Andrea Marcon @AndreaMarcon16: "𝗔 𝗬𝗲𝗮𝗿 𝗜𝗻 𝗥𝗲𝘃𝗶𝗲𝘄, 𝟮𝟬𝟮𝟰..."

Switzerland

𝗔 𝗬𝗲𝗮𝗿 𝗜𝗻 𝗥𝗲𝘃𝗶𝗲𝘄, 𝟮𝟬𝟮𝟰 🔍 Dear Copiers & Followers, As we head into 2025, I thought I would write a longer post looking-back at the last year. 𝗕𝘂𝘁 𝗳𝗶𝗿𝘀𝘁, 𝗮 𝗳𝗲𝘄 𝘄𝗼𝗿𝗱𝘀 𝗼𝗻 𝘁𝗵𝗲 𝗺𝗼𝗻𝘁𝗵 𝗼𝗳 𝗗𝗲𝗰𝗲𝗺𝗯𝗲𝗿... Despite having a solid track-record as a generally positive month, 𝗗𝗲𝗰𝗲𝗺𝗯𝗲𝗿 𝗽𝗿𝗼𝘃𝗲𝗱 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗶𝗻𝗴 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁, with the $SPX500 recording a -2.50% performance on an otherwise positive year. The portfolio also experienced this downturn, recording a -2.34% performance, bringing our 𝟮𝟬𝟮𝟰 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗱𝗼𝘄𝗻 𝘁𝗼 +𝟬.𝟲𝟵%. This unfortunate decline at the very end of the year likely related to 𝗺𝘂𝗹𝘁𝗶𝗽𝗹𝗲 𝗳𝗮𝗰𝘁𝗼𝗿𝘀, such as the collapse of France's government, affecting $TTE (TotalEnergies SE), the termination of $CPRI's merger with $TPR (Tapestry, Inc) following the FTC's lawsuit, and most recently, Brazil's stock market sell-off. 𝗠𝗮𝗷𝗼𝗿 𝗺𝗮𝗿𝗸𝗲𝘁 𝗺𝗼𝘃𝗲𝗿𝘀 for us this month included: ◾ $ASO (Academy Sports and Outdoors Inc.) with a +17.06% 𝗴𝗮𝗶𝗻 ◾ $SBSW (Sibanye Stillwater Ltd-ADR) with a -19.32% 𝗱𝗿𝗼𝗽 As regards specific 𝙘𝙝𝙖𝙣𝙜𝙚𝙨 𝙞𝙣 𝙩𝙝𝙚 𝙥𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤, we: ◾ Took 𝗽𝗿𝗼𝗳𝗶𝘁 on 𝟭/𝟮 of our investment in $TPR (+𝟴𝟮.𝟴𝟮% 𝗽𝗿𝗼𝗳𝗶𝘁) ◾ Took 𝗽𝗿𝗼𝗳𝗶𝘁 on 𝟭/𝟰 of our investment in $GGB (Gerdau SA-ADR) (+𝟳.𝟳𝟲% 𝗽𝗿𝗼𝗳𝗶𝘁) ◾ Took 𝗽𝗿𝗼𝗳𝗶𝘁 on 𝟭/𝟳 of our investment in $NOMD (Nomad Foods Ltd) (+𝟯.𝟮𝟲% 𝗽𝗿𝗼𝗳𝗶𝘁) ◾ Took 𝗽𝗿𝗼𝗳𝗶𝘁 on 𝟭/𝟲 of our investment in $TROX (Tronox Holdings PLC) (+𝟮.𝟳𝟬% 𝗽𝗿𝗼𝗳𝗶𝘁) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $CTRA (currently +8.29%) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻s in $EQNR (Equinor ASA-ADR) (currently +7.56%) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $UBS (UBS Group AG) (currently +0.83%) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $ESNT (Essent Group) (currently -0.57%) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $COP (ConocoPhillips Co) (currently -1.08%) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $INSW (International Seaways Inc) (currently -3.42%) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $SU (Suncor Energy Inc.) (currently -3.43%) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $BWA (BorgWarner Inc) (currently -4.11%) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $NUE (Nucor Corp) (currently -21.09%) 📊 𝗥𝗲𝗴𝗮𝗿𝗱𝗶𝗻𝗴 𝟮𝟬𝟮𝟰 as a whole, we 𝗲𝗻𝗱𝗲𝗱 𝘁𝗵𝗲 𝘆𝗲𝗮𝗿 𝗼𝗳𝗳 𝗮𝘁 𝗮 +𝟬.𝟲𝟵% overall performance, despite a rough December, bringing our 𝟰-𝘆𝗲𝗮𝗿 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝘁𝗼 +𝟯𝟮.𝟮𝟳%. In a year driven by chip & AI growth-stocks, the 𝗿𝗲𝗹𝗮𝘁𝗶𝘃𝗲 𝗹𝗮𝗰𝗸 𝗼𝗳 𝘁𝗲𝗰𝗵 𝘀𝘁𝗼𝗰𝗸𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝘄𝗮𝘀 𝗳𝗲𝗹𝘁, given how few of these growing tech companies can match the criteria set out in a "value" investment portfolio such as this one. Nonetheless, it is important to remember that 𝘃𝗮𝗹𝘂𝗲-𝗶𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝗶𝘀 𝗮 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆 𝗱𝗲𝘀𝗶𝗴𝗻𝗲𝗱 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗺𝗲𝗱𝗶𝘂𝗺-𝗹𝗼𝗻𝗴 𝘁𝗲𝗿𝗺, with investments centered towards companies that have shown, and continue to show profitability. With this in mind, while 2024 may seem as an "off" year for the portfolio, given the small gains, I remain 𝗳𝘂𝗹𝗹𝘆 𝗰𝗼𝗻𝗳𝗶𝗱𝗲𝗻𝘁 in the strategy, which has so-far produced impressive gains over the last 4 years, performing at its best even as market conditions appeared bleak in 2021. 𝗔𝘀 𝘄𝗲 𝗵𝗲𝗮𝗱 𝗶𝗻𝘁𝗼 𝘁𝗵𝗲 𝗡𝗲𝘄 𝗬𝗲𝗮𝗿, our 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆 will remain largely unchanged, with an 𝘀𝘁𝗿𝗼𝗻𝗴 𝗲𝗺𝗽𝗵𝗮𝘀𝗶𝘀 𝗼𝗻 𝗰𝗮𝘂𝘁𝗶𝗼𝗻 & 𝗿𝗶𝘀𝗸-𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁, as well as a 𝘀𝘁𝗲𝗿𝗻 𝗳𝗼𝗰𝘂𝘀 𝗼𝗻 𝘃𝗮𝗹𝘂𝗲 𝗶𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴, 𝗯𝗮𝘀𝗲𝗱 𝗼𝗳𝗳 𝗼𝗳 𝗳𝘂𝗻𝗱𝗮𝗺𝗲𝗻𝘁𝗮𝗹𝘀 (as outlined in the profile bio). While the goal for 2025 is obviously that of 𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗻𝗴 𝗽𝗿𝗼𝗳𝗶𝘁 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗮𝗻𝗱 𝗳𝗼𝗿 𝗺𝘆 𝗰𝗼𝗽𝗶𝗲𝗿𝘀, 𝘀𝗺𝗮𝗹𝗹𝗲𝗿 𝘁𝗮𝗿𝗴𝗲𝘁𝘀, 𝗶𝗻𝗰𝗹𝘂𝗱𝗲: ◾ Continuing to 𝗶𝗻𝗰𝗿𝗲𝗮𝘀e 𝗼𝘂𝗿 market 𝗲𝘅𝗽𝗼𝘀𝘂𝗿𝗲. In fact, exposure in terms of % of currently allocated funds has already increased from roughly 20% to 32% over the last few months. ◾ 𝗖𝗼𝗻𝘁𝗶𝗻𝘂𝗲 the ongoing process of 𝘀𝗲𝗰𝘁𝗼𝗿 & 𝗺𝗮𝗿𝗸𝗲𝘁 𝗱𝗶𝘃𝗲𝗿𝘀𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 ◾ 𝗥𝗲-𝘃𝗶𝘀𝗶𝘁𝗶𝗻𝗴 𝗽𝗿𝗲𝘃𝗶𝗼𝘂𝘀𝗹𝘆 𝗮𝗻𝗮𝗹𝘆𝘇𝗲𝗱 𝘀𝘁𝗼𝗰𝗸𝘀 with newer, updated analyses. This is all for now, I wish you all a 𝗵𝗮𝗽𝗽𝘆 𝗡𝗲𝘄 𝗬𝗲𝗮𝗿, and happy trading everyone, Andrea

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