WHG Global LB Fund Gains 2.0% in May, Extends 2026 Return to 27.2%

WHG Global LB Fund‘s commentary for the month ended May 31, 2026.

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

Performance

May: +2.0%

YTD: +27.2%

ITD: +177.9%

Monthly Commentary

Positive Highlights:

AI Software: 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%.

Softbank: SoftBank rallied on two main factors: 1) Arm shares strongly re-rated as the agentic opportunity for CPU’s is much larger than expected. AMD guided for >70% Q/Q CPU revenue growth, and a $120bn CPU TAM by 2030. Nvidia, with its Rubin CPU, indicated they would do $20bn CPU revs in 2026, and that the CPU TAM could reach $200bn by 2030. 2) OpenAI sentiment strongly improved, with Codex usage and demand accelerating.

Korean Stocks: The AI memory story broadened into a full Korea tech supply-chain squeeze. SK Hynix reportedly received Big Tech proposals to support memory capex, including 30-40% upfront prepayments. Samsung and SK Hynix describe HBM/memory capacity as effectively zero, with the environment worsening in 2027. Samsung’s union situation was resolved, reaching a compromise on May 21. The positive momentum led to a rally across MLCC, substrate, packaging, test, and equipment beneficiaries.