Published Date: June 29, 2026
Author: HANetf
In May, the Saturna Al Kawthar Global Focused Equity UCITS ETF returned +3.53%, which would typically be considered a solid month, especially following last month’s double-digit return. Regardless, performance trailed that of global Islamic and conventional benchmarks. The largest performance drag relative to Islamic indices occurred within the technology sector, where we are now underweight relative to Islamic global benchmarks. That is a recent development, and a large part of the reason has been the soaring prices of memory stocks. Micron, which we do not own, carries a weight above 3% in the index[1] and appreciated nearly 90% during the month.[2] Another significant headwind was Microsoft’s +10% return in May.[3] While not a large stock move, MSFT carries a 12% weight1 in the benchmark, while we hold just under 3%. Consumer Discretionary stock selection was another pain point as Autozone and Lowe’s both declined during the month while Tesla, the largest index component in the sector, appreciated by double-digits.[4] For a variety of reasons, we consider Tesla inappropriate for the portfolio. In Industrials, the second largest fund exposure, our selection was good, but the overall sector declined during the month. Finally, our Healthcare selections registered a positive return, while the sector declined.
Please note that all performance figures are showing net data. Past performance is not indicative of future performance and when you invest in ETFs your capital is at risk.
One of the more interesting developments of late has been Alphabet’s decision to raise $80 billion in funding for future AI deployment through equity rather than debt.[5] Or, perhaps more interesting has been the reaction. GOOGL has been no stranger to bond markets with total debt soaring from $13.6 billion at the end of 2024 to $51 billion at year end 2025, according to company accounts.[6] But when it comes to equity, the tumultuous nature of the issue strike us as curious given that an integral function of stock markets is to raise capital from large groups of investors to fund large investments. Additionally, at the current level of interest rates, equity is a less expensive form of capital raising for a company trading at ~25x 2026 consensus EPS estimates. Alphabet earned a seal of approval through a $10 billion private placement to Berkshire Hathaway and was likely encouraged to move ahead of IPOs by SpaceX and Anthropic.[7] While the arguments for equity capital raising are solid, the required funds illustrate how the asset-light, high return on capital companies of yore are morphing into more capital-intensive enterprises. They also raise the question of the investor reaction if Alphabet, as seems likely, fails to generate positive free cash flow in 2027. In the past, we have commented on the law of power nature of AI where the vast majority of returns are likely to accrue to a small number of winners. Under such a scenario, companies have little choice but spend what they must to become one of the few. The scenario is positive for the purveyors of AI picks & shovels in the short to medium term but does raise the question of whether eventual returns will support overall investment?
AMAL (Fund)1M2.99%3M-0.21%6M6.42%YTD11.54%12M16.65%3Y59.20%Since Inception (28/09/2020)55.12%
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31.08.2026
Performance before inception is based on back-tested data. Backtesting is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs your capital is at risk.
[1] https://www.blackrock.com/uk/individual/products/251394/ishares-msci-world-islamic-ucits-etf
[2] https://app.koyfin.com/charts/g/eq-7n04a1
[3] https://app.koyfin.com/charts/g/eq-kuqeq3
[4] https://app.koyfin.com/charts/g/eq-ra2wdk
[5] https://abc.xyz/investor/news/news-details/2026/Alphabet-Announces-Proposed-80-Billion-Equity-Capital-Raise-to-Expand-AI-Infrastructure-and-Compute-2026-b0myAMewCa/default.aspx
[6] https://abc.xyz/investor/
[7] https://finance.yahoo.com/markets/stocks/articles/berkshire-hathaway-just-agreed-put-223100530.html
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