Zechariah Bin Zheng @FundManagerZech: "🧭 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗡𝗼𝘁𝗲 — 𝗔𝗜,..."

Australia

🧭 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗡𝗼𝘁𝗲 — 𝗔𝗜, 𝗩𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻, 𝗮𝗻𝗱 𝗣𝗿𝗼𝗰𝗲𝘀𝘀 The recent AI-led rally has continued to dominate market attention. I want to address this directly, because the portfolio has not meaningfully participated in the Mag 7 / AI-driven part of the market. This is intentional. AI is real. I do not view it as a passing theme. In my own work, I use AI tools and API services every day, and the productivity gains are clear. The issue is not whether AI is useful. The issue is valuation, expectations, and discipline. Over more than a decade on this platform, and many years before that, I have seen several cycles where real themes became overextended. Bitcoin, oil, cannabis, and earlier technology cycles all had periods where the underlying idea was real, but prices moved ahead of what the economics could justify. That does not mean the theme is wrong. It means the price still matters. Our framework is not designed to chase narrow rallies simply because they are working. It is designed to participate where valuation, risk, and expected return align. At times, that means we will look wrong for a while. That is part of the process. Recent performance has not felt strong, especially as the market rally has remained concentrated in areas where we currently have little or no exposure. I am comfortable with that if the opportunity does not meet the framework. We continue to hold cash near the upper end of the preferred range and will deploy gradually where prices become attractive. Existing positions remain under review, and additions will be made only where the risk-reward fits. A quick note on Teleperformance $TEP.PA (Teleperformance SE) the stock price appeared to fall sharply, but part of the move was related to dividend mechanics. The dividend component should be reflected separately through the platform, rather than treated purely as a fundamental price decline. The process remains unchanged.

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

TEP.PA

Teleperformance SE

53.44

-2.08 (-3.75%)

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TEP.PA

Teleperformance SE

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