InRIS Parus Fund delivered a return of 7.17% for its USD Class in May 2026. The global long/short equity strategy increased its year-to-date gain to 13.69%, while one-year performance reached 27.11%. Strong contributions from semiconductor holdings drove most of the month’s gains. AI infrastructure investments benefiting from rising compute demand supported this outperformance.
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Market Analysis
AI Infrastructure Continues to Drive Equity Leadership
Equity markets maintained their focus on artificial intelligence, cloud computing, and data center investment throughout May. Companies positioned across semiconductor manufacturing, memory, networking, and enterprise software benefited from sustained capital spending. This investment came from technology firms seeking to expand their AI capabilities. This macro trend directly supported the fund’s core technology long positions.
To capitalize on these dynamics, the management team, led by Fabrice Vecchioli, continued to identify opportunities within specific high-growth areas. The team focused closely on sectors exposed to increasing compute demand, AI infrastructure, and semiconductor supply chains. While these themes have attracted widespread investor attention, the fund’s investment team sees a gap in market expectations. Specifically, the team believes the market still underestimates both the scale and duration of the current investment cycle.
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