Maurizio Priamo @Maurizio_P: "📊 Subject: Weekly Performance Update..."

Italy

📊 Subject: Weekly Performance Update | May 18–22 Weekly performance 📈 Portfolio: +2.63% 📈 S&P 500: +0.79% ⭐ Out-performance: +1.84% Cumulative results May (MTD): +5.48% YTD 2026: +1.98% Last 2 years: +225% 🧠Market recap This week once again highlighted a dynamic we’ve been seeing for some time: markets remain strong on the surface, but increasingly fragile underneath. Equities continued to move higher, extending the positive trend driven by solid earnings and the ongoing AI-led momentum in mega-cap stocks. However, the path was far from smooth, with volatility picking up as macro pressures intensified. The key driver this week was the move in bond yields, which reached new yearly highs — reinforcing the idea that markets are adjusting to a “higher for longer” interest rate environment. At the same time, the macro backdrop is becoming more challenging: - inflation remains sticky - energy prices are influenced by geopolitical tensions - central banks are maintaining a cautious stance On the micro side, fundamentals remain solid — especially for large tech companies, which continue to deliver significantly stronger earnings growth compared to the broader market. However, this concentration also introduces fragility: a small group of stocks is driving a large part of the performance. We are moving from a liquidity-driven market to a selection-driven environment. This typically leads to: - higher dispersion between stocks - faster sector rotations - increased volatility, especially in crowded trades 🔎 Weekly movers It was also a very interesting week at the portfolio level, with clear internal dynamics: $PLTR (Palantir Technologies Inc.) (Palantir) Continues to benefit from the structural AI trend. The market is rewarding companies that can translate technological momentum into real revenue growth. $PST.MI (Poste Italiane) A key defensive position in the portfolio. In a higher-rate, more volatile environment, these names provide stability, cash flow visibility, and downside protection. $MU (Micron Technology, Inc.) Weakness appears mostly driven by short-term dynamics (profit-taking and elevated expectations), rather than a deterioration in the long-term outlook. The sector remains attractive but inherently more volatile. $GS (Goldman Sachs Group Inc) Financials are benefiting from higher rates. The current environment supports margins and trading activity, making the sector more attractive again. $INTC (Intel) / $AMD (Advanced Micro Devices Inc) Signs of recovery in “traditional” semiconductors. This could indicate an early stage rotation within the tech sector, after months dominated by pure AI names. $NVDA (NVIDIA Corporation) A healthy pullback after a strong rally. Still the clear leader in the AI space, but increasingly sensitive to interest rates and overall market sentiment. $ASML.NV (ASML Holding NV) One of the strongest structural plays in semiconductors. Continues to benefit from global capex in advanced chip manufacturing, with strong visibility and pricing power. Key takeaway: We’re not seeing money leaving the market — but rather a rotation and increasing selectivity within it. 🌍 Macro & geopolitical backdrop The macro environment continues to be shaped by three key forces: - Geopolitics (Middle East) → impacting energy prices and inflation - Inflation → still above target and more persistent than expected - Central banks → maintaining a cautious stance, with rates likely to stay restrictive for longer limited room for aggressive rate cuts in the short term continued volatility in bond markets more frequent shifts between risk-on and risk-off sentiment We don’t see an imminent recession scenario, but rather a less linear and more volatile market regime compared to the past year. ⚖️ Positioning No structural changes. I remain focused on a disciplined and consistent approach, avoiding short-term overreactions. In this environment, performance will increasingly depend on: - business quality - earnings growth - risk management 👥 Copiers & AUM - Copiers: 108 (stable) - AUM: €242,000 (+6k€) The steady increase in AUM is an important signal: it reflects growing confidence and stability in the investor base, even in a more complex market environment. The goal remains unchanged: delivering consistent, long-term performance. 🔭 Outlook The market remains balanced between two opposing forces: - on one side: higher rates, inflation, and geopolitical risks - on the other: strong earnings, AI momentum, and economic resilience Our approach remains unchanged: focus on stock selection, discipline, and risk management. Going forward, I expect: - higher short-term volatility - more selective opportunities - less beta, more alpha have a nice Week-end Maurizio $SPX500 $NSDQ100 $EURUSD

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