Alfonso Fernandez Pajuelo @JAGOPER: "Hello everyone. Sharing my November..."

Peru

Hello everyone. Sharing my November update. In November, the portfolio gained 0.5%, slightly outperforming the SPY (+0.07%). The index started the month under pressure due to a strong sell-off in tech stocks but recovered toward the end, supported by expectations of rate cuts and strength in non-tech sectors. As mentioned in a previous post, I have been increasing exposure to defensive sectors, which delivered attractive returns: $XLV (State Street Health Care Select Sector SPDR ETF) (+9.16%) and $XLP (State Street Consumer Staples Select Sector SPDR ETF) (+3.61%). However, part of this upside was offset by the performance of several key holdings such as Disney, PayPal, and UNH—positions I continue to hold based on their fundamentals and valuations. In addition, I took profits on stocks that had rallied and started buying on weakness in solid companies such as $META (Meta Platforms Inc), $NVDA (NVIDIA Corporation), and $NFLX (Netflix, Inc.) . My portfolio’s exposure to the technology sector relative to the SPY remains relatively low, as I maintain a moderate allocation and a controlled beta. However, I see opportunities emerging. These companies are beginning to show more reasonable valuations and can be relevant long-term holdings due to their leadership in AI, digital advertising, and global content, making them strategic components of a diversified portfolio. I will continue monitoring the performance of these companies and other major tech names to identify opportunities to add or increase positions in my portfolio.