ACM-NL @ACM-NL: "Dear Copiers and Followers, For the..."

Netherlands

Dear Copiers and Followers, For the month September '24 we have just updated the portfolio. Rotating those shares that are no longer Outperform with new ones that have become Outperform and making other changes when necessary. This month we are buying just a few new shares. $CMG (Chipotle Mexican Grill Inc) (Chipotle Mexican Grill Inc) and $NOC (Northrop Grumman Corp) (Northrop Grumman Corp). This month Sells are $AVOL.ZU (Avolta AG) (Avolte AG), $IHG (InterContinental Hotels Group PLC-ADR) (Intercontinental) and $ZIL2.DE (ElringKlinger) (ElringKlinger). These shares have gone from Outperform to Neutral. Given that Momentum remains positive we also have a tilt towards higher beta shares. August started with a lot of turbulence with a huge sell off of equities in Japan after the JCB increased interest after a very long time. This affected the carry trades and domestic switching of equities for bonds. This reverberated in all equity markets aground the world. The market regained most of the losses during the rest of August. The IT sector is still in a state of flux with a further sell off of $NVDA. We are well spread across all sectors and move up and down with these swings in a dampened fashion. Special interest goes out to $ULVR.L (Unilever) , where I had the opportunity to meet the CEO at an investors day and was strongly impressed by his vision and 'get-up-and-go' manner. It looks like it is bearing fruit and we are happy to have this company in portfolio. Great to notice that every single year that we have been active has been a positive result for the year. Green candles for 2021, the very difficult year 2022, 2023 and now 2024. Building a portfolio that can handle all market conditions and remains flexible is key.

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CMG

Chipotle Mexican Grill Inc

NOC

Northrop Grumman Corp

AVOL.ZU

Avolta AG

IHG

InterContinental Hotels Group PLC-ADR

ZIL2.DE

ElringKlinger

ULVR.L

Unilever