Francisco Jose Ortiz @FranciscoOrtiz13: "📊 𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟲 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗥𝗲𝘃𝗶𝗲𝘄 February:..."

Georgia

📊 𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟲 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗥𝗲𝘃𝗶𝗲𝘄 February: -6.19% YTD: -3.37% Yes, we're underperforming $VT.US (Vanguard Total World Stock ETF) It was a tough month. Let’s explain why. 🔻 𝗪𝗵𝗮𝘁 𝗛𝗮𝗽𝗽𝗲𝗻𝗲𝗱 If you look at the top holdings individually, you would think the portfolio had a double-digit drawdown. Big Tech was hit hard: $GOOG (Alphabet) $META (Meta Platforms Inc) $AMZN (Amazon.com Inc) (increased) $MSFT (Microsoft) (increased) 1️⃣ 𝗔𝗜 𝘃𝘀 𝗦𝗼𝗳𝘁𝘄𝗮𝗿𝗲 𝗡𝗮𝗿𝗿𝗮𝘁𝗶𝘃𝗲 The market moved from “AI will increase margins” to “AI capex will destroy free cash flow” to "AI will eat software". Large investments in data centers and AI infrastructure created fear about short-term margins. Valuations compressed fast. Many software companies went down after every new AI feature announcement on X. In my view, in most cases, this was mostly due to multiple compressions and speculation, not business deterioration. That’s why I increased: - Microsoft around 400 - Amazon below 200 Not because I think it’s the bottom. But because long term, those levels look attractive to me. 🇧🇷 𝗕𝗿𝗮𝘇𝗶𝗹 𝗧𝗿𝗮𝗱𝗲 𝗥𝗲𝘃𝗲𝗿𝘀𝗮𝗹 January was very strong for Brazil. February reversed part of that move. This affected: $MELI (MercadoLibre Inc) $NU (Nu Holdings Ltd.) The businesses did not break. It was positioning and momentum cooling off. 🇨🇳 𝗖𝗵𝗶𝗻𝗮 & 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗥𝗶𝘀𝗸 $TCOM declined due to Chinese government investigations. That is political risk. It creates volatility, but it does not automatically destroy the business thesis. In fact, I continue to think Trip.com is the best OTA in the world by a mile (Westerners just don't know about it yet). 🏢 𝗦𝗣𝗚𝗜 𝗡𝗮𝗿𝗿𝗮𝘁𝗶𝘃𝗲 𝗢𝘃𝗲𝗿𝘀𝗵𝗼𝗼𝘁 $SPGI (S&P Global Inc) fell under the idea that AI will replace information businesses. SPGI is financial infrastructure, a high-quality business with a wide moat. These narratives often oversimplify complex businesses. 🟢 𝗪𝗵𝗮𝘁 𝗛𝗲𝗹𝗽𝗲𝗱 Not everything was negative. - ANTA Sports performed really well. - Emaar Development continued to grow strong (although I'm expecting a huge downturn tomorrow due to the Middle East conflict). - $SU (Suncor Energy Inc.) also had a strong month and, - $ETOR (eToro Group LTD) reacted well after earnings. 𝗚𝗹𝗼𝗯𝗮𝗹 𝗱𝗶𝘃𝗲𝗿𝘀𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗿𝗲𝗱𝘂𝗰𝗲𝗱 𝘁𝗵𝗲 𝗶𝗺𝗽𝗮𝗰𝘁. If this had been only US Tech, performance would have been worse. 🔄 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗠𝗼𝘃𝗲𝘀 I opened new positions during weakness and closed $CVX. Everything is now visible in the new “𝗥𝗲𝗰𝗲𝗻𝘁 𝗧𝗿𝗮𝗱𝗲𝘀” section on my profile. Full transparency. 🧠 𝗕𝗶𝗴 𝗣𝗶𝗰𝘁𝘂𝗿𝗲 February was: - Multiple compression - Rotation - Narrative-driven volatility Not thesis destruction. This portfolio is built for: - Long-term investing (years, decades) - Geographic diversification - Quality businesses - Rational capital allocation ⚠️ 𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸 I expect more volatility. The escalation in the Middle East conflict adds uncertainty. When uncertainty rises: - Risk appetite falls - Volatility increases That’s normal. To everyone who continues trusting me and copying the strategy: 𝘁𝗵𝗮𝗻𝗸 𝘆𝗼𝘂! It’s easy to trust in green months. Real long-term investing is built in red months. We stay disciplined. We stay diversified. We stay long-term.

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