RPD Fortress Fund April 2026 Commentary

RPD Fortress Fund’s commentary for the month ended April 30, 2026.

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The estimated performance figures net of fees as of April 30, 2026

Performance Statistics

*Inception date – February 1, 2023

^**Based off reporting by 18 funds as of May 5, 2026

Monthly Overview

RPD Fortress Fund declined 0.81% net in April, a disappointing result in a month where the Fund’s hedging activity weighed on performance as equity markets staged one of the sharpest rallies in recent memory. Growing optimism around a potential resolution to the U.S.-Iran conflict combined with resilient corporate earnings led to renewed enthusiasm around artificial intelligence which drove broad-based gains across risk assets. Our market beta hedge, the S&P 500, posted its strongest monthly performance in over five years reaching all-time highs.

To close the month, market breadth tightened as the AI enabled tech trade drove new highs with the Nasdaq 100 finishing +15.6%, the best month since December 2002, led by Semiconductors, which were up +38% in April (as indicated by the SOX). Conversely, our highest exposure remains in Application Software because of our view that we have identified select names with historically dislocated valuations compared to their strong fundamentals. During the month of April, the Application Software group unperformed as the AI trade advanced. We observed the continuous correlation divergence of Software and Semiconductor stock performance as Application Software continues to be used as a source of funds for higher beta AI and Semiconductor exposure.