Thomas Parry Jones @thomaspj: "Subject: Market Summary Dear investors, We start..."

United Kingdom

Subject: Market Summary Dear investors, We start the week with the market broadly flat, following a week where the $SPX500 fell 1.4%. Portfolio performance has also pulled back - February currently sits at -3.75%, bringing YTD to -4.6%. While short term performance is disappointing, the underlying strategy remains unchanged. I have been gradually reducing $SNOW (Snowflake Inc.) into strength as it rallies rather than exiting into weakness. At the same time we have continued deploying cash selectively as stocks pull back - increasing exposure to $GOOG (Alphabet), $AAPL (Apple) and adding across the banking sector. Fundamentally, the macro backdrop remains constructive. CPI came in lower, while job additions were stronger than expected. Inflation easing alongside labour market resilience gives the Fed room to lower rates later this year. At a higher level, much of the volatility so far this year appears sentiment driven. An emboldened Trump - Venezuela, Greenland, Iran - has created uncertainty and caused some global capital to pause US exposure. That does not necessarily change the underlying earnings power of large cap US companies. With rates likely to trend lower, quality tech and strong balance sheet names should continue to benefit over the medium term. For that reason I remain positioned and disciplined rather than reacting emotionally to short term drawdowns. Thanks, TJ

4 Mentioned

SPX500

SNOW

Snowflake Inc.

GOOG

Alphabet

AAPL

Apple

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