Peter Ahl @Wealthbystrategy: "🌎 𝙈𝙖𝙮 𝟮𝟬𝟮𝟲 - 𝙈𝙤𝙣𝙩𝙝𝙡𝙮..."

Sweden

🌎 𝙈𝙖𝙮 𝟮𝟬𝟮𝟲 - 𝙈𝙤𝙣𝙩𝙝𝙡𝙮 𝙣𝙚𝙬𝙨𝙡𝙚𝙩𝙩𝙚𝙧 💲 𝙒𝙚𝙖𝙡𝙩𝙝𝙗𝙮𝙨𝙩𝙧𝙖𝙩𝙚𝙜𝙮 𝙔𝙏𝘿 𝟭𝟯,𝟬% (𝙈𝙖𝙮 𝟱,𝟭%) SP500 ( $SPX500 ) YTD 10,7% (May 5,2%) Risk May: 4/10 ________________________ 💹 𝙈𝙖𝙧𝙠𝙚𝙩 𝙍𝙚𝙘𝙖𝙥 May was another strong month for equity markets, led mainly by AI-related companies, semiconductors and large-cap technology. Investor sentiment was supported by resilient economic data and a solid earnings season, which helped the S&P 500 and Nasdaq reach new highs. At the same time, the rally was not without risks. Higher Treasury yields, elevated oil prices, inflation concerns and uncertainty around Iran and the Strait of Hormuz created short periods of volatility. This made the market more selective. 𝘾𝙤𝙢𝙥𝙖𝙣𝙞𝙚𝙨 𝙬𝙞𝙩𝙝 𝙨𝙩𝙧𝙤𝙣𝙜 𝙜𝙧𝙤𝙬𝙩𝙝, 𝙘𝙡𝙚𝙖𝙧 𝘼𝙄 𝙚𝙭𝙥𝙤𝙨𝙪𝙧𝙚 𝙖𝙣𝙙 𝙨𝙤𝙡𝙞𝙙 𝙜𝙪𝙞𝙙𝙖𝙣𝙘𝙚 𝙬𝙚𝙧𝙚 𝙧𝙚𝙬𝙖𝙧𝙙𝙚𝙙, 𝙬𝙝𝙞𝙡𝙚 𝙬𝙚𝙖𝙠𝙚𝙧 𝙢𝙖𝙧𝙜𝙞𝙣𝙨 𝙤𝙧 𝙘𝙖𝙪𝙩𝙞𝙤𝙪𝙨 𝙤𝙪𝙩𝙡𝙤𝙤𝙠𝙨 𝙬𝙚𝙧𝙚 𝙥𝙪𝙣𝙞𝙨𝙝𝙚𝙙 𝙦𝙪𝙞𝙘𝙠𝙡𝙮. 💼 𝙋𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤 𝘼𝙘𝙩𝙞𝙫𝙞𝙩𝙮 For the portfolio, May was active and constructive. 𝙎𝙚𝙫𝙚𝙧𝙖𝙡 𝙝𝙤𝙡𝙙𝙞𝙣𝙜𝙨 𝙧𝙚𝙥𝙤𝙧𝙩𝙚𝙙 𝙨𝙩𝙧𝙤𝙣𝙜 𝙧𝙚𝙨𝙪𝙡𝙩𝙨, 𝙞𝙣𝙘𝙡𝙪𝙙𝙞𝙣𝙜 𝙋𝙖𝙡𝙖𝙣𝙩𝙞𝙧, 𝘿𝙖𝙫𝙚, 𝘼𝙧𝙞𝙨𝙩𝙖 𝙉𝙚𝙩𝙬𝙤𝙧𝙠𝙨, $APP (Applovin Corp) 𝙖𝙣𝙙 𝙀𝙭𝙚𝙡𝙞𝙭𝙞𝙨, which supported the long-term investment case, even if reactions remained selective due to high expectations. I also made some changes. 𝙄 𝙘𝙡𝙤𝙨𝙚𝙙 𝙤𝙪𝙧 𝙥𝙤𝙨𝙞𝙩𝙞𝙤𝙣 𝙞𝙣 $IDCC (InterDigital Inc.) 𝙖𝙛𝙩𝙚𝙧 𝙖 𝙫𝙚𝙧𝙮 𝙨𝙩𝙧𝙤𝙣𝙜 𝙥𝙚𝙧𝙞𝙤𝙙 𝙖𝙣𝙙 𝙧𝙚𝙖𝙡𝙞𝙯𝙚𝙙 𝙖 𝙨𝙪𝙗𝙨𝙩𝙖𝙣𝙩𝙞𝙖𝙡 𝙥𝙧𝙤𝙛𝙞𝙩, as the longer-term outlook appeared less clear. I reduced and later sold United States Lime & Minerals, and also trimmed Arista Networks, mainly because valuations had become more stretched after strong share price performance. Instead, 𝙄 𝙖𝙙𝙙𝙚𝙙 𝙩𝙤 $MU (Micron Technology, Inc.) . 𝙄 𝙨𝙩𝙞𝙡𝙡 𝙫𝙞𝙚𝙬 𝙈𝙞𝙘𝙧𝙤𝙣 𝙖𝙨 𝙖𝙩𝙩𝙧𝙖𝙘𝙩𝙞𝙫𝙚𝙡𝙮 𝙫𝙖𝙡𝙪𝙚𝙙 relative to current and expected earnings, with strong exposure to memory, high-bandwidth memory and AI-related demand. $NVDA (NVIDIA Corporation) `s report was 𝙩𝙝𝙚 𝙢𝙤𝙨𝙩 𝙞𝙢𝙥𝙤𝙧𝙩𝙖𝙣𝙩 𝙥𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤 𝙚𝙫𝙚𝙣𝙩 𝙤𝙛 𝙩𝙝𝙚 𝙢𝙤𝙣𝙩𝙝 𝙖𝙣𝙙 𝙨𝙩𝙧𝙚𝙣𝙜𝙩𝙝𝙚𝙣𝙚𝙙 𝙢𝙮 𝙥𝙤𝙨𝙞𝙩𝙞𝙫𝙚 𝙫𝙞𝙚𝙬. Deckers remains a high-quality company, but I’m more cautious due to margin pressure and slower domestic growth. Alibaba and BK Technologies also reported, with Alibaba offering AI and cloud exposure, while BKTI continues to offer profitable niche growth. Looking into June, I’ll keep focusing on earnings quality, valuation discipline and risk balance. Key macro data, the Fed meeting and further AI-related reports may influence sentiment, but my GARP approach remains unchanged: 𝙤𝙬𝙣 𝙨𝙩𝙧𝙤𝙣𝙜 𝙘𝙤𝙢𝙥𝙖𝙣𝙞𝙚𝙨 𝙬𝙝𝙚𝙣 𝙜𝙧𝙤𝙬𝙩𝙝, 𝙥𝙧𝙤𝙛𝙞𝙩𝙖𝙗𝙞𝙡𝙞𝙩𝙮 𝙖𝙣𝙙 𝙫𝙖𝙡𝙪𝙖𝙩𝙞𝙤𝙣 𝙨𝙩𝙞𝙡𝙡 𝙢𝙖𝙠𝙚 𝙨𝙚𝙣𝙨𝙚. _________________________________________________ 📈 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙮 𝙃𝙞𝙨𝙩𝙤𝙧𝙮 𝘾𝙪𝙢𝙪𝙡𝙖𝙩𝙞𝙫𝙚 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚 & 𝙍𝙞𝙨𝙠 𝙨𝙞𝙣𝙘𝙚 𝙞𝙣𝙘𝙚𝙥𝙩𝙞𝙤𝙣 (𝟯𝟭 𝘿𝙚𝙘𝙚𝙢𝙗𝙚𝙧 𝟮𝟬𝟮𝟯) Number of months: 29 Annualised return (CAGR): 28,7% Volatility: 15,1% Sharpe: 1,66 ______________________________________________ 𝘾𝙖𝙡𝙚𝙣𝙙𝙖𝙧 𝙔𝙚𝙖𝙧 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚 2025 𝙒𝙚𝙖𝙡𝙩𝙝𝙗𝙮𝙨𝙩𝙧𝙖𝙩𝙚𝙜𝙮 𝟭𝟰,𝟱% / (SP500 SPX 16,4%) 2024 𝙒𝙚𝙖𝙡𝙩𝙝𝙗𝙮𝙨𝙩𝙧𝙖𝙩𝙚𝙜𝙮 𝟰𝟮,𝟭% / (SP500 SPX 23,3%) Past performance is not indicative of future results. ________________________________ 💪 Portfolio winners 1 month (Holdings throughout the month) MU +88 % APP +37 % LLY +18 % 👎 Portfolio losers 1 month (Holdings throughout the month) BKTI -14 % ANET -8 % BABA -6 % 💲 Other assets, performance (Holdings throughout the month); GLD (SPDR Gold) (Gold) –1,5 %. ___________________________ 🆕 New holdings added during the month; None ⚠️ Exits during the month; IDCC USLM ______________________________ #️⃣ Number of holdings by month end: 25 (14 stocks, 11 ETFs) Cash position by month end: 12,7% _______________________________ Thanks for copying and your continued trust! 🙂

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