Birkoa Newsletter 54 (end May 2026)
Birkoa Investor Update — May 2026
End-of-April 2026 results (finalized), with a preliminary look at May and a 2- and 4-year anniversary review
Performance Snapshot
Both Birkoa funds extended their strong trajectories through the end of April 2026, and May has now closed with another exceptional month. The figures below build on the finalized end-of-April data; the preliminary May figures will be reflected in Preqin in the coming weeks.
| Fund | ITD net (through Apr 30) | May 2026 (preliminary, net) | ITD net (through May 31, preliminary) |
|---|---|---|---|
| Birkoa Max | 122.06% | +25%+ | ~180% |
| Birkoa Pro | 45.97% | +18%+ | ~72%+ |
May has officially ended, so we are sharing these preliminary net figures now; the official Preqin-reported numbers will follow in the coming weeks. All Birkoa figures are net of all fees.
Birkoa Max Global Macro Fund —
4-Year Anniversary
Birkoa Capital Partners, LP — inception 1 May 2022, finalized as at 30 April 2026
The Birkoa Max Global Macro Fund marks its four-year anniversary having delivered an inception-to-date return of 122.06%, net of all fees(money-weighted, per the fund's account statement) through end-April. With May's preliminary gain of more than 25% net, ITD now stands at approximately 180% net. Across measured horizons through April, the fund returned 71.68% over the trailing 12 months, 104.66% on a two-year cumulative basis (43.06% annualized), and 173.54% over three years (39.85% annualized). Risk-adjusted performance has remained consistently positive, with Sharpe ratios above 0.9 and Sortino ratios near or above 1.9 across all periods — reflecting that the majority of the fund's variability has come from upside rather than downside.
Performance vs. Indices (through 30 April 2026)
| Metric | Birkoa Max (NET) | S&P 500 (GROSS) | MSCI World (GROSS) | MSCI ACWI (GROSS) |
|---|---|---|---|---|
| 12-Month | 71.68% | 29.60% | 27.40% | 29.53% |
| 2-Year cumulative | 104.66% | 43.17% | 41.23% | 42.67% |
| 2-Year annualized | 43.06% | 19.67% | 18.85% | 19.46% |
| 3-Year cumulative | 173.54% | 72.78% | 64.08% | 63.67% |
| 3-Year annualized | 39.85% | 19.95% | 17.91% | 17.81% |
| ITD cumulative | 122.06% | 73.39% | 66.79% | 64.66% |
| ITD annualized | 22.07% | 14.77% | 13.66% | 13.30% |
Risk Metrics
| Metric | 12-Month | 2-Year | 3-Year |
|---|---|---|---|
| Sharpe Ratio | 1.50 | 1.04 | 0.91 |
| Sortino Ratio | 3.74 | 2.14 | 1.89 |
| Downside Deviation | 18.63% | 19.15% | 20.02% |
| Upside Deviation | 44.12% | 35.63% | 37.66% |
Birkoa Pro Global Macro Fund —
2-Year Anniversary
The Birkoa Pro Global Macro Fund, LP — inception 1 May 2024, finalized as at 30 April 2026
The Birkoa Pro Global Macro Fund reaches its two-year anniversary with an inception-to-date return of 45.97%, net of all fees (money-weighted, per the fund's account statement) through end-April. With May's preliminary gain of more than 18% net, ITD now stands at approximately 72%+ net. Through April, the fund returned 21.44% over the trailing 12 months and 45.99% on a two-year cumulative basis, equating to a 20.83% annualized return since inception. Risk-adjusted measures are solid for a two-year track record, with a two-year Sharpe of 0.83 and Sortino of 1.57, and an asymmetric profile favoring upside.
Performance vs. Indices (through 30 April 2026)
| Metric | Birkoa Pro (NET) | S&P 500 (GROSS) | MSCI World (GROSS) | MSCI ACWI (GROSS) |
|---|---|---|---|---|
| 12-Month | 21.44% | 29.60% | 27.40% | 29.53% |
| 2-Year cumulative | 45.99% | 43.17% | 41.23% | 42.67% |
| 2-Year annualized | 20.83% | 19.67% | 18.85% | 19.46% |
| ITD cumulative | 45.97% | 43.63% | 41.81% | 43.04% |
| ITD annualized | 20.83% | 19.89% | 19.13% | 19.64% |
Risk Metrics
| Metric | 12-Month | 2-Year |
|---|---|---|
| Sharpe Ratio | 0.76 | 0.83 |
| Sortino Ratio | 1.44 | 1.57 |
| Downside Deviation | 13.50% | 11.96% |
| Upside Deviation | 21.26% | 19.40% |
What's Driving Performance
The funds' recent strength has been led overwhelmingly by semiconductors — and within that, memory chips in particular, which have benefited from a sustained demand cycle tied to AI infrastructure buildout. The Philadelphia Semiconductor Index has surged roughly 70% in two months, nearing a record quarter.
Micron has been the standout. The stock crossed a $1 trillion market cap for the first time in late May, jumping ~19% in a single session after UBS nearly tripled its price target from $535 to $1,625, citing long-term memory contracts with partially fixed pricing. Micron is up more than 50% in the past month alone — an aggressive re-rating from a cyclical memory name toward a core AI-infrastructure supplier — with its entire 2026 high-bandwidth memory supply already sold out under fixed-price, long-term contracts. This is precisely the memory-demand thesis driving our semiconductor book. ARM remains a core holding and a continued beneficiary of the overwhelming demand we flagged in our January 2026 newsletter, where we reaffirmed staying the course in U.S. AI with no exits and adding on dips.
Of late, two enterprise earnings events have lifted the software names we still own. Dell surged roughly 30%+ post-earnings (intraday gains ran close to 40% on some desks) after raising full-year guidance, with its AI server backlog and traditional server revenue both growing sharply — a print that reinforced that AI hardware demand is accelerating, not slowing. Snowflake rocketed roughly 30–37% post-earnings on a 33% year-over-year revenue beat and an AWS chip-customer deal, marking its strongest sequential dollar growth on record. These moves drove the residual software book higher.
Consistent with the cautious software stance we laid out in January — where we acknowledged being "wrong on software as a sector" and began exiting weaker SaaS positions — our software exposure remains deliberately limited. Within that constrained sleeve, we have executed a measured rotation: taking profits in Datadog and redeploying a limited amount of capital into ServiceNow (enterprise SaaS) and ZScaler(cybersecurity / cloud). This is a selective reallocation toward higher-conviction enterprise software names rather than a broad re-expansion of software risk.
Notes & Disclosures
Max ITD annualized (22.07% net) is computed by annualizing the inception-to-date cumulative net return (122.06%) over the fund's four-year life; Preqin does not publish a since-inception annualized figure.
Birkoa figures are net of all fees; index figures are gross (price-return ETF proxies — SPY, URTH, ACWI).
May 2026 fund figures are preliminary and net; official Preqin-reported figures will follow in the coming weeks.
Through end-April, the broad indices outpaced Birkoa Pro on a trailing 12-month basis (S&P 500 at 29.60% vs. Pro at 21.44%), while Birkoa Max led comfortably at 71.68%.
Past performance is not indicative of future results. This update is for informational purposes only and does not constitute an offer to sell or a solicitation to buy any security.
Sincerely,
Pranjit K. Kalita
Chief Investment Officer