Luca Meier @LucaMeier: "📊 Daily Portfolio Update Monday, May..."

Switzerland

📊 Daily Portfolio Update Monday, May 18, 2026 🌎 MACRO The Iran war remains the dominant force in markets. Today, Brent crude topped $111 per barrel after Axios reported that a senior U.S. official views Iran's latest peace proposal as "not a meaningful improvement" and insufficient for a deal. Iran sent a revised proposal through Pakistan, but Washington's initial read was dismissive. Trump is expected to meet his national security team on Tuesday to discuss military options, and warned over the weekend that Iran "better get moving, FAST, or there won't be anything left of them." [1] The stakes are rising fast on the supply side. The IEA warned in its latest monthly update that global $OIL inventories are depleting at a record pace with Hormuz still closed. UBS estimates inventories will near all-time lows by end of May. Jeff Currie of Abaxx Commodity Exchange told CNBC that Europe could face a physical oil shortage by the end of the month, coinciding with the summer driving season in the U.S.: "The Iranians want to inflict pain. It's not the price of oil that matters here — it's the availability of oil." [1] The Trump-Xi Beijing summit wrapped over the weekend with no breakthrough. Reuters described the outcome as "stability and stalemate" — no major concessions on trade, Taiwan or Iran, though the two sides agreed to maintain communication channels. U.S. executives including Elon Musk and Tim Cook attended, but concrete deals were limited. Markets shrugged off the summit result and refocused on Iran. Energy stocks broadly gained on the renewed supply-shock narrative, while crypto and Chinese equities drifted lower. 📈 PORTFOLIO The energy book staged a broad recovery today, directly driven by the renewed oil supply shock fears. $EC (Ecopetrol SA-ADR) led the portfolio with a gain of 7.6%, following strong Q1 2026 results reported last week that showed the Colombian state oil company delivered solid margins despite volatile crude prices — and amid an already elevated oil price environment, renewed Hormuz fears added further momentum. [1][2] $TME (Tencent Music Entertainment Group-ADR) published earnings on May 12. The company reported total revenue of RMB 7.90 billion, up 7.3% year-on-year, driven by a 12.2% jump in its music-related services division. Non-subscription music services including live concerts and merchandise surged 28% year-on-year, with flagship K-pop concerts in Taiwan and Hong Kong. The Super VIP subscriber tier, which generates roughly five times the revenue per user of a standard subscription, continues to scale. [3] $UNH (UnitedHealth) fell during the session after $BRK.B (Berkshire Hathaway Inc) disclosed it had fully exited its position in the health insurer, less than a year after rebuilding the stake. Berkshire's exit — coming at a time when UnitedHealth has already faced regulatory and reputational pressure — sent the stock down as much as 5% in premarket. The move is Berkshire-specific rather than a fundamental deterioration, but the signal value of Buffett's firm selling is impossible to ignore. [4] SOURCES: [1] www.cnbc.com/2026/05/18/oil-today-brent-wti-iran-trump-hormuz-iea-supply-crude-.html [2] www.tipranks.com/news/company-announcements/ecopetrol-delivers-strong-1q26-margins-amid-volatile-oil-market-and-advances-energy-transition [3] www.musicbusinessworldwide.com/tencent-music-generated-over-1bn-in-q1-up-7-3-yoy-driven-by-growth-in-super-vip-led-memberships-and-concert-revenues/ [4] seekingalpha.com/news/4594282-unitedhealth-stock-slips-as-berkshire-hathaway-exits-stake

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