RPD Fortress Fund May 2026 Commentary

RPD Fortress Fund’s commentary for the month ended May 31, 2026.

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The estimated performance figures net of fees as of May 31, 2026

Performance Statistics

*Inception date – February 1, 2023
^**Based off reporting by 25 funds as of June 5, 2026

RPD Fortress Fund declined approximately 1.85% net in May. The month’s loss was driven almost entirely by a single outright equity position, ZoomInfo (GTM), which triggered our stop-loss policy following its first quarter report. The core option writing strategy performed as designed, with cash-secured put selling contributing positively. Our SPY index hedge detracted as equity markets continued their sharp ascent, while call selling was modestly negative. Apart from the GTM stop-loss detraction, the remainder of the portfolio behaved consistent with the strategy’s objectives.

May extended U.S. equity indices’ powerful rally that began in April. Easing geopolitical tensions, supported by progress toward a ceasefire in the U.S.-Iran conflict, combined with continued enthusiasm around artificial intelligence, drove broad-based gains and pushed major indices to all-time highs, with SPY gaining 5% and the Nasdaq gaining 9.5%. Leadership remained concentrated in semiconductors and the broader AI infrastructure complex, while much of the rest of the market participated to a lesser degree. The rally persisted despite firmer inflation data, underscoring that investor focus remained squarely on the AI growth narrative rather than near-term macro concerns or valuation. Against this backdrop, our SPY hedge, which is designed to contain portfolio-level moves and protect capital during market drawdowns, detracted as markets surged — a natural cost of maintaining a disciplined net exposure framework during a strong directional move higher that is driven by narrow breadth.