Zechariah Bin Zheng @FundManagerZech: "🫀 𝗪𝗲𝗲𝗸𝗹𝘆 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗛𝗲𝗮𝗿𝘁𝗯𝗲𝗮𝘁 —..."

Australia

🫀 𝗪𝗲𝗲𝗸𝗹𝘆 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗛𝗲𝗮𝗿𝘁𝗯𝗲𝗮𝘁 — 𝟭𝟬𝘁𝗵 𝗝𝘂𝗻𝗲 𝟮𝟬𝟮𝟲 🔍 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗿𝗲𝘃𝗶𝗲𝘄 This week included a deeper review of the portfolio. Performance has been weaker than expected recently, especially relative to a market that has continued to move higher in narrow areas. The review showed that some of the pressure came from individual stock issues, while a meaningful part also came from sector rotation and country-specific moves. This does not make the drawdown comfortable, but it does help separate position-level issues from broader rotation effects. e.g. $KWEB (KraneShares CSI China Internet) vs $NSDQ100 🔄 𝗪𝗵𝗮𝘁 𝗰𝗵𝗮𝗻𝗴𝗲𝗱 The portfolio will continue to be adjusted gradually. We are looking to reduce exposure in areas where positions have already performed well or where valuation support has become less attractive. At the same time, we are reviewing opportunities in more pressured areas where the recovery profile may offer better asymmetry, provided the underlying thesis remains intact. 🛡️ 𝗥𝗶𝘀𝗸 𝗽𝗼𝘀𝘁𝘂𝗿𝗲 The process remains valuation-led and risk-controlled. We are not making changes to chase the current market rally. Positioning will continue to be adjusted where valuation, downside risk, and expected return justify action. Cash and flexibility remain important, and deployment will remain gradual rather than rushed. No new macro views.

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

2 Mentioned

KWEB

KraneShares CSI China Internet

NSDQ100

NASDAQ100 Index (Non Expiry)

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