AllSeasonsPort @AllSeasonsPort: "𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟰 𝗔𝗹𝗹 𝗦𝗲𝗮𝘀𝗼𝗻𝘀 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼..."

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𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟰 𝗔𝗹𝗹 𝗦𝗲𝗮𝘀𝗼𝗻𝘀 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗦𝗻𝗮𝗽𝘀𝗵𝗼𝘁 We are moving into the last third of the first quarter of 2024, which means it is time to summarise the All Seasons Portfolio performance for February. The portfolio returned +1.48% over the month, which means we are up 10.7% in the last 6 months from the last trough. Over the last 12 months, we are also outperforming the “traditional” 60/40 Portfolio by almost 3 percentage points. A lot of this can be attributed to the weaker performance of long-term government bonds in recent months on the back of changes in market expectations of the development of interest rates. Namely, economic data with a bit stronger inflation than expected, as well as the economy being more resilient, suggest the first rate cuts are being continuously postponed. From the market having priced in the first cut in March in the autumn, this has now moved to early summer (at best), and we expect fewer rate cuts in 2024. Hence, the $TMF ETF (the 3x version of $TLT), which tracks the LT Treasury Bonds, has been the worst performer in the ASP over the past month. Its allocation is also in the territory that warrants rebalancing into bonds, but due to the weaker trend, we are waiting for a bit longer before adding to that sleeve. 𝗟𝗮𝘂𝗻𝗰𝗵 𝗼𝗳 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗘𝗧𝗙𝘀 𝗮𝗱𝗱 𝘁𝗼 𝗱𝗲𝗺𝗮𝗻𝗱 In the beginning of 2024, the SEC approved the launches of ETFs holding $BTC We are currently seeing a huge wave of inflow into these ETFs, meaning they need to acquire more of the cryptocurrency to hold. This increased demand pushes the BTC price upwards (further attracting investor demand). This has led to BTC rallying above the USD 60k mark, nearing the ATH from a few years ago. Despite the modest holding of $BTC and $ETH in the ASP, it still has helped returns over the past month, contributing with 2 percentage points of the overall performance. 𝗡𝗩𝗜𝗗𝗜𝗔 𝗯𝗿𝗶𝗹𝗹𝗶𝗮𝗻𝗰𝗲 𝗹𝗲𝗮𝗱𝗶𝗻𝗴 𝘀𝘁𝗼𝗰𝗸𝘀 𝘂𝗽𝘄𝗮𝗿𝗱 Stocks too saw a good month of returns in February. Much of this is of course attributable to the Magnificent Seven, with $NVDA (NVIDIA Corporation) leading the surge upwards, riding the AI wave. As these tech stocks are a heavy component of the $MTUM Momentum Factor ETF, this ETF has surged about 10% over the last 30 days, helping our portfolio’s stock sleeve to climb well. The return contribution (weight adjusted return) was 1.2%. 𝗚𝗼𝗹𝗱 𝘀𝘁𝗶𝗹𝗹 𝗮𝗿𝗼𝘂𝗻𝗱 𝗔𝗧𝗛 The price of $GOLD is still trading around its all-time high, albeit having traded sideways for the last 3 months. The price of USD 2,080/oz means the $IAU (and $GLD) ETF has been a welcomed constituent in our portfolio over the last year. As for other commodities, the Bloomberg Commodity Index (which we track with the $DJP ETF) has been in a negative trend for a bit more than 2 years already since the energy price peak just after Russia’s illegal invasion of Ukraine. We expect there to be good opportunities to rebalance into commodities in the near future, as these prices are rather cyclical in nature. Meanwhile, the first trial reporting window over EU’s new Carbon Border Adjustment Mechanism (CBAM) ended in January, with fewer companies reporting carbon emissions from imports outside the union. As this is tied to the Emissions Trading Scheme (ETS), it further fuels the importance and credibility of the carbon market. We expect this will over time have a positive impact on $KRBN, which we have been adding to over the past month. With that, I thank you for your kind attention and for your confidence in my portfolio management. I relentlessly continue on the set path and expect stable returns ahead. Kindest regards, Nicholas