Published Date: September 15, 2026
Author: HANetf
As we transition from summer into autumn, the US and Iran have transitioned from several quiet weeks to a resumption of hostilities, launching Brent crude on a nearly 5% jump on the first day of September. While the price remains well below the $118 peak of last April, at $95 it also stands above the ~$71 low of early July.[1] Last Spring we expressed doubt that the conflict would be resolved within the US administration’s stated timeline. With over five months having passed since the first attack was launched, and over a year since the administration claimed to have “obliterated” Iran’s nuclear program, Any firm prediction as to when the conflict may end would be highly uncertain. That implies uncomfortable possibilities for future oil prices, inflation and interest rates.
In August, the Saturna Al Kawthar Global Focused Equity UCITS ETF returned +3.0%, rebounding from July’s decline along with global markets but trailing comparable Islamic indices (like the iShares MSCI World Islamic UCITS ETF) that were buoyed by a rebound in energy stocks and various idiosyncrasies of the Islamic Index. Meanwhile, the ETF outperformed conventional global benchmarks (MSCI World Index). Technology stands as the largest sector exposure for the ETF, as well as the benchmarks and Saturna Al-Kawthar underperformed, almost entirely due to Microsoft’s 13% weight in the benchmarks (ISWD). The stock performed well with the software rebound described below. While we hold MSFT, along with SoftwareNow, SAP and Tyler Technology, all of which appreciated smartly, our combined software position stands at only ~8.4%. In July our Consumer Discretionary investments outperformed as the benchmark was pulled down by a declining Tesla, which we do not own. In August Tesla rebounded strongly. Conversely, our Industrial holdings, which dragged down July returns, rebounded while outperforming benchmark selections by 4.91%.[2]
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.
Following an ~18-month stint in the pain cave since the end of 2024, software companies demonstrated tenuous signs of reaching a bottom since the Spring. In August those signs developed into a full-fledged rally with the State Street Software & Services ETF leaping just shy of +15%. For some time, investors expressed concern that, rather than software eating the world, Artificial Intelligence (AI) would eat software. Consistently good results from software companies were ignored. How do we explain the change in attitude? A year and a half of stock price declines lowered valuations to attractive levels, while multiple consecutive quarters of good results likely buoyed spirits. That said, we believe investors were mainly attracted to software companies for what they are not – hyperscalers transitioning from asset light cash generative companies into asset heavy cash burning behemoths. As hyperscalers continue to ramp their capex commitments and software companies demonstrate they are facilitators rather than victims of AI, we expect the switch to persist.[3]
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
Past performance 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 and ETCs, your capital is at risk.
[1] https://oilprice.com/Latest-Energy-News/World-News/Brent-Hits-118-as-Hormuz-Shock-Blows-Out-Spread-With-WTI.html
[2] Source: Saturna Capital, LSEG. Data as of 31.08.2026
[3] Ibid
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