Weekly Portfoglio update
> The portfolio rose by +0.4% in the last week, in line with the S&P 500, despite the equity portion being fully hedged with a 10x leveraged short position on the main US stock index. Overall, the positive performance is due to the strong performance of the software application segment, where I have significant exposure. This technology segment has experienced growth after a period of underperformance compared to the major players in the technology sector. Specifically, $CRM (Salesforce Inc) and $INTU (Intuit Corp) have increased by 7.0% and 6.3%, respectively.
> From a macroeconomic perspective, new data confirms a slowdown in growth, primarily due to the decline in consumer sentiment and the weakness in the residential market. The chart analysis shows a deceleration in upward momentum. However, the price action remains favorable to the bullish trend, although signals of overextension persist.
> Strategy: In the past week, I utilized the available cash to implement an hedging operation on the equity component, as previously mentioned. Additionally, I made some sectoral adjustments in line with the model applied to this portfolio. Specifically, I reduced exposure to healthcare and re-entered in the energy sector. Nevertheless, Technology remains the most significant component.
> Trades of the week: I reduced the investment in $UTHR (United Therapeutics Corp) realizing a gain of +28.4%. The biotech company has reached its first target price but still holds interesting valuations.
> New Positions Opened During the Week: $DKS (Dicks Sporting Goods Inc) retailer operating in the sports good segment has recently experienced a price acceleration driven by increased sales. Despite being at all-time highs, it has solid fundamentals with a forward P/E ratio of around 16. The latest US retail sales data indicates that the consumption of sports good remains very strong.
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