Rayeiris Maduro Rondon @Rayeiris: "✨✨𝑱𝒖𝒍𝒚 𝒎𝒐𝒏𝒕𝒉𝒍𝒚 𝒓𝒆𝒄𝒂𝒑 𝒐𝒏 𝑸𝒖𝒂𝒓𝒕𝒆𝒓..."

Spain

✨✨𝑱𝒖𝒍𝒚 𝒎𝒐𝒏𝒕𝒉𝒍𝒚 𝒓𝒆𝒄𝒂𝒑 𝒐𝒏 𝑸𝒖𝒂𝒓𝒕𝒆𝒓 𝒓𝒆𝒔𝒖𝒍𝒕𝒔 part1✨✨ We went through a lot of volatility this month, it started negative but the following weeks we saw a recovery. The great thing about the end of the first semester of the year is that we have many quarterly and half year results, this of course doesn't change the full thesis of our companies but it does give us a preview of whether our selections are going in the right direction towards steady and long term growth. ✨About $IBKR (Interactive Brokers Group) One of the companies where I'm most cautious about, and where I put into place the modern value investing principles, because we might not be in the presence of a deep value company, but we're holding small shares in a company which quarter over quarter proves itself as a master of value creation. This company is $IBKR, the brokerage business is improving at a fast pace, and we see how Interactive Brokers is still the leader in this sector. With more customers (+34%), more customer equity (+40%), more trades (+36%) (mostly semiconductor related stocks), compared with last year's quarter, for the last 7 consecutive quarters pretax profit margin was +70% (this quarter was 77%). The problem is this excitement only lasts when the cycle is up, more money circulating, more people wanting to invest, create wealth, play with some gamble; when the cycle is over, this trend with IBKR might come to an end. We're exposed at 1.6% of our portfolio, which keeps us in the game, with a great company, with great growth potential ahead, but not enough to risk our money when the cycle ends. ✨About $MONC.MI (Moncler) One of my latest additions to the portfolio was this company. With a pessimistic market around all that is luxury, Asia, and basically everything that is not semiconductors, we need to see beyond the trends and follow other paths, less trendy, but more stable. I opened another position in Moncler after great results, but a pessimistic reaction by the market. In that position we're already up +3.79%, which shows how unstable the market's reaction after results can be. In the second quarter, Moncler group grew a solid 5% Q2/26 compared with Q2/25 (here's why the market was unhappy: compared with Q1/26 growth of 12%, however, we compare apples with apples). Most of the growth came from the Stone Island brand, which grew 11%, while the Moncler brand grew 3%. Half-year revenues coming from Asia, including APAC, grew 19% for Moncler, and 25% for Stone Island, compared with last year, where China and Korea are the outperformers. This shows that Chinese consumers are being less cautious in their shopping habits, and an overall improvement of the Chinese economy. Another point worth mentioning is the improvement of their operating leverage, which has improved their costs, and their EBIT margin to 19%; because of that, FCF is more than double last year's, 34 million against 15 million in 2025. Later today at 22:30 Spanish time, $META (Meta Platforms Inc) results, then tomorrow we'll see $1913.HK (Prada S.p.A.) Prada's, Crox, and Teleperformance's results, and Friday Rightmove's. Let's see how they behave in the uncertainty.

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