Vladyslav Koptiev @AtlasCapital: "𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝘂𝗽𝗱𝗮𝘁𝗲 - 𝗠𝗮𝗿𝗰𝗵 𝟮𝟬𝟮𝟲 AtlasCapital..."

Malta

𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝘂𝗽𝗱𝗮𝘁𝗲 - 𝗠𝗮𝗿𝗰𝗵 𝟮𝟬𝟮𝟲 AtlasCapital March -2.08% SP500 March -5% AltasCapital YTD -4.9% SP500 March -4.3% At Atlas Capital, we continue to accumulate significant cash balances that we will deploy rapidly once a market opportunity arises. I generally consider the beginning of a bear market as an appropriate opportunity. Some people will call it market timing, but that’s a misunderstanding. What looks like timing is simply valuation-driven positioning: when valuations stretch, I get defensive; when they become attractive, I deploy cash. Crashes tend to follow periods of unsustainable valuations, and while I never try to predict the exact moment, I’m comfortable waiting - sometimes for a long time. I began positioning defensively in 2025 and am still waiting for a meaningful drawdown. This isn’t market timing, but a disciplined positioning. Although SPX briefly fell to -20% during overnight trading in April 2025, the last “official” bear market was recorded in 2022. Meaning it’s been four years since the last bear market. Hopefully, we don’t have to wait much longer, as bear markets typically happen every 4 to 7 years on average. A lot is happening geopolitically, but we don’t pay too much attention to such events. These always happened in the past and will happen in the future, and we don’t want to be distracted from our main goal, which is to accumulate wealth and buy back our time. Therefore, nothing much was done on the portfolio side. Wise investors should refrain from selling stocks at this point in time. Doing nothing is the best way in most situations, especially in this one. I am patiently waiting for a larger S&P drawdown and already have some ideas for where to deploy capital, but selling is definitely not on the agenda in the current environment. 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀 ➖ No sales during the period ➕ Bought META, MSFT. Opted to invest in two companies with wide moats that are trading below their fair value. For both companies, we performed a valuation model before initiating a position. ➕ Added BIL, PRAB. These government bond ETFs will be sold once the bear market kicks in, but in the meantime they will provide a cover against inflation. It is very similar to our other position SHY, for which an article was released on my page earlier. 𝗦𝘁𝗿𝗲𝘀𝘀 𝘁𝗲𝘀𝘁 If $SPX500 collapses by 50%, our portfolio is expected to drop by 22%. 𝗛𝗼𝗹𝗱𝗶𝗻𝗴𝘀 𝗮𝘀 𝗼𝗳 𝟬𝟯/𝟬𝟰/𝟮𝟬𝟮𝟲: BIL 17% PRAB 13% SHY 7% $EVO.ST (Evolution AB ) 4% $UNH (UnitedHealth) 4% FTSL 4% BKLN 4% ADBE 3% USMV 3% SPHD 3% NVO 3% $PNDORA.CO (Pandora A/S) 3% PYPL 3% IEI 3% LQD 3% EGBN 2% $LULU (Lululemon Athletica Inc) 2% MBIN 2% NVDA 2% PDD 2% WKL 2% Other 10% 𝗕𝗿𝗲𝗮𝗸𝗱𝗼𝘄𝗻 𝗯𝘆 𝘀𝗲𝗰𝘁𝗼𝗿/𝗮𝘀𝘀𝗲𝘁 𝗰𝗹𝗮𝘀𝘀 Cash and equivalents – 39% Bonds ETF – 15% Consumer Cyclical – 12% Financials – 8% Low volatility ETF – 8% Technology – 8% Healthcare – 7% Industrials – 2% Thanks for reading my letter. I hope to see you in the next post. Vlad.

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