OTP USA Equity Fund – EUR

The aim of the fund is to provide a longer-term investment opportunity for forint, US dollar or euro funds that participate in the performance of US equity markets. The fund is managed with an active investment policy, investing assets in equities listed on US stock exchanges based on fundamental, technical and quantitative analysis. The fund may also use derivative instruments for hedging and efficient portfolio management purposes. Monthly statement Macro Environment: In May 2026, the U.S. stock market continued to strengthen despite geopolitical risks. The S&P 500 index rose by ~5% and reached a new all-time high, with technology stocks leading the gains (Nasdaq ~+8% month-over-month) on the back of an AI-driven earnings boom. At the same time, the macroeconomic backdrop became more tense: in April, annual inflation jumped to 3.8% (a 3-year high), mainly due to oil prices driven up by