Dmitrii Ishutin
United Kingdom
9m
As we wrap up the month, here’s a quick update on key areas of my portfolio: UK real estate investment trusts have been treading water as the market continues to price in “higher for longer” interest rates. That said, we’re starting to see stabilisation in asset values and selective resilience in logistics (SGRO.L) and healthcare-focused REITs (PHP.L). I still view these as long-term yield plays, particularly once the Bank of England signals the start of a cutting cycle. US long bonds remain volatile, but recent softer inflation data suggests we may be near the peak in yields. If the Fed moves toward rate cuts in 2025, duration stands to benefit. I’m holding TMF as a contrarian position aimed at capturing that shift, with full awareness of near-term volatility. In biotech, NTLA has been a high-conviction name in my portfolio. Its CRISPR-based gene editing pipeline continues to advance, and 2025 could be a pivotal year as new clinical data readouts come through. This is a high-risk, high-reward position where I’m willing to be patient for the long-term potential. Opened a new position in JACK, a quick-service restaurant operator with more than 2,500 locations across the United States and annual revenue exceeding USD1.5 billion. The company has launched a strategic restructuring plan in response to declining revenue and a critically high debt load. The plan includes closing 150–200 unprofitable restaurants and does not rule out the sale of Del Taco, which could reduce debt by USD 300 million. Management aims to double the share of online sales from 12.5% to 25% and to raise profitability in this channel to 15%. Jack in the Box currently offers a high dividend yield of around 6%, though payouts may be cut due to cost-saving measures. The shares are trading near their lowest levels since the pandemic.
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