Luca Meier @LucaMeier: "📊 Daily Portfolio Update Tuesday, May..."

Switzerland

📊 Daily Portfolio Update Tuesday, May 26, 2026 🌎 MACRO The Iran conflict remained the central macro driver today, but the mood reversed from last week's optimism. U.S. military strikes on Iran dialled back peace hopes, pushing Brent crude up more than 3% and reigniting inflation fears. $GOLD fell more than 1% to around $4,527 per ounce as markets priced in a higher-for-longer Fed rate path. New Fed chair Kevin Warsh, sworn in last Friday, faces a market now pricing in a 25bp rate hike by December. UBS cut its year-end gold price target by $400 to $5,500. [1] Wall Street rose despite the geopolitical noise, lifted by tech and AI names. European equities gave up some recent gains as energy prices weighed on sentiment. The gold miners in the portfolio, which had surged last week on peace-deal optimism, pulled back as the macro narrative reversed sharply today. [1] 📈 PORTFOLIO $EC (Ecopetrol SA-ADR) surged 8.4% today after announcing it had launched a voluntary tender offer on Brazil's B3 exchange to acquire approximately 25% of Brava Energia at R$23.00 per share - a premium of roughly 20.9% over Brava's 90-day volume-weighted average price. The offer is part of a broader transaction announced in April that would give Ecopetrol a 51% controlling voting interest in the Brazilian energy company. The tender offer window runs until June 25, 2026. [2] $BP.L (BP) fell 4.6% after its board announced the immediate removal of Chairman Albert Manifold, citing serious concerns related to governance standards, oversight and conduct. Manifold, who had only taken the chair role in October and already received below-average shareholder support at the last AGM, was replaced on an interim basis by Ian Tyler. The move is BP's third chairman change in under three years and reignited governance concerns at the company just as it was beginning to gain credit for its strategic refocus on oil and gas. [3] $ZM (Zoom Video Communications Inc) fell 4.3% despite reporting strong Q1 results that beat earnings expectations by a wide margin, with notable momentum in AI-powered tools. The sell-off was driven by conservative full-year guidance that signalled a potential second-half slowdown, which Citi analysts flagged as the key concern. The position remains profitable from our entry and the long-term AI product story stays intact. [4] Gold miners (JNUG, NUGT, Eldorado Gold, Kinross, AngloGold Ashanti) all reversed last week's gains as the Iran peace trade unwound and gold sold off on rising rate expectations. This is the other side of the same coin - when peace hopes faded and oil shot back up, inflation-driven rate fears weighed on non-yielding gold and hit the leveraged miners hardest. We remain long the sector with conviction. [1] 📋 TRADES Two new long positions were opened since the last report: $0700.HK (Tencent) was opened on May 21 at HK$440.40. Tencent is one of the most dominant technology and gaming platforms in the world, and the position reflects our ongoing constructive view on quality Chinese internet names trading at a discount to global peers. $2331.HK (Li Ning Co Ltd) was opened today at HK$17.97. Li Ning is a leading Chinese sportswear brand that has been under pressure in recent months. The entry here is contrarian - the brand is profitable, has a strong domestic following, and we believe the valuation has overcorrected relative to its fundamentals. SOURCES: [1] www.cnbc.com/2026/05/26/gold-falls-as-renewed-us-iran-tensions-dampen-peace-hopes-clouds-interest-rate-outlook.html [2] www.prnewswire.com/news-releases/ecopetrol-advances-in-the-acquisition-of-an-equity-stake-in-brava-energia-sa-through-the-launch-of-a-tender-offer-in-brazil-302781391.html [3] www.cnbc.com/2026/05/26/bp-chair-albert-manifold-removed-conduct-governance-issues.html [4] seekingalpha.com/news/4596888-zoom-gains-momentum-on-new-products-provides-conservative-guide-citi

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