Dmitrii Ishutin
United Kingdom
8m
As we wrap up the month, here’s a concise check-in on the core parts of my portfolio and what I’m watching next. UK REITs (PHP, SGRO). Rates have eased from the peak but long gilts remain elevated, so listed property is still range-bound. Within that, logistics and primary-care assets continue to show the best resilience. I’m treating both positions as steady, income-led holds while waiting for clearer relief in funding costs. US duration (TMF). The long end remains choppy as the market balances cooling inflation with supply/term-premium nerves. I still view TMF as a contrarian hedge on eventual cuts and a softer growth pulse. Biotech (NTLA). Execution, not headlines, drives value here. The late-stage pipeline continues to progress and the balance sheet looks adequate. This stays a high-risk, high-reward, long-duration hold. Restaurants (JACK). Turnaround thesis intact: portfolio pruning, potential asset sales, and digital mix improvements. Near-term prints may stay messy, but deleveraging is the key metric I’m watching. Fintech (PYPL). Recent results showed operational improvement and tighter cost control. The focus now is sustaining branded checkout engagement and margin rebuild while the macro stays uneven. Next month, for REITs, I’m watching UK CPI and the gilt curve - any drift lower in long rates could let multiples breathe. For TMF, upcoming inflation and labour data (plus central-bank signalling) are the swing factors.
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