Disruptive Stocks Strategy @II-Disruptive: "Portfolio review H1/2025 Equity markets reached..."

Smart Portfolio

Portfolio review H1/2025 Equity markets reached new record highs at the end of June. Interest rates have continued to decline, and emerging risks have yet to materialize in the markets. Our @II-Disruptive Portfolio has also performed well. During the first half of the year, the portfolio delivered a return of over 13%, compared to a return of approximately 8% for the Nasdaq 100 Index and about 6% for the S&P 500 Index. Over the past month, equity market returns have been driven almost entirely by the technology sector and communication services stocks. Semiconductor stocks, along with AI-related names, have been the best-performing areas of the market. Below are the one-month returns of our largest holdings: $ORCL (Oracle Corporation) +27% $TSM (Taiwan Semiconductor Manufacturing Co Ltd - ADR) +28% $AMD (Advanced Micro Devices Inc) +30% $PANW (Palo Alto Networks) +4% $AVGO (Broadcom Inc) +12% $NVDA (NVIDIA Corporation) +17% The strong performance has led to increased position weights in these names within the portfolio. As a result, we will likely need to trim some of these positions to maintain balanced risk exposure. Proceeds from these reductions will be held in cash to allow us flexibility to make purchases at more attractive valuations, should the opportunity arise. Historically, the coming months have tended to be among the weaker periods for equity markets, and a modest correction would be welcome. For the moment, however, overall market sentiment remains positive.