Stewart Fitzell @defense_investor: "𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗨𝗽𝗱𝗮𝘁𝗲 -𝙃𝙖𝙨 𝙩𝙝𝙚 '𝙂𝙧𝙚𝙖𝙩 𝘿𝙞𝙫𝙚𝙧𝙜𝙚𝙣𝙘𝙚'..."

Ireland

𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗨𝗽𝗱𝗮𝘁𝗲 -𝙃𝙖𝙨 𝙩𝙝𝙚 '𝙂𝙧𝙚𝙖𝙩 𝘿𝙞𝙫𝙚𝙧𝙜𝙚𝙣𝙘𝙚' 𝘼𝙧𝙧𝙞𝙫𝙚𝙙? Markets have been relatively stable this week. The 0.25% interest rate cut by the U.S. Federal Reserve was widely anticipated, leaving little in the way of immediate reaction. Focus is now shifting toward what comes next. The U.S. Federal Reserve is also purchasing around $40 billion per month in Treasury bills, however this does not amount to quantitative easing. Combined, this may lead to renewed higher inflation, so it's a space I'm watching carefully. This portfolio’s steady recovery from the November pullback continues. 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚 𝙞𝙨 +𝟭.𝟲% 𝙨𝙤 𝙛𝙖𝙧 𝙩𝙝𝙞𝙨 𝙢𝙤𝙣𝙩𝙝 𝙖𝙣𝙙 +𝟯𝟮.𝟰% 𝙮𝙚𝙖𝙧-𝙩𝙤-𝙙𝙖𝙩𝙚, compared with +16.5% for the S&P 500 YTD. ▪️𝗧𝗵𝗲 𝗚𝗿𝗲𝗮𝘁 𝗗𝗶𝘃𝗲𝗿𝗴𝗲𝗻𝗰𝗲? Beneath the surface, markets are becoming more selective. Investors are still backing AI-driven growth and big tech, but with greater scrutiny, while interest is starting to return to value stocks and non-tech sectors such as industrials. Some are calling this the 'Great Divergence'. From the perspective of 𝙩𝙝𝙞𝙨 𝙥𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤, this shift (even if temporary) is evident with some of the larger technology positions remaining flat following the November pullback. 𝙄 𝙧𝙚𝙢𝙖𝙞𝙣 𝙘𝙤𝙢𝙛𝙤𝙧𝙩𝙖𝙗𝙡𝙚 𝙬𝙞𝙩𝙝 𝙩𝙝𝙖𝙩 𝙛𝙤𝙧 𝙣𝙤𝙬, because the growth trajectory in AI looks intact well into 2026: This is where much capital investment is being made and strong earnings continue. The question of course is for how long, which is something I am also watching carefully. I 𝙘𝙤𝙣𝙩𝙞𝙣𝙪𝙚 𝙩𝙤 𝙝𝙤𝙡𝙙 𝙙𝙚𝙛𝙚𝙣𝙨𝙞𝙫𝙚 𝙖𝙨𝙨𝙚𝙩𝙨 across industrials, defense, financials, & pharmaceuticals, & maintain a cash reserve of ~8% with markets again at all time highs. It is these more defensive positions that have performed better recently, including $CRH.L , $RHM.DE (Rheinmetall AG) , and $WSLV.L (WisdomTree Core Physical Silver UCITS ETF) (silver). As we move toward the end of the year, I’m preparing my 𝟮𝟬𝟮𝟲 𝙊𝙪𝙩𝙡𝙤𝙤𝙠, which I’ll publish in the coming weeks. Have a great weekend! 👍 Please like, comment & share - this really helps. Regards, Stewart ⚠️ Risk Warnings: Copy Trading does not amount to investment advice | Your capital is at risk | The value if your investments may go up or down. | Past performance is not indicative of future results.

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

2 Mentioned

RHM.DE

Rheinmetall AG

WSLV.L

WisdomTree Core Physical Silver UCITS ETF

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