Pietari Laurila
Pietari Laurila
United Arab Emirates
2mo
Edited
ᴡᴇᴇᴋʟʏ ᴜᴘᴅᴀᴛᴇ 27 ᴀᴘʀɪʟ 2026 The portfolio has lagged the index so far in 2026, in what has been a difficult environment for European cyclical stocks exposed to growth sentiment and higher energy prices. Several holdings in the portfolio have declined by 20% or more year to date. At the same time, US equities have performed strongly, supported by record profits from AI hardware companies and an economy that has remained resilient despite the recent Middle East energy shock. With the Strait of Hormuz still closed, over the past week I have made the portfolio more balanced, reducing some cyclical European exposure and increasing allocations to Healthcare and Energy. The aim is to run an all-weather portfolio for the time being, improving resilience if growth slows, while still retaining upside if conditions stabilise. If tensions in the Middle East gradually ease, some of the recent pressure on European equities and cyclical sectors could reverse quickly, particularly given how cautious investor sentiment towards the European economy has become. On the other hand, if Hormuz remains closed, cyclical sectors could stay under pressure, while Energy and defensive areas could continue to outperform. Alongside current holdings, I am monitoring selected commodity opportunities. Gold may benefit if geopolitical stress and fiscal concerns remain elevated, while agricultural commodities such as wheat appear to be emerging from a multi-year consolidation. Bank of America market strategist Michael Hartnett argued recently that commodities could be one of the most interesting areas of the global markets over the next few years. www.tradingview.com/news/gurufocus:e0a3a5b70094b:0-commodities-surge-35-as-bofa-flags-shift-from-stocks-in-anything-but-bonds-trade/ If supply shocks continue to shape the investment landscape of the 2020s, that view may well prove correct. 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗰𝗵𝗮𝗻𝗴𝗲𝘀 Kion, Deutsche Bank, Vonovia, Saint-Gobain, Gecina and Nestle were sold. Positions were opened in Roche, Sanofi, Repsol, Shell, Galp Energia, SAP and Reckitt Benckiser. 𝗖𝗼𝗻𝘁𝗮𝗰𝘁 www.triangulacapital.com 𝘛𝘩𝘪𝘴 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘰𝘯𝘭𝘺. 𝘐𝘵 𝘪𝘴 𝘯𝘰𝘵 𝘢𝘯 𝘰𝘧𝘧𝘦𝘳 𝘰𝘳 𝘳𝘦𝘤𝘰𝘮𝘮𝘦𝘯𝘥𝘢𝘵𝘪𝘰𝘯 𝘵𝘰 𝘣𝘶𝘺, 𝘩𝘰𝘭𝘥 𝘰𝘳 𝘴𝘦𝘭𝘭 𝘢𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵, 𝘯𝘰𝘳 𝘭𝘦𝘨𝘢𝘭, 𝘵𝘢𝘹, 𝘰𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘗𝘢𝘴𝘵 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦 𝘪𝘴 𝘯𝘰𝘵 𝘪𝘯𝘥𝘪𝘤𝘢𝘵𝘪𝘷𝘦 𝘰𝘧 𝘧𝘶𝘵𝘶𝘳𝘦 𝘳𝘦𝘴𝘶𝘭𝘵𝘴.
Not investment advice. The author may have financial interests in the mentioned instruments.
Commodities Surge 35% As BofA Flags Shift From Stocks In Anything But Bonds Trade
www.tradingview.com
The tone in markets may be starting to tilt. Bank of America NYSE:BAC strategist Michael Hartnett suggests commodities could be positioning for a stronger run into the back half of the decade, as investors continue to lean into the anything but bonds trade. While equities have led flows in recent y…
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