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

Italy

Subject: Weekly Performance Update | May 11–15 Weekly performance 📉 Portfolio: -2.60% 📈 S&P 500: +0.31% ⭐ Out-performance: -2.91% Last 12 months 📈 Portfolio: +41.2% 📈 S&P 500: +24.34% ⭐ Out-performance: +16.86% Cumulative results - May (MTD): +5.60% - YTD 2026: +2.08% - Last 2 years: +226% At first glance, this week might seem a bit “odd”: the market is up, but the portfolio is down. In reality, the explanation is quite simple: not the whole market moved higher, only a very specific part of it did. The rally was driven almost entirely by a few mega-cap AI-related stocks, while several sectors — utilities, energy, healthcare — actually closed in negative territory. So yes, the index went up… but beneath the surface, the picture was much more mixed. The portfolio is intentionally built to be balanced, not to chase every short-term move. This means we maintain exposure to defensive and quality names ($ENEL $PST.MI (Poste Italiane) $GS (Goldman Sachs Group Inc)), keep diversification and hedges in place, and avoid concentrating the portfolio in a small number of highly speculative stocks. In a week like this, where performance is driven by a handful of names, this approach tends to underperform in the short term. In addition, the macro environment is not helping reduce dispersion. It has been quite a “noisy” week, with: - inflation data coming in above expectations - interest rates still elevated and uncertainty around the Fed - ongoing geopolitical tensions Oil, in particular, experienced strong moves linked to developments in the Middle East, increasing overall market volatility. The result is greater dispersion across sectors and stocks — and in this environment, not everything moves in the same direction. ⚖️ Positioning No structural changes. The portfolio remains aligned with the strategy: - core exposure to AI & tech (without excessive concentration) - quality and defensive stocks - hedging through gold and a controlled allocation to crypto It’s a balance designed to navigate multiple market scenarios, not just the current one. 👥 Copiers & AUM - Copiers: 108 (stable) - AUM: €236,000 (-6k) A normal move, consistent with a negative week following a positive phase. 🔭 Outlook The underlying trend remains positive, but the market is evolving: less “easy”, more selective, and increasingly dependent on a few key drivers. This is exactly the kind of environment where it’s important not to distort the strategy just to chase short-term performance. Maurizio ___________________ Disclaimer: Copy Trading is not investment advice | Capital at risk | Past performance is not indicative of future results ___________________ $SPX500 $NSDQ100 $NVDA (NVIDIA Corporation) $MSFT (Microsoft) $AMZN (Amazon.com Inc) $GER40

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