of accelerating Capex by technology mega-caps, further supported multiple expansion and share price appreciation.