Georgios Fatouros @GeorgeFatouros: "📊 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗨𝗽𝗱𝗮𝘁𝗲 & 𝗠𝗮𝗿𝗸𝗲𝘁..."

Greece

📊 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗨𝗽𝗱𝗮𝘁𝗲 & 𝗠𝗮𝗿𝗸𝗲𝘁 𝗢𝘂𝘁𝗹𝗼𝗼𝗸 – 𝗠𝗮𝘆 𝟮𝟬𝟮𝟲 Hello everyone, April delivered one of the strongest months we've had — both for the market and for our portfolio. With Q1 earnings surprising sharply to the upside and the AI infrastructure thesis getting fresh validation, the tape rewarded staying invested. 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗨𝗽𝗱𝗮𝘁𝗲 • 𝗔𝗽𝗿𝗶𝗹: portfolio +𝟭𝟰.𝟱% vs $SPY (State Street SPDR S&P 500 ETF) +~𝟴.𝟳% — strong outperformance in a strong market • 𝗬𝗧𝗗: portfolio +𝟯𝟭% — well ahead of the benchmark, at fresh ATHs 𝗥𝗲𝗯𝗮𝗹𝗮𝗻𝗰𝗲 𝗗𝗲𝘁𝗮𝗶𝗹𝘀 (𝗠𝗮𝘆 𝟰) Our AI system rotated 𝟳 𝗼𝘂𝘁 𝗼𝗳 𝟭𝟬 positions this month, retaining conviction in our top winners while moving out of pharma, tobacco and retail to fund a fresh set of names better aligned with the current regime. The new stock picks sit across three working themes: • 𝗔𝗜 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 / 𝗽𝗶𝗰𝗸𝘀-𝗮𝗻𝗱-𝘀𝗵𝗼𝘃𝗲𝗹𝘀 — supply-chain exposure to the data-center and storage buildout • 𝗦𝘂𝗽𝗽𝗹𝘆-𝘀𝗵𝗼𝗰𝗸 𝗵𝗲𝗱𝗴𝗲𝘀 — selective commodity/input exposure to diversify drivers if energy stays sticky • 𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 𝗯𝗮𝗹𝗹𝗮𝘀𝘁 — quality cash-flow names in food retail, telecom, and financials, well-suited to a European backdrop facing both Chinese import pressure and US tariff headwinds 𝗠𝗮𝗰𝗿𝗼 𝗖𝗼𝗻𝘁𝗲𝘅𝘁: 𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝘁-𝗯𝘂𝘁-𝗙𝗿𝗮𝗴𝗶𝗹𝗲 • 𝗤𝟭 𝗲𝗮𝗿𝗻𝗶𝗻𝗴𝘀 came in exceptionally strong: blended EPS growth at 𝟮𝟳.𝟭% (vs ~𝟭𝟯% entering the season), the sixth consecutive quarter of double-digit growth, with 𝘁𝗲𝗰𝗵 𝗱𝗿𝗶𝘃𝗶𝗻𝗴 ~𝟴𝟬% 𝗼𝗳 𝘂𝗽𝘀𝗶𝗱𝗲 (sector profits +𝟰𝟱% YoY). This materially validates our AI infrastructure positioning. • 𝗜𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 has re-accelerated on the Middle East energy shock — headline CPI 𝟯.𝟯% in March, gasoline +𝟭𝟴.𝟵%, energy costs +𝟭𝟮.𝟱%. The Fed is on hold at 𝟯.𝟱𝟬–𝟯.𝟳𝟱% with ~𝟵𝟵% market-implied probability of no change in May • 𝗨𝗦-𝗖𝗵𝗶𝗻𝗮 𝗿𝗲𝗮𝗹𝗶𝗴𝗻𝗺𝗲𝗻𝘁 is now the dominant geopolitical story: bilateral trade volumes are down ~𝟯𝟬%, Chinese exporters are cutting prices to find new markets, and the EU is in a double squeeze from Chinese import competition and US tariff pressure. 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗖𝗵𝗮𝗿𝗮𝗰𝘁𝗲𝗿 This rotation deliberately adds more 𝗿𝗲𝗴𝗶𝗺𝗲 𝘀𝗲𝗻𝘀𝗶𝘁𝗶𝘃𝗶𝘁𝘆: returns will be more responsive to energy headlines, inflation prints, AI capex momentum, and trade-policy headlines than the prior mix. We accept that in exchange for participating in AI-led upside while keeping diversification across drivers with strong conviction from our AI models. 𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵𝗽𝗼𝗶𝗻𝘁𝘀 𝗮𝗵𝗲𝗮𝗱 • 𝗧𝗿𝘂𝗺𝗽-𝗫𝗶 𝘀𝘂𝗺𝗺𝗶𝘁 (𝗺𝗶𝗱-𝗠𝗮𝘆): any framework on tech restrictions or tariff de-escalation could re-price AI supply chain names quickly • 𝗙𝗲𝗱 𝗖𝗵𝗮𝗶𝗿 𝘁𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻 (𝗠𝗮𝘆): Powell's term expires this month — new leadership could shift the reaction function, particularly if inflation stays elevated and labor cools • Whether the energy shock becomes embedded in core inflation • 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗺𝗮𝗿𝗴𝗶𝗻𝘀: persistent inflation and higher-for-longer rates squeezing pricing power and lifting financing costs into H2 • AI capex pace: financing, political, and energy constraints — @GeorgeFatouros

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

2 Mentioned

SPY

State Street SPDR S&P 500 ETF

GeorgeFatouros

Georgios Fatouros

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