Matthew Richards @capimatt: "📊 Weekly Update | Sniper..."

United Kingdom

📊 Weekly Update | Sniper Strategy Hi all 👋 Another difficult week for the portfolio, and there’s no point pretending otherwise. Broad market weakness continued throughout the week, with gold extending its pullback, Bitcoin remaining under pressure and several defensive names continuing to trade well below recent highs. Performance this year has clearly been disappointing. However, we’re only halfway through the year, and market cycles rarely move in a straight line. Six months can make an enormous difference in investing, particularly during periods of heightened volatility. That’s why my focus remains firmly on the long term rather than reacting emotionally to short-term price movements. ────────────────────────── 📉 Market Update Markets continue to wrestle with the same macro themes we’ve been discussing over recent months: • Higher-for-longer interest rate expectations • Slowing global growth • Geopolitical uncertainty • Continued volatility across both equities and commodities Perhaps the most frustrating aspect has been that both growth assets and traditional defensive assets have weakened together. Normally you’d expect money to rotate into safer areas. Instead we’ve seen weakness across much of the market, making diversification feel less effective in the short term. Fortunately, markets don’t stay in these environments forever. ────────────────────────── 🪙 Bitcoin $BTC Bitcoin remains one of the most closely watched positions in the portfolio. Price action has undoubtedly been weak, but what’s becoming increasingly interesting is what we’re seeing beneath the surface. A number of widely followed on-chain indicators continue to move into areas that have historically been associated with periods of long-term value rather than market excess. Metrics such as MVRV, Realised Price and other valuation measures suggest much of the speculative excess from the previous cycle has now been worked out of the market. That doesn’t guarantee an immediate recovery. Markets can remain oversold for longer than anyone expects. But historically, these have been the periods where patient investors have been rewarded over the years that followed. ────────────────────────── 🥇 Gold & Healthcare $GLD (SPDR Gold) $MCK (McKesson Corp) $LLY (Eli Lilly & Co) Gold has also experienced a significant correction after a very strong run earlier in the year. From a technical perspective, momentum has become increasingly stretched to the downside, with gold now approaching oversold conditions not seen for several years. Meanwhile, McKesson continues to trade well below where the underlying fundamentals of the business would suggest. The market can remain pessimistic for a while, but quality businesses don’t suddenly become poor businesses simply because their share price falls. Both Gold and McKesson remain important components of the long-term strategy and continue to provide diversification alongside the portfolio’s growth assets. ────────────────────────── 🔄 Portfolio Progress I also continue to make gradual progress toward the portfolio structure I’ve discussed over recent weeks. Rather than making wholesale changes during periods of weakness, I’m continuing to rotate patiently as opportunities arise. Where possible, I’m avoiding crystallising unnecessary losses simply to reach target allocations more quickly. The objective remains the same: • Diversified long-term growth • Lower overall drawdowns • Better risk-adjusted returns • A smoother experience for copiers throughout the market cycle Good portfolio management is often about patience rather than constant activity. ────────────────────────── 🎯 Looking Ahead The second half of the year could look very different from the first. Historically, some of the strongest recoveries have begun when sentiment was at its weakest and confidence was at its lowest. No one can predict exactly when markets will turn. But we can control how we prepare for that moment. That’s why I’m remaining disciplined, continuing to rebalance methodically and focusing on assets that I believe offer attractive long-term value rather than chasing whatever happens to be working today. ────────────────────────── 📈 Current Snapshot • This Month: -5.66% • YTD: -6.61% • 2-Year Return: +17.77% • 5-Year Return: +97.63% • Annualised Return: +11.64% Short-term performance has been disappointing, but the long-term track record remains intact. Thank you to everyone who continues to place their trust in the strategy. As always, I’ll continue managing the portfolio with discipline, patience and a long-term mindset. Have a great week all 👍 — Matt (@capimatt)

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