Miska Repo @mick_repo: "2025 YEAR END SUMMARY 2025 Performance @mick_repo:..."

Italy

2025 YEAR END SUMMARY 2025 Performance @mick_repo: +52.69% MSCI World Index: +21.09% S&P 500: +17.88% 2025 proved to be a very strong year, both in relative and absolute terms - particularly when viewed in the context of the portfolio’s relatively low risk and volatility profile. UK financials delivered solid performance, alongside several successful individual positions such as GSK in pharmaceuticals and our exposure to the UK housing market through Persimmon. Throughout the year, we also realized trading gains across various sectors, with the vast majority of positions closed at a profit. While we successfully avoided any major losses, a few holdings underperformed relative to my expectations - notably Newell Brands, Diageo, and Atkore. That said, each of these companies has identifiable potential catalysts heading into 2026, so I will monitor their development closely. Looking ahead, heightened global uncertainty - largely driven by geopolitical factors - should create possibilities to identify attractive asymmetric investment opportunities over the course of the year. As always, short-term market forecasting is challenging, but periods of elevated uncertainty have historically offered fertile ground for outperformance. Accordingly, the portfolio will be adjusted as compelling opportunities emerge, and all incoming dividends will be reinvested back into the markets at opportune moments. “The more confidence I have in each one of my stock picks, the fewer companies I need to own in my portfolio to feel comfortable.” — Joel Greenblatt Fair winds to everyone for 2026, and let’s have another good year in our compounding journey. Cheers, -Mick $SPX500

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

SPX500

SPX500 Index (Non Expiry)

7416.13

15.68 (0.21%)

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SPX500

SPX500 Index (Non Expiry)

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