π π’π‘π§πππ¬ π¨π£πππ§πβ¨β¨
Markets began January with constructive but more discerning sentiment, as investors weighed improving growth expectations against pockets of stretched valuation. A notable theme during the month was renewed optimism around a potential memory βsupercycleβ, driven by AI-related demand and signs of inventory normalisation across the semiconductor supply chain. This supported strength in select hardware and memory-exposed names, though broader participation remained selective.β¨
Entering into February, our top position $PYPL (PayPal Holdings) detracted from performance following its earnings release, as softer near-term guidance and competitive concerns weighed on sentiment despite ongoing margin discipline and progress on cost controls. We continue to view the longer-term risk-reward as attractive, but near-term execution will remain closely monitored.β¨
Defensive exposures and hedges again provided ballast during periods of market recalibration. The portfolio enters February balanced, with upside optionality and prudent risk management amid evolving macro and sector dynamics.
Best Regards
Ann... Show More
Not investment advice. The author may have financial interests in the mentioned instruments.
We use our own and third-party cookies on our websites to enhance your experience, analyze traffic, and for security and marketing. For more info, see our Cookie Policy or go to Manage Settings.
Privacy Preference Center
When you visit any website, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalized web experience. Because we respect your right to privacy, you can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, blocking some types of cookies may impact your experience of the site and the services we are able to offer.
More information
Manage Consent Preferences
Strictly Necessary Cookies
Always Active
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. These cookies do not store any personally identifiable information.
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not know when you have visited our site, and will not be able to monitor its performance.
Functional Cookies
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
Cookie List
label
ConsentLeg.Interest
label
label
label
Sun Aug 09 2026 17:17:56 GMT+0000 (Coordinated Universal Time)
