Lubomir Kramar @onk342: "𝐌𝐨𝐧𝐭𝐡𝐥𝐲 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐔𝐩𝐝𝐚𝐭𝐞 𝐃𝐞𝐚𝐫 𝐜𝐨𝐩𝐢𝐞𝐫𝐬 𝐚𝐧𝐝..."

Poland

Edited

𝐌𝐨𝐧𝐭𝐡𝐥𝐲 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐔𝐩𝐝𝐚𝐭𝐞 𝐃𝐞𝐚𝐫 𝐜𝐨𝐩𝐢𝐞𝐫𝐬 𝐚𝐧𝐝 𝐟𝐨𝐥𝐥𝐨𝐰𝐞𝐫𝐬, With a return of over +10%, May has been a strong month for our portfolio. European defense companies such as $RHM.DE (Rheinmetall AG) $AM.PA (Dassault Aviation SA) $BA.L (BAE Systems plc ) $LDO.MI (Leonardo SpA) and $QQ.L (QinetiQ Group PLC) continued to perform well. They were joined by a rebound in several of our top U.S. and international positions, including $GOOGL (Alphabet Inc Class A) $TSM (Taiwan Semiconductor Manufacturing Co Ltd - ADR) and $CROX (Crocs Inc) While most current holdings have delivered very satisfying results, I remain open to rebalancing the portfolio—potentially increasing exposure to short-term bonds or undervalued companies, should the right opportunities arise. Key changes in May included: • Opening a new position on $DECK (Deckers Outdoor Corp) • Starting to build-up a $INPST.NV (InPost SA) position • Adding to our $GOOGL (Alphabet Inc Class A) holding • Gaining exposure to $GLD (SPDR Gold) and $IB01.L (iShares $ Treasury Bond 0-1yr UCITS ETF) I've also shared some deeper thoughts on selected portfolio companies and my valuation process through long-form dives. You’ll find the link to the most recent one in the comments—it’s free, so check it out. Best regards, LK $SPX500 (SPX500 Index (Non Expiry)) $NSDQ100 (NASDAQ100 Index (Non Expiry)) $GER40 (GER40 Index (Non Expiry)) $UK100 (UK100 Index (Non Expiry)) $FRA40 (FRA40 Index (Non Expiry))