Andrea Marcon @AndreaMarcon16: "📊𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝗥𝗲𝘃𝗶𝗲𝘄 / 𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗨𝗽𝗱𝗮𝘁𝗲 Dear..."

Switzerland

📊𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝗥𝗲𝘃𝗶𝗲𝘄 / 𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗨𝗽𝗱𝗮𝘁𝗲 Dear Copiers & Followers, 📈 November was an 𝗽𝗼𝘀𝗶𝘁𝗶𝘃𝗲 month for the portfolio, recording a solid +𝟭.𝟲𝟰% 𝗴𝗮𝗶𝗻, bringing our 𝗬𝗧𝗗 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝘂𝗽 𝘁𝗼 +𝟯.𝟭𝟬% as of December 1st. We took the opportunity presented by last month's bull run to 𝘁𝗮𝗸𝗲 𝗽𝗿𝗼𝗳𝗶𝘁 𝗼𝗻 𝗺𝘂𝗹𝘁𝗶𝗽𝗹𝗲 𝘀𝗵𝗮𝗿𝗲𝘀, 𝘀𝗲𝗰𝘂𝗿𝗶𝗻𝗴 𝗺𝗮𝗻𝘆 𝗼𝗳 𝗼𝘂𝗿 𝗴𝗮𝗶𝗻𝘀. More precisely: 𝗠𝗮𝗷𝗼𝗿 𝗺𝗮𝗿𝗸𝗲𝘁 𝗺𝗼𝘃𝗲𝗿𝘀 for us this month included: ◾ $TPR (Tapestry, Inc) with a +𝟮𝟯.𝟰𝟬% 𝗴𝗮𝗶𝗻 following the news of their scrapped merger with $CPRI (Capri Holdings Ltd) ◾ $SBSW (Sibanye Stillwater Ltd-ADR) with a -𝟭𝟴.𝟵𝟱% 𝗱𝗿𝗼𝗽 As regards specific 𝙘𝙝𝙖𝙣𝙜𝙚𝙨 𝙞𝙣 𝙩𝙝𝙚 𝙥𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤, we: ◾ Took 𝗽𝗿𝗼𝗳𝗶𝘁 on 𝟭/𝟮 of our investment in $BTU (Peabody Energy Corporation ) (+𝟮𝟭.𝟭𝟲% 𝗽𝗿𝗼𝗳𝗶𝘁) ◾ Took 𝗽𝗿𝗼𝗳𝗶𝘁 on 𝟭/𝟮 of our investment in $CRC (California Resources Corporation) (+𝟭𝟵.𝟲𝟳% 𝗽𝗿𝗼𝗳𝗶𝘁) ◾ Took 𝗽𝗿𝗼𝗳𝗶𝘁 on $MRO (+𝟭𝟯.𝟲𝟲% 𝗽𝗿𝗼𝗳𝗶𝘁) ◾ Took 𝗽𝗿𝗼𝗳𝗶𝘁 on 𝟭/𝟯 of our investment in $UBS (UBS Group AG) (+𝟭𝟯.𝟬𝟬% 𝗽𝗿𝗼𝗳𝗶𝘁) ◾ Took 𝗽𝗿𝗼𝗳𝗶𝘁 on 𝟭/𝟳 of our investment in $UBS (+𝟴.𝟭𝟰% 𝗽𝗿𝗼𝗳𝗶𝘁) ◾ Took 𝗽𝗿𝗼𝗳𝗶𝘁 on $C (Citigroup) (+𝟳.𝟮𝟴% 𝗽𝗿𝗼𝗳𝗶𝘁) ◾ Took 𝗽𝗿𝗼𝗳𝗶𝘁 on 𝟭/𝟮 of our investment in $NUE (Nucor Corp) (+𝟲.𝟳𝟴% 𝗽𝗿𝗼𝗳𝗶𝘁) ◾ Took 𝗽𝗿𝗼𝗳𝗶𝘁 on 𝟭/𝟮 of our investment in $LKQ (LKQ Corp) (+𝟰.𝟭𝟰% 𝗽𝗿𝗼𝗳𝗶𝘁) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $IPN.PA (Ipsen SA) (currently +3.01%) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $ESNT (Essent Group) (currently +2.05%) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $BWA (BorgWarner Inc) (currently +0.72%) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $TROX (Tronox Holdings PLC) (currently +0.67%) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $TTE (TotalEnergies SE) (currently -9.34%) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $INSW (International Seaways Inc) (currently -10.40%) 🔍 𝗪𝗵𝗮𝘁 𝘁𝗼 𝗲𝘅𝗽𝗲𝗰𝘁 𝗶𝗻 𝗗𝗲𝗰𝗲𝗺𝗯𝗲𝗿... ◾ The 𝗰𝗼𝗹𝗹𝗮𝗽𝘀𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗙𝗿𝗲𝗻𝗰𝗵 𝗴𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁, following a no-confidence vote, will likely produce volatility for our French holdings (TTE, IPN.PA). This could present opportunities to buy shares of solid companies at a "discount". ◾ 𝗖𝗣𝗜 𝗻𝗲𝘄𝘀 will undoubtedly continue to influence the market, as investors look forward to the new year. ◾ 𝗗𝗶𝘃𝗶𝗱𝗲𝗻𝗱𝘀 are expected from a number of our holdings, including: $BTU, $KEY (KeyCorp), $INSW and 𝗻𝗼𝘁𝗮𝗯𝗹𝘆 $PBR., among others I'd also like to once again share my 𝘂𝗽-𝘁𝗼-𝗱𝗮𝘁𝗲 𝗳𝗮𝗰𝘁 𝘀𝗵𝗲𝗲𝘁 𝗽𝗿𝗼𝘃𝗶𝗱𝗲𝗱 𝗯𝘆 𝗲𝗧𝗼𝗿𝗼, allowing copiers and followers to 𝗺𝗼𝗿𝗲 𝗰𝗹𝗼𝘀𝗲𝗹𝘆 𝗳𝗼𝗹𝗹𝗼𝘄 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗮𝗻𝗱 𝗰𝗵𝗮𝗻𝗴𝗲𝘀. You can access this new fact sheet via: 𝗵𝘁𝘁𝗽𝘀://𝗯𝘂𝗹𝗹𝗮𝘄𝗮𝗿𝗲.𝗰𝗼𝗺/𝗳𝗮𝗰𝘁𝘀𝗵𝗲𝗲𝘁/𝗔𝗻𝗱𝗿𝗲𝗮𝗠𝗮𝗿𝗰𝗼𝗻𝟭𝟲 This is all for now, happy trading everyone, Andrea

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