Green Ash Horizon Fund Surges 24% in April 2026 as AI Rally Powers Record Monthly Gain

The Green Ash Horizon Fund’s USD IA share class advanced 23.50% in April 2026. This performance outperformed the MSCI World Index return of 9.59%. The strategy recorded the strongest monthly gain in its 102-month track record, supported by a powerful rebound in AI-related equities and semiconductor stocks. Managed by James Sanders, the hedge fund had approximately $33 million in assets under management  in its UCITs as of April and has been operating since July 2021.

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Market Outlook

Global equity markets rebounded in April following a ceasefire agreement involving the US, Israel, and Iran. As a result, risk appetite recover after heightened geopolitical tensions earlier in the year pushed markets lower. However, the manager noted that underlying risks remain unresolved. Continued disruption of shipping through the Strait of Hormuz is seen as the largest issue. If sustained, these disruptions could cause refined energy shortages in Europe. The region heavily depends on Middle Eastern diesel and jet fuel imports.

Despite these concerns, the fund argued that enthusiasm surrounding artificial intelligence has become a far more powerful market driver than geopolitical uncertainty. The commentary highlighted growing excitement around frontier AI capabilities after Anthropic restricted access to its latest Mythos model over cybersecurity concerns. This reinforced the perception that AI adoption may still be in its early stages rather than already overhyped.

Sanders also pointed to the accelerating adoption of agentic AI across software and knowledge-based industries. Demand for AI compute and inference capacity continues to exceed available supply, with hyperscale cloud providers and emerging cloud platforms both struggling to meet customer demand. First-quarter earnings results further supported this trend, as major cloud operators reported accelerating year-over-year revenue growth.