Victor Pedersen @Miyoshi: "Hi everyone, I want to share..."

Denmark

Hi everyone, I want to share an update on how I am positioning the portfolio for the year ahead. As we start 2026, my focus remains on resilience without sacrificing the big wins. Some of you might see the heavy weight in short-term bonds and wonder if I am being too cautious, but there is a specific logic to this setup. It is the Barbell Strategy, and in my view, it is the most efficient way to play the current market. The idea is to avoid middle-of-the-road stocks that offer limited upside but full market risk. Instead, I split the portfolio into two extremes. The first part is the anchor, making up about 47 percent of our capital in $IB01.L (iShares $ Treasury Bond 0-1yr UCITS ETF) and $IS04.DE (iShares USD Treasury Bond 20+yr UCITS ETF) along with a small cash balance. While this foundation pays a steady yield, its primary purpose is to serve as our dry powder. If the broader markets have a major correction or a valuation reset, this anchor keeps the total portfolio from sinking and gives us the immediate liquidity to strike while others are panicking. This is especially important now when many are questioning if the broader tech and AI sectors have become overvalued. The other side is the rocket fuel at 53 percent, and this is where I am aggressive. Because the anchor is so heavy, I can afford to take concentrated positions in high-conviction, distressed opportunities where we are looking for doubles rather than small gains. This leads me to the $UBI.PA (Ubisoft Entertainment SA) arbitrage opportunity, which is our second-largest holding for a reason. While much of the tech sector is trading at a premium, Ubisoft has been priced as if it is in permanent decline despite its massive IP. The setup is compelling because the $0700.HK (Tencent) partnership is now fully integrated and the debt profile is much cleaner now, which removes the biggest fear for institutional investors. Management is also finally cutting the fat and focusing on core franchises to maximize margins on every euro earned through the new Creative Houses model. Because the valuation is so compressed, it only takes a small positive catalyst like a successful mobile launch or even renewed M&A chatter to send this stock back toward its historical fair value. Structuring the portfolio this way allows us to protect capital from the downside of a potential market pullback while staying in the front row for a recovery in specific undervalued names. If the market drops, our bonds protect us and provide the cash to move aggressively on new opportunities. If high-conviction picks like Ubisoft hit their targets, we are positioned to significantly outperform. I am not worried about the volatility of 2026 because we are holding the right cards. I will be watching the catalysts for Ubisoft and the rest of my conviction list closely while keeping our bond allocation ready to deploy. As always, thank you for copying!

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