Chart of the Month: Diver­gences in the techno­logy sector

At first glance, the techno­logy sector appears stable. However, a diffe­ren­tiated view shows a clear diver­gence within the sector. While semicon­ductor and infras­truc­ture stocks continue to show strength, tradi­tional software and cyber­se­cu­rity stocks are clearly lagging behind. Capital is there­fore no longer just rotating between sectors, but incre­a­singly also within the techno­logy sector.
Chart-of-the-Month-Technologie-Sektor-April-2026

Hawk-eye signal: recogni­zing diver­gences within a sector

When a sector diverges intern­ally, clear relative trends emerge:

  • Leading stocks reach new highs and confirm their strength
  • Weaker stocks show no sustained momentum despite recovery attempts

In this environ­ment, relative strength provides the decisive indica­tion of where capital is actually flowing.

This is precisely where the syste­matic approach of the Hawk-Eye certi­fi­cate comes in:

  • The price serves as an objec­tive decision filter
  • Imple­men­ta­tion is rule-based when adding to and removing from positions
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Positio­ning in the current environ­ment

  • Overweight in struc­tu­rally strong infras­truc­ture and semicon­ductor stocks
  • Under­weight in tradi­tional software and cyber­se­cu­rity stocks with a weak momentum profile

Since March, the Hawk-Eye certi­fi­cate has been positioned in the follo­wing securi­ties, among others:

Nebius Group, Marvell Techno­logy, Intel, Vertiv Holdings, Jabil

Portrait Manuel Schmedler

Would you like to find out more?

Do you have any questions about the Chart of the Month or would you like to find out more about our Hawk-Eye strategy? Our fund manager, Manuel Schmedler, looks forward to hearing from you.

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Disclaimer

This document has been prepared for marke­ting and infor­ma­tional purposes only and does not consti­tute an offer or a solici­ta­tion to subscribe for, purchase, or sell units of this invest­ment fund. It does not consti­tute invest­ment advice. Only the current fund documents (in parti­cular the prospectus and the Key Infor­ma­tion Document (KID)) are legally binding. Past perfor­mance is not a reliable indicator of future results. Images: Marijke Vosmeer, Luzia Hunziker, Jürg Kaufmann, iStock, Unsplash / Graphics: Tareno AG, Bloom­berg