Pietari Laurila @triangulacapital: "ᴡᴇᴇᴋʟʏ ᴜᴘᴅᴀᴛᴇ 11 ᴍᴀʏ 2026 One..."

United Arab Emirates

ᴡᴇᴇᴋʟʏ ᴜᴘᴅᴀᴛᴇ 11 ᴍᴀʏ 2026 One interesting aspect of investing publicly on eToro is the role comments play during difficult periods. During drawdowns, comments naturally become more critical. When a portfolio falls, frustration rises and people look for explanations. At times, these comments can be difficult to read. I try my best with the strategy and have a significant amount of my own capital invested alongside copiers. If the portfolio performs well, I benefit too. If it performs poorly, I lose money as well. But not all criticism is without value. In fact, constructive criticism is often the most valuable part of the comments section, particularly when it challenges assumptions or presents alternative ideas. Yesterday, for example, one commenter suggested I move 50% of the portfolio into bonds, cash and gold, and “take a holiday” until I have a clearer thesis on the macro environment. While I am not going to do that, I still found the comment useful because good criticism forces reflection. As investors, we should constantly ask ourselves whether our positions still offer differentiated upside, whether the macro environment has changed, and whether our conviction remains justified. As a public investor, I also need to communicate the strategy and the underlying thesis clearly. In this case, I had evidently failed to do so for this copier. So, to clarify the current positioning, the portfolio is divided into five buckets: 1. 20% Banks (Barclays, NatWest, Itaú and Deutsche Bank). These positions would benefit from an improving global economy, for example if the Strait of Hormuz reopens and recession fears ease. 2. 20% Oil & Oil-Related (Shell, Galp, Nutrien). I added these positions once it became clear that the closure of the Strait was having a persistent impact on oil markets, visible in longer-dated oil futures. I have tried to focus on companies that did not fully rerate during the crisis. 3. 20% Healthcare (Roche, Sanofi, Bayer, Siemens Healthineers). This part of the portfolio is intended to provide resilience if economic growth weakens materially. Healthcare tends to outperform in stagflationary (low growth, high inflation) environments. 4. 20% Consumer Staples (Unilever, Pernod-Ricard, Nestle, Reckitt). Like Healthcare, Staples tend to hold up well during periods of slow growth and persistent inflation. 5. 20% Other Value Opportunities (Eurazeo, SAP, Kion, LVMH, Grainger). This is a diversified bucket of companies that I like for their valuations. It is also notable what the portfolio does not own. I remain underweight Technology, particularly Technology Hardware, because I do not believe I have an edge in that sector. I am also underweight Real Estate. Normally I like the sector, but at present I believe there is a meaningful risk that interest rates move higher across a range of economic scenarios, which would likely pressure property valuations. Overall, the portfolio is positioned for two broad outcomes simultaneously: an inflationary boom scenario through Banks and Oil, and a stagflationary scenario through Healthcare and Staples. If the situation around the Strait improves materially, it may eventually make sense to reduce some of the defensive exposure and move more aggressively back into cyclicals. However, given where we are in the economic cycle, I suspect maintaining at least some defensive balance will remain sensible regardless. 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗰𝗵𝗮𝗻𝗴𝗲𝘀 New positions were opened in Itau Unibanco and Deutsche Bank, while Vonovia was sold. 𝗖𝗼𝗻𝘁𝗮𝗰𝘁 www.triangulacapital.com 𝘛𝘩𝘪𝘴 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘰𝘯𝘭𝘺. 𝘐𝘵 𝘪𝘴 𝘯𝘰𝘵 𝘢𝘯 𝘰𝘧𝘧𝘦𝘳 𝘰𝘳 𝘳𝘦𝘤𝘰𝘮𝘮𝘦𝘯𝘥𝘢𝘵𝘪𝘰𝘯 𝘵𝘰 𝘣𝘶𝘺, 𝘩𝘰𝘭𝘥 𝘰𝘳 𝘴𝘦𝘭𝘭 𝘢𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵, 𝘯𝘰𝘳 𝘭𝘦𝘨𝘢𝘭, 𝘵𝘢𝘹, 𝘰𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘗𝘢𝘴𝘵 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦 𝘪𝘴 𝘯𝘰𝘵 𝘪𝘯𝘥𝘪𝘤𝘢𝘵𝘪𝘷𝘦 𝘰𝘧 𝘧𝘶𝘵𝘶𝘳𝘦 𝘳𝘦𝘴𝘶𝘭𝘵𝘴.

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

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