In the session where Blackfort Capital’s report titled “Beyond Borders: 2026 Global Investment Opportunities” was presented, global equity markets, US macroeconomic indicators, foreign exchange markets, commodities, and recent developments in metals were evaluated.
Çelik: “Geopolitical Optimism in Markets Triggered a Rapid V-Shaped Rally”
Presenting the section of the report on global markets and geopolitical developments, Blackfort Capital AG Türkiye Desk Head and Executive Director Seda Çelik noted that equity markets experienced a rapid V-shaped recovery following news of ceasefire talks between the United States and Iran. She highlighted that markets moved from their lowest levels to new record highs in just 13 trading days. Despite the rise in the S&P 500 index, she pointed out that the forward price-to-earnings (P/E) ratio remains at 21x, stating that current levels are far from a “bubble” and depend on whether companies can sustain this growth trajectory.
Addressing the uneven growth in corporate profitability, Çelik emphasized that earnings growth in the US is becoming increasingly unbalanced, sharing the following data:
“The growth dynamics of the group known as the Magnificent Seven are increasingly turning into a ‘Nvidia + 6’ model. In Q1 2026, the Magnificent Seven’s growth rate was 22.8%, but excluding Nvidia, this drops to 6.4%.”
Novikovs: “Industrial Metals Are at Their Highest Levels in 5 Years”
Providing analysis on commodity markets, currencies, and alternative investments, Blackfort Capital AG Chief Investment Officer (CIO) Olegs Novikovs stated that technical indicators suggest resistance breakouts. He noted that copper, zinc, aluminum, and nickel prices have reached their highest levels in five years, indicating further upside potential in this group. He added that the future dynamics of precious metals will continue to depend on global risk appetite and movements in the US dollar. Novikovs also stated that there is no clear trend in foreign exchange markets, noting that the dollar—strengthened by geopolitical risks in March—saw a slight decline toward the end of the month.
Evaluating the cryptocurrency market as well, Novikovs said that Bitcoin, which held above three key support levels in April, is expected to maintain its long-term upward trend as long as these levels are sustained. He also highlighted the historic drop in US consumer confidence, noting that it fell to 49.8—its lowest recorded level—and added that while such conditions have historically coincided with the end of recessions, they are not always sufficient to predict future outcomes.
Assets Under Management Reach 3 Billion Swiss Francs
According to corporate information shared at the summit, Blackfort Capital, founded in 2016 and headquartered in Zurich, manages approximately 3 billion Swiss francs (CHF) as of May 2026. The firm has a Turkish desk led by Seda Çelik, who previously gained experience at institutions such as Citibank and Akbank, while its management team also includes CIO Olegs Novikovs and Senior Client Relationship Manager Ksenia Solodnikova.
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