Davide Rinaldi @Karnikh: "ℚ𝟙 𝟚𝟘𝟚𝟝 ℙ𝕖𝕣𝕗𝕠𝕣𝕞𝕒𝕟𝕔𝕖 ℝ𝕖𝕧𝕚𝕖𝕨 ᴍᴀʀᴄʜ ᴘᴇʀꜰᴏʀᴍᴀɴᴄᴇ:..."

United Kingdom

ℚ𝟙 𝟚𝟘𝟚𝟝 ℙ𝕖𝕣𝕗𝕠𝕣𝕞𝕒𝕟𝕔𝕖 ℝ𝕖𝕧𝕚𝕖𝕨 ᴍᴀʀᴄʜ ᴘᴇʀꜰᴏʀᴍᴀɴᴄᴇ: -𝟧.𝟨% ʏᴇᴀʀ-ᴛᴏ-ᴅᴀᴛᴇ: -𝟣𝟢.𝟫𝟦% 𝟣-ʏᴇᴀʀ ʀᴇᴛᴜʀɴ: +𝟣𝟪.𝟨𝟫% 𝟤-ʏᴇᴀʀ ʀᴇᴛᴜʀɴ: +𝟨𝟧.𝟫𝟦% 𝟧-ʏᴇᴀʀ ʀᴇᴛᴜʀɴ: +𝟥𝟢𝟪.𝟦% Dear Copiers and Followes, The start of 2025 brought heightened market volatility, with the portfolio declining -𝟓.𝟔% in March, contributing to a year-to-date drawdown of -𝟏𝟎.𝟗𝟒%. However, zooming out provides important perspective: over the past 6 months, the portfolio is up 𝟖.𝟗𝟔%, and more importantly, over the last 10 years, my investments have more than tripled in value. This long-term growth has been driven in part by an early and significant position in cryptocurrencies, which I have since strategically rebalanced, starting in 2020, into a broader mix of stocks and ETFs. While crypto remains a meaningful component of the portfolio, today my approach emphasizes stability and diversification, aligned with the ultimate goal: a secure retirement over a 10-year horizon. 𝙄𝙣 𝙘𝙤𝙢𝙥𝙖𝙧𝙞𝙨𝙤𝙣, the $SPX500 declined approximately 2.2% in March and is down around 5.5% year-to-date, while the $UK100 recorded a modest gain of 1.1% in March and remains roughly flat for the year. Over the last 6 months, both indices have shown moderate gains—with the S&P 500 up around 4.1% and the FTSE 100 up approximately 2.8%—𝙗𝙪𝙩 𝙤𝙪𝙧 𝙥𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤 𝙝𝙖𝙨 𝙤𝙪𝙩𝙥𝙚𝙧𝙛𝙤𝙧𝙢𝙚𝙙 𝙩𝙝𝙚𝙢 𝙗𝙤𝙩𝙝 𝙞𝙣 𝙩𝙝𝙖𝙩 𝙢𝙚𝙙𝙞𝙪𝙢-𝙩𝙚𝙧𝙢 𝙬𝙞𝙣𝙙𝙤𝙬. ꜱᴛʀᴀᴛᴇɢɪᴄ ᴏᴜᴛʟᴏᴏᴋ While the post-election market boost in the U.S. was initially promising, the economic tone shifted as tariff rhetoric turned into policy. These protectionist measures are now visibly impacting both the U.S. economy—to which I am still overexposed—and the broader global outlook. As I grow increasingly concerned about the direction of U.S. economic policy, I plan to gradually reduce my U.S. market exposure in favor of more promising global opportunities. That said, I remain open to identifying selective buying opportunities in high-quality U.S. companies that I believe are well-positioned to withstand the current turmoil and thrive over the long term. This will be a careful and conviction-driven process, focused on value and resilience. ʟᴏɴɢ-ᴛᴇʀᴍ ᴘʜɪʟᴏꜱᴏᴘʜʏ & ᴅɪᴠᴇʀꜱɪꜰɪᴄᴀᴛɪᴏɴ I approach this journey with a decade-long horizon, aiming not for quarter-to-quarter perfection but for compounding wealth over time. As mentioned, you can track my live portfolio performance here: bullaware.com/etoro/karnikh. In addition to my primary focus on the markets, I diversify into 𝙧𝙚𝙖𝙡 𝙚𝙨𝙩𝙖𝙩𝙚, 𝙛𝙞𝙣𝙚 𝙬𝙞𝙣𝙚, 𝙖𝙣𝙙 𝙬𝙝𝙞𝙨𝙠𝙮 𝙘𝙖𝙨𝙠 𝙞𝙣𝙫𝙚𝙨𝙩𝙢𝙚𝙣𝙩𝙨—alternative assets that help balance traditional volatility. With this diversified yet return-focused mindset, I am comfortable weathering larger drawdowns in bearish cycles in order to capture stronger gains during bullish periods. Thank you for your continued trust and support as I work toward our long-term goals. I remain fully committed to navigating these markets with discipline, insight, and patience. Warm regards, Davide $VOO (Vanguard S&P 500 ETF) $LGEN.L (Legal & General) $BCS (Barclays PLC-ADR) $FSLR (First Solar, Inc.) $NVDA (NVIDIA Corporation) $AZN (AstraZeneca PLC ADR) $GOOG (Alphabet) $GBPUSD

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