Maurizio Priamo @Maurizio_P: "Subject: weekly performance update 25-29..."

Italy

Subject: weekly performance update 25-29 May Strong acceleration this week. I’m closing the week with performance clearly above the market and, more importantly, with the portfolio reaching a new all-time high. - Portfolio +4.38% - S&P 500 +1.46% - outperformance +2.9%. On the market side, the environment remains constructive. US indices continue to trade near their highs, supported by improving expectations on the geopolitical front, lower energy prices, and, above all, continued strength in AI-related stocks. At the same time, market performance is becoming increasingly concentrated: only a few areas are driving most of the move, and this is something I am closely monitoring. Looking at the portfolio, the result is not simply due to “the market going up,” but rather to maintaining exposure aligned with what is currently working. The key factor has been staying positioned along the main drivers (particularly growth/tech), while avoiding weaker areas that are less supported by the macro backdrop. In weeks like this, performance is driven less by being invested and more by where you are invested. The fact that the portfolio is now at all-time highs is consistent with this approach: not the result of a single bet, but of a disciplined and incremental portfolio construction process. What I want to emphasize is that the process remains unchanged. I don’t chase the market during accelerating phases; instead, I aim to stay aligned with trends that show continuity, while maintaining discipline on risk. In an environment where many things are working, it becomes even more important not to increase risk indiscriminately. In the coming weeks, I’m focusing on three key elements: market concentration, the evolution of inflation and Fed expectations, and the sustainability of the current momentum after several consecutive positive weeks. My stance remains constructive, but selective. The objective is not to capture every short-term move, but to continue building performance consistently over time, avoiding excess risk. Have a nice week end Maurizio $NSDQ100 $SPX500 $EURUSD $OIL $MSFT (Microsoft)

Not investment advice. The author may have financial interests in the mentioned instruments.