Stewart Fitzell @defense_investor: "𝗠𝗮𝗿𝗸𝗲𝘁 & 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗨𝗽𝗱𝗮𝘁𝗲: 𝗙𝗿𝗼𝗺..."

Ireland

𝗠𝗮𝗿𝗸𝗲𝘁 & 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗨𝗽𝗱𝗮𝘁𝗲: 𝗙𝗿𝗼𝗺 𝗦𝗵𝗼𝗰𝗸 𝘁𝗼 𝗥𝗲𝗽𝗿𝗶𝗰𝗶𝗻𝗴 𝗧𝗟;𝗗𝗥 / 𝗦𝘂𝗺𝗺𝗮𝗿𝘆 We’ve moved from the initial shock phase of the Iran conflict into a phase where markets are starting to price the real economic impact. Oil and gas remain elevated, pushing markets into a risk-off environment. I’m holding more cash than usual (~34%) and maintained exposure to energy and defence and gold / silver to manage this. 𝗢𝗶𝗹 & 𝗟𝗡𝗚 𝗖𝗿𝗶𝘀𝗶𝘀 Disruption around the Strait of Hormuz continues to tighten global energy markets. This is no longer just an oil story - LNG flows and wider industrial supply chains are also under pressure, particularly in Asia. That’s increasing competition for supply and keeping both oil and gas prices elevated. A potential escalation could further worsen this. 𝗠𝗮𝗰𝗿𝗼 & 𝗠𝗮𝗿𝗸𝗲𝘁 𝗜𝗺𝗽𝗮𝗰𝘁 Energy feeds into almost everything. As oil and gas remain elevated, inflation forecasts are being revised higher — with OECD projections pointing toward ~4%+ inflation across major economies while growth forecasts are being revised down, with global growth expected to slow to around 2.9% this year. That combination is now feeding directly into markets. Higher costs are reducing consumer spending power, while tighter financial conditions and rising borrowing costs are adding further pressure. We’re seeing that shift clearly: higher-risk and consumer-driven stocks are under pressure, while energy and defence are holding up better in general. Sentiment remains cautious, with markets reacting quickly to headlines as expectations adjust. 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗣𝗼𝘀𝗶𝘁𝗶𝗼𝗻𝗶𝗻𝗴 Over recent weeks I’ve reduced downside risk and increased flexibility. I’m holding a larger-than-normal cash position (~34%) and maintaining exposure to energy, gold, silver and defence to help manage volatility in this environment. This isn’t about predicting exact outcomes, it’s about being prepared and staying agile. The key uncertainty now is duration and escalation. If disruption continues, or if the US becomes more deeply involved militarily, energy markets could tighten further, increasing pressure on both inflation and growth. For now, I’m staying patient, disciplined, and ready to act as clearer opportunities develop. Have a good weekend. 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. $RHM.DE (Rheinmetall AG) $GLD (SPDR Gold) $SLV (iShares Silver Trust) $OIL $NATGAS

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