Simone Rizzetto @SimoneRizzetto88: "📊 PORTFOLIO UPDATE: Semi Selloff,..."

Italy

📊 PORTFOLIO UPDATE: Semi Selloff, Biotech Momentum, and Rising Geopolitical Risk 🚀 Two weeks since the last update and markets have been anything but quiet. The semiconductor sector suffered one of its sharpest selloffs in years amid high expectations and strong job market, and geopolitical tensions in the Middle East resurfaced. Portfolio holding relatively steady despite the volatility. YTD +8.26%, MTD -1.75%. 📌 Macro The macro backdrop remains challenging. The 10-year Treasury is hovering around 4.5%, inflation remains sticky, and the Fed continues to signal a higher-for-longer stance. Geopolitical tensions escalated again after Israel and Iran exchanged fresh strikes over the weekend, effectively breaching the previous ceasefire. Oil briefly surged before retreating as both sides signaled a temporary halt to further military operations. The situation continues to be a key source of market volatility. 📌 Pharma: FDA Progress and Analyst Support ➤ $MRK (Merck & Co.): FDA granted Breakthrough Therapy Designation for calderasib plus KEYTRUDA in KRAS-mutated NSCLC. The Gardasil settlement resolved the vast majority of remaining liability claims, while UBS upgraded the stock to Buy. My position is now up nearly 50% since entry. ➤ $PFE (Pfizer): Phase 2b berobenatide obesity data demonstrated strong weight-loss efficacy with a tolerability profile comparable to leading GLP-1 therapies. Analysts continue to see significant upside from the obesity franchise, while the dividend yield remains highly attractive. 📌 Biotech: Commercial Progress and Pipeline Execution ➤ $IOVA (Iovance Biotherapeutics Inc.): Received conditional approval in Australia for Amtagvi in advanced melanoma, marking the third major regulatory authorization following approvals in the United States and Canada. The stock gained over 15% during the period as analysts reiterated positive outlooks. ➤ $CTMX (CytomX Therapeutics Inc): Expanded its collaboration with Regeneron through additional bispecific antibody programs, receiving a new payment and reinforcing the long-term value of the partnership. The company's cash position continues to provide runway well into 2028. 🚀 Tech: Semiconductor Reset ➤ $AMD (Advanced Micro Devices Inc): Fell sharply during the June 5 semiconductor selloff despite maintaining strong growth expectations. Current guidance still points to robust revenue expansion driven by AI and data center demand. ➤ $TSM (Taiwan Semiconductor Manufacturing Co Ltd - ADR): Pulled back following a strong rally to new highs. Management continues to highlight persistent AI-related capacity constraints, reinforcing the strength of long-term demand for advanced semiconductor manufacturing. 📌 My Stance The semiconductor selloff appears to be more about expectations resetting than a deterioration in underlying AI demand. While markets reacted aggressively to Broadcom's guidance, the long-term drivers of AI infrastructure spending remain intact. More importantly, the recent spike in geopolitical risk and Nasdaq volatility has highlighted the value of diversification. Despite significant turbulence across technology and growth stocks, the portfolio experienced only a mild drawdown, substantially less severe than many pure technology portfolios and $NSDQ100 . The healthcare allocation continues to provide resilience through a combination of dividends, cash flows, regulatory milestones, and pipeline progress, while selective exposure to AI infrastructure maintains participation in one of the strongest secular growth trends in the market. YTD performance remains solid at +8.26%. In an environment defined by AI enthusiasm, interest-rate uncertainty, and renewed Middle East tensions, preserving capital while continuing to compound remains the primary objective. $SPX500 $NSDQ100

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